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Article
Publication date: 23 January 2024

Hugo Alvarez-Perez, Regina Diaz-Crespo and Luis Gutierrez-Fernandez

This study aims to examine the performance of environmental, social and governance (ESG) equity indices in Latin America (LA), evaluating their risk-return characteristics in…

Abstract

Purpose

This study aims to examine the performance of environmental, social and governance (ESG) equity indices in Latin America (LA), evaluating their risk-return characteristics in comparison to conventional benchmark indices.

Design/methodology/approach

Using a quantitative empirical approach, the authors analyze ESG equity indices from Brazil, Mexico, Chile, Peru and Colombia, employing metrics such as Sharpe, Sortino and Omega ratios to measure risk-adjusted returns. Regression analysis is employed to assess the replicability of ESG indices by benchmark indices. Monte Carlo simulations are conducted to explore the potential increase in risk-adjusted returns when ESG equity indices are incorporated into portfolios.

Findings

The study addresses critical questions for investors: Can ESG indices outperform their benchmarks? Can these ESG indices be replicated by benchmark counterparts? Do ESG equity indices enhance portfolio diversification? The findings reveal that investing in ESG indices has the potential to enhance risk-adjusted returns and portfolio diversification.

Research limitations/implications

While this study focuses on various LA economies, it’s important to note variations in currency and volatility.

Practical implications

For investors in LA, this study highlights the importance of considering ESG indices as part of their investment strategies. While not all ESG indices outperform conventional ones, some may improve diversification and risk-adjusted performance. Investors should carefully assess market-specific conditions and national factors when making investment decisions.

Originality/value

The primary contribution of this study is its focus on LA countries in the examination of diverse portfolios. The research provides valuable insights into the performance of ESG indices in this region compared to conventional benchmark indices. This approach addresses an important gap in the existing literature and offers a more comprehensive perspective on ESG investing and portfolio diversification.

Propósito

Se examina el rendimiento de los índices-ESG en América Latina (AL), evaluando sus características de riesgo y retorno en comparación con los índices convencionales.

Diseño/metodología/enfoque:

Utilizando un enfoque cuantitativo, analizamos los índices-ESG de Brasil, México, Chile, Perú y Colombia, empleando ratios de Sharpe, Sortino y Omega para medir los rendimientos ajustados al riesgo. Se utiliza análisis de regresión para evaluar la replicabilidad de los índices-ESG por parte de los índices de referencia. Se realizan simulaciones de Monte-Carlo para explorar el aumento en los rendimientos ajustados al riesgo cuando se incorporan los índices-ESG en las carteras.

Hallazgos:

El estudio aborda preguntas críticas: ¿Pueden los índices-ESG superar a sus índices de referencia? ¿Pueden estos índices-ESG ser replicados por sus contrapartes de referencia? ¿Mejoran los índices-ESG la diversificación de las carteras? Los hallazgos revelan que la inversión en índices-ESG tiene el potential de mejorar los rendimientos y la diversificación de las carteras de inversión.

Limitaciones/implicaciones de la investigación –

Aunque este estudio se centra en diversas economías de AL, es importante tener en cuenta variaciones en moneda y volatilidad.

Originalidad/valor:

La principal contribución de este estudio radica en su enfoque en países de AL en el examen de carteras diversas; ofrece valiosos conocimientos sobre el rendimiento de los índices-ESG en esta región en comparación con los índices convencionales.

Article
Publication date: 27 March 2023

Barnabas Jossy Ishaya, Dimitrios Paraskevadakis, Alan Bury and David Bryde

The globalisation of supply chains has contributed to modern slavery by degrading labour standards and work practices. The inherent difficulties involved in monitoring extremely…

Abstract

Purpose

The globalisation of supply chains has contributed to modern slavery by degrading labour standards and work practices. The inherent difficulties involved in monitoring extremely fragmented production processes also render workers in and from developing countries vulnerable to labour exploitation. This research adopts a benchmark methodology that will help examine the inherent modern slavery challenges.

Design/methodology/approach

This study examines how the benchmark model, including governance, risk assessment, purchasing practice, recruitment and remedy of victims, addresses supply chain modern slavery challenges. The proposed hypotheses are tested based on the reoccurring issues of modern slavery in global supply chains.

