The influence of social disclosure on the relationship between Corporate Financial Performance and Corporate Social Performance*

Esta pesquisa tem como objetivo geral investigar o efeito moderador do disclosure do Corporate Social Performance (D-CSP) na relação entre Corporate Social Performance (CSP - Performance Social Corporativa) e Corporate Financial Performance (CFP - Performance Financeira Corporativa). Com base nesse objetivo, a pesquisa apresentou um modelo no qual o D-CSP atua como moderador em relação aos stakeholders primários (funcionários, comunidade e fornecedores). O D-CSP é um mecanismo pelo qual os diversos aspectos sociais envolvidos nas políticas, ações e atividades discricionárias identificados no gerenciamento para stakeholder podem ser avaliados. Para testar o modelo, utilizou-se uma amostra de 1.147 empresas pertencentes a 10 distintos setores e aos cinco continentes do planeta. Utilizaram-se dados da base Bloomberg de 2010 a 2014, totalizando 5.623 observações. A relação foi testada utilizando-se o modelo de regressão linear múltipla com dados em painel com efeitos fixos, recorrendo-se à correção de Newey-West erro padrão robusto. Para efetuar os testes, utilizaram-se três construtos: D-CSP, CSP e CFP. Empregou-se, como medida de CSP, a CSP dos stakeholders funcionários, fornecedores e comunidade. Como medida do D-CSP, aplicaram-se os scores de disclosure de CSP disponíveis na base de dados e, como medida da CFP, utilizou-se o retorno sobre ativo (ROA). Os testes realizados apontaram a existência do efeito moderador positivo do disclosure na relação entre CSP de stakeholders primários e CFP. Os resultados permitem inferir que, além de apresentar um CSP positivo em relação aos stakeholders primários, é necessário divulgar tais resultados, contribuindo para desempenhos financeiros superiores.This study’s general objective is to investigate the moderating effect of Corporate Social Performance Disclosure (D-CSP) on the relationship between Corporate Social Performance (CSP) and Corporate Financial Performance (CFP). Based on this objective, the study presented a model in which D-CSP acts as a moderator in relation to primary stakeholders (employees, community, and suppliers). D-CSP is a mechanism through which the various social aspects involved in discretionary policies, actions, and activities identified in the management for stakeholders process can be evaluated. A sample of 1,147 companies belonging to 10 different sectors and five continents was used to test the model. Data were collected from the Bloomberg database, totaling 5,735 observations, from 2010 to 2014. The relationship was tested using the multiple linear regression model involving panel data with fixed effects, and the Newey-West robust standard errors correction. Three constructs, D-CSP, CSP, and CFP, were used to perform the tests. As a CSP measure, the CSP of the employee, supplier, and community stakeholders was used. As a D-CSP measure, the CSP disclosure scores available from the database were used, and return on assets (ROA) was used as a CFP measure. The tests carried out indicated the existence of a positive moderating effect of disclosure on the relationship between the CSP of primary stakeholders and CFP. Besides presenting a positive CSP in relation to the primary stakeholders the results enable it to be inferred that these results need to be disclosed, thus contributing to higher corporate financial performance

The Eldivan ophiolite and volcanic rocks in the İzmir–Ankara–Erzincan suture zone, Northern Turkey: Geochronology, whole-rock geochemical and Nd–Sr–Pb isotope characteristics

