Corporate social and environmental disclosure as a sustainable development tool provided by board sub-committees: Do women directors play a relevant moderating role?

he aim of this research is to examine the impact of three audit committee characteristics on corporate social and environmental responsibility (CSR) disclosure: the existence of an audit committee, audit committee independence, and audit committee financial expertise. Moreover, this research analyzes the moderating effect of board gender diversity between these audit committees' attributes and CSR reporting. The results of analyzing 13,178 firm-year observations of non-financial companies show that the presence of an audit committee and audit committee financial expertise are positively associated with CSR disclosure. However, a higher proportion of non-executive directors in audit committees has a negative effect on the disclosure of CSR information. These findings suggest that some audit committees' features play an important role in ensuring the reporting of environmental, social, and economic information. Our evidence also indicates that the presence of female directors on boards increases the positive impact of financial expert membership of audit committees on CSR disclosure, while women directors moderate any negative effect of the percentage of independent directors on audit committees on CSR reporting by increasing the latter. In addition, female directors moderate the positive impact of the existence of an audit committee on the disclosure of CSR information by reducing the latter

Assessment and simulation of the responsive demand potential in end-user facilities: application to a university customer

Many problems have appeared with the practical implementation of restructured electrical business in the U.S.and European Union such as lack of generation,network constraints,etc. A good example of these problems is the scarce participation of the demand in the electricity markets—energy,reserve,and other ancillary services—problems that could be solved through new de-mand responsive programs,aimed to replace the traditional demand side management programs in to voluntary demand partici-pation programs.A methodology for the generation of demand side bids and ofers in large customer facilities and a real application to a university customer is presented in this paper.The methodology is based on the knowledge of the physical processes involved in the electricity consumption and on the flexibility of there quired supply.The result of the methodology proposed is a set of demand packages that can be used to participate in different electricity markets,whose possibilities- in the market arena — will be explored in a consequent paper.This work was supported by the Ministerio de Ciencia y Tecnología of Spain through Research Project DPI2001-2779-C02-01

Evaluation and assessment of demand response potential applied to the meat industry

Demand response has proven to be a useful mechanism that produces important benefits for both the customer and the power system. In the context of an increasingly competitive electricity market, where prices are constantly rising and the presence of renewable energy resources is gaining prominence, this paper analyzes the flexibility potential of customers in the meat industry, based on the management of the most energy consuming process in this type of segment: cooling production and distribution. The effectiveness of the proposed actions has been successfully tested and validated in an active factory that produces cured ham in Spain, where savings of about 5% in the total annual cost of electricity have been assessed, together with power reductions in the range of 50% of the total peak demand of the studied facilities. Such results demonstrate the efficacy of these techniques, and they open the door to an innovative perspective on the evaluation of flexibility among customers which are traditionally considered rigid, providing a novel approach to the management of customer infrastructures in order to exploit their flexibility in electricity markets.This work was supported by the Spanish Government (Ministerio Ciencia e Innovacion, MICINN) under Research Project ENE2007-67771-C02-01&02/CON.Alcázar Ortega, M.; Álvarez Bel, CM.; Escrivá Escrivá, G.; Domijan, A. (2012). Evaluation and assessment of demand response potential applied to the meat industry. Applied Energy. 92:84-91. https://doi.org/10.1016/j.apenergy.2011.10.040S84919

Corporate social responsibility commitment of women directors through audit committees: evidence from international firms

Propósito Este trabajo explora el impacto de algunas características de los comités de auditoría (consejeros ejecutivos e independientes y la asistencia de los consejeros a las reuniones de los comités de auditoría) en la divulgación de información de responsabilidad social corporativa (RSC). Además, también tiene como objetivo analizar el efecto moderador de las consejeras del consejo de administración en la relación entre las características de los comités y la divulgación de la RSC. Diseño/metodología/enfoque Este estudio se basa en una muestra internacional que comprende 13,264 observaciones empresas-año no financieras desde 2007 hasta 2018. Hallazgos Los resultados muestran que los consejeros ejecutivos e independientes en comités de auditoría tienen un impacto negativo en la divulgación de información de RSC, mientras que la asistencia de los consejeros a las reuniones del comité se asocia positivamente con la divulgación de información sobre RSC. Nuestros resultados también evidencian que las consejeras del consejo de administración moderan positivamente la asociación negativa entre los consejeros ejecutivos e independientes de los comités de auditoría y la divulgación de información sobre RSC. Finalmente, los hallazgos también muestran que las consejeras no moderan el impacto positivo de la asistencia de los consejeros a las reuniones de los comités de auditoría y la divulgación sobre RSC. Limitaciones/implicaciones de la investigación Este estudio se centra en los atributos de los comités de auditoría de una muestra de empresas internacionales no financieras cotizadas. Originalidad/valor Este es el primer estudio que examina el papel moderador de las consejeras de los consejos en las relaciones entre los consejeros ejecutivos en los comités de auditoría y el informe de RSC y la asistencia media de los consejeros a las reuniones de los comités de auditoría y divulgación de la RSC