Findings

Estimations suggest that modern slavery is a growing and increasingly prominent international problem, indicating that it is the second largest and fastest growing criminal enterprise worldwide except for narcotics trafficking. These social issues in global supply chains have drawn attention to the importance of verifying, monitoring and mapping supply chains, especially in lengthy and complex supply chains. However, the advent of digital technologies and benchmarking methodologies has become one of the existing key performance indicators (KPIs) for measuring the effectiveness of modern slavery initiatives in supply chains.

Originality/value

This review provides an understanding of the current situation of global supply chains concerning the growing social issue of modern slavery. However, this includes various individual specialities relating to global supply chains, modern slavery, socially sustainable supply chain management (SCM), logistic social responsibility, corporate social responsibility and digitalisation. Furthermore, the review provided important implications for researchers examining the activities on benchmarking the effectiveness of the existing initiatives to prevent modern slavery in the supply chains.

Details

Benchmarking: An International Journal, vol. 31 no. 2
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 12 March 2024

Gunjan Malhotra, Gunjan Dandotiya, Shipra Shaiwalini, Adnan Khan and Shreya Homechaudhuri

The paper tries to investigate the impact of applications of the resource-based view (RBV) theory in the management field to improve the firm’s profitability. Global firms are…

Abstract

Purpose

The paper tries to investigate the impact of applications of the resource-based view (RBV) theory in the management field to improve the firm’s profitability. Global firms are innovating and adopting new technology, paving the way to improve their performance.

Design/methodology/approach

We have adopted RBV in management practices such as marketing, strategy, finance, and human resources.

Findings

RBV has gained researchers' attention with the growing competitive world and new challenges to retaining customers and achieving their pre-defined targets. We attempt to identify the issues related to the usage of RBV in management.

Originality/value

Using RBV in management may help researchers create a competitive mindset and be prepared for uncertain challenges in the business world.

Details

Benchmarking: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 23 January 2024

Edirimuni Nadeesh Rangana de Silva

South Asia is a region urgently seeking development, although it has failed in regional integration. It is the second least integrated region regarding the number of Free Trade…

Abstract

Purpose

South Asia is a region urgently seeking development, although it has failed in regional integration. It is the second least integrated region regarding the number of Free Trade Agreements (FTAs) and can thus be recognised as a missing bloc in the global multilateral system. This study aims to focus on South Asian FTAs and explores the problems of the inter-relations and compatibility between the systemic and regional trade systems.

Design/methodology/approach

The study proposes a framework to benchmark the compatibility of South Asian FTAs with WTO rules. Primary data from 2000 to 2020, including descriptive analyses of reports, legal text of the FTAs, official documents and factual presentations, have been collected and analysed through thematic analysis using the proposed framework.

Findings

The study finds that, although South Asian FTAs meet most of the WTO requirements, they are not progressing toward facilitating and promoting trade. Data from 2000 to 2020 show us that South Asian FTAs have not significantly impacted trade between themselves. The study argues that, although South Asian FTAs fulfil some benchmarks, they show only a lukewarm interest in contributing to the international trading system as building blocs. It is therefore recommended that the case of South Asian trade liberalisation must be understood contextually and be given careful and exclusive attention by the WTO.

Originality/value

As such, this study is the first to claim that South Asian FTAs are not fully compatible with the WTO rules. They remain a missing regional bloc in the multilateral system, rather than a building bloc or a stumbling bloc, delaying the region’s opportunity to develop as a region and within the larger system.

Details

Journal of International Trade Law and Policy, vol. 23 no. 1
Type: Research Article
ISSN: 1477-0024

Keywords

Article
Publication date: 14 November 2023

Yasir Abdullah Abbas, Nurwati A. Ahmad-Zaluki and Waqas Mehmood

This paper examines the relationship between the extent and quality of the four dimensions of corporate social responsibility disclosure (CSRD) namely community, environment…

Abstract

Purpose

This paper examines the relationship between the extent and quality of the four dimensions of corporate social responsibility disclosure (CSRD) namely community, environment, workplace and marketplace with the long-run share price performance of Malaysian initial public offering (IPO) companies.

Design/methodology/approach

This study utilised secondary data by the content analysis of the annual reports and Datastream of 115 IPOs listed from 2007 to 2015 in Malaysia. The IPO’s performance was determined by calculating the return measures under the equally weighted and value-weighted schemes of the mean abnormal returns and buy-and-hold abnormal returns covering the three years post-listing using the event-time approach.

