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This study evaluates risk‐adjusted performance of socially responsible mutual funds during the period 1991‐2000, using objective statistical measures grounded in modern portfolio theory. A socially responsible mutual fund is defined as one which employs “social screens” in stock selection, such as whether a fi rm manufactures tobacco products, whether it is in the gambling business, whether it heeds environmental safety, its human rights records, etc. The main objective of this study is to provide empirical documentation on the risk‐adjusted returns of these mutual funds, for the benefit of investors. To our knowledge, this is one of the first, if not the first, academic study to utilize a relatively new risk‐adjusted performance measure, posited by Nobel Laureate Franco Modigliani and Leah Modigliani in 1997 (hereafter referred to as M Squared), to evaluate socially responsible mutual funds. The idea that underlies their methodology is to adjust the investment risk of a mutual fund to the level of risk in an unmanaged benchmark stock‐market index and then measure the returns on the risk‐matched fund. The M Squared measure not only relates the level of risk to the level of reward, but also enables risk‐adjusted returns to be reported on a percentage basis, rather than on an absolute basis, which makes them more easily understood by the average investor. The results of this study can be used in decision making by investors who seek objective criteria to select a socially responsible mutual fund from among a menu of several funds.

The purpose of this paper is to examine corporate social responsibility (CSR) practices of SIN firms. SIN firms are firms from controversial sectors such as tobacco, alcohol, gambling and firearms.

This paper explains contrasts CSR practices of SIN firms with similar size and industry non-SIN counterparts.

This paper shows that SIN firms conduct more CSR practices than non-SIN firms. This paper also finds that CSR practices of SIN firms are value relevant only when these firms are performing below their peers.

The motivation for SIN firms to engage in higher CSR is the competitive advantage hypothesis and not moral rebalancing.

This case describes management's sequential reevaluation of Marriott's debt capacity and the decision about how to invest this unused debt. Videotape #5556, “Strategic Leadership,” is designed for use with this case (see Videotape Bibliography).

In the literature, the question of how the strategies of brand portfolios affect performance remains open and subject to contradictory developments. This paper aims to highlight the various steps involved in the analysis of international brand portfolios as well as issues specific to each of these phases.

This article relies on the results of a longitudinal case study conducted in collaboration with the marketing direction of Procter & Gamble's European Business Unit “Laundry and Fabric Care” from 2004 to 2009.

The authors present the strategic and operational movements that led to the reduction of the P&G brand portfolio in the laundry category. The authors then compare them with the current results of the company in this market to assess the performance of this strategy of rationalization.

While the best way forward to construct international brand portfolios has not yet been specifically defined and many questions remain, this article provides an illustration of a methodology tested by an international company.

To highlight the compliance issues which face gambling entities with the implementation of the Financial Action Task Force's (FATF's) 2003 Forty Recommendations

To determine the gambling sector's attitudes towards the FATF's new anti‐money recommendations their responses to an earlier FATF consultation paper are analysed. Interested parties were asked to provide feedback on a number of options proposed by the FATF. Twenty six of the 145 respondents provided feedback on issues relating to the gambling sector. It is these responses that form the bases of the analysis in this paper.

The preferences of the gambling sector were not taken on board by the FATF. The increased customer due diligence (CDD), suspicious transaction reporting and the identification of politically exposed persons will be a burden on casino operators, the only gambling sector to be specifically identified in the new recommendations. Non‐compliance could be a serious issue.

The small number of responses from the gambling sector does place limitations on the ability to generalise the outcomes to the global gambling industry, though five of the respondents were gambling organisations.

For regulators, the possibility of non‐compliance by the gambling sector should be addressed as should the likelihood of pressure for reduced CDD procedures.

The FATF's updated 2003 Forty Recommendations impose considerable compliance costs on the financial sector. A number of other business sectors are also caught within the scope of these new recommendations. This paper addresses anti‐money laundering compliance issues for the gambling sector, an area not previously explored.

This study aims to explore how the economic recession and some corporate governance (CG) provisions can affect the performance of Italian gambling small and medium-sized enterprises (SMEs) across different business segments.

This study uses a panel sample of 2,135 observations before and during the global financial crisis. Specifically, the roles of ownership, boards of directors, chief executive officer gender and gambling business segments are investigated in the Italian gambling market.

Ownership concentration has a negative relationship with the performance of foreigner- and financial-owned firms, while boards exert a positive role on performance. Interestingly, the financial crisis does not impact the performance of Italian gambling SMEs and some business segments, such as bingo, perform even better during the crisis.

Further investigations should analyze the role of single games on firm performance. The consumer- and firm-level examinations offer very different perspectives and scholars should be aware of this when investigating the gambling industry.

This study might help both policymakers and other gambling firms, such as casinos, to better understand which appropriate CG model should be adopted and how it can positively influence performance, especially in recessionary times.

