We study how messages on Twitter by large non-governmental organizations, targeting companies from the S&P500, affect these companies’ stock prices. With a sample of 1,611 tweets between 2009 and 2017 by 18 large NGOs, we observe significant changes in the stock prices of the targeted firms. More specifically, NGO tweets stating a positive message about the environmental, social, or governance. Actions of the firm have a positive effect on stock prices, while negative tweets have a negative effect. Nevertheless, we find (...) that the presence of institutional owners hampers this effect: firms with high institutional ownership value positive tweets more negatively, and negative tweets more positively. These results support the idea that shareholders react significantly to NGO tweets but they react differently depending on their time horizon: for shareholders who have a more short-term horizon, typically institutional owners, the reaction diverges societal expectations about how firms should contribute to society. (shrink)
Is corporate social responsibility a tool for strategic positioning? While CSR is sometimes used as part of a differentiation strategy, this article analyzes which specific CSR strategies arise in response to competitive pressures. The results suggest that competitive pressures lead firms to increase their positive social actions without necessarily decreasing their social weaknesses. This positive impact varies with specific dimensions of CSR and industry specificities: Competition improves social performance toward core stakeholders to a greater extent than social performance toward peripheral (...) stakeholders. This effect is more pronounced in B2C industries than in other industries. Competition leads firms in “dirty” industries to ignore environmental initiatives. (shrink)
The purpose of this article is to examine empirically the impact of environmental certification on firm financial performance (FP). The main question is whether there is a "green premium" for certified firms, and, if so, for what kind of certification. We analyze the short-run and the long-run stock price performance using an event-study methodology on a sample of Canadian and U.S. firms. The results of short-run event abnormal returns indicate that forest certification does not have any significant impact on firm (...) FP regardless of the certification system carried out by firms. Unlike the short-run results, the long-run post-event abnormal returns suggest that forest certification has, on average, a negative impact on firm FP. However, the impact of forest certification on firm FP depends on who grants the certification, since only industry-led certification (Sustainable Forestry Initiative, Canadian Standards Association and ISO14001) are penalized by financial markets, whereas non-governmental organizations—led Forest Stewardship Council certification is not. (shrink)
This paper examines the impact of the recent financial crisis on the relation between a firm’s risk and social performance using a sample of non-financial U.S. firms covering the period 1991–2012. We find that the relation between SP and risk is significantly different in the crisis period compared to the pre-crisis period. SP reduces volatility during the financial crisis. The risk reduction potential of SP is mainly due to the strengths component of SP. Since the relation of risk is stronger (...) with SP strengths than SP concerns, this implies an asymmetric relation between these SP components and a firm’s risk. Specifically, strengths act as a risk reduction tool during an adverse economic environment. (shrink)
This paper investigates the corporate social responsibility structures of U.S. listed firms. We find evidence of a general tendency towards CSR specialization with almost three-quarters of these firms focusing on a single CSR dimension. The degree of specialization varies across industries and the single CSR dimension focused on also varies for industries with similar degrees of specialization. We find that firms with higher exposures to CSR concerns, international activities, larger size, and higher financial slack tend to diversify across multiple CSR (...) dimensions. More importantly, we find evidence that diversified CSR structures positively affect a firm’s value relative to a control group before and during the 2008 financial crisis. Our findings have important implications for corporate and portfolio managers, investors, and policy makers. (shrink)
Global Identities in Transit: The Ethics and Politics of Representation in World Literatures and Cultures explores ways in which the impact of colonial and global conditions on individual and group identities is reflected in different cultures and represented in world literary texts.
La croissance de la taille des entreprises multinationales et de leur sphère d’influence, conjuguée à l’incapacité des États et des organisations transnationales à réguler leurs activités, a fait naître le besoin d’une nouvelle forme de régulation. Une première approche consiste en la structuration et l’organisation d’un mouvement citoyen. Toutefois, si certaines expériences ont été un succès , ce mode de régulation peut être détourné ou récupéré par ceux-là mêmes qu’il tente de réguler. Une deuxième approche suggère l’autorégulation des marchés économique (...) et financier. Cependant, les récentes crises financières découlant de comportements non éthiques montrent les limites d’une telle solution. L’objectif du présent article est de proposer un mode hybride de régulation reposant sur la coalition de mouvements sociaux et d’investisseurs responsables, dont les signataires des Principes pour l’investissement responsable, de l’Organisation des Nations Unies. L’efficacité de ce mode hybride de régulation est renforcée par l’évolution technologique et les réseaux sociaux. Ainsi, une dénonciation par des organismes non gouvernementaux appelant au boycottage porte atteinte à la réputation de l’entreprise ciblée, ternit son image et nuit à ses ventes. Si cette dénonciation est de plus appuyée par un investisseur responsable, cela peut provoquer une hausse de son coût de financement. Une coalition entre des « mouvements sociaux organisés » et « des investisseurs institutionnels » responsables, dont les signataires des Principes, peut être contraignante pour une entreprise ciblée, car elle a un effet non seulement sur son marché, sur ses ventes, mais aussi sur son accès aux capitaux. (shrink)
Our research is based on a rather large "library" of various works by M. Drahomanov, which contains his views on religion. Among them: Paradise and Progress, From the History of Relations Between Church and State in Western Europe, Faith and Public Affairs, Fight for Spiritual Power and Freedom of Conscience in the 16th - 17th Centuries,, "Church and State in the Roman Empire", "The Status and Tasks of the Science of Ancient History," "Evangelical Faith in Old England," "Populism and Popular (...) Progress in Austrian Rus, Austrian-Russian Remembrance," "Pious The Legend of the Bulgarians "," The Issues of Religious Freedom in Russia, "" On the Brotherhood of the Baptist or the Baptist in Ukraine, "" The Foreword, " Shevchenko, Ukrainianophiles and Socialism "," Wonderful thoughts about the Ukrainian national affair "," Zazdri gods "," Slavic variants of one Gospel legend "," Resurrection of Christ ", etc. (shrink)