The Experts below are selected from a list of 542628 Experts worldwide ranked by ideXlab platform
Stephen Pavelin - One of the best experts on this subject based on the ideXlab platform.
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corporate Social Performance and stock returns uk evidence from disaggregate measures
Financial Management, 2006Co-Authors: Stephen Brammer, Chris Brooks, Stephen PavelinAbstract:This study examines the relation between corporate Social Performance and stock returns in the UK. We closely evaluate the interactions between Social and financial Performance with a set of disaggregated Social Performance indicators for environment, employment, and community activities instead of using an aggregate measure. While scores on a composite Social Performance indicator are negatively related to stock returns, we find the poor financial reward offered by such firms is attributable to their good Social Performance on the environment and, to a lesser extent, the community aspects. Considerable abnormal returns are available from holding a portfolio of the Socially least desirable stocks. These relationships between Social and financial Performance can be rationalized by multi-factor models for explaining the cross-sectional variation in returns, but not by industry effects.
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Corporate Social Performance and geographical diversification
Journal of Business Research, 2006Co-Authors: Stephen Brammer, Stephen Pavelin, Lynda PorterAbstract:This paper investigates an under-researched relationship, that between corporate Social Performance (CSP) and geographical diversification. Drawing upon the institutional and stakeholder perspectives and utilising data on a sample of large UK firms, we develop a set of empirical models of CSP, and find evidence of a significant contemporaneous positive relationship between the two for some types of Social Performance and in some regions of the world. Specifically, the dispersion of activities is associated with improvements in community Performance so long as operations do not extend to Eastern Europe, and with improvements in environmental Performance in so far as operations extend to Western, but not Eastern, Europe. However, we find that geographical diversification has no impact on employee-related aspects of Social Performance, i.e. the relationship between geographical diversification and Social Performance varies significantly across different components of Social Performance. Overall, we provide evidence that firms shape their Social Performance strategies to their geographical profile.
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Corporate Reputation and Social Performance: The Importance of Fit
Journal of Management Studies, 2006Co-Authors: Stephen Brammer, Stephen PavelinAbstract:Utilizing data on a sample of large firms, we estimate a model of corporate reputation. We find reputation, derived from the assessments of managers and market analysts, to be determined by a firm's Social Performance, financial Performance, market risk, the extent of long-term institutional ownership, and the nature of its business activities. Furthermore, the reputational effect of Social Performance is found to vary both across sectors, and within sectors across the various types of Social Performance. Specifically, our results demonstrate the need to achieve a 'fit' among the types of corporate Social Performance undertaken and the firm's stakeholder environment. For example, a strong record of environmental Performance may enhance or damage reputation depending on whether the firm's activities 'fit' with environmental concerns in the eyes of stakeholders.
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corporate Social Performance and stock returns uk evidence from disaggregate measures
2005Co-Authors: Stephen Brammer, Stephen Pavelin, Chris BrooksAbstract:This study examines the relationship between corporate Social Performance and stock returns in the UK. Using a set of disaggregated Social Performance indicators for environment, employment and community activities, we are able to more closely evaluate the interactions between Social and financial Performance than would be the case for an aggregate measure. While scores on a composite Social Performance indicator are significantly negatively related to stock returns, we find that the poor financial reward offered by such firms is attributable to their good Social Performance on the employment and to a lesser extent the environmental aspects. Interestingly, we find that considerable abnormal returns are available from holding a portfolio of the Socially least desirable stocks. These relationships between Social and financial Performance cannot be rationalised by multi-factor models for explaining the cross-sectional variation in returns or by industry effects.
Stephen Brammer - One of the best experts on this subject based on the ideXlab platform.
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Pension funds and corporate Social Performance: an empirical analysis
Business & Society, 2007Co-Authors: Paul Cox, Stephen Brammer, Andrew MillingtonAbstract:This study examines the relationship between pension fund ownership of companies and corporate Social Performance using a unique database of more than 500 publicly listed U.K. companies. The empirical analysis emphasizes the heterogeneous character of pension fund holdings and the multidimensional nature of corporate Social Performance. The results highlight that the characteristics of pension fund management are significant drivers of preferences for Social Performance and that employee-related aspects of Social Performance are preferred by pension funds.
