To see the other types of publications on this topic, follow the link: Social investment markets.
Journal articles on the topic 'Social investment markets'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 50 journal articles for your research on the topic 'Social investment markets.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse journal articles on a wide variety of disciplines and organise your bibliography correctly.
1
Mattingly, James E., and Lori Olsen. "Performance Outcomes of Investing Slack Resources in Corporate Social Responsibility." Journal of Leadership & Organizational Studies 25, no. 4 (March 21, 2018): 481–98. http://dx.doi.org/10.1177/1548051818762336.
Full textAbstract:
Our study examined relationships among slack resources, investment in corporate social responsibility (CSR) and firm performance, finding that accounting and market returns respond differently to investments of slack in CSR. Although accounting returns to both financial and organizational CSR investment were positive, equity markets reward organizational slack but punish financial slack investments. Moreover, distinguishing among forms of CSR indicates that both accounting and market returns respond much more positively to investment in stakeholder protection than to investment in stakeholder improvement. Finally, risk, strategy, and governance are mediating mechanisms partially explaining CSR effects but not to the extent we expected.
2
Wang, Liu, and Shaomin Li. "Determinants of foreign direct and indirect investments from the institutional perspective." International Journal of Emerging Markets 13, no. 5 (November 29, 2018): 1330–47. http://dx.doi.org/10.1108/ijoem-01-2018-0038.
Full textAbstract:
Purpose Amid the rising concerns about the unbalanced globalization, there has been a renewed interest in examining the pattern of international trade and investment, especially between emerging and mature economies. In this study, the purpose of this paper is to examine the role of different institutional and market-related determinants in shaping the pattern and mode of foreign investments in emerging and developed markets. Design/methodology/approach The empirical investigation is based on a balanced panel sample of 45 countries (28 developed countries and 17 emerging economies) over an 11-year period from 2002 to 2012. A series of multivariable regressions are conducted to evaluate both the trend and the mode of foreign investment with rigorous robustness checks. Findings Overall, the authors find that market openness and capital market development are the main determinants of a country’s ability to attract foreign investment in developed countries, while the governance environment is the key consideration in emerging markets. Regarding the mode of foreign investment, the authors find that, in developed markets, foreign investors tend to choose direct investment in the countries with more open markets. In emerging markets, however, the choice between direct and indirect (portfolio) investments is mainly driven by arbitrage activities, where investors opt for portfolio investment when the stock market is undervalued. Practical implications First, the findings may aid foreign investors in their strategic choice between emerging vs mature markets based on the governance environment, market openness, capital market development and arbitrage opportunities. Second, the findings may be used to aid governments in prioritizing institutional improvement in market openness, stock market development and policies aimed at balancing different investment channels. Social implications The study may enhance the social understanding on the current debate on the winners and losers of globalization. A main complaint from mature economies is that the emerging economies took their jobs away and, therefore, they should adopt protectionism (which implies closing their own markets) in order to preserve jobs. The study shows that such a reaction may not be in the best interests of the mature economies since they will be able to attract more foreign investment (which implies creating or at least keeping more jobs) if they make their markets more open. Originality/value Existing studies on foreign investment have primarily focused on direct investment. The study examines both the direct and indirect investments and the way in which they affect the foreign investment markets in emerging and mature economies. From the institutional perspective, the authors show how the governance environment and market factors affect foreign investors’ strategic choice between direct and indirect investment, contingent upon the stage of a country’s economic and institutional development.
3
Casasnovas, Guillermo. "How Markets Form: Intermediation in the UK Social Investment Market." Academy of Management Proceedings 2015, no. 1 (January 2015): 17811. http://dx.doi.org/10.5465/ambpp.2015.17811abstract.
Full text
4
Lis, Bettina, and Christian Neßler. "Corporate Social Responsibility: Mehr als nur PR." Der Betriebswirt 55, no. 1 (February 28, 2014): 27–31. http://dx.doi.org/10.3790/dbw.55.1.27.
Full textAbstract:
Der Beitrag soll auf die wachsende ökonomische Relevanz von Corporate Social Responsibility auf dem Finanzmarkt Bezug nehmen . Nachhaltigkeits-Investments stellen hierbei einen noch kleinen, aber stetig wachsenden Bereich des Kapitalmarktes dar. Sustainable and Resposnsible Investments (SRI) verfolgen eine Investitionsstrategie, die sowohl den ökonomischen als auch gesellschaftlichen Anlageerfolg fokussiert. The paper reviews the development of corporate social responsibility (CSR) and sustainable and responisble investment (SRI). SRI is a growing segment of international capital markets. SRI describes an investment strategy which seeks to maximize both financial return and social good. Keywords: sustainable investments, responsible investments, nachhaltige kapitalanlagen, csr
5
Aggarwal, Divya, and Varun Elembilassery. "Sustainable Finance in Emerging Markets: A Venture Capital Investment Decision Dilemma." South Asian Journal of Business and Management Cases 7, no. 2 (June 4, 2018): 131–43. http://dx.doi.org/10.1177/2277977918774651.
Full textAbstract:
This case is crafted to highlight the dilemma faced by two senior executives of Softbank Asia Infrastructure Fund (SAIF) Partners. It showcases their approach towards an impact investment and an analysis of the same, keeping in perspective the uncertainty in an impact investment resulting due to Indian government regulatory provisions. Lack of standardized tools in measuring impact investment returns hinders the commercial funds to assess the true implications of an impact investment. Sustainable finance is directed towards benefiting both client and society by integrating environmental, social and governance (ESG) criteria, either in a business practice or in an investment decision. Investing in an MSME lending enterprise has elements of impact investment in it and is best catered by sustainable funds and not commercial funds. Impact investment, sustainable funds and microfinance are some of the typical activities falling under sustainable finance. SAIF Partners is evaluating an opportunity to invest in an Indian MSME lending enterprise. The key concern is, can commercial funds like SAIF Partners see matching return opportunities in an impact investment? This case provokes the target audience to examine the nature of social impact investments and the nuances in aligning the same with the objectives of commercial investments.
6
Oxana, Wieland. "Market Conditions for Impact Investments as a Subsidiary of the Social Finance Model." International Journal of Financial Accountability, Economics, Management, and Auditing (IJFAEMA) 3, no. 4 (July 26, 2021): 434–40. http://dx.doi.org/10.52502/ijfaema.v3i4.111.
Full textAbstract:
In this paper, the author presents an overview of the development of socially oriented impact investing in country-specific markets as a development of the social finance model. This analysis focuses on socially responsible investing (SRI) or impact investing, which has experienced continuous growth in certain countries, including European (UK, particular Scandinavian) and US markets. The equity of social impact mutual fund markets has grown both in the number of funds and in the differentiation of the securities under the social finance model.
Despite the fact that socially responsible investments or impact investments still lack a uniform definition under social finance, it mainly refers to investments that emphasize social/ecological/ethical value over monetary return. In the academic literature, it is not clear whether the behavior of impact investors will be sustainable toward the social finance paradigm, as their investment decision about the monetary return should be motivated by their economic behavior. The author analyzes the economic conditions of the capital market that provide long-term institutional support for socially oriented investments.
7
Hebb, Tessa, and Dariusz Wójcik. "Global Standards and Emerging Markets: The Institutional-Investment Value Chain and the CalPERS Investment Strategy." Environment and Planning A: Economy and Space 37, no. 11 (November 2005): 1955–74. http://dx.doi.org/10.1068/a37264.
Full textAbstract:
Institutional investors, particularly pension funds, based in developed Anglo-American capital markets are increasingly investing in international markets, including emerging markets, in an effort to capitalize on the rapid growth rates of these markets. But investment in far-flung jurisdictions carries with it risk and uncertainty, particularly when the corporate standards of firms in emerging markets are below those found in these investors' home countries. In order to mitigate the risks posed by poor corporate standards of behaviour, institutional investors increasingly apply nonfinancial criteria not only to individual firms in emerging markets, but to the corporate practices of whole countries. Though countries and their regulatory regimes are central to external capital-investment decisions, we find convergence to global standards occurs when key actors in the investment value chain demand levels of corporate and social behavior greater than those currently consistent with countries' own regulatory frameworks. We test this hypothesis using the decision of the California Public Employees Retirement System to screen out several emerging-market countries from their investment portfolio on the basis of a variety of nonfinancial criteria.