Findings

The findings demonstrate that Malaysian IPOs experience substantial overperformance and underperformance when both the IPO performance measures are benchmarked against the matched companies and market. The results indicated that the extent and quality of the community and environment CSRD dimensions are positively and significantly correlated to the IPO’s performance. On the other hand, the extent and quality of the workplace and marketplace CSRD dimensions are negatively and significantly correlated to the IPO performance.

Practical implications

Malaysian regulators could benefit from these findings in their endeavour to carry out a reform process on CSRD to improve its quality. The results of this study are important to investors, regulators, non-government organisations, communities and policymakers. They also enhance the understanding of companies about the importance of disclosing greater CSR information to improve their performance and profitability.

Originality/value

To the researchers' best knowledge, this study provides new insights into the association between CSRD and the performance of Malaysian IPO companies, which is considered important.

Details

Management of Environmental Quality: An International Journal, vol. 35 no. 3
Type: Research Article
ISSN: 1477-7835

Keywords

Book part
Publication date: 4 April 2024

Ren-Raw Chen and Chu-Hua Kuei

Due to its high leverage nature, a bank suffers vitally from the credit risk it inherently bears. As a result, managing credit is the ultimate responsibility of a bank. In this…

Abstract

Due to its high leverage nature, a bank suffers vitally from the credit risk it inherently bears. As a result, managing credit is the ultimate responsibility of a bank. In this chapter, we examine how efficiently banks manage their credit risk via a powerful tool used widely in the decision/management science area called data envelopment analysis (DEA). Among various existing versions, our DEA is a two-stage, dynamic model that captures how each bank performs relative to its peer banks in terms of value creation and credit risk control. Using data from the largest 22 banks in the United States over the period of 1996 till 2013, we have identified leading banks such as First Bank systems and Bank of New York Mellon before and after mergers and acquisitions, respectively. With the goal of preventing financial crises such as the one that occurred in 2008, a conceptual model of credit risk reduction and management (CRR&M) is proposed in the final section of this study. Discussions on strategy formulations at both the individual bank level and the national level are provided. With the help of our two-stage DEA-based decision support systems and CRR&M-driven strategies, policy/decision-makers in a banking sector can identify improvement opportunities regarding value creation and risk mitigation. The effective tool and procedures presented in this work will help banks worldwide manage the unknown and become more resilient to potential credit crises in the 21st century.

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-83753-865-2

Keywords

Article
Publication date: 21 March 2024

Anupam Saxena, Sugandha Shanker, Deepa Sethi, Manisha Seth and Anurag Saxena

This study was conducted to analyse the socio-ecological problems faced by the Suhelwa Wildlife Sanctuary and understand its potential and challenges for developing ecotourism…

Abstract

Purpose

This study was conducted to analyse the socio-ecological problems faced by the Suhelwa Wildlife Sanctuary and understand its potential and challenges for developing ecotourism following Triple Bottom Line (TBL) principles. The study also benchmarked best ecotourism practices across the globe to create an ecotourism plan that would provide alternative livelihood and help in sustainable management of the area by reducing poverty, dependency on forests and biodiversity protection.

Design/methodology/approach

Suhelwa Wildlife Sanctuary was chosen because this area has several socio-ecological crises with limited livelihood options, and there is an urgent need for alternative livelihood opportunities in the form of ecotourism. The study followed an ethnographic approach through observation, participant observation, and semi-structured interviews. Content and thematic analysis was conducted through Atlas Ti9.0 software for data analysis. Subsequently, benchmarking best ecotourism practices through a literature review was done to develop an ecotourism action plan.

Findings

The First finding was related to the study area divided into three themes: problems, potential for ecotourism development, and challenges for ecotourism development. The second finding was related to benchmarking best practices and suggesting an action plan.

Originality/value

This work studied an area not sufficiently acknowledged by academicians and policymakers concerning ecotourism development. The work also benchmarks the best practices for ecotourism and proposes a sight-specific ecotourism action plan in accordance with TBL.

Details

Benchmarking: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-5771

Keywords

Open Access
Article
Publication date: 27 February 2023

Emilia Filippi, Loris Gaio and Marco Zamarian

This study aims to analyze how the interplay between hard and soft elements of total quality management (TQM) produces the conditions for sustaining success in the quest for…

1034

Abstract

Purpose

This study aims to analyze how the interplay between hard and soft elements of total quality management (TQM) produces the conditions for sustaining success in the quest for quality.