Board structures, liberal countries, and developed market economies. Do they matter in environmental reporting? An international outlook

Previous empirical evidence has shown the effect of most corporate governance mechanisms on corporate social responsibility and environmental disclosure. However, there is scant empirical evidence that examines the influence of liberal countries, developed market economies, and board structures on environmental disclosure. Thus, this research aims to explore how liberal and developed countries and board structures affect environmental reporting. We hypothesise a linear and positive association between companies located in countries with liberal and developed market economies and environmental reporting. Moreover, we hypothesise that one‐tier board structures negatively affect environmental disclosure. Focusing on 13,100 companies domiciled in 39 different countries from 2005 to 2015, it is established that those companies located in liberal and developed economies are more likely to disclose environmental information, whereas one‐tier boards have a negative effect

Varietes of capitalism, corporata governance mechanisms, and stakeholder engagement: An overview of coordinated and liberal market economies

This paper examines those aspects of national institutions that affect corporate governance mechanisms at international level. The study uses the 'varieties of capitalism' approach, which is concerned with the way companies interact strategically to solve the coordination problems arising from their activities. This research is based on a sample of countries operating in coordinated market economies and liberal market economies. The data were collected from the Thomson Reuters database. The findings suggest that the institutional context is associated with several corporate governance mechanisms. Specifically, our results find that the proportion of female directors on boards and the presence of corporate governance committees are higher in firms operating in liberal market economies than in those domiciled in coordinated market economies. Regarding the disclosure of corporate social responsibility information, the evidence shows that it is not affected by the varieties of capitalism measured, whereas board‐specific skills are higher in the latter than in the former. This paper offers empirical evidence at international level for the varieties of capitalism that contribute to better corporate governance structures. With regard to managerial implications, our findings show that belonging (or not) to a specific variety of capitalism impacts various mechanisms of corporate governanc

Cultural environments and the appointment of females directors on boards: An analysis from a global perspective

Hofstede's six cultural dimensions (power distance, individualism, masculinity, uncertainty avoidance, long‐term orientation and indulgence) has received little attention concerning the presence of female directors on boards. Moreover, past research has only focussed on four or five of these six cultural dimensions. Thus, this research aimed to analyse how gender diversity on boards is affected by all of the Hofstede cultural dimensions in a sample of firms operating in different countries. The data for this research were collected from Thomson Reuters database. The article draws on institutional theory, which suggests that firms are influenced by cultural aspects, as they are not separated from their environment but interact with their environment through relationships with stakeholders. The findings show that cultural dimensions, such as power distance, individualism and indulgence, have a positive effect on the proportion of female directors on boards. In contrast, the dimensions of masculinity and long‐term orientation affect the proportion negatively, and uncertainty avoidance does not seem to have an influence

Communications for Exploiting Flexible Resources in the Framework of Smart Grids in Islands

Although being among the least responsible for climate change, islands are in great threat due to it. The decarbonisation of the power system arises as a key factor to ensure adaptation and mitigation to it. Islands\u27 characteristics make renewable electrification a challenge. Most islands are isolated systems with low levels of inertia that require stability for ensuring security of supply. Therefore, the potential of smart grids and flexible resources must be fully exploited to ensure a viable integration of renewable energy sources. In this vein, it is necessary to evolve the system including demand response, batteries and electric transport to increase the share of renewables. However, all these elements require a reliable communication architecture to be deployed. A communication architecture is hereby presented and applied to Galapagos for exploiting flexible resources. Different protocols have been selected to interoperate flexible resources integrated on the system. Each of them tries for each application to standardise and ensure the largest functionalities available. The deployment of smart grids in islands can reduce their carbon footprint as it is validated with a case study in Santa Cruz, Galapagos. This system proves to ensure the energy balance in a viable way, in technical, economic and environmental terms