8
Barman, Emily. "Of Principle and Principal: Value Plurality in the Market of Impact Investing." Valuation Studies 3, no. 1 (October 14, 2015): 9–44. http://dx.doi.org/10.3384/vs.2001-5592.15319.
Full textAbstract:
Impact investing-investment with the intentional expectation of social or environmental impact alongside financial return-constitutes one of a growing array of “concerned markets” where economic exchange is employed as a means to pursue financial and social or environmental value. Drawing from the pragmatist turn in valuation studies, this article attends to the valuation work that took place in the formation of this new market, examining how market proponents as evaluators recognized, defined, and negotiated the presence of value complexity in impact investing. I frame the market of impact investing as a case of market design complete with experiments, one in which advocates produced a valuation infrastructure so as to address investors’ difficulty in ascertaining the social and environmental value - as a distinct regime of value from financial value - of an investment. These experimenters extended judgment devices from mainstream finance to construct calculative tools in this setting that permitted the social or environmental value of investments to be brought into being and to be made calculable for investors without being assigned a financial value. The study contributes to literature that theorizes the conditions underlying evaluators’ mediation of the multiple registers of value at work in the making of markets.
9
Shimizu, Chihiro. "Microstructure of asset prices, property income and discount rates in the Tokyo residential market." International Journal of Housing Markets and Analysis 10, no. 4 (August 7, 2017): 552–71. http://dx.doi.org/10.1108/ijhma-12-2016-0082.
Full textAbstract:
Purpose The purpose of this paper is to decompose and measure the microstructure of property investment returns for Tokyo’s residential property markets in as much detail as possible in comparison with office market. Design/methodology/approach Using enterprise value data for property investment trust companies composed of share prices available on capital markets, this study proposed a method of estimating property investment returns corresponding to changes in capital markets, and clarified the distortion in capitalization rate that are formed based on property appraisal prices. Findings The results for residential property showed that as building floor space increased, income and price increased while the discount rate decreased. In particular, a higher return could be obtained from office property than residential property by investing in larger-scale properties. Building age lowered asset price and income for both residential and office property, especially for residential property. Research limitations/implications In Japan, investors believe that investment returns are high for properties close to the city centre, relatively new properties and those with large design or floor space. Therefore, this study first measured how asset prices, income and asset price–income ratios that comprise property investment returns change based on differences in these property characteristics. Second, the reliability/distortion of information that can be observed on the property investment market was measured. Furthermore, there was a significant divergence between discount rates and risk premiums formed by asset or space markets versus capital markets. Practical implications The differences of discount rate and risk premium formed by asset markets versus capital markets indicate that appraisal prices have biases. Thus, when it comes to property investment decisions, it is essential to make active use not just of property investment returns based on appraisal prices formed by asset markets but also information formed by capital markets. Social implications A greater difference was generated in a shrinking market, suggesting that analysing property returns estimated on asset market information alone could lead to erroneous investment decisions. Originality/value This research is the first to use the enterprise value data from real estate investment trust companies composed of share prices available on capital markets for calculating discount rate and risk premium in property market.
10
Palladino, Lenore. "Democratizing Investment." Politics & Society 47, no. 4 (November 11, 2019): 573–91. http://dx.doi.org/10.1177/0032329219878989.
Full textAbstract:
Americans have trillions of dollars invested in public and private companies, yet stock ownership is highly unequal: the wealthiest 1 percent of households possess 40 percent of all wealth, and there is a large and persistent racial wealth gap. What if innovations in distributed technologies allowed for democratic facilitation of new opportunities for wealth and a rebalancing of power within the capital markets? This article proposes using innovative financial technologies to create a “Public Investment Platform”—a public option for participation in capital markets—and a “Public Investment Account” to universalize access to investment opportunities. Capital markets are currently governed by public policies that submerge the role of the public in structuring them and enable an inequitable accumulation of wealth. To democratize finance, new policies are required to democratize participation in investment.
11
Preu, Friederike Johanna, and Benjamin J. Richardson. "German Socially Responsible Investment: Barriers and Opportunities." German Law Journal 12, no. 3 (March 1, 2011): 865–900. http://dx.doi.org/10.1017/s2071832200017132.
Full textAbstract:
In socially responsible investment terms, Germany is a contradiction. The country is considered by many as one of the pioneers of post-war environmentalism and social reform. Yet, German financial institutions are amongst the European laggards in adopting environmentally and socially informed approaches to investment. This article identifies a variety of legal, institutional and attitudinal factors which hinder the growth of the German SRI market. Its paltry size does not reflect evidence of any specific disinterest among German investors in social and environmental issues. Rather, it arises from a combination of structural impediments, particularly the institutional arrangements for German pension schemes that hinder their participation in financial markets, regulations which encourage conservative investments, and investors' preference for low-risk assets and avoidance of shareholder activism. Legal and institutional reforms over the past decade have in theory created better opportunities for SRI in Germany, although they have yet to engender significant changes in the market.
12
Valinejad, Jaber, Taghi Barforoshi, Mousa Marzband, Edris Pouresmaeil, Radu Godina, and João P. S. Catalão. "Investment Incentives in Competitive Electricity Markets." Applied Sciences 8, no. 10 (October 18, 2018): 1978. http://dx.doi.org/10.3390/app8101978.
Full textAbstract:
This paper presents the analysis of a novel framework of study and the impact of different market design criterion for the generation expansion planning (GEP) in competitive electricity market incentives, under variable uncertainties in a single year horizon. As investment incentives conventionally consist of firm contracts and capacity payments, in this study, the electricity generation investment problem is considered from a strategic generation company (GENCO) ′ s perspective, modelled as a bi-level optimization method. The first-level includes decision steps related to investment incentives to maximize the total profit in the planning horizon. The second-level includes optimization steps focusing on maximizing social welfare when the electricity market is regulated for the current horizon. In addition, variable uncertainties, on offering and investment, are modelled using set of different scenarios. The bi-level optimization problem is then converted to a single-level problem and then represented as a mixed integer linear program (MILP) after linearization. The efficiency of the proposed framework is assessed on the MAZANDARAN regional electric company (MREC) transmission network, integral to IRAN interconnected power system for both elastic and inelastic demands. Simulations show the significance of optimizing the firm contract and the capacity payment that encourages the generation investment for peak technology and improves long-term stability of electricity markets.
13
Hoang, Kimberly Kay. "Risky Investments: How Local and Foreign Investors Finesse Corruption-Rife Emerging Markets." American Sociological Review 83, no. 4 (June 29, 2018): 657–85. http://dx.doi.org/10.1177/0003122418782476.
Full textAbstract:
How do investors enter and navigate markets where there is a general lack of access to information and where the law is open to interpretation? Drawing on interview data with 100 research subjects in Vietnam’s real estate market, this article makes contributions to the literatures of economic sociology and development. First, looking at a diverse set of local, regional, and global investors, I theorize how market actors pursue different strategies to manage risky investments based on their proximity to state officials. Investors’ proximity depends on four processes: legal/regulatory, social ties, cultural matching, and stage of investment. Second, I highlight how multiple state–market relations can coexist within the same state. Investors’ varying levels of proximity to government officials shape their relationship with the state as one of patronage (predatory), mutual destruction (mutual hostage), or transparency (developmental). Heterogeneous state–market relations help account for the persistence of foreign direct investment in markets that display both a great deal of corruption and a great deal of legality and transparency.
14
Booth, P. M., and K. J. Stroinski. "The Joint Development of Insurance and Investment Markets in Poland: An Analysis of Actuarial Risks." British Actuarial Journal 2, no. 3 (August 1, 1996): 741–63. http://dx.doi.org/10.1017/s1357321700003548.
