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Article
Publication date: 2 July 2020

Nicola Raimo, Elbano de Nuccio, Anastasia Giakoumelou, Felice Petruzzella and Filippo Vitolla

This study examines the effect that environmental, social and governance (ESG) disclosure generates on the cost of equity capital in the food and beverage (F&B) sector.

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Abstract

Purpose

This study examines the effect that environmental, social and governance (ESG) disclosure generates on the cost of equity capital in the food and beverage (F&B) sector.

Design/methodology/approach

This study analyses a sample of 171 international listed firms pertaining to the F&B sector and headquartered in North America, Western Europe and Asia Pacific (developed), forming an unbalanced panel of 1,316 observations, spanning the period 2010–2019. We run a fixed-effects panel regression model to test the relationship between ESG disclosure and the cost of equity capital.

Findings

Our empirical outcomes suggest a significant negative relationship between ESG disclosure and the cost of equity capital. We find support for the notion that increased levels of ESG disclosure are linked to an improved access to financial resources for firms.

Originality/value

This is the first study that analyses the impact of ESG disclosure on the cost of equity capital in the F&B sector, taking existing literature a step further into more detailed and specific aspects of the relationship of focus.

Details

British Food Journal, vol. 123 no. 1
Type: Research Article
ISSN: 0007-070X

Keywords

Article
Publication date: 12 January 2023

Anastasia Giakoumelou, Nicola Raimo, Felice Petruzzella and Filippo Vitolla

Crowdfunding is a relatively new alternative method of raising capital for new ventures. In recent years, crowdfunding has also gained prominence within the food industry. On the…

Abstract

Purpose

Crowdfunding is a relatively new alternative method of raising capital for new ventures. In recent years, crowdfunding has also gained prominence within the food industry. On the basis of signaling theory, this study aims to analyze the success factors of vegan crowdfunding campaigns, which remains unexplored in academia.

Design/methodology/approach

This study employs a logistic regression analysis on a sample of 200 vegan crowdfunding campaigns launched in Europe between 2014 and 2021 on the popular crowdfunding platform Kickstarter.

Findings

The results show that the number of images, comments and updates as well as the readability of project descriptions positively impact the success rate of vegan crowdfunding campaigns. Furthermore, the length of the project description has a negative effect, whereas the number of videos has no bearing on the success of vegan crowdfunding campaigns.

Originality/value

To the best of the authors' knowledge, this study pioneers examining the success factors of vegan crowdfunding campaigns. This study enriches the literature in several ways. First, this study contributes to an open debate on the success factors of crowdfunding. Second, this study provides knowledge about the factors that can favor the success of vegan initiatives. Third, this study confirms the usefulness of signaling theory as a theoretical framework for understanding vegan crowdfunding.

Details

British Food Journal, vol. 125 no. 7
Type: Research Article
ISSN: 0007-070X

Keywords

Article
Publication date: 26 May 2023

Anastasia Giakoumelou, Antonio Salvi, Olga Kvasova and Ioannis Rizomyliotis

Access to financing is a key success factor for start-ups. High failure rates, long payback periodse and asymmetries lead to conservative pricing and valuation discounts. The…

Abstract

Purpose

Access to financing is a key success factor for start-ups. High failure rates, long payback periodse and asymmetries lead to conservative pricing and valuation discounts. The authors examine financial marketing and contingent factors, as enablers of a “patent premium” by private equity (PE) investors targeting start-ups in their growth and expansion stages.

Design/methodology/approach

Drawing from the contingency, innovation and signaling theories, the authors collect patent records for Italian start-ups in which a higher than 30% stake was acquired by PE investors during the period 2014–2020. The authors apply a generalized linear model with a logit link and robust clustered error to test the key relationships and control for endogeneity with a Heckman two-stage selection model.

Findings

Findings indicate start-ups’ access to financing is significantly impacted by marketing constructs adopted in the operation. Innovation alone does not suffice to determine a valuation premium, unless contingent on the promotion of its product, the placement -investors targeted-of the equity, brand equity levers of previous ownership and marketing competence backing the deal.

Originality/value

The authors provide new insights in the marketing-finance interface, highlighting levers that reassure investors and enable monetizing innovation in start-ups that are still privately held. The authors bridge a gap in literature that has mainly focused on venture capital and innovation financing in the open market, as well as a significant gap regarding the marketing design of private equity placements.

Details

International Journal of Entrepreneurial Behavior & Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1355-2554

Keywords

Open Access
Article
Publication date: 25 August 2022

Anastasia Giakoumelou, Antonio Salvi, Giorgio Stefano Bertinetti and Anna Paola Micheli

The authors compare two market collapse incidents, focusing on their role as turning points for ESG considerations among investors that do not fall under the SRI class. The…

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Abstract

Purpose

The authors compare two market collapse incidents, focusing on their role as turning points for ESG considerations among investors that do not fall under the SRI class. The authors draw from the signaling theory to posit that ESG performance acts as a buffer to retain institutional shareholders under stress conditions.

Design/methodology/approach

The authors collect extensive data on institutional shareholdings and corporate performance during the pandemic and the 2008 financial crisis to examine the potential of ESG to act as a downward risk hedging mechanism. The authors test whether superior ESG scores function as insurance and resilience signals that lock investors in through times of high probability of divestments.

Findings

Findings indicate that ESG weighs in investment decisions during economic downturn and poor returns. The nature of this positive relationship is not static but dynamic contingent on overall risk materiality considerations.

Research limitations/implications

The authors update regulators, firms, investors and academics on ESG, risk and crisis management. The shifting materiality and the altering impact of ESG practices is our core implication, as well as limitation, in terms of metrics, temporal evolution and interaction with institutional factors, along with portfolio alpha and safe haven potential in ESG asset classes.

Originality/value

The authors extend current literature focusing on portfolio returns and firm valuations to highlight the role of ESG in shareholder retention during poor return periods. The authors further add to existing studies by examining the shifting materiality of ESG pillars during different crisis settings.

Details

Management Decision, vol. 60 no. 10
Type: Research Article
ISSN: 0025-1747

Keywords

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