Corporate Reputation and Stock Returns; are good firm good for investors?

This paper employs a unique dataset from the UK based on ten years of surveys of company directors and analysts conducted for Management Today to examine the relationship between a firm’s reputation and the returns on its shares. We find that investors who purchase stocks with reputation scores that have risen significantly can make abnormal returns. Also, firms whose scores have fallen substantially still exhibit positive abnormal returns in both the short and long run when the market index is employed as a benchmark. However, when a more appropriate comparator is used, evidence of out-performance entirely disappearsManagement today, most admired firms, stock returns

The Stock Performance of America’s 100 Best Corporate Citizens

This study considers the stock performance of America’s 100 Best Corporate Citizens following the annual survey by Business Ethics. We examine both possible short-term announcement effects around the time of the survey’s publication, and whether longer-term returns are higher for firms that are listed as good citizens. We find some evidence of a positive market reaction to a firm’s presence in the Top 100 firms that are made public, and that holders of the stock of such firms earn small abnormal returns during an announcement window. Over the year following the announcement, companies in the Top 100 yield negative abnormal returns of around 3%. However, such companies tend to be large and with stocks exhibiting a growth style, which existing studies suggest will tend to perform poorly. Once we allow for these firm characteristics, the poor performance of the highly rated firms declines. We also find companies that are newly listed as good citizens can provide considerable positive abnormal returns to investors, even after allowing for their market capitalisation, price-to-book ratios, and sectoral classification.Corporate citzenship, business ethics 100 best corporate citzens, corporate social responsibility, stock returns, trading rule performance

Enhancing the Impact of Cross-Sector Partnerships. Four Impact Loops for Channeling Partnership Studies

This paper addresses the topic of this special symposium issue: how to enhance the impact of cross-sector partnerships. The paper takes stock of two related discussions: the discourse in cross-sector partnership research on how to assess impact and the discourse in impact assessment research on how to deal with more complex organizations and projects. We argue that there is growing need and recognition for cross-fertilization between the two areas. Cross-sector partnerships are reaching a paradigmatic status in society, but both research and practice need more thorough evidence of their impacts and of the conditions under which these impacts can be enhanced. This paper develops a framework that should enable a constructive interchange between the two research areas, while also framing existing research into more precise categories that can lead to knowledge accumulation. We address the preconditions for such a framework and discuss how the constituent parts of this framework interact. We distinguish four different pathways or impact loops that refer to four distinct orders of impact. The paper concludes by applying these insights to the four papers included in this special issue

National institutional systems as antecedents of female board representation: an empirical study

Research Question/Issue: How are national institutional systems related to the proportion of women found on corporate boards of directors of companies listed in particular countries? Which particular types of national institutions play the most important role? We explore cross-country variation in the pattern of female representation on corporate boards and evaluate the extent to which it is associated with the nature of national institutional systems as captured in five frameworks each of which emphasises the importance of a distinct type of national institutions. Our analysis includes 38 countries and covers the years 2001-2007. Research Findings/Insights: Our findings show that as much as half of the variation in the presence of women on corporate boards across countries is attributable to national institutional systems and that culturally and legally-oriented institutional systems appear to play the most significant role in shaping board diversity. Theoretical/Academic Implications: Our study suggests that country-level institutions, previously neglected in studies of board diversity, play an important role in shaping the prevalence of women on corporate boards and that these need to be more fully incorporated in future research on board diversity. Practitioner/Policy Implications: The importance of national institutional systems for board diversity suggests that policy levers of a regulatory nature and national cultural characteristics are important elements in driving corporate board diversity and offer distinct opportunities for tailoring a mix of corporate governance interventions that suit the particular institutional nature of a given country

The role of the chair of the school governing body in England

The research reported here analysed the role of the chair of the school governing body in England, drawing on a national survey of governors and the study of governing in 30 schools. The role encompassed: being a governor; appointing and working with the head teacher; acting as a change agent; active participation in the school; organising the governing body; dealing with complaints; working with parents; and chairing meetings. We discuss the role and the way it is experienced and conclude that the position of chair is substantially under-played; given insufficient status; and is a significant educational and community leadership responsibility.17 page(s

