The aim of this study is to analyze the effect exerted by corporate social strategies on (shortterm and long-term) corporate financial performance (CFP). To this end, we use data on firms listed in the Stoxx Europe 600 index and Stoxx Europe Sustainability index from 2007 to 2010. On the sample data, we implement random and fixed effects panel data methodology corrected by heteroskedasticity, serial correlation, and/or cross-sectional dependence. The results obtained show that the implementation of corporate social responsibility (CSR) strategy, the level of economic development of the country and firm size determine CFP. In addition, the investment in research and development influences the return on assets while the company's financial slack affects the Tobin's Q. So, companies that contribute to sustainable development incur higher CFP.

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Purpose Due to population growth, urban water demand is expected to increase significantly, as well as the environmental and economic costs required to supply it. Rainwater harvesting (RWH) systems can play a key role in helping cities meet part of their water demand as an alternative to conventional water abstraction and treatment. This paper presents an environmental and economic analysis of RWH systems providing households with water for laundry purposes in a life cycle thinking perspective. Methods Eight urban RWH system scenarios are defined with varying population density and storage tank layout for existing buildings. Storage tank volume required is calculated using Plugrisost software, based on Barcelona rainfall and catchment area, as well as water demand for laundry, since laundry is a fairly constant demand of non-potable water. Life cycle assessment (LCA) and life cycle costing (LCC) methodologies are applied for this study. Environmental impacts are determined using the ReCiPe 2008 (hierarchical, midpoint) and the cumulative energy demand methods. Net present value (NPV), internal rate of return (IRR), and payback (PB) time were used in LCC. Savings from laundry additives due to the difference in water hardness was, for the first time, included in a RWH study. Results and discussion LCA results indicate that the best scenario consists of a 24-household building, with the tank spread on the roof providing up to 96% lower impacts than the rest of scenarios considered. These results are mainly due to the absence of pumping energy consumption and greater rainwater collection per cubic meter of built tank capacity. Furthermore, avoided environmental impacts from the reduction in detergent use are more than 20 times greater than the impacts generated by the RWH system. LCC indicates that RWH system in clusters of buildings or home apartments offer up to 16 times higher profits (higher NPV, higher IRR, and lower PB periods) than individual installations. Conclusions LCA and LCC present better results for high-density scenarios. Overall, avoided environmental and economic impacts from detergent reduction clearly surpass environmental impacts (in all categories except terrestrial acidification) and economic cost of the RWH system in most cases (except two scenarios). Another important finding is that 80% of the savings are achieved by minimizing detergent and fabric softener by using soft rainwater; and the remaining 20% comes from replacing the use of tap water.

Purpose The aim of this research is to carry out a literature review of the use of life cycle costing (LCC) in the urban agriculture (UA) sector by analysing its evolution over a 22-year period from its beginning in 1996 to July 2018. Methods A total of 442 references were obtained from two principal databases, Scopus and Web of Science (WoS). After a long refining process, 20 (4.5%) references containing the keywords LCC and UA were selected for analysis. Then, we classified and organized the selected references in 4 groups. Qualitative methods were used for analysis, and results on general characteristics of the 20 references and by each group were elaborated. Lastly, we discussed and concluded the most significant findings. Limitations and future research were also included. Results and discussion Our major findings were as follows: (i) urban horticulture was the most studied urban agriculture practice among studies that used LCC for UA; (ii) LCC plays a secondary role in its integration with LCA; (iii) only 4 of the10 papers in group 1 used additional financial tools; (iv) very few (3) papers appropriately applied the four main LCC stages; and on the other side, essential costs like infrastructure, labour, maintenance, and end-of-life were frequently not included. Conclusions Since we found that life cycle assessment (LCA) was the predominant methodology, we suggest that future research apply both LCA and LCC analyses at the same level. The LCC analysis was quite incomplete in terms of the costs included in each LCC stage. We recommend that the costs at the initial or construction stage be considered a necessity in future studies in order to implement these new systems on a large scale. Due to the limited use of labour cost at the operation stage, we also suggest that labour be included as an essential part of the urban production process. Finally, for more complete LCC analysis for UA, we recommend (i) that all LCC stages be considered and (ii) that additional financial tools, such as net present value (NPV), internal rate of return (IRR) and payback period (PBP), be used to complement the LCC analysis.