Abstract:The purpose of this study was to contribute to the discussion of how large companies in the agri-food sector cope with the growing pressure to perform sustainably and how they disclose sustainability-related information to their stakeholders. To achieve this goal, we used the case study method. We analyzed Cargill’s specific approach to sustainability reporting, who is a company with a 150-year history and worldwide activities. We used reports from the year 2014 and 2018. The core of our analysis lies in the c… Show more
“…We do not predict any sign for the region dummy. Second, we are aware of the fact that each product market of service market has its own specificities (Bus , u, 2014;Jind richovsk a et al, 2020). Thus, we include a dummy variable for the industry sector that takes the following values: 'A' for Agriculture, forestry and fishing; 'C' for Manufacturing; 'F' for Construction; 'G' for Wholesale and retail trade, repair of motor vehicles and motorcycles (variable INDUSTRY).…”
Our objective is to investigate the determinants of tax avoidance in Romanian companies in 2013-2017. Our initial sample comprises 236 privately owned companies that are payers of profit tax and have been found guilty of tax evasion. This was matched with 236 'compliant' companies structured similarly by industry, whereas the final sample comprises 1674-year-observations. We defined 'compliant' those companies that have never been prosecuted for tax evasion. Our main finding is that larger companies with lower financial performance and lower leverage ratio are more inclined towards tax avoidance. The geographical region and the industry sector in which companies operate in are also determining their tax avoidant-behaviour. Surprisingly, the fiscal regulations amended starting with 2016 did not lead to an apparent exacerbation of tax avoidance among profit tax payers.
“…We do not predict any sign for the region dummy. Second, we are aware of the fact that each product market of service market has its own specificities (Bus , u, 2014;Jind richovsk a et al, 2020). Thus, we include a dummy variable for the industry sector that takes the following values: 'A' for Agriculture, forestry and fishing; 'C' for Manufacturing; 'F' for Construction; 'G' for Wholesale and retail trade, repair of motor vehicles and motorcycles (variable INDUSTRY).…”
Our objective is to investigate the determinants of tax avoidance in Romanian companies in 2013-2017. Our initial sample comprises 236 privately owned companies that are payers of profit tax and have been found guilty of tax evasion. This was matched with 236 'compliant' companies structured similarly by industry, whereas the final sample comprises 1674-year-observations. We defined 'compliant' those companies that have never been prosecuted for tax evasion. Our main finding is that larger companies with lower financial performance and lower leverage ratio are more inclined towards tax avoidance. The geographical region and the industry sector in which companies operate in are also determining their tax avoidant-behaviour. Surprisingly, the fiscal regulations amended starting with 2016 did not lead to an apparent exacerbation of tax avoidance among profit tax payers.
“…A line of reasoning relevant to this research is the signaling perspective taken into consideration by many researchers over the years (e.g. Jindřichovská et al, 2020;Roman et al, 2019;Mocanu, 2015;Busu, 2019;Iamandi, 2012). By issuing sustainability bonds, firms credibly signal their commitment toward the environment.…”
Sustainability bonds enable capital-raising and investment for those projects that have both a positive impact on the environment and a positive social outcome. This study examines the stock market reaction to the announcement of sustainability bonds issuance. The present research is designed as follows: first, an event study that examines the market reaction and second, a highlight of drivers influencing this market reaction via a linear regression with cluster-robust standard errors. Overall, small and negative sample-wide reactions to sustainability bond issue announcements were found. Additionally, the study finds significant negative abnormal returns before the publication in June 2018 of The Sustainability Bond Guidelines by the International Capital Market Association. Specifically, the size of the bond issue, whether the bond is callable or not, the announcement of the issue as a single event in a day, the company’s Return on Assets, the firm’s social disclosure score, and the issuance of the bond prior or after June 2018 are statistically significant factors that influence the stock returns of issuers.
“…It should be materialized by an active embracement, development of potentials [16], and proud [15] and detailed informing about it [17]. There are studies about the (lack of) CSR and CSR reporting progress by automotive [10], food [18], tobacco [19,20], agriculture, [21] and other industries [22] in central Europe [23,24], as well as comparable settings [25].…”
COVID-19 leads to a reinforced need to address sustainability at the economic, environmental, and social pillars, and the six categories of Corporate Social Responsibility (CSR) of businesses, that is, their self-commitment to integrate sustainability in their policies and strategies and to become more effective and efficient. Luxury fashion businesses refer heavily but not identically, to their CSR, by formally issuing CSR reports and Codes of Ethics, and informally voicing their pro-CSR statements. Then, the COVID-19 pandemic hit and brought important changes. This burning issue translates into three objectives in this paper—assessing the CSR statements of International and Czech Luxury Fashion Industry businesses (i) at the onset of the COVID-19 pandemic, (ii) during the COVID-19 pandemic, and (iii) identifying new trends. To address them, a holistic and interdisciplinary case study exploration was performed entailing 10 International Luxury Fashion businesses and 10 Czech Luxury Fashion businesses. The resulting data were explored via Meta-Analysis and content analysis, teleological interpretations, etc. The critical and comparative review revealed six interesting trends indicating a shift in perception of sustainability and CSR caused by COVID-19. The review offers propositions for how the COVID-19 threats could become an opportunity for rebuilding this industry.
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