Search results

Today's business world has been tarnished with numerous corporate irresponsible behaviors. It is thus of great importance for firms to carry out crisis management on the condition of corporate social irresponsibility (CSI). Taking a contingent social media crisis management perspective, the authors aim to investigate the relation between CSI and firm value while also examining the moderating effects of being known in social media and generalized favorability in social media on this relation.

The empirical analysis conducted in the authors' research is based on a sample of 203 CSI events that occurred within publicly listed firms in China between 2011 and 2015. During the process of the authors' data collection, the authors initially verified the occurrence of CSI events in publicly listed firms by reviewing reports from reputable sources such as the 21st Century Business Herald and China Securities Journal. Subsequently, the authors collected the information pertaining to media coverage of these CSI events from the China Core Newspapers Full-text Database (CCND). Additionally, the authors obtained the remaining data from reliable sources such as Guba, the China Stock Market and Accounting Research Database (CSMAR) and the Chinese News Analytics Database (CNAD). To test the authors' hypotheses, the event study and multiple-regression analysis methods are adopted.

The authors find CSI generates a negative impact on firm value. Moreover, while being known in social media strengthens the negative relation between CSI and firm value, generalized favorability in social media weakens such relation.

There are two streams of limitations that present promising avenues for future studies. Theoretically, the authors explore the mechanisms of CSI affecting firm value from a contingent social media crisis management perspective. Consequently, the authors' study does not encompass other potential mechanisms that may exist in the CSI–firm value linkage. In terms of empirical analysis, three issues arise that provide opportunities for further investigation. First, the authors have not accounted for all potential factors that could influence the link between CSI and firm value. Second, the authors' data are subject to limitation since it comes from manual collection. At last, because the authors confirm the sample based on the actual CSI events of publicly listed firms in China, the authors' sample size is small.

The authors' findings contribute to a more comprehensive understanding of the relation between CSI and firm value, as well as effective strategies for responding to CSI through the utilization of social media. Consequently, the authors' results have the potential to stimulate further research on the implications of CSI and the management of corporate crises through social media platforms.

The purpose of this paper is to examine the difference between the daytime (open-to-close) and overnight (close-to-open) returns of CSI 300 index and its derivative futures.

The paper explores the difference between the daytime and overnight time returns by using nonparametric techniques. Moreover, investigation on some factors such as short selling, trading rules, risks are made to seek the sources of the day and night effects based on a large number of empirical analysis. In the end, further analyses on daytime and overnight returns are given by the use of high-frequency data and linear regression technique.

The authors show that the daytime returns of CSI 300 index are no less than its overnight returns, while the daytime returns of CSI 300 index futures are no more than its overnight returns, even after removing the heteroscedasticity of the researched time series. Specifically, the PM returns (13:05 to close) play a quite important role in the intra-day time. The findings also suggest that the unique “T+1 trading rule” in China may be a reason that incurs the lower opening price in the morning and the higher closing price in the afternoon, resulting in the statistically significant differences between the daytime and overnight returns.

The findings are of great importance for investors to decide when to buy and sell stock and futures portfolios in Chinese financial markets.

This study empirically analyzes why there the higher daytime returns and the lower overnight returns exist in the Chinese stock markets from different aspects and contributes the existing literature on day and night effects because of periodic market closures.

This paper aims to analyse how corporate social responsibility (CSR) and corporate social innovation (CSI) are implemented in the integration of employees with disabilities (EWD) and how they differ in practice.

This study implemented a qualitative approach through a comparative study of two representative cases in Colombia, using a cross-case analysis technique.

Four characteristics differentiate CSR and CSI in the labour integration of EWDs: altruistic vs goal-oriented, inclusive vs egalitarian, humanistic vs transformative and sympathetic vs synergetic, relating motivations, practices, impact and collaborations correspondingly.

To the best of the authors’ knowledge, this is one of the first studies to explore the conceptual (theoretical) and instrumental (practical) base of CSR and CSI, undertaking business strategies to integrate EWDs in the labour market in the context of a developing country, Colombia. Examining EWDs’ labour integration represents an original approach to understanding how CSI can be considered an evolution of CSR.