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corporate Social Performance and stock returns uk evidence from disaggregate measures
Financial Management, 2006Co-Authors: Stephen Brammer, Chris Brooks, Stephen PavelinAbstract:This study examines the relation between corporate Social Performance and stock returns in the UK. We closely evaluate the interactions between Social and financial Performance with a set of disaggregated Social Performance indicators for environment, employment, and community activities instead of using an aggregate measure. While scores on a composite Social Performance indicator are negatively related to stock returns, we find the poor financial reward offered by such firms is attributable to their good Social Performance on the environment and, to a lesser extent, the community aspects. Considerable abnormal returns are available from holding a portfolio of the Socially least desirable stocks. These relationships between Social and financial Performance can be rationalized by multi-factor models for explaining the cross-sectional variation in returns, but not by industry effects.
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Corporate Social Performance and geographical diversification
Journal of Business Research, 2006Co-Authors: Stephen Brammer, Stephen Pavelin, Lynda PorterAbstract:This paper investigates an under-researched relationship, that between corporate Social Performance (CSP) and geographical diversification. Drawing upon the institutional and stakeholder perspectives and utilising data on a sample of large UK firms, we develop a set of empirical models of CSP, and find evidence of a significant contemporaneous positive relationship between the two for some types of Social Performance and in some regions of the world. Specifically, the dispersion of activities is associated with improvements in community Performance so long as operations do not extend to Eastern Europe, and with improvements in environmental Performance in so far as operations extend to Western, but not Eastern, Europe. However, we find that geographical diversification has no impact on employee-related aspects of Social Performance, i.e. the relationship between geographical diversification and Social Performance varies significantly across different components of Social Performance. Overall, we provide evidence that firms shape their Social Performance strategies to their geographical profile.
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Corporate Reputation and Social Performance: The Importance of Fit
Journal of Management Studies, 2006Co-Authors: Stephen Brammer, Stephen PavelinAbstract:Utilizing data on a sample of large firms, we estimate a model of corporate reputation. We find reputation, derived from the assessments of managers and market analysts, to be determined by a firm's Social Performance, financial Performance, market risk, the extent of long-term institutional ownership, and the nature of its business activities. Furthermore, the reputational effect of Social Performance is found to vary both across sectors, and within sectors across the various types of Social Performance. Specifically, our results demonstrate the need to achieve a 'fit' among the types of corporate Social Performance undertaken and the firm's stakeholder environment. For example, a strong record of environmental Performance may enhance or damage reputation depending on whether the firm's activities 'fit' with environmental concerns in the eyes of stakeholders.
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corporate Social Performance and stock returns uk evidence from disaggregate measures
2005Co-Authors: Stephen Brammer, Stephen Pavelin, Chris BrooksAbstract:This study examines the relationship between corporate Social Performance and stock returns in the UK. Using a set of disaggregated Social Performance indicators for environment, employment and community activities, we are able to more closely evaluate the interactions between Social and financial Performance than would be the case for an aggregate measure. While scores on a composite Social Performance indicator are significantly negatively related to stock returns, we find that the poor financial reward offered by such firms is attributable to their good Social Performance on the employment and to a lesser extent the environmental aspects. Interestingly, we find that considerable abnormal returns are available from holding a portfolio of the Socially least desirable stocks. These relationships between Social and financial Performance cannot be rationalised by multi-factor models for explaining the cross-sectional variation in returns or by industry effects.
James Copestake - One of the best experts on this subject based on the ideXlab platform.
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Microfinance and Social Performance
Oxford Research Encyclopedia of International Studies, 2010Co-Authors: Robin Gravesteijn, James CopestakeAbstract:Microfinance refers to an array of financial services—including loans, savings, and insurance—available to poor entrepreneurs and small business owners who have no collateral and, otherwise, would not qualify for a standard bank loan. Those who promote microfinance generally believe that such access will help poor people out of poverty. For many, microfinance is a way to promote economic development, employment, and growth through the support of micro-entrepreneurs and small businesses; for others, it is a way for the poor to manage their finances more effectively and take advantage of economic opportunities while managing the risks. One of the newer fields that is getting more attention within microfinance is the measure of microfinance institutions’ (MFIs) Social Performance, which broadly is an indication of how well an MFI meets the Social goals outlined in its mission and vision. Social Performance is reflected in a wide range of indicators, including an MFI’s policies towards employees, like providing health care or maternity leave; to what degree an MFI targets the poorest of the poor for financial services; an MFI’s policies on environmental conservation; how low an MFI keeps its interest rates; how transparent an MFI is about these interest rates and other loan terms; and how an MFI’s services translate into improved lives for their clients.
