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The case examines the development and launch of an exchange-traded fund (ETF) based on JUST Capital's socially responsible corporate ranking methodologies. The case provides a market overview of Environment, Social, and Corporate Governance (ESG) and socially responsible investing (SRI), what has driven growth in those areas worldwide, and several best-practice investment approaches. Following the overview, the case describes the founding and development of JUST Capital, explores JUST Capital's ranking methodologies, and presents the decision point faced by the CEO: requisite selection of one of three strategies in order for JUST Capital to generate “self-sustaining” revenue.

The gap that this research attempts to fill is to analyse the explanatory factor “industry” when assessing the reputation of a corporate group. In other words, this research attempts to demonstrate the impact of the “industrial halo” on the assessment of corporate reputation, given that, to date, the academic literature has not considered industry as an explanatory variable in the assessment of the reputation of private companies.

A sample of 43 Spanish companies was used to analyse the relationship between the reputation of firms as measured by the Merco Empresas index, and the industries to which they belong, after controlling for company performance, size, turnover, public recognition of their leadership, and corporate responsibility. This involved conducting a cross-sectional analysis of the relationship between the variables for each year in the time period from 2005 to 2016. The available data were taken from the firms' annual financial reports and websites, as well as from the Merco.

The paper shows the existence of industrial halos that account for the corporate reputation of businesses in Spain. It is also shown that industrial halos are not permanent over time, and that they tend to occur in years of crisis.

It would have been desirable for this study to have had sufficient data to include other industries, but this was not possible. As for possible extensions, in addition to expanding the period considered, other analytical techniques, such as panel data models, could be applied to allow comparison with the results obtained here.

The results of this study have some practical implications. Firstly, firms that publish corporate reputation rankings should be aware of the distortion that the industrial halo can produce, especially in times of uncertainty, and seek to correct for it in their measurements. And secondly, corporate groups themselves should assume that the reputation of the industry affects their individual reputation, and consequently, they should see the other companies in the industry not only as competitors but also as “reputational allies”. They should therefore make collective efforts to improve in this respect, especially in the face of reputational crises.

This paper provides a better understanding of the relationship between the reputation of a company and the industry to which it belongs, and of its permanence over time. This relationship has been little studied in the Spanish market to date.

本研究擬分析當企業集團的信譽被評估時的解釋性因素-行業,以填補現時的研究缺口。具體來說,研究人員鑒於學術文獻至今仍未於評估私營企業的信譽時、把行業當作是一個解釋變量來看待,故擬進行研究、以顯示行業光環在評估企業信譽時所產生的影響。

研究使用的樣本為43間西班牙公司。研究人員分析以Merco Empresas 指數來測量的公司信譽與公司所屬行業之間的關係。有關的分析調控了公司的業績、規模、營業額、企業責任、以及企業領導能力的公眾認可程度所帶來的影響。研究人員對有關變量間的關係進行橫向分析 分析於2005年至2016年期間年度性地進行。現有數據取自有關公司的年度財務報表和其網站,也有取自Merco的。

研究結果表明了可解釋西班牙企業信譽的行業光環是存在的。研究結果亦顯示、行業光環不是永恆的,而且,行業光環往往會在營運極其困難的年度內出現。

本文讓我們更深入瞭解公司信譽與公司所屬行業之間的關係,以及其在時間上的永恆性。就這相關的關係而言,探討西班牙市場的研究至今為數不多。

Utilizing the expectation states theory in sociology, this study probes into the influence of the board's informal hierarchy on the quality of enterprise innovation, originating from the perspective of internal directorial interactions, while analyzing the boundary effects exhibited by the nature of property rights and the intensity of geo-culture.

The study selects China's A-share listed companies from 2008 to 2021 as the research sample, employing the Tobit regression analysis method to scrutinize the hypotheses presented in the text.

The regression results demonstrate a positive correlation between the board's informal hierarchy and the enterprise innovation quality (EIQ). Upon introducing variables specific to property rights and geographical culture, the authors found that in comparison to non-state-owned enterprises (non-SOEs), the influence of the board's informal hierarchy on the quality of corporate innovation is diminished in SOEs. Conversely, the intensity of geo-culture across Chinese provinces enhances their mutual positive influence. In the additional analysis, the authors also found that the elevation of corporate risk tolerance is a significant pathway for the positive effect of the board's informal hierarchy on EIQ. Moreover, this positive influence is more profound in high-tech enterprises, businesses implementing equity incentive plans and companies that have subscribed to director and officer liability insurance.

The findings not only deepen the understanding of how the board's internal status characteristics influence corporate decision-making but also enrich the application scope of expectation states theory. Furthermore, this study offers valuable guidance for optimizing innovation decision-making by adjusting the personnel structures of corporate boards.

The purpose of this study is twofold: first, to determine if pharmaceutical companies can be grouped based on their espoused values, and second, to examine the relationship between these values and company reputation.

A descriptive study design is used with two separate analyses: cluster analysis for grouping the companies; and descriptive data analysis for determining cluster differences.

