scholarly journals ESG Impact on Market Performance of Firms: International Evidence

2015 ◽  
Vol 19 (2) ◽  
pp. 40-63 ◽  
Author(s):  
Jean-Michel Sahut ◽  
Hélène Pasquini-Descomps
Keyword(s):  
Corporate Governance ◽  
Human Rights ◽  
Market Performance ◽  
Kernel Regression ◽  
Economic Environment ◽  
International Evidence ◽  
Market Return ◽  
The Us ◽  
Non Linear ◽  
The Uk

This study investigates how news-based scores in ESG (Environmental, Social, and corporate Governance) may have influenced the monthly stocks’ market return in Switzerland, the US, and the UK during the 2007–2011 period. We find that the variation of the overall ESG score is only significant in the UK. We also show that the changes in sub-category ratings of GRI (namely, governance, economic, environment, labor, human rights, society, and products) exhibit a small but significant impact on the stock’s performance during limited periods or on limited sectors, which varies among the countries. Finally, our non-parametric kernel regression highlights that the function linking a stock’s performance to its ESG-score changes is probably non-linear.

scholarly journals Dividend Policy in Indonesian Companies: Does Corporate Governance Matter?

2019 ◽  
Vol 8 (2S9) ◽  
pp. 825-830
Keyword(s):  
Corporate Governance ◽  
Dividend Policy ◽  
Resource Dependence ◽  
Secondary Data ◽  
Developed Countries ◽  
Resource Dependence Theory ◽  
Financial Statement ◽  
Finance Industry ◽  
The Us ◽  
The Uk

This study investigates whether corporate governance matters with regards to the dividend policy in Indonesian companies. Previous studies on this subject have mostly been done in developed countries, which have adopted the common law, such as in the US and the UK. This study uses 26 companies operating in the finance industry. Secondary data is used from several sources, such as the annual report and financial statement and related websites. This study uses an independent sample t-test to analyse the data. Corporate governance matters for dividend policy in Indonesian companies. It is evidenced by the fact that there is a significant differ ence in managerial ownership and board size between dividend paid and dividend not paid. Profitability also differs between dividend paid and dividend not paid companies; companies with higher profitability tend to pay dividend. This study provides empirical evidence that corporate governance matters for dividend policy in Indonesian companies. There are two contributions of this study: the result confirms the resource dependence theory and the convergence governance hypothesis.

scholarly journals Corporate Governance and Social Responsibility: a comparative analysis of the UK and the US*

2006 ◽  
Vol 14 (3) ◽  
pp. 147-158 ◽  
Author(s):  
Ruth V. Aguilera ◽  
Cynthia A. Williams ◽  
John M. Conley ◽  
Deborah E. Rupp
Keyword(s):  
Corporate Governance ◽  
Comparative Analysis ◽  
Social Responsibility ◽  
The Us ◽  
The Uk

scholarly journals Non-linear Causality Between Stock Returns And Inflation Uncertainty: Evidence From The US And The UK

2012 ◽  
Vol 12 (1) ◽  
pp. 63
Author(s):  
Esin Cakan
Keyword(s):  
Stock Returns ◽  
Granger Causality ◽  
Predictive Power ◽  
Inflation Uncertainty ◽  
The Us ◽  
Non Linear ◽  
Causality Tests ◽  
Granger Causality Tests ◽  
The Uk ◽  
Dynamic Relationships

This study analyzes the dynamic relationships between inflation uncertainty and stock returns by employing the linear and non-linear Granger causality tests for the US and the UK. Using GARCH model to generate a measure of inflation uncertainty, it does not have a predictive power for stock returns, as predicted by Friedman, and it does not support the opportunistic central bank hypothesis suggested by Cukierman-Meltzer. However, the findings from non-linear Granger causality put forth that there is a bi-directional non-linear predictive power between these variables. Stock market is used as a hedge against inflation uncertainty.

scholarly journals Corporate governance: A review of the fundamental practices worldwide

2022 ◽  
Vol 3 (2) ◽  
pp. 53-66
Author(s):  
Khaled Otman
Keyword(s):  
Corporate Governance ◽  
Board Of Directors ◽  
Cultural Norms ◽  
Legal Systems ◽  
International Organisations ◽  
Oecd Principles ◽  
The Us ◽  
The World ◽  
The Uk ◽  
Equitable Treatment

This paper focused on the concept of corporate governance based on shareholders’ and stakeholders’ perspectives and the development of corporate governance around the world, including the UK, the US, and Australia. The OECD Principles of Corporate Governance were presented, including shareholders’ rights, the equitable treatment of shareholders, disclosure and stakeholders’ rights and transparency practices, and the responsibilities of board of directors. Numerous corporate collapses have highlighted the call for the management and directors of companies to be more accountable, and they have led governments and international organisations such as the OECD to be more active in establishing principles of corporate governance. It was concluded that the system of corporate governance has increased in different countries in relation to the nature of the economy, legal systems, and cultural norms

Part I General Concepts, 3 The Plea of State Immunity Distinguished from Act of State and Non-Justiciability

2015 ◽  
Author(s):  
Fox Hazel ◽  
Webb Philippa
Keyword(s):  
Human Rights ◽  
International Law ◽  
International Human Rights ◽  
State Immunity ◽  
Foreign State ◽  
The Us ◽  
International Human ◽  
The Uk

This chapter distinguishes the plea of State immunity from the related but different concepts of act of State and non-justiciability, focusing on the approaches taken in the UK and the US. While the doctrines of act of State and non-justiciability will normally work in the same direction as the plea of State immunity to prevent examination of the validity of a foreign State's acts, practice shows that in proceedings between private parties the court may set aside its usual respect for other States' jurisdiction where the acts of the foreign State constitute a fundamental breach of international human rights or other clearly established international law, whereas it will show hesitation in a direct suit to rule against the foreign State defendant.

