Socially Responsible Finance and Investing: An Overview

Baker, H. Kent; Nofsinger, John R.

doi:10.1002/9781118524015.ch1

Cited by 16 publications

(12 citation statements)

References 14 publications

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“…Sin embargo, existe una variación de conceptos por parte de múltiples autores a la hora de definir qué es una Empresa B; por ejemplo, Masson (2012) considera que éstas son empresas híbridas entre las empresas con fines sociales y una empresa socialmente responsable. Además, las empresas B que tienen una forma innovadora y rompen con los paradigmas tradicionales de gestión (Barker, 2019), cuentan con directivos que tienen el poder y la obligación legal de tener en cuenta otros intereses que los de los accionistas a la hora de tomar decisiones, desarrollando naciones que impactan en sus trabajadores, en el medio ambiente, en la comunidad, en sus clientes y en la gobernanza (ver Figura II).…”

Section: Desarrollos Sostenibles De Las Empresas B En Latinoaméricaunclassified

Marca país y su contribución al desarrollo sostenible: Inculcación de valores sociales y espíritu empresarial

2023

RCS

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Section: Desarrollos Sostenibles De Las Empresas B En Latinoaméricaunclassified

Marca país y su contribución al desarrollo sostenible: Inculcación de valores sociales y espíritu empresarial

2023

RCS

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“…First, our work adds new insights to the broader literature on sustainability-related investments. Most of this work focuses on socially responsible investments (see, among others, Baker & Nofsinger, 2012;Henriksson et al, 2019;Pedersen et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

“…First, our work adds new insights to the broader literature on sustainability‐related investments. Most of this work focuses on socially responsible investments (see, among others, Baker & Nofsinger, 2012; Henriksson et al, 2019; Pedersen et al, 2020). We add to this prominent literature by providing empirical evidence on the risk and return characteristics of a far less investigated, but fast growing strategy (namely, impact investing).…”

Section: Introductionmentioning

confidence: 99%

The impact at stake: Risk and return in publicly listed social impact firms

Giacomini

Marinelli

Riccetti

2023

Business Ethics Env & Resp

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This study investigates the risk and return characteristics of impact investing in the public equity market. We use a unique hand‐collected dataset of 50 US listed firms whose product (or service) addresses at least one of the global social and environmental challenges, as defined by the United Nations Social Development Goals (SDGs). We designate such firms Impact Firms, and we compare their financial performance to a matched sample of Non‐Impact Firms in the time span 2002–2019. Our results show that Impact and Non‐Impact Firms have similar level of financial performance and both volatility and systemic risk over the entire sample period. At the same time, Impact Firms show a slightly lower negative skewness of the returns over the entire sample period, but not during crisis periods. However, compared to matched Non‐Impact Firms, Impact Firms outperform during periods of market crisis, generating a valuable dampening of downside risk.

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“…Religion is a key component of culture that significantly influences an individual’s general behaviour, an investor’s preferences, a firm’s corporate decision making (Baker and Nofsinger, 2012; Al-Awadhi and Dempsey, 2017; Merdad et al , 2015), and consequently, a firm’s capital structure. Previous research has shown that, in general, religiosity is positively related to risk aversion (Miller and Hoffmann, 1995; Hilary and Hui, 2009; Noussair et al , 2013).…”

Section: Introductionmentioning

confidence: 99%

The influence of religion on the determinants of capital structure: the case of Saudi Arabia

Alalmai

Al-Awadhi

Hassan

et al. 2020

JIABR

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Purpose This study aims to investigate whether a religious environment affects a firm capital structure. Design/methodology/approach The authors use data from Saudi Arabia with a highly Islamic religious environment. The authors use an extreme bounds analysis (EBA), which provides a reliable analysis of the determinants of capital structure and aids the process of selecting explanatory variables when there is model uncertainty. Findings The authors find that firms in such an Islamic environment are relatively less leveraged compared to firms in a non-Islamic environment. The authors also find that firms located in an Islamic environment have different determinants of capital structure than firms located in a non-Islamic environment. Specifically, the Islamic society creates decision makers who are more risk averse, thus leading to a preference for corporate financing using internal funds. Practical implications The results imply a potential challenge for growth-seeking firms located in religious Islamic societies. Originality/value This study is one of the first to examine the determinants of corporate capital structure in Saudi Arabia using EBA.

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Socially Responsible Finance and Investing: An Overview

Cited by 16 publications

References 14 publications

Marca país y su contribución al desarrollo sostenible: Inculcación de valores sociales y espíritu empresarial

Marca país y su contribución al desarrollo sostenible: Inculcación de valores sociales y espíritu empresarial

The impact at stake: Risk and return in publicly listed social impact firms

The influence of religion on the determinants of capital structure: the case of Saudi Arabia

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