The findings suggest that there are three value clusters: competent, community and interpersonal, with the community group showing the highest relative reputation, and the interpersonal cluster as the lowest. Brand portfolio composition appears to positively contribute to reputation. The effect of portfolio specialization is based on a company’s closeness to its therapeutic community, which may be influenced by the outward characteristics of its values.

Future research should examine the longitudinal effects of values on reputation combined with case studies.

Regardless of cluster classification, all firms should develop strong ties with their therapeutic communities using both personal and digital/omnichannel strategies.

A company’s values are becoming an important consideration for all customers and stakeholders.

To the best of the authors’ knowledge, this study is the first to systematically examine the activities of leading pharmaceutical firms to link a specific value cluster to company reputation.

This study aims to examine the impact of board characteristics on firm performance while also exploring the influential mechanisms that help Chinese listed companies establish effective boards of directors and strengthen their corporate governance mechanisms.

This paper uses machine learning methods to investigate the predictive ability of the board of directors' characteristics on firm performance based on the data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges in China during 2008–2021. This study further analyzes board characteristics with relatively strong predictive ability and their predictive models on firm performance.

The results show that nonlinear machine learning methods are more effective than traditional linear models in analyzing the impact of board characteristics on Chinese firm performance. Among the series characteristics of the board of directors, the contribution ratio in prediction from directors compensation, director shareholding ratio, the average age of directors and directors' educational level are significant, and these characteristics have a roughly nonlinear correlation to the prediction of firm performance; the improvement of the predictive ability of board characteristics on firm performance in state-owned enterprises in China performs better than that in private enterprises.

The findings of this study provide valuable suggestions for enriching the theory of board governance, strengthening board construction and optimizing the effectiveness of board governance. Furthermore, these impacts can serve as a valuable reference for board construction and selection, aiding in the rational selection of boards to establish an efficient and high-performing board of directors.

The study findings unequivocally demonstrate the superiority of nonlinear machine learning approaches over traditional linear models in examining the relationship between board characteristics and firm performance in China. Within the suite of board characteristics, director compensation, shareholding ratio, average age and educational level are particularly noteworthy, consistently demonstrating strong, nonlinear associations with firm performance. Within the suite of board characteristics, director compensation, shareholding ratio, average age and educational level are particularly noteworthy, consistently demonstrating strong, nonlinear associations with firm performance. The study reveals that the predictive performance of board attributes is generally more robust for state-owned enterprises in China in comparison to their counterparts in the private sector.

Prospective students and other stakeholders in the education system use global and national rankings as a measure of the quality of education offered by different higher educational institutions. The ranking of an Institution is seen as a measure of reputation and has a significant role in attracting students. But are students happy in the top-ranked institutions? Does a high rank translate into high student satisfaction? This study answers this question taking data from top educational institutions in India.

This study examines how the top-ranked higher education institutions in India fare on student satisfaction. Using the data on key performance indicators published by the National Institutional Ranking Framework (NIRF) and student satisfaction scores of these institutions reported by NAAC, the study explores a possible relationship between the ranking of an institution and its student satisfaction score.

The study finds no significant relationship between the ranking of an institution and its student satisfaction score. The only institutional performance dimension which has a positive correlation with student satisfaction is graduate outcome. The diversity dimension is seen to be negatively correlated with student satisfaction.

The importance of modifying the ranking frameworks to account for the real drivers of student satisfaction is highlighted. The items in the student satisfaction survey should be regularly updated to reflect the actual concerns of the students. This is very important given the fact that the number of Indian students going abroad for higher education recorded a six-year high in 2022 at 750,365.

With more than 50,000 institutions catering to over 40 million students, India has the largest higher education system in the world. Given the high level of competition among these institutions, ranking and accreditation have become important parameters used by students for selection of an institution. But do top-ranked higher education institutions have the most satisfied student community? The assumption is disproved using the most credible secondary data. This study is the first of its kind in the Indian context. It has huge implications for the most respected ranking frameworks.

In the swiftly evolving business landscape, environmental, social and governance (ESG) considerations have gained exceptional prominence, as stakeholders increasingly emphasize accountability and sustainability. This study aims to meticulously probe the intricate interplay between ESG factors, financial performance and the distinct corporate governance landscape that characterizes the Nordic region's crucible of proactive societal and environmental commitment.

The authors begin with a data set of 899 Nordic firms across Sweden, Norway, Denmark, Finland and Iceland. Using the Thomson Reuters database, they refine this data set by excluding non-regional headquarters and entities without ESG scores or year-long financial data. This resulted in a focused data set of 1,360 firm-years spanning a decade, forming the foundation for investigating the link between ESG factors and financial performance in Nordic firms.

Drawing upon empirical data, the authors systematically dissect the correlation between specified financial ratios and ESG scores on the bedrock of sustainability evaluation. The findings underscore a partially significant, yet robust relationship between ESG endeavors and financial performance metrics. Furthermore, the intricate interplay of corporate governance dimensions’ reveals intriguing correlations with financial indicators among the surveyed Nordic enterprises. However, the findings also reveal an intricate weave that underscores the ESG and financial performance nexus.