Attitudinal Impact of Sexual Embedding in Print Advertising

The main objective of this study was the investigation of the attitudinal effects of embedding of sexual stimuli in print advertising. It differs from past efforts, in that it concerns itself with figure and ground embeds rather than subliminal stimuli. Because there has been little research in this area, a theoretical basis for the study was drawn from a review of three separate, relevant areas: (1) Subliminal stimulation, (2) Attention and perception, and (3) Figure and ground manipulation. The hypothesis drawn from this basis was that the figural embedding will have no effect on viewers of these ads. The experiment performed to test this hypothesis used 74 undergraduate students in a posttest only control� group design. The students were randomly divided into groups, with males and females equally apportioned. They were then shown the embedded ads or the control ads with the embeds removed. The order of presentation was also varied. Seven point semantic differential scales provided the measurement of attitudes along four components: affective cognitive, behavioral, and sexual. Eight 2 x 2 x 2 analysis of variance were used to analyze the data�. The factors were version, sex, and order of presentation. The hypothesis was supported in that no signific, relationship was found between attitudes and embedding. These findings are contrary to certain advertiser 1s current practices of engaging in the liberal use of figural embedding. The implication of this study is that of a "warning flag" to advertisers to examine this practice carefully and to call for more critical research. There is also an ethical issue to be considered in this attempted manipulation of mass audiences without their conscious awareness. Is this figural embedding of sexual images worth the possible social outcry? The evidence from this study says no.Business Administratio

The intermediate pyrolysis and catalytic steam reforming of brewers spent grain

Brewers spent grain (BSG) is a widely available feedstock representing approximately 85% of the total by-products generated in the brewing industry. This is currently either disposed of to landfill or used as cattle feed due to its high protein content. BSG has received little or no attention as a potential energy resource, but increasing disposal costs and environmental constraints are now prompting the consideration of this. One possibility for the utilisation of BSG for energy is via intermediate pyrolysis to produce gases, vapours and chars. Intermediate pyrolysis is characterised by indirect heating in the absence of oxygen for short solids residence times of a few minutes, at temperatures of 350-450 °C. In the present work BSG has been characterised by chemical, proximate, ultimate and thermo-gravimetric analysis. Intermediate pyrolysis of BSG at 450 °C was carried out using a twin coaxial screw reactor known as Pyroformer to give yields of char 29%, 51% of bio-oil and 19% of permanent gases. The bio-oil liquid was found to separate in to an aqueous phase and organic phase. The organic phase contained viscous compounds that could age over time leading to solid tars that can present problems in CHP application. The quality of the pyrolysis vapour products before quenching can be upgraded to achieve much improved suitability as a fuel by downstream catalytic reforming. A Bench Scale batch pyrolysis reactor has then been used to pyrolyse small samples of BSG under a range of conditions of heating rate and temperature simulating the Pyroformer. A small catalytic reformer has been added downstream of the reactor in which the pyrolysis vapours can be further cracked and reformed. A commercial reforming nickel catalyst was used at 500, 750 and 850 °C at a space velocity about 10,000 L/h with and without the addition of steam. Results are presented for the properties of BSG, and the products of the pyrolysis process both with and without catalytic post-processing. Results indicate that catalytic reforming produced a significant increase in permanent gases mainly (H2 and CO) with H2 content exceeding 50 vol% at higher reforming temperatures. Bio-oil yield decreased significantly as reforming temperature increased with char remaining the same as pyrolysis condition remained unchanged. The process shows an increase in heating value for the product gas ranging between 10.8-25.2 MJ/m as reforming temperature increased

Defining and deterring corporate social irresponsibility : embracing the institutional complexity of international business