Full textAbstract:
ABSTRACTThe development of the Polish insurance market in the period since liberalisation is discussed. The nature of the investment market and the investment risk faced by insurers are analysed in the context of the liability structure of Polish insurance companies. The likely future developments in insurance and investment markets are outlined, particularly given the structure of the state social insurance system, possible reforms of which are discussed in detail.
15
Gupta, Bishnupriya. "Discrimination or Social Networks? Industrial Investment in Colonial India." Journal of Economic History 74, no. 1 (February 24, 2014): 141–68. http://dx.doi.org/10.1017/s0022050714000059.
Full textAbstract:
Industrial investment in colonial India was segregated by the export industries, such as tea and jute that relied on British firms and the import substituting cotton textile industry that was dominated by Indian firms. Empirical evidence in this article does not suggest that barriers to entry faced by Indian entrepreneurs created this separation. Informational asymmetry played an important role. British entrepreneurs knew the export markets and the Indian entrepreneurs were familiar with local markets. Conditional on the initial advantage in entry, social network effects determined subsequent entry of firms by ethnicity and created separate spheres of industrial investment.
16
Pickerill, Tracy. "Investment Leverage for Adaptive Reuse of Cultural Heritage." Sustainability 13, no. 9 (April 30, 2021): 5052. http://dx.doi.org/10.3390/su13095052.
Full textAbstract:
This article tracks the design of a panoptic toolkit of complementary financial (grant and endowment, tax, debt and equity) and non-financial (regulation, real estate, risk mitigation and performance, capacity building, impact metric and digital network) instruments, designed to leverage capital investment and engender collaborative partnerships, to encourage investment capital to flow to cultural heritage adaptive reuse activities. Cultural heritage activities encompass adaptive reuse and energy retrofit of built heritage structures, protecting natural eco-systems and enabling local community enterprise activities. These activities embody circular economy dimensions, that stimulate social, cultural, environmental and economic regeneration, within the global value chain. Many cultural heritage investments entail long-term time horizons, requiring patient investment strategies. Consideration of the financial landscape, with regard to capital investment leverage is as much about understanding the motivations of participants to engage in the capital markets, as about innovations in financial instruments to safeguard cultural heritage values. Individual financial instruments, within the toolkit, such as debt and equity tools, are not new and some have a long association within traditional capital markets. What is new, is a framework for the engagement of blended complementary instruments, pooled within diverse multidisciplinary collaborative social enterprise fund structures, to achieve intentional and measurable impact investment returns. Risk adjusted investment return metrics include the analysis of socio-cultural and environmental impact returns in unison with market based financial returns, including below market returns in some instances. A case study of a revolving social impact fund is provided to give a practical example of combined complementary hybrid financial instruments within a collaborative funding structure. The ultimate choice and design of blended and pooled hybrid tool combinations and hybrid fund structures will change from building to building, and community to community, but must always prioritize the need to protect people and ecosystems in parallel with saving vulnerable cultural heritage resources. The selection of tailored hybrid financial instruments, to enhance circular economy transitionary ambitions, must remain flexible within a long-term collaborative investment strategy. The key change in mindset, central to cultural heritage financial toolkit development, is the enablement of capital leverage investment strategies that prioritize people and the ecosystem over pure profit motivation.
17
Hess, Dominic, Roger Moser, and Gopalakrishnan Narayanamurthy. "Decision-making framework for investing in emerging markets." World Journal of Science, Technology and Sustainable Development 14, no. 4 (October 2, 2017): 290–309. http://dx.doi.org/10.1108/wjstsd-07-2016-0048.
Full textAbstract:
Purpose The purpose of this paper is to identify and understand the obstacles and drivers of financial investors while deciding upon investment opportunities in emerging markets. Design/methodology/approach Relevant factors for financial investors in emerging markets were identified through a literature review and a series of expert interviews. Identified factors were broadly grouped into three categories, namely, microeconomic aspects, macroeconomic aspects, and aspects of the functionality of the local banking system. Finally, an expert panel (Delphi) technique is used to validate the findings in cocoa industry in Ivory Coast. Findings A decision-making framework that enables the evaluation of the attractiveness of an industry in emerging market from a financial investor perspective is developed and its application is demonstrated on the cocoa industry in Ivory Coast. Probability and consensus of the projections for the individual decision elements are tabulated along with the insights into both encouraging and discouraging aspects. Research limitations/implications Current study is a timely contribution to the call for papers in the research literature to develop frameworks that are contextualized in emerging markets. Similar to any other qualitative study, this study lacks the generalizability of results. But, the framework developed can act as a starting point toward the generalizability of the findings in future. Practical implications Decision elements identified in this study can act as a checklist for financial investors and top management to choose the elements that are relevant to the investment problem being dealt by them. Also, the study can act as a handy demonstration to practitioners for applying the framework using expert panel. Social implications A major challenge of the investment environment in emerging market is the non-availability of quality information on the potential investment opportunities. In this study, the authors suggest a framework to overcome this information asymmetry challenge and expect it to promote financial investments in emerging economies which in turn will improve the quality of life of people in these economies. Originality/value First study to present an approach to help financial investors to conduct profound evaluation and gain more in-depth insights into the future investment opportunity attractiveness of a particular industry in an emerging market.
18
Shamsi, Syed Furqan Haider, and Nighat Bilgrami-jaffery. "Emerging Capital Markets Development: A Case Study of Pakistani Equity Markets." Pakistan Development Review 39, no. 4II (December 1, 2000): 963–78. http://dx.doi.org/10.30541/v39i4iipp.963-978.
Full textAbstract:
The purpose of the study is to trace and review the growth and development of the Pakistani Equity Market. The capital markets in Pakistan has been undergoing a major restructuring programme. Number of measures have been taken to liberalise investment procedures and encourage capital formation through stock exchanges, enlarge size and depth of capital markets. We are witnessing globally a remarkable pace of change from a social and economic perspective. Capital markets being driven by the floods of competition and technology are experiencing so many new challenges and changes inducing them to incline more towards complex structures which would not have been considered possible few time back. Capital markets play an important role in the economic development of emerging capital markets. These markets are an important and efficient conduit to channel and mobilise funds to enterprises, and provide an effective source of investment in the economies they serve. Well functioning markets ensure that both corporations and investors get or receive fair prices for their securities. Their role for mobilising savings for investment in productive assets is acute which subsequently enhance the country’s long term growth prospects. Therefore we can deduce here that their role is like a major catalyst for transformation of the country’s economy into a more efficient and competitive emporium within the global workroom.
19
Iyengar, Garud. "UNIVERSAL INVESTMENT IN MARKETS WITH TRANSACTION COSTS." Mathematical Finance 15, no. 2 (April 2005): 359–71. http://dx.doi.org/10.1111/j.0960-1627.2005.00223.x.
Full text
20
Schultz, Cecilia. "Postcolonial Finance." Theoria 68, no. 166 (March 1, 2021): 60–86. http://dx.doi.org/10.3167/th.2021.6816603.
Full textAbstract:
This article politicises the discourse of emerging markets in global finance. The black-boxed appearance of credit markets easily obscures the significant amount of subjective evaluation and cultural work that underpins capital flows. This article reveals the colonial, masculine, and racial imagination that informs the articulation of emerging markets as geographies of risk and profit. This brings into view the postcolonial nature of contemporary finance and how colonialism’s regimes of power and knowledge remain crucial for the reproduction of the global political economy. To illustrate this point, the article highlights the sociality of credit practices. Contrary to their mathematical appearance, credit is a relationship with the future, mediated by social imaginations of trust. Focusing on emerging markets as ‘risk-versus-reward’ investments, this article examines the long-term colonial histories embedded in modern investment discourses. The article aims to show the continuing relevance this history plays for emerging market economies in modern financial markets and their political economies.
21
Findlay, Suzanne, and Michael Moran. "Purpose-washing of impact investing funds: motivations, occurrence and prevention." Social Responsibility Journal 15, no. 7 (October 7, 2019): 853–73. http://dx.doi.org/10.1108/srj-11-2017-0260.
