Market reaction to firms’ investments in CSR projects

Purpose: The purpose of this paper is to determine the impact of corporate investments in corporate social responsibility (CSR), measured by the environmental, social and government (ESG) rating, on the market valuation of a firm's stocks and to explain the regional differences in the degree of this influence. Design/methodology/approach: The empirical study uses linear and non-linear panel regression models for a panel sample of 951 firms listed in Asia, North America and Europe operating in innovative industries. Findings: The CSR score was found to be significant in terms of stock excess return on the regional level. However, this finding cannot be extrapolated to the global scale. ESG rating is priced by the European and North American markets negatively, while in the Asian market, it is positive. This penalty (negative influence) is greater than the reward for one point increase in ESG rating. Practical implications: The results of this empirical study could be used by firms' managers to adjust strategies aimed at stock value growth and by investors to select an investment strategy to maximize return. Originality/value: The impact of investments in CSR on stock excess return over a defined benchmark is assessed. The study reveals regional differences in the impact of CSR investment using a sample of Asian, European and North American firms. The authors apply a more advanced lagged CSR performance (d.ESG) assessment based on the methodology of Zhang and Rajagopalan (2010).Objetivo: El propósito de este documento es determinar el impacto de las inversiones corporativas en responsabilidad social corporativa (RSC), medida por la calificación ambiental, social y gubernamental (ASG), en la valoración de mercado de las acciones de una empresa y explicar las diferencias regionales en el grado de esta influencia. Diseño/metodología/enfoque: El estudio empírico utiliza modelos de regresión de panel lineal y no lineal para una muestra de panel de 951 empresas cotizadas en Asia, América del Norte y Europa que operan en industrias innovadoras. Hallazgos: Se encontró que la puntuación de CSR era significativa en términos de exceso de rentabilidad de las acciones a nivel regional. Sin embargo, este hallazgo no se puede extrapolar a escala global. La calificación ASG tiene un precio negativo en los mercados europeo y norteamericano, mientras que en el mercado asiático es positivo. Esta penalización (influencia negativa) es mayor que la recompensa por un aumento de un punto en la calificación ASG. Implicaciones prácticas: Los resultados de este estudio empírico podrían ser utilizados por los gerentes de las empresas para ajustar estrategias dirigidas al crecimiento del valor de las acciones y por los inversores para seleccionar una estrategia de inversión para maximizar el rendimiento. Originalidad/valor: Se evalúa el impacto de las inversiones en RSC sobre el exceso de rentabilidad de las acciones sobre un punto de referencia definido. El estudio revela diferencias regionales en el impacto de la inversión en RSE utilizando una muestra de empresas asiáticas, europeas y norteamericanas. Los autores aplican una evaluación rezagada del desempeño de la RSE (d.ASG) más avanzada basada en la metodología de Zhang y Rajagopalan (2010)

Повышение качества управления частными корпоративными структурами на различных уровнях государственного управления и менеджмента

The article is devoted to the problems of the formation of a new system of public administration, since the previous model does not meet public requirements due to the isolation of the authorities from many real problems. The authors show that the traditional model of public administration is experiencing a crisis of legitimacy at all levels, as evidenced by the decline in public confidence in the government. Simultaneously, the authors focus on the analysis of the process of reforming the institution of public service. The authors conduct a detailed analysis of the practice of corporate relations in order to better understand the relationships that develop within the company's management bodies in the process of corporate governance.  In addition, the authors clarify the content of such concepts as corporate governance and corporate governance. The authors used the method of indicative planning, so the concept of indicative planning is a priority in the situation of public-private partnership.  In this regard, we differentiate the volume of early and late indicators. We believe that the effectiveness of business processes depends on their logistics in various areas: financial, personnel, customer, etc. public-private partnership functions as an integrated Corporation that interacts with many partners.Статья посвящена проблемам формирования новой системы государственного управления, поскольку прежняя модель не отвечает общественным требованиям из-за изоляции власти от многих реальных проблем. Авторы показывают, что традиционная модель государственного управления переживает кризис легитимности на всех уровнях, о чем свидетельствует снижение степени доверия населения к власти. Одномоментно авторы делают упор на анализ процесса реформирования института государственной службы. Авторы проводят детальный анализ практики корпоративных отношений для того чтобы лучше понять отношения, складывающиеся внутри органов управления общества в процессе корпоративного управления. Кроме того, авторы уточняют содержание таких понятий, как корпоративное управление и корпоративное управление. Авторы использовали метод индикативного планирования, поэтому концепция индикативного планирования является приоритетной в ситуации государственно-частного партнерства.  В связи с этим авторы дифференцируют объем ранних и поздних показателей и полагают, что эффективность бизнес-процессов зависит от их логистики в различных сферах: финансовой, кадровой, клиентской и т.д. государственно-частное партнерство функционирует как интегрированная корпорация, которая взаимодействует со многими партнерами

Reforming legislation in prevention of neglect and juvenile delinquency

The article represents the results of the analysis of modern legal regulation of the system for prevention of neglect and juvenile delinquency in the Russian Federation and activity of commissions for juvenile affairs and juvenile rights protection as the main authority of that system. Relevance and immediacy of changes and reforming of legislation in the prevention of neglect and juvenile delinquency and areas of such activity are associated with the needs of the modern informational society. The authors analyze regulatory legal acts governing the activity of commissions for juvenile affairs and juvenile rights protection, proposals of executive authorities of constituents of the Russian Federation in the practicability of developing a concept of federal law on prevention of neglect and juvenile delinquency and rights’ protection and they characterize primary trends in the activity of this authority in order to define further perspectives of activity within the system of prevention of neglect and juvenile delinquency in Russia. Methodological support of the research are such methods of scientific cognition as analysis and synthesis, comparative-legal, formally legal, analysis of documents, legal modeling, survey, which allowed for a comprehensive approach to the research of this problem. The result of the research was reasoned conclusions on the practicability of reforming authorities and legal relations in the system of prevention of neglect and juvenile delinquency. Models are given for the modernization of commissions for juvenile affairs and juvenile rights protection. The results ensure conceptual basis and trends in the development of proposals for improvement of legal regulatory regulation of social relations in the prevention of asocial behavior and juvenile delinquency