The purpose of this paper is to report on the prioritisation of different corporate social identities (CSIs) by the banking sectors in India to endorse the corporate branding process. To substantiate the effect of corporate social responsibility (CSR) on banks’ profitability, the paper establishes a causal relationship between CSI scores and banks’ profitability. The study defines the CSI scores as measures of different CSR initiatives available on the websites and annual reports of leading public and private schedule commercial banks in India.

The study discusses the key role that CSR plays in building the corporate personality of a firm, which is a key ingredient of a corporate brand. Therefore, the main dimensions and sub-dimensions of CSR are analysed by using content analysis method. The data undergo multiple experiments such as “Percentage of Agreement”, “Scott’s π”, “Cohen’s κ”, and “Krippendorff’s α” to check the validity and the inter-coder reliability of the content. Furthermore, the quartile approach of statistical data analysis, weighted average method of prioritisation and simple linear regression methods are used to examine and discuss the study objectives.

There were three major outcomes from this study. First, Indian banks institutionalise their credibility of corporate personality by maintaining the CSR principles and goals as the core elements of their corporate statements. Second, the CSI scores of different CSR initiatives indicate variations in the stakeholder prioritisation among different banks. The result shows that the public sector banks give the highest priority to the community-related CSR initiatives followed by environment and customer among others, whereas the private sector banks emphasise on customers as their top priority followed by environment and community. The overall score depicts the environment-related initiatives to be the highest priority, which follows customer, employees, community and suppliers. Third, the research indicates that the relationship between CSI disclosures and profitability is significant in India.

The social aspect of building corporate identity will help in the decision-making process for developing a strong social image through their websites. However, the results suggest that the banking sector should adopt a global standard of CSR reporting and strategic positioning of the social identities among the stakeholders in the value chain. The results are limited to only the Indian banking sector and can be validated and applied to other industries and cross-cultural contexts.

This study is one of the pioneering attempts to focus on the role of CSR in the stakeholder-company relationship through the mean-end approach in the development of CSI.

This paper explores what suppliers and customers do in order to integrate their operations across the supply chain. It also identifies on what contextual factors these specific CSI practices are contingent.

The paper uses the multiple case study methodology as a basis for theory formulation. Insights from nine cases of OEM‐supplier relationships in the Italian high precision air conditioning industry are used to address the research questions and formulate theoretical propositions.

The paper develops four theoretical propositions derived from a framework that identifies four CSI forms contingent on two contextual variables – the value impact of goods purchased from each supplier and the degree of purchasing goods customization.

This paper provides a framework that advances the understanding of effective supplier relations management in two ways. Firstly, it gets over the traditional dichotomy between arm's length relationships and strategic partnerships by identifying a more articulated typology of CSI forms. Secondly, it characterizes each of the four CSI forms in terms of the practices buyers and suppliers apply to manage four key business processes.

The paper provides a template to configure integration in customer‐supplier relations and suggests the different mix of integrative practices business partners should use in diverse supply chain environments.

The proposed framework improves existing theory that either considers one single aspect of customer‐supplier relations (i.e. pricing, logistics, or new product development) or interprets interfirm collaboration as a single dimension phenomenon.

With the launch of CSI 300 Index Futures trading on April 16, 2010, China's stock market presents a more diversified trend, such as arbitrage, trends strategy entering the market rapidly. Therefore, the liquidity demand also presents a higher frequency, and the change is more complex than the original situation. In recent years, many literatures are engaged in high-frequency trading (HFT) related research, and an important concern is the impact of HFT on market volatility and liquidity. Is it playing the role of stabilizing the market, or bringing more noise and turmoil? Based on this, the purpose of this study is trying to study what kind of impact the HFT have on market liquidity before and after the launch of the CSI 300 Index Futures.