Full textAbstract:
Purpose As an emerging field of financing, impact investing is under-institutionalised and is in a legitimacy building phase. In an attempt to unpack how impact investing is deployed in global markets, the key elements of its definition (intentionality, returns and measurement) are examined through a review of academic and practitioner literature. A refined definition is developed which emphasises the key elements of intentionality and measurement as separating impact investment from the established field of socially responsible investment (SRI). Design/methodology/approach Funds and products from a publicly available database are systematically analysed against the refined definition to determine the rigour with which intentionality and measurement are applied by self-identified market participants. These elements are used as a proxy to determine “purpose-washing” – a process where funds are presented as impact investments but do not satisfy a tightly applied definition. Purpose-washing enables the possibility of “retrofitting”, where funds originally defined as other products (e.g. SRI) retrospectively claim to be impact investments. Findings Having found evidence of purpose-washing but not retrofitting, actions are identified to enhance impact investment’s integrity, focussing on intentionality, measurement and transparency. Clarity of definition and purpose are important for a field in the market-building phase, as a lack of clarity could have negative implications for integrity and growth. The authors postulate that purpose-washing may be attributed to twin but distinctive motivations by market participants: interest in fee-generation among fund managers and attempts to bolster field legitimacy by demonstrating sector growth among impact investing proponents. Originality value This paper represents a unique analysis of impact investments against a robust and refined definition. By doing so, it offers a systematic appraisal of impact investments and an overall assessment of market integrity in its field-building phase.
22
Murtagh, Brendan. "Ageing and the social economy." Social Enterprise Journal 13, no. 3 (August 7, 2017): 216–33. http://dx.doi.org/10.1108/sej-02-2017-0009.
Full textAbstract:
Purpose This purpose of this paper is to concern with the extent to which social economies can be constructed as alternatives to private and state markets and their purported neoliberal tendencies. Design/methodology/approach The paper presents a meta-evaluation of an integrated set of projects supported by philanthropic investment to build finance, skills, entrepreneurship, social enterprises and non-monetised trading in the age sector in Northern Ireland. Findings The programme had important successes in stimulating social entrepreneurship, improving employability and showing how social enterprises can be incubated and scaled to offer new services for older people. It also improved skills in contract readiness, but this did not translate into new borrowing or trading models, even among larger NGOs. Research limitations/implications In that all economies are, to some extent, constructed and socially mediated, there is value in thinking through the components, relationships and projects that might make the ecosystem work more effectively. This should not just offer a counterweight to the market but could explore how an alternative arena for producing and consuming goods and services can be formed, especially among potentially vulnerable age communities. Originality/value The albeit, small-scale investment in a range of interrelated projects shows not only the value in experimentation but also the limits in planned attempts to construct social markets. The analysis shows that social economies need to respond to the priorities of older people, grown from community initiatives and better connected to the capabilities and resources of the sector.
23
Giamporcaro, Stéphanie, Jean-Pascal Gond, and Niamh O’Sullivan. "Orchestrating Governmental Corporate Social Responsibility Interventions through Financial Markets: The Case of French Socially Responsible Investment." Business Ethics Quarterly 30, no. 3 (April 8, 2020): 288–334. http://dx.doi.org/10.1017/beq.2019.40.
Full textAbstract:
ABSTRACTAlthough a growing stream of research investigates the role of government in corporate social responsibility (CSR), little is known about how governmental CSR interventions interact in financial markets. This article addresses this gap through a longitudinal study of the socially responsible investment (SRI) market in France. Building on the “CSR and government” and “regulative capitalism” literatures, we identify three modes of governmental CSR intervention—regulatory steering, delegated rowing, and microsteering—and show how they interact through the two mechanisms of layering (the accumulation of interventions) and catalyzing (the alignment of interventions). Our findings: 1) challenge the notion that, in the neoliberal order, governments are confined to steering market actors—leading and guiding their behavior—while private actors are in charge of rowing—providing products and services; 2) show how governmental CSR interventions interact and are orchestrated; and 3) provide evidence that governments can mobilize financial markets to promote CSR.
24
Lacalle, Daniel. "The Importance of Profit and Sound Financing in Socially Responsible Investment." Journal of Business Accounting and Finance Perspectives 2, no. 2 (February 14, 2020): 1. http://dx.doi.org/10.35995/jbafp2020011.
Full textAbstract:
Socially Responsible Investment (SRI) has grown exponentially in recent years. The rising importance of social, environmental, and governance (ESG) aspects in decision making as well as in asset allocation is undeniable. However, important challenges must be addressed. The dramatic increase in ESG investments has coincided with a period of extremely low rates and massive liquidity injections. Also, the definition of socially responsible investment is too broad and can generate misunderstandings (an approximation to the correct definitions can be found in Sandberg et al., 2009). Additionally, I find that a significant part of funds that follow ESG principles can fall into the trap of investing in heavily subsidized and high-debt sectors. Investors should monitor the risk of concentration, the soundness of profit estimates, and strength of balance sheets to avoid rent-seeking and depending heavily on subsidies and grants. Furthermore, I find that performance of ESG and SRI funds has been monitored only in a period of low rates, high liquidity, rising asset valuations, and bullish markets. More tools have to be used to monitor risk as markets enter a consolidation phase. I find that it is essential to focus on real economic returns in a mid-cycle environment as well as monitoring excess leverage to avoid the risk of a very important reduction in ESG investments in a market correction phase for markets with rising interest rates. I conclude that strong fundamental analysis, diversification, and avoiding herd mentality are essential to prevent large outflows and a negative impact on ESG growth once the cycle changes.
25
Bilek, Edward M., and Paul V. Ellefson. "Business arrangements used by U.S. wood-based companies involved in direct foreign investment." Forestry Chronicle 67, no. 2 (April 1, 1991): 141–44. http://dx.doi.org/10.5558/tfc67141-2.
Full textAbstract:
Two hundred foreign investments (wholly-owned subsidiaries and joint ventures) were identified for 12 of the nation's 1981 top 20 sales-leading transnational wood-based companies. Investments were scattered over much of the world with a significant preference for developed countries (135 of the 200 foreign investments). Company executives agreed that the ability to compete in world markets would be key to a company's long-term success. Only three companies indicated foreign investments were of growing importance. Factors influencing company decisions about type of foreign investment included length of investment, developed versus developing country, social and political conditions in host country, foreign pressure to reduce equity, control of profit remittances and share of financial burden.
26
Tobias Peylo, Benjamin. "Rational socially responsible investment." Corporate Governance 14, no. 5 (September 30, 2014): 699–713. http://dx.doi.org/10.1108/cg-08-2014-0089.
Full textAbstract:
Purpose – The purpose of this paper is first to give an in-depth discussion of the criticism of socially responsible investment's (SRI) alleged incompatibility with the concept of rational investment constituting an inferiority to conventional investment so as to disprove unwarranted arguments and identify potential for improvement of SRI. The second objective is to propose a framework that places SRI and conventional investment on the same level of rationality. Methodology – The discussion is based on a literature study. The framework uses a previously published multidimensional optimization approach and embeds it into a new, integrated methodology for investment decisions in the presence of SRI objectives. The framework is empirically evaluated using historic stock market data. Findings – The main findings show that SRI is not necessarily less rational than conventional investment; it can be implemented in an equally stringent and clearly defined methodology. The empirical results prove that investors can pursue SRI objectives without sacrificing performance. Research limitations – Focus is on the German stock market; in the future, research will be expanded to cover international markets. Practical implications – The results may contribute to enhance the SRI methodology. Social implications – Investors may be encouraged to consider SRI, strengthening the concept of sustainability. Originality/value – In the literature, the question of SRI’s compatibility with rational investment has often been cited but seldom scrutinized. An in-depth analysis combined with a framework to exploit of the learnings has yet been missing.
27
Afik, Zvika, Simon Benninga, and Hagai Katz. "Grantmaking Foundations’ Asset Management, Payout Rates, and Longevity Under Changing Market Conditions: Results From a Monte Carlo Simulation Study." Nonprofit and Voluntary Sector Quarterly 49, no. 2 (September 11, 2019): 424–47. http://dx.doi.org/10.1177/0899764019873972.