Design/methodology/approach

A qualitative analysis (Gioia method) was carried out on an original dataset collected through both direct and indirect methods (i.e. archival sources, interviews and observations) to generate a new interpretive framework.

Findings

The interpretative framework identifies four categories of elements: trigger elements create the starting conditions for a quality virtuous cycle; benchmarking tools set the standards of performance; improvement tools enable exploration of the space of possible alternative practices and finally, catalytic forces allow the institutionalization of effective techniques discovered in this search process into new standards.

Research limitations/implications

The findings the authors present in this paper are derived by a single case study, limiting the generalizability of our results in other settings.

Practical implications

This study has three implications: first, the design of trigger elements is critical for the success of any TQM initiative; second, the interplay of improvement and benchmarking tools at several levels should be coherent and third, to exploit the potential of TQM, efforts should be devoted to the dissemination of new effective practices by means of catalyzing elements.

Originality/value

The model provides a more specific understanding of the nature and purpose of the hard and soft elements of TQM and the dynamic interaction between the two classes of elements over time.

Details

The TQM Journal, vol. 36 no. 3
Type: Research Article
ISSN: 1754-2731

Keywords

Article
Publication date: 20 March 2024

Graeme Newell and Muhammad Jufri Marzuki

ESG (Environment, Social, Governance) has taken on increased importance in recent years for all stakeholders, with the S dimension now taking on a stronger focus in the real…

Abstract

Purpose

ESG (Environment, Social, Governance) has taken on increased importance in recent years for all stakeholders, with the S dimension now taking on a stronger focus in the real estate space. This paper proposes a new metric to be used in the S space to assess improvements in aspects such as gender equality and cultural diversity in real estate. It adds to the S metrics currently available to see the more effective delivery of the S dimension into real estate investment decision-making.

Design/methodology/approach

A new S metric in ESG is proposed and validated. Using this metric, examples regarding gender equality and cultural diversity are assessed among leading real estate players in Australia. This S metric is assessed over a number of time periods to demonstrate the improvements in gender equality and cultural diversity in these major real estate players.

Findings

This new S metric is seen to be highly effective and robust in capturing the changes in various aspects of the S dimension in ESG in the real estate space today; particularly concerning gender equality and cultural diversity. It is clearly able to demonstrate the significant changes in increased participation of women at the more senior leadership levels by leading players in the real estate space.

Practical implications

With ESG becoming a critical issue in the real estate sector, issues involved in the S space will take on increased significance going forward. This is critical, as the elements of the S dimension such as gender equality and cultural diversity are important aspects for an effectively functioning real estate industry. The S metric developed in this paper can be used for benchmarking purposes over time, as well as between real estate players, between sub-sections within a real estate organisation, and comparing against other industry sectors. It is also relevant in all organisations, and is not just limited to the real estate sector. Additional metrics in the S space are an important development to further empirically assess the effective delivery of the S dimension of ESG in the real estate sector and more broadly.

Originality/value

This paper specifically proposes this new S metric in ESG in the real estate industry. This is a key issue for the real estate industry going forward at all levels, as it will facilitate a more diverse real estate industry and more effective real estate investment decision-making. This S metric is applicable in all organisational sectors where the S dimension of ESG is important.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 6 November 2023

Nathan Garrett

The purpose of this study was to investigate how pension funds use charts in popular reports. Popular reports communicate a fund’s financial health to non-technical audiences, and…

Abstract

Purpose

The purpose of this study was to investigate how pension funds use charts in popular reports. Popular reports communicate a fund’s financial health to non-technical audiences, and often contain charts, tables, and other graphical elements. Do these graphics meet audiences’ information needs and align with chart best practices?

Design/methodology/approach

This study focused on the 60 retirement funds receiving a 2021 popular report award from the Government Finance Officers Association. The author analyzed each graphic’s topic and design.

Findings

Most funds presented key topics (such as funding rate and portfolio return), but they generally lacked helpful benchmarks or peer comparisons. A total of 30% of reports had one or more broken charts, where their visual elements did not match the underlying data. A total of 70% of the reports contained at least one badly designed chart. These design flaws included non-zero (truncated) axes, hidden non-zero axes and misleading 3D perspectives.

Originality/value

To the best of the authors’ knowledge, this paper is the first to examine chart quality in pension fund popular reports.

Details

Transforming Government: People, Process and Policy, vol. 18 no. 1
Type: Research Article
ISSN: 1750-6166

Keywords

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