The paper uses the simultaneous equations model of price and net order flow proposed by Deuskar and Johnson and for the first time introduces an asymmetric identification through heteroskedasticity (ITH) method. The paper applies the method to the high-frequency data of CSI 300 Index and the Futures and classifies the buying and selling orders through volume clock. The price risks are decomposed into a component driven by the impact of liquidity demand shocks (flow-driven risks (FDRs)) and a component driven by external information (information-driven risks (IDRs)).

The empirical results show that the flow-driven risk of CSI 300 Index Futures is about 20 percent. In addition, before the introduction of the Index Futures, there is no asymmetric effect between liquidity demand shocks and price shocks existing in either CSI 300 Index or CSI 300 Index Futures. While after the introduction of stock Index Futures, the asymmetric effect in the both two markets emerges. The impact of the buying net order flows on the price is less than the impact of the selling net order flows on CSI 300 Index, whereas the impact of the buying net order flows on the price is larger than the impact of the selling net order flows on CSI 300 Index Futures. The paper further analyzes the relationship between liquidity and FDR and gets the conclusion that the reasons for the deterioration of the liquidity level are caused by the impact of the external information shocks, rather than the liquidity demand shocks. And entries of HFTs like arbitrage traders and hedge traders play a positive role in improving the liquidity level in the market.

The paper introduces an asymmetric ITH method for the first time and finds asymmetric effect of the net order flow on the return in both CSI 300 Index market and the corresponding Index Futures market.

The supposedly radical development of artificial intelligence (AI) has raised questions regarding the moral responsibility of it. In the sphere of business, they are translated into questions about AI and business ethics (BE) and corporate social responsibility (CSR). The purpos of this study is to conceptually reformulate these questions from the point of view of two possible aspect-changes, namely, starting from corporate social irresponsibility (CSI) and starting not from AIs incapability for responsibility but from its ability to imitate human CSR without performing typical human CSI.

The author draws upon the literature and his previous works on the relationship between AI and human CSI. This comparison aims to remodel the understanding of human CSI and AIs inability to be CSI. The conceptual remodelling is offered by taking a negative view on the relation. If AI can be made not to perform human-like CSI, then AI is at least less CSI than humans. For this task, it is necessary to remodel human and AI CSR, but AI does not have to be CSR. It is sufficient that it can be less CSI than humans to be more CSR.

The previously suggested remodelling of basic concepts in question leads to the conclusion that it is not impossible for AI to act or operate more CSI then humans simply by not making typical human CSIs. Strictly speaking, AI is not CSR because it cannot be responsible as humans can. If it can perform actions with a significantly lesser amount of CSI in comparison to humans, it is certainly less CSI.

This paper is only a conceptual remodelling and a suggestion of a research hypothesis. As such, it implies particular morality, ethics and the concepts of CSI and AI.

How this remodelling could be done in practice is an issue of future research.

The author delivers the paper on comparison between human and AI CSI which is not much discussed in literature.

This study examines the relationship between corporate social irresponsibility (CSI) and firm-level sales and estimates the potentially mitigating role of advertising.

To test their hypotheses, the authors conduct an empirical investigation using a sample of 381 US firms engaging in socially irresponsible behavior.

The results of this investigation indicate that while sales are negatively impacted during the year of a CSI event, they generally recover in the year immediately following the event. In addition, advertising is shown to mitigate the negative impact of CSI on sales in both the event year and the year immediately following. The authors also consider whether differences exist between CSI firms with and without advertising. From this comparative analysis, it is observed that CSI firms which advertise tend to experience more severe declines in sales. Also, such firms tend to recover from the negative implications of CSI sooner.

This paper provides a novel and empirical approach to assessing the relationship between CSI events and firm-level sales while quantifying the mitigating effects of advertising. Furthermore, the unique contributions and practical findings of this research generate strong support for the significant role advertising can play in helping firms recover from CSI-based brand crisis events and help to establish a promising path for future research.