Full textAbstract:
Today’s uncertain financial markets could affect foundations’ future grantmaking capacities. We review foundations’ financial decision-making patterns and their effect on foundations’ assets, longevity goals, and payouts. Using three fictional foundations with different longevity goals and grantmaking preferences, we demonstrate the delicate balance and tight nexus between asset management strategies, payout rates, and longevity. To do so, we perform stochastic Monte Carlo simulations of multiple foundation life cycles, conducted under diverse capital market scenarios. The findings suggest that foundations should (a) readjust their return expectations to today’s less favorable markets; (b) reduce their reliance on past portfolios’ investment returns or unique “success stories” in making decisions; (c) appreciate the strong interdependence between portfolio-mix, payout rates, and longevity; (d) consider effects of their particular mission/problem area on these parameters; and (e) use tailored projection analyses that simulate various investment strategies, payouts rates, and longevity to meet their grantmaking goals.
28
Keating, Michael, and Malcolm Harvey. "The Political Economy of Small European States: And Lessons for Scotland." National Institute Economic Review 227 (February 2014): R54—R66. http://dx.doi.org/10.1177/002795011422700107.
Full textAbstract:
An independent Scotland would be a small European state. Small states may be at a disadvantage in world markets but can also adapt successfully. There are different modes of adaptation, notably the market-liberal mode and the social investment state. Either mode is dependent on internal institutions, social relationships and modes of policymaking. It is not possible to pick and choose items of different models since they have an internal coherence. The Scottish White Paper on independence supports the social investment state. Scotland has some, but not all, of the prerequisites for this so that independence would require internal adaptation.
29
Arbix, Glauco, and Mariano Laplane. "Stagnation, Liberalization and Foreign Investment in Latin America." Competition & Change 7, no. 2-3 (June 2003): 113–25. http://dx.doi.org/10.1080/1024529032000146696.
Full textAbstract:
Trade and investment policies reform that deepened integration in the world markets implemented by most Latin American countries in the last two decades have failed to deliver high and sustained growth rates as expected. Multilateral institutions, which strongly supported such reforms, now suggest that further market friendly changes are needed to produce the expected results. Drawing on evidence from Brazil, this paper argues that the neoliberal model that impregnated policy reforms in Latin America neglected a crucial political dimension, that is, the role of State in the planning and fostering of development. By weakening national states, liberalization, not only increased vulnerability to external shocks but also stimulated conflict in societies with profound social divisions and fragile institutions. Development requires a dense network of both public and private institutions managing issues related to the asymmetries in access to markets, to capital and to technology. Building such institutions is the critical part of a new agenda for development.
30
Green, Stephen. "Negotiating with the Future: The Culture of Modern Risk in Global Financial Markets." Environment and Planning D: Society and Space 18, no. 1 (February 2000): 77–89. http://dx.doi.org/10.1068/d205t.
Full textAbstract:
In contemporary global financial markets, the production and investment of capital is dependent upon complex systems of risk management. In this paper I explore the ‘modern’ notion of risk within these markets. I argue that these systems are not only dependent upon institutional infrastructure and material resources but are also maintained by a specific ‘risk’ culture, an entrenched set of practices of market configuration, technological development, social-group construction, and notions of authority, expertise and creativity which combines modernity's ambition to know with the market's ambition to commodify. This form of ‘modern’ risk can be seen as deeply entrenched within and produced by broader social and economic developments, and runs counter to the critical version of risk developed by Beck. I show how risk itself is a contested concept, and how it defines different practices of dealing with the future.
31
Korwatanasakul, Upalat, and Adam Majoe. "Environmental, Social, and Governance Investment in Emerging Markets: A Case Study of Firms in Southeast Asia." WIMAYA 2, no. 01 (June 1, 2021): 8–16. http://dx.doi.org/10.33005/wimaya.v2i01.43.
Full textAbstract:
This study examines the current situation of environmental, social, and governance (ESG) investment in Association of Southeast Asian Nations (ASEAN) countries. Based on a purposive sampling, our sample includes 143 leading firms from 10 ASEAN countries. By intensively reviewing firms’ multiyear annual and sustainability reports, we utilize content analysis to identify the characteristics of ESG firms (firms considering ESG factors in their investment decision-making process). Our result shows that ESG firms, on average, have higher profitability. Moreover, ESG investment helps lower costs and boost revenue and profits. However, ESG investment has only been implicitly and unsystematically implemented in ASEAN firms.
32
Shiva, Atul, and Manjit Singh. "Stock hunting or blue chip investments?" Qualitative Research in Financial Markets 12, no. 1 (November 13, 2019): 1–23. http://dx.doi.org/10.1108/qrfm-11-2018-0120.
Full textAbstract:
Purpose The purpose of this paper is to study the individual investors’ preferences towards stock selection in social media environments. The study is conducted to understand the implications and conceptual directions for the corporates and financial advisors to understand the choices of individual investors applied in financial markets. Further, this study aims to examine the selection of the most preferred social media platform and behavioral intentions of investors towards selection of investment portfolios in Indian stock markets. Design/methodology/approach A questionnaire was designed based on the technique of conjoint analysis and was responded by 428 respondents belonging to the Northern region of India. The estimation of preference functions in Conjoint Analysis was designed by using orthogonal arrays and was calculated using the ordinary least square regression technique. Findings This study reveals that while making selection of desired investment portfolios, the investors give highest preference to social media platforms in terms of highest utility value and range followed by their preference for behavioral intentions to invest. Among different social media platforms, the investors preferred Twitter the most, followed by Facebook and the primary interest of investors was observed towards Intra-day trading purposes and balanced portfolio investments in financial markets. The major reason behind opting the social media platforms was selection of speculative stocks. Research limitations/implications The actual individual investment behavior cannot be observed through the survey, which limits the external validity of the study. Practical implications The paper presents a very important practical tool that can help financial advisors, opinion leaders and corporates in defining their target audience more sharply for investment-related advice. The findings revealed by the study will put them in a better position to understand how investors differ behaviorally and they will get acquainted with their choices and preferences while making investment decisions in the backdrop of social media environments. The preferences of the investors based on social media usage discovered by the study will not only enable the individual investors understand their own preferences, but those of the other investors as well in terms of planned investment decisions and choices. Originality/value The paper is a first of its kind to empirically identify the individual investors and their preferences and choices by applying conjoint analysis in the new social media environment. The study thus integrates the gap between marketing theories and emerging theories of behavioral finance to understand the investor behavior in a better way.
33
Kemal, A. R. "Financing Economic Development (Presidential Address)." Pakistan Development Review 39, no. 4 (December 1, 2000): 293–311. http://dx.doi.org/10.30541/v39i4pp.293-311.
Full textAbstract:
We understand that both the level as well as the composition of investment play a crucial role in the economic development process. However, it needs to be understood that investment contributes to the growth process by increasing the productive capacity, improving the technology, and enhancing the competitiveness of an economy. And when it is supplemented with investment in the social sectors, it also results in human development. The demand for investment depends on strong macroeconomic fundamentals comprising stability of exchange rates, fiscal prudence, feasible structure of financial market, including the regulatory and supervisory framework and the size and quality of the securities and bond markets, and continuity of a consistent investment policy.
34
Risalvato, Giuseppe, Claudio Venezia, and Federica Maggio. "Social Responsible Investments and Performance." International Journal of Financial Research 10, no. 1 (November 18, 2018): 10. http://dx.doi.org/10.5430/ijfr.v10n1p10.
Full textAbstract:
This research paper shows the growing power of the practices of sustainable finance in the financial markets. The socially responsible investments (SRI), defined as a strategy to select issuers on the basis of both ESG Corporate Responsibility that financial factors, are rising a growing amount of capital. In fact, between 2012 and 2015 the SRI global asset increased of 61%, amounting to 21.4 billion of dollars. The proliferation of ethical indices in the various financial centers of the world is related to a significant growth of assets managed according to an investment strategy that rewards socially responsible companies. After the financial crisis of 2007, ethical or sustainable indices have generally performed better than traditional indices, which they are derived through a selection of stocks that are subject to strict requirements, the author show the performance of ethical finance compared with those of the traditional sector.