Ghana and the Paradoxical Situation of Its Asylum-Seekers: Selected Grounds for Alleged Persecution in a Supposed Democratic Country

2018 ◽  
Vol 26 (2) ◽  
pp. 181-204
Author(s):  
Cristiano d'Orsi
Keyword(s):  
Human Rights ◽  
New Zealand ◽  
Asylum Seekers ◽  
Paradoxical Situation ◽  
The Us ◽  
Protection Of Human Rights ◽  
The Uk ◽  
Democratic Country

This study investigates the paradoxical situation of the relatively high number of Ghanaian nationals applying for asylum in various countries, whereas Ghana is widely recognised as having a positive record on the protection of human rights. This study analyses the requests for asylum submitted by 30 Ghanaian nationals (10 women and 20 men: generally men outnumber women in asylum applications) to seven countries (Australia, Canada, France, Ireland, New Zealand, the UK and the US) over the last 25 years.

Corporate Governance and Firm Performance

2013 ◽  
pp. 490-510 ◽  
Author(s):  
Anup Agrawal ◽  
Charles R. Knoeber
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Family Firms ◽  
Corporate Control ◽  
Future Research ◽  
Inside Ownership ◽  
Market For Corporate Control ◽  
Corporate Governance Mechanisms ◽  
The Us ◽  
The Uk

This paper reviews the literature on corporate governance and firm performance in economies with relatively dispersed stock ownership and an active market for corporate control, such as the US and the UK. Section 1 outlines a framework of the basic agency problem between managers and shareholders and the corporate governance mechanisms that have evolved to address this problem. Section 2 deals with the relation between firm performance and inside ownership. Section 3 pertains to the relation between firm performance andmonitoring by large shareholders, monitoring by boards, and shareholder rights regarding takeover of the firm. Section 4 considers the relation between governance regulation and firm performance. Section 5 deals with the relation between governance and firm performance in family firms, and section 6 provides a summary and identifies some remaining puzzles and unresolved issues for future research.

scholarly journals Credit Unions and Co-operative Banks across the World

2017 ◽  
Author(s):  
Silvio Goglio ◽  
Panu Kalmi
Keyword(s):  
Corporate Governance ◽  
The Netherlands ◽  
Financial Crises ◽  
Credit Unions ◽  
First Century ◽  
Historical Evolution ◽  
The Us ◽  
The World ◽  
The Uk ◽  
Regulatory Challenges

The national cases of co-operative banking will be considered by pattern: credit unions (as in the UK and the US), decentralized networks (as in Germany, Italy, and Austria), and centralized networks (as in France, the Netherlands, and Finland). The analysis will consider the historical evolution that has characterized the different patterns with regard to national peculiarities (social and economic). We also discuss performance measurement in financial co-operatives and how the recent economic and financial crises have impacted their success vis-à-vis shareholder banks. We also consider corporate governance and regulatory challenges facing financial co-operatives. The present process of hybridization in the sector will also be taken into consideration as well as relaunched co-operatives in the twenty-first century.

scholarly journals Polanyi’s embeddedness and shareholder stewardship: a contextual analysis of current Anglo-American perspectives on corporate governance

2020 ◽  
Vol 62 (4) ◽  
pp. 451-468
Author(s):  
Lorraine E Talbot
Keyword(s):  
Corporate Governance ◽  
Social Relations ◽  
Free Market ◽  
State Intervention ◽  
The Us ◽  
Neoliberal Economics ◽  
Governance Strategies ◽  
Anglo American ◽  
The Uk ◽  
Institutional Shareholders

Polanyi saw the economy as properly embedded in society and argued that the capitalist free market, in commodifying social relations of production, seeks to disembed the economy from society. The resulting lack of continuity between society and economy, he maintained, created conflict which necessarily required state intervention. The market economy, therefore, in contrast to neoclassical/neoliberal economics’ vision of an autonomous, self-regulating market, required more, not less, state intervention to sustain it than alternative, more embedded economies. This article explores this conflict in the context of a specific neoliberal claim: that institutional shareholders are capable of being good 'stewards' of the companies in which they invest. Utilising Polanyi’s embeddedness, this article assesses the 'stewardship' approach as it is manifested in the US and in the UK. This approach is posited on a vision of a disembedded, self-regulating market. Putting it into practice is thus a retrograde step which will only exacerbate the problems created by the market-based corporate governance strategies which have prevailed since the late 1970s onwards.

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