Gabbros and dolerite dikes of the Eldivan ophiolite and basaltic volcanic rocks of the ophiolitic mélange in the central part of the İzmir–Ankara–Erzincan (IAE) suture zone were investigated for their 40Ar/39Ar age and whole-rock-major-trace element and Sr–Nd–Pb isotope compositions. Based on geological and geochemical characteristics basaltic volcanic rocks in the ophiolitic mélange are subdivided into two groups (Groups I and II) with ocean island basalts or enriched mid-ocean ridge basalt characteristics, respectively. Gabbros and dolerite dikes of the Eldivan ophiolite (Groups III and IV) have instead geochemical compositions indicative of a subduction-related environment. The volcanic rocks of Group I have 87Sr/86Sr(i) between 0.7037 and 0.7044, ƐNd(i)–DM of −4.5 to −5.6, and 206Pb/204Pb(i) ranging between 18.35 and 18.75. Group II volcanic rocks have higher 87Sr/86Sr(i) values (0.7049–0.7055), ƐNd(i)–DM ranging between −5.4 and −6.0, and 206Pb/204Pb(i) between 18.14 and 18.62. The Nd isotopic signatures and 207Pb/204Pb(i) values of the volcanic rocks of both groups point to a different source with respect to those of the Eldivan ophiolite. The low 206Pb/204Pb(i) values relative to the ophiolitic rocks seem to exclude a significant contribution from a HIMU reservoir, whereas the 207Pb/204Pb(i) values slightly above the NHRL might indicate some contribution from an EM2-type reservoir. Gabbros (Group III) of the Eldivan ophiolite and dolerite dikes (Group IV) cross-cutting the ultramafic part of the ophiolite show 87Sr/86Sr(i) between 0.7038 and 0.7053, ƐNd(i)–DM from −2 to −3.6 and 206Pb/204Pb(i) between 18.10 and 18.80. The gabbros yield ca. 150 Ma 40Ar/39Ar amphibole-plateau ages, which, together with the geochemical data, indicate that they were produced above subducted oceanic lithosphere in the IAE ocean domain in Late Jurassic times. Therefore, the Eldivan ophiolite in the IAE suture zone constitutes a link between the Hellenide–Dinaride ophiolite belts to the west and the Armenian–Iranian ophiolites to the east

Stratigraphy and Ar/Ar geochronology of the Miocene lignite-bearing Tuncbilek-Domanic Basin, western Anatolia

The Tuncbilek-Domani Basin is one of the Neogene basins containing economic coal deposits in western Anatolia, Turkey. The basin fill represents fluvial to lacustrine sedimentary units which are interlayered with volcanic rocks with bimodal composition. In order to reveal the stratigraphy and the exact ages of the basin fill and coal deposits, and to explore the tectonic evolution of the basin, we present new field data and Ar/Ar age data from the volcanic units. The field studies and the age data indicate that the whole basin fills were deposited between similar to 23 and similar to 19 Ma (Aquitanian-Early Burdigalian) without any unconformity. Taking into account the ages of the coal-bearing sedimentary units in the other Neogene basins in the region, it is concluded that most of the economic coal deposits in the western Anatolia were formed during Aquitanian. The field studies also show that the deposition of the sedimentary units in the basin was controlled by the NE-SW-trending strike- to oblique-slip normal faults. In a regional scale, tectonic evolution of the Tuncbilek-Domanic Basin is linked to the differential stretching in the hanging wall of the southerly located, a crustal-scale low-angle detachment fault (the Simav detachment fault) that controlled the Early Miocene exhumation of the Menderes Extensional Core Complex

The origin of carbonatites from the eastern armutlu peninsula (Nw turkey)

Unusual carbonate dykes, which have a thickness of up to 4 m, cross-cut the amphibolites from the high-grade metamorphic rocks in the Armutlu Peninsula (NW Turkey). They are described as carbonatites on the basis of their petrographic, geochemical and isotope-geochemical characteristics. The carbonatites, which commonly show equigranular texture, are composed of calcite and clinopyroxene with other minor phases of plagioclase, mica, garnet, K-feldspar, quartz, epidote, titanite and opaque minerals. They contain abundant xenoliths of pyroxenite and amphibolite. The geochemical characteristics of the carbonatites are significantly different from those of mantle-derived carbonatites. They have remarkably low incompatible element (e.g. Ba, Th, Nb) and total REE (11–91 ppm) contents compared with mantle-derived carbonatites. The high87Sr/86Sr(i) (0.70797–0.70924) and low εNd(t) (−8.08 to −9.57) of the carbonatites confirm that they were derived from the continental crust rather than from a mantle source. Mica from carbonatite was dated by the40Ar/39 Ar method, yielding a Late Jurassic–Early Cretaceous age (148–137 Ma). This is significantly younger than the age of adjacent amphibolites (Upper Triassic). All data from field studies, as well as petrographic, geochemical and geochronological observations, suggest that these carbonatites were formed from anatectic melting of a carbonated source area in the continental crust