Purpose This paper aims to put forward a definition of corporate social irresponsibility (CSI) which is relevant to the study of complex organizations and in particular, the multinational enterprise (MNE). This paper then offers a framework as a foundation to discuss the institutional complexity of CSI to aid international business (IB) scholars, practitioners and policymakers achieve a clearer understanding of the mechanisms that may penalize and subsequently deter MNE irresponsibility. Design/methodology/approach In presenting the approaches taken by social regulation researchers and IB policy scholars to understand MNE irresponsibility, this paper proposes a definition of CSI and explicates the various mechanisms associated with deterring MNEs from behaving irresponsibly. Findings Therefore, how can MNEs be deterred from behaving irresponsibly? To further the research agenda concerning CSI in IB, far less common are a definition of CSI relevant to the complex IB context; and a framework that explicates both the legal and social components of CSI, particularly as they unfold in a complex, diverse and often divergent institutional landscape. Overcoming these two primary obstacles is important because when complexities associated with CSI emerge, researchers need to be able to ascertain and expound upon what they are observing so that comparisons can be made and more MNE CSI research can be accrued over time. Research limitations/implications To help the development of future research, we offered a more precise definition of CSI, one which is more relevant to the study of the MNE and the complex contemporary IB environment. By embracing complexities, this paper also outlines an institutional complexity approach, one which highlights both the role of formal and informal regulatory institutions. Though IB has traditionally focused on the role of formal regulation, there is much more to be unearthed by exploring the additional and concurrent influence of social regulatory institutions. Practical implications There is a high level of heterogeneity in the motivations and modes used by MNEs to enter international markets, which likely influence efforts made by these firms to adapt to different types of formal and social institutional pressures. When firms invest significantly in a market, they have a greater economic dependence in that market and institutions have a greater opportunity to exert pressures. For instance, foreign direct investment requires a higher level of (longer-term) commitment, transfer of capital, exchange of expertise and learning, meaning that firms depend much more on local authorities to perform in the market and accomplish their goals. Social implications Enabled by new technologies and, particularly, social media platforms, stakeholders can now engage in organized forms of regulatory activities, as is evident in the lesbian, gay, bisexual, transgender, queer, black lives matter and gender equality social activist movements. Through prominent collective actions, the impacts of globally organized social movements may be increasingly non-location bound, placing MNE managers at the heart of new challenges and opportunities to engage with global stakeholders. Infomediaries such as the press, have always been of historical importance, due to their role in shaping stakeholder expectations and opinions of the firm and thus, the reputation and legitimacy of that firm. Originality/value This study enriches the understanding of what CSI is, why we are likely to observe it in practice and how it affects MNEs. This paper offers a definition of CSI that is sufficiently nuanced to capture the complexity of the contemporary IB environment, as well as a framework that, this paper proposes, presents a clearer understanding of the institutional mechanisms that may deter MNEs from behaving irresponsibly. By encouraging scholars to examine the institutional complexity of MNE CSI, the paper hopes to contribute toward building a bridge which connects the IB policy and social regulation research streams. Design/methodology/approach – In presenting the approaches taken by social regulation researchers, and IB policy scholars to understand MNE irresponsibility, we propose a definition of CSI and explicate the various mechanisms associated with deterring MNEs from behaving irresponsibly. Originality/value – This study enriches our understanding of what CSI is, why we are likely to observe it in practice and how it affects MNEs. Historically, a primary hurdle to the advancement of research concerning CSI has been the lack of a precise definition tailored around what CSI is in relation to a diverse international business environment. MNEs manage complex global operations and supply chains, situated within varied institutional contexts, with often competing stakeholder perceptions, pressures, and demands. Should MNEs be identified as having engaged in CSI, they may experience pressures by formal institutional mechanisms led by government bodies, as well as by informal, social regulatory mechanisms, where deterioration in stakeholder perceptions and activist social movements can lead to damages in MNE reputational assets, financial losses and stock market underperformance. Accordingly, we offer a definition of CSI that is sufficiently nuanced to capture the complexity of the contemporary IB environment, as well as a framework that, we propose, presents a clearer understanding of the institutional mechanisms that may deter MNEs from behaving irresponsibly. By encouraging scholars to examine the institutional complexity of MNE CSI, we hope to contribute towards building a bridge which connects the IB policy and social regulation research streams

What happens abroad, stays abroad? Exploring how corporate social irresponsibility in domestic and international markets influences corporate reputation

Corporate social irresponsibility (CSI) can occur in the multinational enterprise's (MNE) domestic and international markets, thereby risking corporate reputation. However, are corporate reputations differentially influenced by the location of CSI events? Drawing on the ethnocentric bias perspective, we examine how CSI affects corporate reputations according to whether CSI emerges in the MNE's home or international markets. We theorize that, when CSI occurs in an international host market, the negative relationship between CSI and corporate reputation is generally weaker. Conversely, when CSI arises within the home location, home country-located CSI has the strongest negative relationship to corporate reputation. Our findings generally reflect the core argument of the paper: home-country based CSI incidents may be more consequential to an MNE's corporate reputation compared to those CSI incidents which unfold in certain host countries. Our longitudinal analysis, comprising of 2,401 CSI events, involving 465 MNEs, confirms our theorizing. Among our principal contributions, this study adds to the growing and important literature on the dark side of international business (IB)