35
Gasparro, Kate, and Ashby Monk. "Demystifying “localness” of infrastructure assets: Crowdfunders as local intermediaries for global investors." Environment and Planning A: Economy and Space 52, no. 5 (November 11, 2019): 878–97. http://dx.doi.org/10.1177/0308518x19887181.
Full textAbstract:
Infrastructure assets are networked, urban products that can only be understood through their social, economic, and physical geographies. Because of this, they remain difficult to value and monitor. Recently, financialization of infrastructure assets has codified this information for larger capital markets. But the local knowledge needed to understand local infrastructure assets (LIAs), smaller urban products that are closely intertwined in a community’s economic trends and social fabric, is prohibitive to increased investment. At a time when there is a need for renewed investment in LIAs, a new intermediary, capable of translating “localness,” has emerged. LIA crowdfunding platforms connect capital-seeking agents (asset owners) with capital-giving agents (crowdfunders) to channel resources into LIAs. Through close dialogue and review of nearly 70 LIA crowdfunding platforms, we find that LIA crowdfunding platforms are creating a new marketplace for investments in LIAs. These platforms (a) select crowdfunding models that reflect specific asset values; (b) accredit LIAs and their capital-seeking agents considering local context; (c) translate local knowledge for nonlocal and novice capital-giving agents; and (d) reflect the demand for LIAs. Together, these strategies reduce information asymmetries and translate implicit asset information to nonlocal capital-giving agents, thereby facilitating investments into LIAs. Because of their modest growth, LIA crowdfunding platforms have yet to realize their full potential. To scale, crowdfunding platforms must understand their power in complementing the current infrastructure investment market and focus on how their unique position can unlock new investments in LIAs.
36
Marino, Marc D., Lane F. Fargher, Nathan J. Meissner, Lucas R. Martindale Johnson, Richard E. Blanton, and Verenice Y. Heredia Espinoza. "Exchange Systems in Late Postclassic Mesoamerica: Comparing Open and Restricted Markets at Tlaxcallan, Mexico, and Santa Rita Corozal, Belize." Latin American Antiquity 31, no. 4 (December 2020): 780–99. http://dx.doi.org/10.1017/laq.2020.69.
Full textAbstract:
In premodern economic systems where the social embedding of exchange provided actors with the ability to control or monopolize trade, including the goods that enter and leave a marketplace, “restricted markets” formed. These markets produced external revenues that could be used to achieve political goals. Conversely, commercialized systems required investment in public goods that incentivize the development of market cooperation and “open markets,” where buyers and sellers from across social sectors and diverse communities could engage in exchange as economic equals within marketplaces. In this article, we compare market development at the Late Postclassic sites of Chetumal, Belize, and Tlaxcallan, Mexico. We identified a restricted market at Chetumal, using the distribution of exotic goods, particularly militarily and ritually charged obsidian projectile points; in contrast, an open market was built at Tlaxcallan. Collective action theory provides a useful framework to understand these differences in market development. We argue that Tlaxcaltecan political architects adopted more collective strategies, in which open markets figured, to encourage cooperation among an ethnically diverse population.
37
Gemici, Kurtuluş, and Karen P. Y. Lai. "How ‘global’ are investment banks? An analysis of investment banking networks in Asian equity capital markets." Regional Studies 54, no. 2 (March 29, 2019): 149–61. http://dx.doi.org/10.1080/00343404.2019.1584393.
Full text
38
Gupta, Suraksha. "Returns on social development initiatives of MNEs: issues and perspectives." Qualitative Market Research: An International Journal 20, no. 2 (April 10, 2017): 126–46. http://dx.doi.org/10.1108/qmr-01-2017-0004.
Full textAbstract:
Purpose This paper aims to reflect on different issues and perspectives on returns on investments made by MNEs towards social development. Need for an inclusive society drives accountable and effective cooperation between different actors in a market. Although multinational enterprises (MNEs) that operate in developing markets invest in social development, their managers find it very challenging to incorporate social development agenda into their business practices. Therefore, academics should develop business models which can guide thoughts and actions of managers of MNEs towards social development while allowing them to hold on to the business objectives and targets. Design/methodology/approach A review of current literature with available anecdotes about business practices helped the author to form a viewpoint and make recommendations. Findings The objective of the eighth millennium development goal is to promote global partnership between MNEs and domestic firms with or without intervention of a subsidiary. Addressing the particular needs of developing countries, such as capability enhancement or poverty reduction by managers of MNEs in a global setting, becomes a very complex issue. Investments by MNEs in developing countries towards these objectives are driven by different factors such as operational transparency, technological efficiency, investment types, innovation capability, branding strategy, quality assurance, public–private partnership, market-based pricing, reciprocity, distribution for penetration, etc., apart from linkages they create for developing resource-based competencies required for survival in a competitive market. Research limitations/implications Empirical investigation of the viewpoint presented here will be required to convert recommendations into models applicable by managers of MNEs. Practical implications This study will help to enable managers of MNEs to perform need-based socially responsible actions. Social implications This study will facilitate participation of MNEs in social development through their contributions towards poverty reduction and capability enhancement. Originality/value This paper pushes managers and academic scholars to think about the strategies required to incorporate social agenda into business models of MNEs benefiting from developing markets.
39
Turuev, I. B. "Offshore: Economic Deterrent or Necessity." MGIMO Review of International Relations, no. 1(34) (February 28, 2014): 136–40. http://dx.doi.org/10.24833/2071-8160-2014-1-34-136-140.
Full textAbstract:
The downside of investment's addition rate in Russia, lack of capital investments result from "poor investment attractiveness". As a result, the companies' financial imbalance together with high investments risks lead to capital outflow from the country by virtue of offshores. Along with negative aspects connected with "financial oases" many advantages are given to the business community: lessening of tax payments, monetary privacy and confidentiality of operations. Taking in consideration the above and also the existence of specific international agreements concerning the avoidance of double taxation and offshore zones, the banner of the latter appears to be quite difficult and would divest the global economy of an important segment of global economic growth. The author performed a SWOT analysis of the role and the importance of offshores in international economy. Tolerant coexistence of local and global economic interests seems to be achievable by implementing a distinct circumspect and complex plan of measures aimed at the raise of the investment attractiveness of a country, for which the creation of "Skolkovo" and new Institutes for market development would not be sufficient. Transparent and oriented on business stability and safety provision of monitor and regulatory system, data interflow, improvement of prudential control on financial markets operations - are parts of measures that have to be accomplished in order to solve and exclude the problems associated with offshores. But the author also appeals to not forgetting that besides the offshores exists a number of such issues directly related to the outflow of capital as lowering of inflationary pace, enlargement of direct investment flow-in, support of social peace, which have to be handled for the purposes of improvement of domestic investment climate of countries with developing economy.
40
Mynhardt, Henry, Inna Makarenko, and Alex Plastun. "Market efficiency of traditional stock market indices and social responsible indices: the role of sustainability reporting." Investment Management and Financial Innovations 14, no. 2 (June 2, 2017): 94–106. http://dx.doi.org/10.21511/imfi.14(2).2017.09.
Full textAbstract:
Corporate social responsibility, disclosed in sustainability reporting, influences the financial performance of companies. As a result, traditional stock market indices (TI) are expanded with the social responsible stock market indices (SRI). The aim of this study was to establish whether there are any differences in the behavior of the TI and SRI. To do this, the authors analyzed their efficiency. They used R/S analysis to calculate the Hurst exponent as a measure of persistence (long-term memory property). The presence of persistence was evidence in favor of less efficiency. According to empirical results, SRI has lower efficiency, in particular the Dow Jones Sustainability Index. Lower efficiency was also observed in the emerging markets with a responsible investment segment, compared to the traditional stock market indices. Further standardization and a common methodological approach to corporate sustainability reporting disclosure are proposed.