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mainstreaming microfinance Social Performance management or mission drift
World Development, 2007Co-Authors: James CopestakeAbstract:Summary What scope is there for the pursuit of explicit development goals in the context of increasing integration of specialized microfinance and commercial banking sectors? This question and the idea of mission drift is first analyzed using a model that distinguishes between institutions’ financial and Social Performance possibilities, preferences, and assessment systems. The model is used to review findings from action research with an international sample of poverty oriented microfinance institutions that suggest some simple steps for improved Social Performance management. It is then used to illustrate the relationship between Social and financial Performance more widely across the retail financial services sector, and to offer pointers for more policy analysis at this level.
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Part II: Institutionalising Social Performance 5. Simple Standards or Burgeoning Benchmarks? Institutionalising Social Performance Monitoring, Assessment and Auditing of Microfinance
IDS Bulletin, 2003Co-Authors: James CopestakeAbstract:What sort of standards or benchmarks (if any) could help to improve the Social Performance of MFOs? This article argues in favour of establishing a single universal standard for Social Performance, but one that is very simple and flexible. It would stipulate that all MFOs should develop a clear policy that addresses the following questions: what are your Social Performance goals, and what indicators do you use to monitor progress towards them? How do you monitor the status of clients? How do you assess the value added or impact of the services that you provide on samples of clients, including those who leave? How do you audit and seek to improve the quality of systems for monitoring client status and impact?.
Chris Brooks - One of the best experts on this subject based on the ideXlab platform.
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corporate Social Performance and stock returns uk evidence from disaggregate measures
Financial Management, 2006Co-Authors: Stephen Brammer, Chris Brooks, Stephen PavelinAbstract:This study examines the relation between corporate Social Performance and stock returns in the UK. We closely evaluate the interactions between Social and financial Performance with a set of disaggregated Social Performance indicators for environment, employment, and community activities instead of using an aggregate measure. While scores on a composite Social Performance indicator are negatively related to stock returns, we find the poor financial reward offered by such firms is attributable to their good Social Performance on the environment and, to a lesser extent, the community aspects. Considerable abnormal returns are available from holding a portfolio of the Socially least desirable stocks. These relationships between Social and financial Performance can be rationalized by multi-factor models for explaining the cross-sectional variation in returns, but not by industry effects.
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corporate Social Performance and stock returns uk evidence from disaggregate measures
2005Co-Authors: Stephen Brammer, Stephen Pavelin, Chris BrooksAbstract:This study examines the relationship between corporate Social Performance and stock returns in the UK. Using a set of disaggregated Social Performance indicators for environment, employment and community activities, we are able to more closely evaluate the interactions between Social and financial Performance than would be the case for an aggregate measure. While scores on a composite Social Performance indicator are significantly negatively related to stock returns, we find that the poor financial reward offered by such firms is attributable to their good Social Performance on the employment and to a lesser extent the environmental aspects. Interestingly, we find that considerable abnormal returns are available from holding a portfolio of the Socially least desirable stocks. These relationships between Social and financial Performance cannot be rationalised by multi-factor models for explaining the cross-sectional variation in returns or by industry effects.
Annette Krauss - One of the best experts on this subject based on the ideXlab platform.
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The Social Performance of microfinance investment vehicles
Journal of Sustainable Finance and Investment, 2020Co-Authors: Julia Meyer, Annette KraussAbstract:Assessing whether investments result in the desired non-financial Performance is a key concern in the fast growing field of impact investments, including microfinance. The Social Performance of the...
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Measuring and aggregating Social Performance of microfinance investment vehicles
2015Co-Authors: Julia Meyer, Annette KraussAbstract:This paper develops a method to measure and compare Social Performance of microfinance investments at the level of microfinance investment vehicles. Drawing from measurement theory, it develops formal quality criteria that individual Social Performance indicators, the selection, and the aggregation of such indicators into a single metric need to satisfy. Social Performance indicators are selected for both microfinance investment vehicles, and their underlying portfolio. The method presented here uses data of the microfinance investment universe to determine a rating framework for the underlying of microfinance institutions, in addition to a unique set of variables captured at MIV level. The paper demonstrates the approach in a sample calculation and serves as a guideline for a future empirical application among microfinance investment vehicles.