This paper aims to put forward a definition of corporate social irresponsibility (CSI) which is relevant to the study of complex organizations and in particular, the multinational enterprise (MNE). This paper then offers a framework as a foundation to discuss the institutional complexity of CSI to aid international business (IB) scholars, practitioners and policymakers achieve a clearer understanding of the mechanisms that may penalize and subsequently deter MNE irresponsibility.

In presenting the approaches taken by social regulation researchers and IB policy scholars to understand MNE irresponsibility, this paper proposes a definition of CSI and explicates the various mechanisms associated with deterring MNEs from behaving irresponsibly.

Therefore, how can MNEs be deterred from behaving irresponsibly? To further the research agenda concerning CSI in IB, far less common are a definition of CSI relevant to the complex IB context; and a framework that explicates both the legal and social components of CSI, particularly as they unfold in a complex, diverse and often divergent institutional landscape. Overcoming these two primary obstacles is important because when complexities associated with CSI emerge, researchers need to be able to ascertain and expound upon what they are observing so that comparisons can be made and more MNE CSI research can be accrued over time.

To help the development of future research, we offered a more precise definition of CSI, one which is more relevant to the study of the MNE and the complex contemporary IB environment. By embracing complexities, this paper also outlines an institutional complexity approach, one which highlights both the role of formal and informal regulatory institutions. Though IB has traditionally focused on the role of formal regulation, there is much more to be unearthed by exploring the additional and concurrent influence of social regulatory institutions.

There is a high level of heterogeneity in the motivations and modes used by MNEs to enter international markets, which likely influence efforts made by these firms to adapt to different types of formal and social institutional pressures. When firms invest significantly in a market, they have a greater economic dependence in that market and institutions have a greater opportunity to exert pressures. For instance, foreign direct investment requires a higher level of (longer-term) commitment, transfer of capital, exchange of expertise and learning, meaning that firms depend much more on local authorities to perform in the market and accomplish their goals.

Enabled by new technologies and, particularly, social media platforms, stakeholders can now engage in organized forms of regulatory activities, as is evident in the lesbian, gay, bisexual, transgender, queer, black lives matter and gender equality social activist movements. Through prominent collective actions, the impacts of globally organized social movements may be increasingly non-location bound, placing MNE managers at the heart of new challenges and opportunities to engage with global stakeholders. Infomediaries such as the press, have always been of historical importance, due to their role in shaping stakeholder expectations and opinions of the firm and thus, the reputation and legitimacy of that firm.

This study enriches the understanding of what CSI is, why we are likely to observe it in practice and how it affects MNEs. This paper offers a definition of CSI that is sufficiently nuanced to capture the complexity of the contemporary IB environment, as well as a framework that, this paper proposes, presents a clearer understanding of the institutional mechanisms that may deter MNEs from behaving irresponsibly. By encouraging scholars to examine the institutional complexity of MNE CSI, the paper hopes to contribute toward building a bridge which connects the IB policy and social regulation research streams.

Focusing on the spillover effects between the CSI 500 stock index futures market and its underlying spot market during April to September 2015, the purpose of this paper is to explore whether Chinese stock index futures should be responsible for the 2015 stock market crash.

Using both linear and non-linear econometric models, this paper empirically examines the mean spillover and the volatility spillover between the CSI 500 stock index futures market and the underlying spot market.

The results showed the following: the CSI 500 stock index futures market has significant one-way mean spillover effect on its spot market. The volatility in CSI 500 stock index futures market also has a significant positive spillover effect on its spot stock market, and the mean value of dynamic correlation coefficient between the two market volatility is 0.4848. The spillover effect of the CSI 500 stock index futures market on the underlying spot market is significantly asymmetric, characterized by relatively moderate and slow during the period of the markets rising, yet violent and rapid during the period of the markets falling. The findings suggest that although the stock index futures itself was not the “culprit” of Chinese stock market crash in 2015, its existence indeed accelerated and exacerbated the stock market’s decline under the imperfect trading system.

Different from the existing literature mainly focusing on CSI 300 stock index futures, this paper empirically examines the impact of the introduction of CSI 500 stock index futures on 2015 Chinese stock market crash for the first time.