Novel Conceptual Architecture for the Next-Generation Electricity Markets to Enhance a Large Penetration of Renewable Energy

[EN] A transition to a sustainable energy system is essential. In this context, smart grids represent the future of power systems for efficiently integrating renewable energy sources and active consumer participation. Recently, different studies were performed that defined the conceptual architecture of power systems and their agents. However, these conceptual architectures do not overcome all issues for the development of new electricity markets. Thus, a novel conceptual architecture is proposed. The transactions of energy, operation services, and economic flows among the agents proposed are carefully analysed. In this regard, the results allow setting their activities' boundaries and state their relationships with electricity markets. The suitability of implementing local electricity markets is studied to enforce competition among distributed energy resources by unlocking all the potential that active consumers have. The proposed architecture is designed to offer flexibility and efficiency to the system thanks to a clearly defined way for the exploitation of flexible resources and distributed generation. This upgraded architecture hereby proposed establishes the characteristics of each agent in the forthcoming markets and studies to overcome the barriers to the large deployment of renewable energy sources.This work was supported by the Ministerio de Economia, Industria, y Competitividad (Spanish Government) under research project ENE-2016-78509-C3-1-P, and EU FEDER funds. The authors received funds from these grants for covering the costs to publish in open access. This work was also supported by the Spanish Ministry of Education under the scholarship FPU16/00962.Rodríguez-García, J.; Ribó-Pérez, DG.; Álvarez, C.; Peñalvo-López, E. (2019). Novel Conceptual Architecture for the Next-Generation Electricity Markets to Enhance a Large Penetration of Renewable Energy. Energies. 12(13):1-23. https://doi.org/10.3390/en12132605S1231213Gabaldón, A., Guillamón, A., Ruiz, M. C., Valero, S., Álvarez, C., Ortiz, M., & Senabre, C. (2010). Development of a methodology for clustering electricity-price series to improve customer response initiatives. IET Generation, Transmission & Distribution, 4(6), 706. doi:10.1049/iet-gtd.2009.0112Weitemeyer, S., Kleinhans, D., Vogt, T., & Agert, C. (2015). Integration of Renewable Energy Sources in future power systems: The role of storage. Renewable Energy, 75, 14-20. doi:10.1016/j.renene.2014.09.028Albano, M., Ferreira, L. L., & Pinho, L. M. (2015). Convergence of Smart Grid ICT Architectures for the Last Mile. IEEE Transactions on Industrial Informatics, 11(1), 187-197. doi:10.1109/tii.2014.2379436Goncalves Da Silva, P., Ilic, D., & Karnouskos, S. (2014). The Impact of Smart Grid Prosumer Grouping on Forecasting Accuracy and Its Benefits for Local Electricity Market Trading. IEEE Transactions on Smart Grid, 5(1), 402-410. doi:10.1109/tsg.2013.2278868Ipakchi, A., & Albuyeh, F. (2009). Grid of the future. IEEE Power and Energy Magazine, 7(2), 52-62. doi:10.1109/mpe.2008.931384Coelho, V. N., Weiss Cohen, M., Coelho, I. M., Liu, N., & Guimarães, F. G. (2017). Multi-agent systems applied for energy systems integration: State-of-the-art applications and trends in microgrids. Applied Energy, 187, 820-832. doi:10.1016/j.apenergy.2016.10.056Logenthiran, T., Srinivasan, D., & Khambadkone, A. M. (2011). Multi-agent system for energy resource scheduling of integrated microgrids in a distributed system. Electric Power Systems Research, 81(1), 138-148. doi:10.1016/j.epsr.2010.07.019Radhakrishnan, B. M., & Srinivasan, D. (2016). A multi-agent based distributed energy management scheme for smart grid applications. Energy, 103, 192-204. doi:10.1016/j.energy.2016.02.117Yoo, C.-H., Chung, I.-Y., Lee, H.-J., & Hong, S.-S. (2013). Intelligent Control of Battery Energy Storage for Multi-Agent Based Microgrid Energy Management. Energies, 6(10), 4956-4979. doi:10.3390/en6104956Zhao, B., Xue, M., Zhang, X., Wang, C., & Zhao, J. (2015). An MAS based energy management system for a stand-alone microgrid at high altitude. Applied Energy, 143, 251-261. doi:10.1016/j.apenergy.2015.01.016Ringler, P., Keles, D., & Fichtner, W. (2016). Agent-based modelling and simulation of smart electricity grids and markets – A literature review. Renewable and Sustainable Energy Reviews, 57, 205-215. doi:10.1016/j.rser.2015.12.169Wang, Q., Zhang, C., Ding, Y., Xydis, G., Wang, J., & Østergaard, J. (2015). Review of real-time electricity markets for integrating Distributed Energy Resources and Demand Response. Applied Energy, 138, 695-706. doi:10.1016/j.apenergy.2014.10.048Pandžić, H., Kuzle, I., & Capuder, T. (2013). Virtual power plant mid-term dispatch optimization. Applied Energy, 101, 134-141. doi:10.1016/j.apenergy.2012.05.039Pandžić, H., Morales, J. M., Conejo, A. J., & Kuzle, I. (2013). Offering