41
Baguet, Jelten Y. P. "Social change and markets for urban credit: political elites as investors in urban annuities in sixteenth-century Ghent." Financial History Review 23, no. 3 (December 2016): 347–67. http://dx.doi.org/10.1017/s0968565016000184.
Full textAbstract:
Financial historians have devoted considerable attention to the investment behaviour of urban politicians in the market for public debt in the Low Countries. They have focused not only on how many urban officials invested in annuities, but also why they did so. On the one hand, it has been suggested that political elites often had political and economic motivations for investing in urban annuities. By contrast, historians from the institutional school defend the thesis that inclusive governance led to broader participation in the market for urban credit. A variable that has gone largely unnoticed in explaining investments by the political elite is the impact of the changing composition and social profile of the ruling elites on their investment behaviour. In this article, I examine the case of sixteenth-century Ghent to argue that changes in the city's power structure resulted in profound changes in attitudes towards public debt management. While the old political elite in the early sixteenth century prioritised selling annuities to individuals who belonged to the political networks of their time, the group of political newcomers that dominated urban politics at the end of the sixteenth century had much more of a market-oriented attitude, giving priority to non-political investors in the free market.
42
Gupta, Pavan, and Ross L. Chapman. "Economic Growth and Power Sector Developments in South East Asia." Vikalpa: The Journal for Decision Makers 22, no. 4 (October 1997): 3–14. http://dx.doi.org/10.1177/0256090919970402.
Full textAbstract:
In recent years, many South East Asian nations have shown strong economic growth coupled with success in attracting considerable direct foreign investment. In order to sustain the current and projected growth levels, many countries in South East Asia will need to focus on major investments for infrastructure development, especially in their power generation and distribution sectors. As highlighted by the current financial crises being experienced in several South East Asian nations, the future growth of this region will require much stronger support from the international financial institutions, which in turn will lead this region toward a greatly increased level of privatization. The establishment of contestable energy markets is a particularly good example of the type of developments required in these nations. In order to create a healthy climate for the massive financial investment needed for a truly liberalized energy market, a number of difficult political and social issues common to many of these rapidly developing economies must be resolved.
43
Makarenko, P. "THE ECONOMIC CRISIS AS A PREREQUISITE FOR REGIONAL SHIFTS IN THE ECONOMY OF JAPAN." Bulletin of Taras Shevchenko National University of Kyiv. Geography, no. 66-67 (2017): 127–33. http://dx.doi.org/10.17721/1728-2721.2017.66.21.
Full textAbstract:
In article analyzed the signs and consequences of the economic crisis in Japan, revealed a system of anti-crisis government measures to stimulate economic growth, the stock market and real estate market, public policy and social programs. Successful anti-crisis measures and the negative effects of regulatory policy in the fall of domestic and foreign markets were considered. We were analyzed three major economic crises: the post-war crisis, the crisis of the 90s, the 2008 financial crisis. The economic crisis of the early 90s had a very specific background; analysis and reflection of them are allowed to reduce the crisis of 2008. The first crisis was caused mainly by internal economic factors, and the second – the global financial crisis. Pre-crisis economic had certain market conditions. During export economy Japan generated industrial growth, increase a foreign production, results of direct investment. Japanese companies had pursued a policy of active promotion in Asian markets. Over the years 2002-2007 decline the consumer demand, and in 2008 there were the first signs of recession. Textile and chemical industry, general engineering, ferrous metallurgy, information and communication electronic equipment had reduced production and profits. After analyzing the current situation in the world markets, the Japanese government approved the “Complex strategic measures to overcome the crisis.” The government executed the following major steps: 1. Increase local and regional regulation; 2. Reduction of taxes; 3. Exchange and stock markets regulation; 4. Reduce military spending; 5. The increase in exports, business building in regional market centers; 6. Promote small and medium enterprises (SMEs); 7. Formation of innovative markets; 8. Development of logistics infrastructure; 9. Reduce energy dependence, changing sources of energy; 10. The reform of social policy; 11. The reform of regional policy and investment; 12. The development of tourism projects. The experience of Japan can be adapted a series of reforms: decentralization, solving demographic problems, increasing regional and international business, scientific and technological development, investment in infrastructure and trade logistics, tourism development. Successfully reforms and strategic location was allowed Japan to survive the economic crisis and achieve economic growth.
44
Jain, Mansi, Gagan Deep Sharma, and Mrinalini Srivastava. "Can Sustainable Investment Yield Better Financial Returns: A Comparative Study of ESG Indices and MSCI Indices." Risks 7, no. 1 (February 2, 2019): 15. http://dx.doi.org/10.3390/risks7010015.
Full textAbstract:
‘Sustainable investment’—includes a variety of asset classes selected while caring for the causes of environmental, social, and governance (ESG). It is an investment strategy that seeks to combine social and/ or environmental benefits with financial returns, thus linking investor’s social, ethical, ecological and economic concerns Under certain conditions, these indices also help to attract foreign capital, seeking international participation in the local capital markets. The purpose of this paper is to study whether the sustainable investment alternatives offer better financial returns than the conventional indices from both developed and emerging markets. With an intent to maintain consistency, this paper comparatively analyzes the financial returns of the Thomson Reuters/S-Network global indices, namely the developed markets (excluding US) ESG index—TRESGDX, emerging markets ESG index—TRESGEX, US large-cap ESG index—TRESGUS, Europe ESG index—TRESGEU, and those of the usual markets, namely MSCI world index (MSCI W), MSCI All Country World Equity index (MSCI ACWI), MSCI USA index (MSCI USA), and MSCI Europe Australasia Far East index (MSCI EAFE), MSCI Emerging Markets index (MSCI EM) and MSCI Europe index (MSCI EU). The study also focusses on the inter-linkages between these indices. Daily closing prices of all the benchmark indices are taken for the five-year period of January 2013–December 2017. Line charts and unit-root tests are applied to check the stationary nature of the series; Granger’s causality model, auto-regressive conditional heteroskedasticity (ARCH)-GARCH type modelling is performed to find out the linkages between the markets under study followed by the Johansen’s cointegration test and the Vector Error Correction Model to test the volatility spillover between the sustainable indices and the conventional indices. The study finds that the sustainable indices and the conventional indices are integrated and there is a flow of information between the two investment avenues. The results indicate that there is no significant difference in the performance between sustainable indices and the traditional conventional indices, being a good substitute to the latter. Hence, the financial/investment managers can obtain more insights regarding investment decisions, and the study further suggests that their portfolios should consider both the indices with the perspective of diversifying the risk and hedging, and reap benefits of the same. Additionally, corporate executives shall use it to benchmark their own performance against peers and track news as well.
45
Riddle, Liesl, Tjai M. Nielsen, and George A. Hrivnak. "Bridging the divide between diaspora investment interest and action." Emerald Emerging Markets Case Studies 1, no. 1 (January 1, 2011): 1–13. http://dx.doi.org/10.1108/20450621111124406.
Full textAbstract:
Subject area Entrepreneurship, management and emerging markets. Study level/applicability Undergraduate and Graduate courses in Entrepreneurship, Managing in Developing Countries/Emerging Markets, Small Business Management, Social Entrepreneurship, International Business Case overview IntEnt is a business incubator that provides training and other support services to nascent entrepreneurs, helping turn their investment ideas into successful business ventures. But IntEnt focuses on a unique clientele: diasporas, or migrants and their descendants, who dream of establishing a new venture back in their country of origin.The incubator is well known and respected by policymakers and migrants alike. Despite these successes, Mr Molenaar has struggled to grow and diversify IntEnt's funding base. He also is under increasing pressure from the foundation's stakeholders to define and measure the foundation's performance. But Molenaar is committed to expanding IntEnt's operations and continue to bridge the divide between diaspora investment interest and action. Expected learning outcomes To understand and describe the financial-, human-, and social-capital challenges faced by transnational diaspora business ventures during the business development and launch phase.To explain how business incubators can provide solutions to the specific, unique problems that transnational diaspora entrepreneurs face, particularly in emerging markets. To discuss the governance challenges associated with operating a transnational business venture as well as those of an incubator aimed to support transnational entrepreneurship. Supplementary materials Teaching note.
