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Article

Sukhbir Sandhu, Marc Orlitzky and Céline Louche

Companies develop and implement environmental initiatives in particular national governance and institutional contexts. The purpose of this paper is to study how the…

Abstract

Purpose

Companies develop and implement environmental initiatives in particular national governance and institutional contexts. The purpose of this paper is to study how the background governance conditions of legal systems, economic policies and national culture enable or impede the relationship between corporate environmental performance (CEP) and lagged corporate financial performance (CFP).

Design/methodology/approach

This is an empirical study of 427 MNCs headquartered in 22 different countries. The authors merged data from the SiRi database (generally known as SustainAnalytics now), which contains ratings of stakeholder relations for 427 large corporations with publicly available data from Datastream.

Findings

Drawing on the new institutionalism in economics and sociology, the authors show that common-law systems and high economic freedom in a company’s home country tend to strengthen the CEP-CFP link. In addition, the home-country cultural variables of uncertainty avoidance, long-term orientation, and (to a lesser extent) masculinity may impede the deployment of CEP for maximum financial gain at the organizational level. The macrolevel analysis starts to move the field toward an understanding of the particular national governance configurations that provide the most supportive conditions for any CEP-CFP links.

Originality/value

One of the central questions in the field of organizations and the natural environment is about the background conditions that may incentivize and reward firms to be more environmentally responsive. The paper addresses this issue through a nation-level investigation of the background governance conditions that may help or hinder the relationship between CEP and CFP.

Details

Management Decision, vol. 57 no. 10
Type: Research Article
ISSN: 0025-1747

Keywords

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Book part

William Sun, Céline Louche and Roland Pérez

Since Thomas Kuhn (1962), a historian of science who gave ‘paradigm’ its contemporary meaning, the term ‘paradigm’ has been widely used in science and social sciences to…

Abstract

Since Thomas Kuhn (1962), a historian of science who gave ‘paradigm’ its contemporary meaning, the term ‘paradigm’ has been widely used in science and social sciences to refer to a theoretical framework or thought pattern in any given discipline, or broadly, a set of experiences, beliefs and values that affect individual perceptions of a reality and their subsequent reactions. A dominant paradigm is the widely held system of thought in a society at a particular period of time. For Kuhn, a dominant paradigm can be changed and replaced by a new one, which often occurs in a revolutionary manner in science. In social sciences, ‘paradigm shift’ implies the changing ways of understanding and organising a social reality.

Details

Finance and Sustainability: Towards a New Paradigm? A Post-Crisis Agenda
Type: Book
ISBN: 978-1-78052-092-6

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Abstract

Details

Finance and Sustainability: Towards a New Paradigm? A Post-Crisis Agenda
Type: Book
ISBN: 978-1-78052-092-6

Abstract

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

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Book part

Hager Jemel-Fornetty, Céline Louche and David Bourghelle

Responsible investors have been the precursor in using ESG information in investment decisions. The growing attention to ESG issues across the more traditional investment…

Abstract

Responsible investors have been the precursor in using ESG information in investment decisions. The growing attention to ESG issues across the more traditional investment community is considered as the mainstreaming of RI. However, it is important to note that the integration of ESG information by mainstream investment companies is a fundamentally different approach than RI. While RI derives from moral and ethical concerns, the new trend of integration of ESG information by mainstream investors is business driven.

Details

Finance and Sustainability: Towards a New Paradigm? A Post-Crisis Agenda
Type: Book
ISBN: 978-1-78052-092-6

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Book part

Tessa Hebb, Céline Louche and Heather Hachigian

The objective of this chapter is twofold. It first introduces the theme of the book. There are many ways of looking at socially responsible investment (SRI). It can be…

Abstract

Purpose

The objective of this chapter is twofold. It first introduces the theme of the book. There are many ways of looking at socially responsible investment (SRI). It can be viewed as a financial product where the financial performance is the outmost important aspect and cannot be compromised. Or it can be regarded as a force for change to promote and stimulate a more sustainable development. In this chapter we provide a literature review on SRI especially on the notion of the impact and how it has been addressed so far in the literature. The second objective of the chapter is to provide an overview of the volume by introducing each chapter.

Methodology

This chapter reviews the literature on SRI as well as the chapters included in this volume.

Findings

If SRI is about making a change toward sustainability, we ought to study its societal and environmental impacts. Although scholar articles on SRI have gained importance in the two last decades, very little is known on its impact. Research has developed from a narrow concern with negative screening and divestment in isolated cases to a rigorous analysis of its financial performance across a range of ethical and ESG issues. While we have identified some studies that are beginning to explore the potential impact of SRI for society, this remains a crucial area to explore.

Originality/value of the chapter

The chapter contributes to the debates on the societal impact of SRI, a debate that needs to be continued even if or just because it raises some fundamental questions that are complex and difficult but also necessary to advance SRI.

Details

Socially Responsible Investment in the 21st Century: Does it Make a Difference for Society?
Type: Book
ISBN: 978-1-78350-467-1

Keywords

To view the access options for this content please click here

Abstract

Details

Finance and Sustainability: Towards a New Paradigm? A Post-Crisis Agenda
Type: Book
ISBN: 978-1-78052-092-6

To view the access options for this content please click here

Abstract

Details

Finance and Sustainability: Towards a New Paradigm? A Post-Crisis Agenda
Type: Book
ISBN: 978-1-78052-092-6

To view the access options for this content please click here

Abstract

Details

Finance and Sustainability: Towards a New Paradigm? A Post-Crisis Agenda
Type: Book
ISBN: 978-1-78052-092-6

To view the access options for this content please click here

Abstract

Details

Finance and Sustainability: Towards a New Paradigm? A Post-Crisis Agenda
Type: Book
ISBN: 978-1-78052-092-6

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