This study addresses stakeholders’ theory and unique positions and contributes to the current discussion on sustainability reporting literature by providing empirical evidence of ESG influences on firm profitability through board characteristics in the specific context of the Nordic region. The sample for this study encompasses firms listed in Nordic countries; thus, the results may not be generalizable to unlisted firms and other countries or regions.

This study suggests that Nordic firms are advanced in reporting ESG in response to diverse stakeholder demands as part of their regular activities. This study provides valuable insights for diverse stakeholders including researchers and regulatory bodies.

This study provides an understanding of stakeholders about the association of ESG and sustainability practices with firm profitability, which might lead to making the world a better place.

While illuminating the multifaceted ESG-financial performance nexus, this study reveals its intricate nature. This complexity accentuates the compelling need for further exploration to decode the exact outcomes and myriad factors contributing to the array of correlations observed. Through this comprehensive inquiry, this research advances the understanding and underscores the pivotal role of a focused investigation. This study seeks to harmonize ESG practices and financial performance seamlessly within the Nordic business realm.

In the modern digital age technologies like Industry 4.0 has revolutionized the manufacturing sector. There are many economic and technological advantages of digitalization. Along with economic benefits, manufacturing enterprises especially small and medium enterprises (SMEs) need to take advantage of digitalization in strengthening their social performance. Observing the importance of social performance of Indian SMEs and availability of limited research in this direction, the current study has done a holistic analysis of social performance enablers.

A systematic literature review with a series of personal interviews of experts has been conducted to identify the enablers of social performance and supportive digital technologies. A fuzzy decision-making trial and evaluation laboratory (DEMATEL) approach has been applied to find the degree of influence and interrelation between enablers. Sensitivity analysis is also performed to validate the results obtained.

Authors observed that policies of corporate and social responsibility, support by top management, awareness of social performance issues, and ethical practices and collaboration amongst supply chain members are leading causing enablers of social performance. Preparedness for the uncertainty of pandemics, improved work conditions and ergonomics, green practices, improvement in global business and improved living standards of employees and their families are leading the effect group of enablers. Further authors also observed that social media, information and communication technologies (ICT), websites, smart surveillance, e-mails and cloud computing are few supportive digital technologies of social performance issues.

SMEs all over the globe are passing through a transition due to digitalization and influence of pandemics. The finding of current study highlights the importance of strategic management of social performance enablers. Since the research is very limited in the social performance area, especially in Indian SMEs, this study makes a notable contribution to the literature too.

Novelty of this study is that social performance enablers of Indian SMEs in the digital era have been analysed holistically. The content of this research is the original work of the authors and has not been submitted for any other publication.

This study aims to examine the relationship between corporate social responsibility (CSR) award and sustainability assurance levels for the French CAC 40 companies.

A sample of 57 French companies in the CAC 40 index corresponding to 448 observations was analyzed between 2008 and 2020 using an ordinal regression.

The main results conclude that the inclusion in the Dow Jones Sustainability Index World, the CSR award and the introduction of the Grenelle 2 law have a significant influence on sustainability assurance levels. However, incentive compensation does not appear to be relevant to explain sustainability assurance levels.

The present study focuses on a sample, limited to companies belonging to the CAC 40 index. To enhance the understanding of sustainability assurance levels, this research may include other global sustainability indices, such as the MSCI World and the FTSE4Good World, in the CSR awards.

This study could be useful for audit practitioners, leading them to reconsider their evaluation methods and take into account CSR incentives for a more objective analysis. Regulators should investigate the current CSR issues to improve CSR disclosure standards. Finally, these findings could motivate other researchers to expand the scope of the research to diverse contexts.

This study helps fill the gap existing in sustainability assurance literature by highlighting the relationship between CSR rewards and sustainability assurance levels.

Sustainable investments (SI) represent a promising class of investments, combining financial returns with mitigating environmental challenges, achieving SDG goals and creating a positive business impact. An enhanced global focus on climate change developments in the backdrop of COP26 and COP27, raised the need for comprehensive literature mapping, to understand the emerging themes and future research arenas in this field.

The authors apply a quali–quantitative approach of bibliometric methods coupled with content analysis, to review 1,022 articles obtained from the Web of Science (WoS) database for 1991–2023.

The results identify the leading authors and their collaborations, impactful journals and pioneering articles in sustainable investment literature. The authors also indicate seven major themes of SI to be financial performance; fiduciary duty; CSR; construction of ESG-based portfolios; sustainability assessment tools and mechanisms; investor behavior; and impact investing. Further, content analysis of literature from 2020 to 2023 highlights emerging research issues to be SDG financing via green bonds and social impact bonds; investor impact creation via shareholder engagement and field building strategies; and governance related determinants of firm-level sustainable investments. Finally, the authors discuss the research gaps across these themes and identify future research questions.

This paper crystallizes research themes in sustainable investment literature using a vast coverage of globally conducted studies published in reputed journals till date. The findings of this study coupled with future research questions provide a well-grounded foundation for new researchers to further explore the emerging dimensions of this field.