46
Mironiuc, Marilena, Elena Ionașcu, Maria Carmen Huian, and Alina Țaran. "Reflecting the Sustainability Dimensions on the Residential Real Estate Prices." Sustainability 13, no. 5 (March 9, 2021): 2963. http://dx.doi.org/10.3390/su13052963.
Full textAbstract:
The paper analyzes the reaction of residential property prices to sustainability attributes and the extent to which they capitalize the effects of sustainability on real estate markets in EU-28 countries in the period 2000–2018. Given that the sustainable real estate market is mainly driven by demand, the sustainability attributes included in the study reflect both buyers’ expectations and their investment potential in sustainable residential properties, and developers’ efforts to become more “sustainable” through responsible property investment. In order to correspond to the current meaning of sustainable development, the variables capture the four dimensions that give content to the concept of the quadruple bottom line: economic, social, environmental and institutional. Using panel data and the two-stage least squares (2SLS) method, the research reveals a pronounced sensitivity of residential property prices to all sustainability dimensions in countries considered leaders in implementing the Sustainable Development Goals (SDGs), characterized by a strong institutional environment, and efficient and transparent real estate markets. In countries less committed to SGD implementation, weak governance and higher corruption negatively affect the transparency of real estate markets, and the dynamics of the price of residential transactions are determined only by the economic and social dimensions of sustainability.
47
Neyland, Daniel. "On the transformation of children at-risk into an investment proposition: A study of Social Impact Bonds as an anti-market device." Sociological Review 66, no. 3 (November 23, 2017): 492–510. http://dx.doi.org/10.1177/0038026117744415.
Full textAbstract:
Following the financial crisis of 2008, the UK government accelerated a number of market-based interventions into public problems. Experimenting with new forms of intervention provided a moment to effectively problematize the public sector as a whole and its budgets, opening up for discussion the basis for making an intervention, and the methods and costs involved. Questions were posed of the apparently irreducible costs associated with supposedly intractable problems of government (such as homelessness, vulnerable children or crime). In particular, crisis and austerity became a means to give new momentum to a series of experimental ways to shape the social investment market that had been under discussion in various forms since at least 2000. Social Impact Bonds form one particular type of intervention. They involve drawing together investors with delivery agencies, the third sector and national and local government, coordinated by a commissioner. In the recent move by the UK government to set up and use Social Impact Bonds, much has been made of the opportunity they represent to introduce competition, efficiency, efficacy, private sector thinking and investment to a range of different social problems. As the first results of these experiments are now emerging, this article reports on a study conducted into a market-based intervention that experiments with the transformation of ‘children at-risk’ into an investment proposition through a Social Impact Bond. The article suggests that the Social Impact Bond can be usefully explored by drawing on Science and Technology Studies (STS) treatments of markets as collective, heterogeneous assemblages. However, in contrast to scholars who focus on market devices, the article argues that the Social Impact Bond in practice operates as something akin to an anti-market device. The article begins with an introduction to Social Impact Bonds. It then explores the means through which market-based competition and an investment proposition were anticipated, but did not emerge through the composition and enactment of the Bond. It concludes with an assessment of the anti-market device and the future of Social Impact Bonds.
48
Oware, Kofi Mintah, and Thathaiah Mallikarjunappa. "Corporate social responsibility investment, third-party assurance and firm performance in India." South Asian Journal of Business Studies 8, no. 3 (October 7, 2019): 303–24. http://dx.doi.org/10.1108/sajbs-08-2018-0091.
Full textAbstract:
Purpose Corporate social responsibility (CSR) has evolved since the nineteenth century and is becoming mandatory for firms. However, the association between CSR and financial performance remains fluid. The purpose of this paper is to examine the mediating effect of third-party assurance (TPA) and the moderating effect of financial leverage in CSR – financial performance relationship. Design/methodology/approach Panel and hierarchical regression models are used to analyse data covering 29 companies in the Indian stock market for the period, from 2010 to 2017. Findings The study shows that CSR has a positive association with financial performance (ROA (return on assets) and ROE (return on equity)) of listed firms in India. The second finding shows that TPA has a negative association with financial performance (ROA and ROE) and negatively mediate the association between CSR and financial performance (ROA and ROE). Further, the findings also show that financial leverage has a negative association with ROA but no association with ROE, and is unable to moderate the association between CSR and financial performance. Lastly, financial leverage has no association with TPA and unable to moderate the association between CSR and TPA. Research limitations/implications The scope of the study is limited to large firms submitting sustainability reports based on the Global Reporting Initiative (GRI) guidelines, and this criterion is likely to limit the generalisation of the findings. Practical implications Capital market investors look for new markets to invest, and CSR results show a positive return for equity investors, which may encourage capital market investments in a mandatory CSR environment. The mediating effect of TPA has the potential to force managers to undertake CSR activities, which leads to a user-friendly environment and improved social sustainability. Originality/value Previous studies show a mix association between CSR and financial performance. Nevertheless, some of the possible reasons for the mix association have not received scholarly attention. Hence, the role of the mediating effect of TPA and the moderating effect of financial leverage in CSR-financial performance relationship.
49
Riaz, Yasir, Yasir Shahab, Robina Bibi, and Shumaila Zeb. "Investment-cash flow sensitivity and financial constraints: evidence from Pakistan." South Asian Journal of Global Business Research 5, no. 3 (October 17, 2016): 403–23. http://dx.doi.org/10.1108/sajgbr-08-2015-0054.
Full textAbstract:
Purpose The purpose of this paper is to provide new insights about investment-cash flow sensitivities (ICFS) as a representative of financial constraints, by examining panel data consisting of 288 listed firms in Pakistan. Design/methodology/approach This study uses a panel data methodology and first difference generalized method of moments to control the problems of heterogeneity and endogeneity. By five different criteria, estimations are made for full and pre-classified sub-samples. Sargan test and Arellano-Bond serial correlation statistic are used for identification and validation of instruments and model. Findings According to the results, the ICFS has increased monotonically with the level of financial constraints. Further, the results depict that ICFS for the constrained group is much higher as compared to the unconstrained group. Overall, the result illustrates positively significant ICFS. Practical implications This study confirms signs of imperfections in the capital market, which leads to financial markets inaccessibility preceded by high under-investment costs and low social and economic development. Thus, proper policy designing and instigation are necessary for the subsidies, taxation, and foreign direct investment and later for financial market development and promotion of private corporate investment. Originality/value Previous studies have mostly focused on developed countries where large listed companies work in well-developed financial markets and do not face severe financial constraints because of the greater market integration (Bekaert et al., 2011, 2013) and superior investor protection laws (Djankov et al., 2008; La porta et al., 1998). However, this study focuses on listed companies from the emerging Pakistani market, which will bring forth the interesting aspects of ICFS and will enhance the existing literature effectively.
50
Jensen, Joshua D. "An Analysis and Evaluation of Foreign Direct Investment in Kosovo." International Journal of Business Administration 9, no. 5 (August 3, 2018): 88. http://dx.doi.org/10.5430/ijba.v9n5p88.
Full textAbstract:
As global markets continue to expand and competition continues to hasten, it is imperative that global business managers explore all potential investment opportunities. A country of potential foreign direct investment that may not be obvious to many global business managers is Kosovo. Kosovo is a small, sovereign nation located in a strategic area of the Balkan Peninsula, bordered by Albania, Macedonia, Montenegro, and Serbia. Kosovo serves as the gateway from the Balkan Peninsula to central and southern Europe. While securing its independence from Serbia in 2008, Kosovo has worked to attract foreign direct investment and be a contender in the global economy. This paper explores the cultural and social environment, the economic and political environment, and the business and market environment in Kosovo and provides an overview and evaluation of the foreign direct investment potential of Kosovo.