Translation, interpreting, cognition: The way out of the box

Cognitive aspects of the translation process have become central in Translation and Interpreting Studies in recent years, further establishing the field of Cognitive Translatology. Empirical and interdisciplinary studies investigating translation and interpreting processes promise a hitherto unprecedented predictive and explanatory power. This collection contains such studies which observe behaviour during translation and interpreting. The contributions cover a vast area and investigate behaviour during translation and interpreting – with a focus on training of future professionals, on language processing more generally, on the role of technology in the practice of translation and interpreting, on translation of multimodal media texts, on aspects of ergonomics and usability, on emotions, self-concept and psychological factors, and finally also on revision and post-editing. For the present publication, we selected a number of contributions presented at the Second International Congress on Translation, Interpreting and Cognition hosted by the Tra&Co Lab at the Johannes Gutenberg University of Mainz

Translation, interpreting, cognition: The way out of the box

Cognitive aspects of the translation process have become central in Translation and Interpreting Studies in recent years, further establishing the field of Cognitive Translatology. Empirical and interdisciplinary studies investigating translation and interpreting processes promise a hitherto unprecedented predictive and explanatory power. This collection contains such studies which observe behaviour during translation and interpreting. The contributions cover a vast area and investigate behaviour during translation and interpreting – with a focus on training of future professionals, on language processing more generally, on the role of technology in the practice of translation and interpreting, on translation of multimodal media texts, on aspects of ergonomics and usability, on emotions, self-concept and psychological factors, and finally also on revision and post-editing. For the present publication, we selected a number of contributions presented at the Second International Congress on Translation, Interpreting and Cognition hosted by the Tra&Co Lab at the Johannes Gutenberg University of Mainz

Translation, interpreting, cognition: The way out of the box

Cognitive aspects of the translation process have become central in Translation and Interpreting Studies in recent years, further establishing the field of Cognitive Translatology. Empirical and interdisciplinary studies investigating translation and interpreting processes promise a hitherto unprecedented predictive and explanatory power. This collection contains such studies which observe behaviour during translation and interpreting. The contributions cover a vast area and investigate behaviour during translation and interpreting – with a focus on training of future professionals, on language processing more generally, on the role of technology in the practice of translation and interpreting, on translation of multimodal media texts, on aspects of ergonomics and usability, on emotions, self-concept and psychological factors, and finally also on revision and post-editing. For the present publication, we selected a number of contributions presented at the Second International Congress on Translation, Interpreting and Cognition hosted by the Tra&Co Lab at the Johannes Gutenberg University of Mainz

Translation, interpreting, cognition: The way out of the box

Cognitive aspects of the translation process have become central in Translation and Interpreting Studies in recent years, further establishing the field of Cognitive Translatology. Empirical and interdisciplinary studies investigating translation and interpreting processes promise a hitherto unprecedented predictive and explanatory power. This collection contains such studies which observe behaviour during translation and interpreting. The contributions cover a vast area and investigate behaviour during translation and interpreting – with a focus on training of future professionals, on language processing more generally, on the role of technology in the practice of translation and interpreting, on translation of multimodal media texts, on aspects of ergonomics and usability, on emotions, self-concept and psychological factors, and finally also on revision and post-editing. For the present publication, we selected a number of contributions presented at the Second International Congress on Translation, Interpreting and Cognition hosted by the Tra&Co Lab at the Johannes Gutenberg University of Mainz

Translation, interpreting, cognition: The way out of the box

Cognitive aspects of the translation process have become central in Translation and Interpreting Studies in recent years, further establishing the field of Cognitive Translatology. Empirical and interdisciplinary studies investigating translation and interpreting processes promise a hitherto unprecedented predictive and explanatory power. This collection contains such studies which observe behaviour during translation and interpreting. The contributions cover a vast area and investigate behaviour during translation and interpreting – with a focus on training of future professionals, on language processing more generally, on the role of technology in the practice of translation and interpreting, on translation of multimodal media texts, on aspects of ergonomics and usability, on emotions, self-concept and psychological factors, and finally also on revision and post-editing. For the present publication, we selected a number of contributions presented at the Second International Congress on Translation, Interpreting and Cognition hosted by the Tra&Co Lab at the Johannes Gutenberg University of Mainz

Translation, interpreting, cognition: The way out of the box

Cognitive aspects of the translation process have become central in Translation and Interpreting Studies in recent years, further establishing the field of Cognitive Translatology. Empirical and interdisciplinary studies investigating translation and interpreting processes promise a hitherto unprecedented predictive and explanatory power. This collection contains such studies which observe behaviour during translation and interpreting. The contributions cover a vast area and investigate behaviour during translation and interpreting – with a focus on training of future professionals, on language processing more generally, on the role of technology in the practice of translation and interpreting, on translation of multimodal media texts, on aspects of ergonomics and usability, on emotions, self-concept and psychological factors, and finally also on revision and post-editing. For the present publication, we selected a number of contributions presented at the Second International Congress on Translation, Interpreting and Cognition hosted by the Tra&Co Lab at the Johannes Gutenberg University of Mainz