model for a virtual power plant based on stochastic programming. Applied Energy, 105, 282-292. doi:10.1016/j.apenergy.2012.12.077Rahimiyan, M., & Baringo, L. (2016). Strategic Bidding for a Virtual Power Plant in the Day-Ahead and Real-Time Markets: A Price-Taker Robust Optimization Approach. IEEE Transactions on Power Systems, 31(4), 2676-2687. doi:10.1109/tpwrs.2015.2483781Mnatsakanyan, A., & Kennedy, S. W. (2015). A Novel Demand Response Model with an Application for a Virtual Power Plant. IEEE Transactions on Smart Grid, 6(1), 230-237. doi:10.1109/tsg.2014.2339213Bartolucci, L., Cordiner, S., Mulone, V., & Santarelli, M. (2019). Ancillary Services Provided by Hybrid Residential Renewable Energy Systems through Thermal and Electrochemical Storage Systems. Energies, 12(12), 2429. doi:10.3390/en12122429Cucchiella, F., D’Adamo, I., Gastaldi, M., & Stornelli, V. (2018). Solar Photovoltaic Panels Combined with Energy Storage in a Residential Building: An Economic Analysis. Sustainability, 10(9), 3117. doi:10.3390/su10093117Dupont, B., De Jonghe, C., Olmos, L., & Belmans, R. (2014). Demand response with locational dynamic pricing to support the integration of renewables. Energy Policy, 67, 344-354. doi:10.1016/j.enpol.2013.12.058Comparison of Actual Costs to Integrate Commercial Buildings with the Grid; Jun. 2016https://www.semanticscholar.org/paper/Comparison-of-Actual-Costs-to-Integrate-Commercial-Piette-Black/b953cfef9716b1f87c759048ef714e8c70e19869/Alfonso, D., Pérez-Navarro, A., Encinas, N., Álvarez, C., Rodríguez, J., & Alcázar, M. (2007). Methodology for ranking customer segments by their suitability for distributed energy resources applications. Energy Conversion and Management, 48(5), 1615-1623. doi:10.1016/j.enconman.2006.11.006Rodríguez-García, J., Álvarez-Bel, C., Carbonell-Carretero, J.-F., Alcázar-Ortega, M., & Peñalvo-López, E. (2016). A novel tool for the evaluation and assessment of demand response activities in the industrial sector. Energy, 113, 1136-1146. doi:10.1016/j.energy.2016.07.146Morales, D. X., Besanger, Y., Sami, S., & Alvarez Bel, C. (2017). Assessment of the impact of intelligent DSM methods in the Galapagos Islands toward a Smart Grid. Electric Power Systems Research, 146, 308-320. doi:10.1016/j.epsr.2017.02.003Derakhshan, G., Shayanfar, H. A., & Kazemi, A. (2016). The optimization of demand response programs in smart grids. Energy Policy, 94, 295-306. doi:10.1016/j.enpol.2016.04.009Söyrinki, S., Heiskanen, E., & Matschoss, K. (2018). Piloting Demand Response in Retailing: Lessons Learned in Real-Life Context. Sustainability, 10(10), 3790. doi:10.3390/su10103790McPherson, M., & Tahseen, S. (2018). Deploying storage assets to facilitate variable renewable energy integration: The impacts of grid flexibility, renewable penetration, and market structure. Energy, 145, 856-870. doi:10.1016/j.energy.2018.01.002Hornsdale Power Reserve, Year 1 Technical and Market Impact Case Studyhttps://www.aurecongroup.com/markets/energy/hornsdale-power-reserve-impact-study/Burger, S., Chaves-Ávila, J. P., Batlle, C., & Pérez-Arriaga, I. J. (2017). A review of the value of aggregators in electricity systems. Renewable and Sustainable Energy Reviews, 77, 395-405. doi:10.1016/j.rser.2017.04.014Niesten, E., & Alkemade, F. (2016). How is value created and captured in smart grids? A review of the literature and an analysis of pilot projects. Renewable and Sustainable Energy Reviews, 53, 629-638. doi:10.1016/j.rser.2015.08.069Calvillo, C. F., Sánchez-Miralles, A., Villar, J., & Martín, F. (2016). Optimal planning and operation of aggregated distributed energy resources with market participation. Applied Energy, 182, 340-357. doi:10.1016/j.apenergy.2016.08.117Lopes, A. J., Lezama, R., & Pineda, R. (2011). Model Based Systems Engineering for Smart Grids as Systems of Systems. Procedia Computer Science, 6, 441-450. doi:10.1016/j.procs.2011.08.083Lüth, A., Zepter, J. M., Crespo del Granado, P., & Egging, R. (2018). Local electricity market designs for peer-to-peer trading: The role of battery flexibility. Applied Energy, 229, 1233-1243. doi:10.1016/j.apenergy.2018.08.004Kabalci, Y. (2016). A survey on smart metering and smart grid communication. Renewable and Sustainable Energy Reviews, 57, 302-318. doi:10.1016/j.rser.2015.12.114Alahakoon, D., & Yu, X. (2016). Smart Electricity Meter Data Intelligence for Future Energy Systems: A Survey. IEEE Transactions on Industrial Informatics, 12(1), 425-436. doi:10.1109/tii.2015.2414355Luthander, R., Widén, J., Nilsson, D., & Palm, J. (2015). Photovoltaic self-consumption in buildings: A review. Applied Energy, 142, 80-94. doi:10.1016/j.apenergy.2014.12.028Jha, M., Blaabjerg, F., Khan, M. A., Bharath Kurukuru, V. S., & Haque, A. (2019). Intelligent Control of Converter for Electric Vehicles Charging Station. Energies, 12(12), 2334. doi:10.3390/en12122334Full Report Australian Energy Storagehttps://www.smartenergy.org.au/resources/australian-energy-storage-market-analysis