This study contributes to studies on hospitality and tourism by focusing on the complementary role of gambling SMEs with respect to casinos. It also increases knowledge on the role of CG in privately owned gambling firms, which thus far has been scantly investigated by scholars.

The study aims to integrate the insights gained from the gambling industry into a value creation conceptual framework for analyzing the influence of digital technology application. Both primary and secondary data from industry practitioners are examined and discussed.

In-depth interviews covering top management from six major casinos in Macau were conducted with industry experts, who provided the pioneering feedback on digitalization technology implemented with examples from major casino cities, including Macau, Las Vegas, Monte Carlo, Singapore, Seoul and some others.

The study provides an overview of the current status of the application of digital technology in the gambling industry and the level of the feasibility, practicability and profitability of this development on the casino floor. Digital technologies are found to augment the gambling industry in aspects of the product, service and operational structure. Research also discovers that benefits and values gained by the casino can be categorized in three dimensions: (1) value perceived by the customer, (2) value obtained from the customer and (3) value gained by the firm.

The research serves as a reference for Macau policymakers regarding regulations on emerging digital technologies in the gambling industry, as well as for casino management seeking to understand new potential business opportunities and future developments in digitalization.

The purpose of this study is to examine the ways that sin industry companies attempt to utilise CSR reporting for legitimation.

Conventional and summative content analyses were carried out on annual CSR reports in UK tobacco and gambling companies, juxtaposed against analysis of the actual behaviour of the companies, collectively and individually.

The paper concludes that there is an ongoing tension between the business of sin industry companies and their attempts to establish and maintain any legitimacy, using CSR reporting in particular ways to try to prove their credentials to society and to engage salient stakeholder support. Ultimately, they aim to give themselves the scope for strategic choice to enable survival and financial flourishing.

Further research on CSR on other sin industries and in other jurisdictions with different regulatory situations could shed further light on the achievement or denial of different types of legitimacy. Studying different time periods as industries change would be of value.

On a practical basis, the study offers guidelines to stakeholders on the use of CSR reports from sin companies, and suggests the establishment of objective external CSR reports, overseen by accounting regulators.

The paper provides an overview of the role of sin industries in society, and mitigating their harms.

This study allowed for a comprehensive, dynamic and inclusive understanding of the interplay of CSR reporting and legitimacy by addressing conflicting interests between sin companies' social effects and inherent activities at the industry level. The methodology of multiple case study design in two sin industries combined content analysis of CSR reports, juxtaposed against analysis of behaviour in context. Previous research included the juxtaposition of actuality in analysis of only single case studies or particular issues. Thus, this research allows for a broader industry understanding. On a practical basis, the study offers guidelines to stakeholders on the use of CSR reports from sin companies, and suggests the establishment of objective external CSR reports, overseen by accounting regulators. At the social level, the paper provides an overview of sin industries in society, and mitigating their harms.

The purpose of this paper is to offer a preliminary case study exploration of the corporate social responsibility issues being addressed and reported by a number of the UK's major gambling operators.

The paper begins with a short discussion of the characteristics and origins of CSR and this is followed by a brief outline of the structure of the gambling industry within the UK. The paper draws its empirical material from the CSR reports and information posted on the world wide web by a number of the major gambling operators and by a small number of organisations concerned with the regulation and social impact of gambling.

The findings reveal that there are substantial variations in the nature and the extent of reporting. Four companies produced CSR reports while others produced more limited information confined largely to responsible gambling. More specifically, the paper focuses upon four sets of CSR issues namely those relating to the marketplace; the workplace; the environment; and the community and then provides some reflections on these issues.

CSR within the UK's gambling industry has received relatively little attention from academics but the paper suggests a number of fertile grounds for future enquiry and research. The paper offers a preliminary exploration of CSR issues as reported on the world wide web and more in depth work will be needed before more definitive conclusions can be drawn.

The paper provides an accessible review of the CSR issues and agendas being reported by some of the UK's major gambling operators and as such it will interest academics and practitioners working on and in the gambling industry and those professionals who work with the industry.

The purpose of this study is to summarize the factors that result in V-shape rebound of Macau gambling industry's from 2014 to 2019. Both internal and external factors are examined and discussed by representatives from academia, industry and government.

Practitioners from the gambling industry offered their cutting-edged analysis and viewpoints with observation and comments from scholars and government representatives in gambling domain.

Internally, actions are taken by both the Macau government and Macau casino operators to rebrand Macau with nongambling elements and to adjust the strategies to attract more tourists from a wider range. Externally, global economic upturn and support from the China government also enhance Macau's quick rebound. A total of nine key factors are finally recognized.

This study provides answers and sense-making explanations to why Macau gambling industry can recover in such a short time after a big drop in Gross Gambling Revenue in 2014. This work reveals that Macau, by learning the lessons from the dramatic decline, conducts various self-rescue action plans which contribute to the quick V-shape rebound. This study is also a self-examination of Macau gambling industry from the firsthand perspectives of scholars, government representatives and casino management.