New artificial neural network prediction method for electrical consumption forecasting based on building end-uses

Due to the current high energy prices it is essential to find ways to take advantage of new energy resources and enable consumers to better understand their load curve. This understanding will help to improve customer flexibility and their ability to respond to price or other signals from the electricity market. In this scenario, one of the most important steps is to carry out an accurate calculation of the expected consumption curve, i.e. the baseline. Subsequently, with a proper baseline, customers can participate in demand response programs and verify performed actions. This paper presents an artificial neural network (ANN) method for short-term prediction of total power consumption in buildings with several independent processes. This problem has been widely discussed in recent literature but a new point of view is proposed. The method is based on two fundamental features: total consumption forecast based on independent processes of the considered load or end-uses; and an adequate selection of the training data set in order to simplify the ANN architecture. Validation of the method has been performed with the prediction of the whole consumption expressed as 96 active energy quarter-hourly values of the Universitat Politcnica de Valncia, a commercial customer consuming 11,500 kW. © 2011 Elsevier B.V. All rights reserved.This research work has been possible with the support of the Universitat Politecnica de Valencia (Spain) with grant #CE 19990032.Escrivá-Escrivá, G.; Álvarez Bel, CM.; Roldán Blay, C.; Alcázar-Ortega, M. (2011). New artificial neural network prediction method for electrical consumption forecasting based on building end-uses. Energy and Buildings. 43(11):3112-3119. https://doi.org/10.1016/j.enbuild.2011.08.008S31123119431