Corporate Social performance and Financial Characteristics

Whereas firms traditionally have been evaluated solely on financial criteria, contemporary firms are also evaluated on various non-financial criteria, including Corporate Social Performance (CSP). Such data is useful in the pursuit of evidence of a relationship between CSP and various financial characteristics, including financial performance. Evidence on such relationships is valuable from many perspectives. It is valuable to managers who seek to improve their understanding of the ways in which CSP interacts with firm characteristics, it is valuable to investors who seek to improve their understanding of how CSP relates to financial asset characteristics, and ultimately it is valuable to regulators who seek to improve their understanding of the firms financial incentive to self-regulate on corporate social responsibility issues. This paper presents a cross-sectional analysis comparing environmental, social and corporate governance performance with financial characteristics of 237 Australian firms over the August 1997 to July 2003 period. The analysis allows for some heterogeneity in CSP-financial characteristics relationships related to company size, trading history and industry, which provides valuable additional information on such relationships. Findings indicate that the financial incentive to self-regulate on environmental criteria is weak and contingent on industry. The financial incentive to self-regulate on social criteria is marginally stronger and less contingent on industry. The financial incentive to self-regulate on governance criteria is very strong across the board, though it is particularly strong within the banking, diversified financials, insurance and telecommunications industries. This is indicated both by a significant positive association between governance and financial performance and very strong significant negative association between governance and risk. Acknowledgements: The authors are grateful to Corporate Monitor and the Securities Industry Research Centre of Asia-Pacific (SIRCA) for supplying data and support.Corporate environmental performance, corporate social performance, corporate governance performance

The Corporate Social Responsibility and the Theory of the Firm

This paper investigates the extent to which the concept of corporate social responsibility (CSR) challenges the validity of the traditional firm model. Contrary to what have been suggested by some critics of CSR, CSR does not appear to have been accepted as an alternative to the traditional profit maximising objective. Rather, CSR appears to play an integral part in the development of new theories aiming to improve our understanding of how contemporary firms operate, survive and succeed.

Retirement Savings Investment Strategy: Member Choices and Performance

Three crucial ingredients influence how much individuals will have to fund retirement income needs: how much they contribute to savings, how long they save for, and the performance of these savings. This paper focuses on the issue of performance, and how individuals perform when they are given the choice of making their own investment strategy for their retirement savings contributions. An empirical examination using a large sample gathered from four Australian superannuation funds is utilised and finds that on average members underperform their own funds default option both in raw returns and on a risk-adjusted basis. For trustees and regulators charged with the responsibility of looking after the interests of members an important result identifies significant differences in performance based on how members are allowed to construct their investment strategy.Retirement savings, Superannuation, Asset allocation, Investment performance Acknowledgements: The authors gratefully acknowledge the support of the four funds who supported this research. We would also like to thank Jacqui Whale for her efforts in making sense of four databases. Paul Gerrans would also like to thank Susquehanna University for the time in writing the paper.

Managing change without changing managers: An investigation of influences on decision making performance of public sector managers within novel and complex environments

This study examines relationships between the cognitive and decision making styles of individual managers, and their decision making performance , within public sector environments during structural and cultural reform. The main purpose is to develop a more effective means of matching managers to their novel and complex working environments, to minimise staff turnover and improve productivity

Gender differences in information resource usage when making retirement saving decisions

Population ageing is raising the profile of retirement incomes policy. In Australia assets of retirement savings funds are growing rapidly and fund members are assuming a greater role in determining funds\u27 investment strategies. The decision processes of fund members have not been extensively researched, however, these decisions are significant not only for members but also for employers and government. This paper provides information on retirement savings in Australia and reports on a survey of members of the Superannuation Scheme for Australian Universities (SSAU). In 1999 members of SSAU were asked to choose between a defined benefit scheme or one of four investment accumulation accounts. The paper explores gender differences in resources used to make the decision. Results indicate women were more likely to make less risky investment choices. Men were less likely to consult anyone about their decision and were more likely to use web-based information sources

Financial management in a joint field environment

MBA Professional ReportThis MBA professional report highlights the FM challenges that comptroller's encounter in the joint field environment, identifies sources of payment inefficiencies and recommends solutions to reduce those inefficiencies, thus addressing the issue of improving foreign contract payments by comptrollers in the field. Problem disbursements during Operation Desert Storm yielded $54 million dollars in mismanaged funds for the U.S. Army alone. With the continued emphasis on joint operations, the comptroller must effectively manage funds obligated to various Department of Defense (DoD) activities. The research involved in this endeavor includes doctrine and policy review, interviews with various DoD comptrollers and a case study of exercise Cobra Gold 2002 budget execution and contractual payments at the joint organization level. Cobra Gold is an excellent example of a large-scale joint and combined operation in a foreign country; it provides a great opportunity to analyze the research question. This professional report concludes that field comptrollers cannot adequately meet fiscal responsibilities without comparable garrison IT connectivity and recommends that all of the U.S. services procure systems that are fully interoperable to best support the warfighter. This report is primarily intended for field comptrollers with limited joint field experience to make them aware of the uniqueness that exists in joint operations.http://archive.org/details/financialmanagem109459910Captain, United States Marine CorpsLieutenant, United States NavyApproved for public release; distribution is unlimited

Retirement savings investment strategy : member choices and performance

Three crucial ingredients influence how much individuals will have to fund retirement income needs: how much they contribute to savings, how long they save for, and the performance of these savings. This paper focuses on the issue of performance, and how individuals perform when they are given the choice of making their own investment strategy for their retirement savings contributions. An empirical examination using a large sample gathered from four Australian superannuation funds is utilised and finds that on average members underperform their own fund’s default option both in raw returns and on a riskadjusted basis. For trustees and regulators charged with the responsibility of looking after the interests of members an important result identifies significant differences in performance based on how members are allowed to construct their investment strategy

The modifier effect and property mutability

The modifier effect is the reduction in perceived likelihood of a generic property sentence, when the head noun is modified. We investigated the prediction that the modifier effect would be stronger for mutable than for central properties, without finding evidence for this predicted interaction over the course of five experiments. However Experiment 6, which provided a brief context for the modified concepts to lend them greater credibility, did reveal the predicted interaction. It is argued that the modifier effect arises primarily from a general lack of confidence in generic statements about the typical properties of unfamiliar concepts. Neither prototype nor classical models of concept combination receive support from the phenomenon

Integrated working and intergenerational projects: a study of the use of sporting memories

The purpose of this paper is to promote discussion about, and the development of the evidence-base underpinning integrated working for intergenerational working. It discusses perspectives on intergenerational work in general and specifically draws on case experiences of the use of intergenerational reminiscence based on sporting memories to highlight issues pertaining to integrated working

Sporting memories & the social inclusion of older people experiencing mental health problems

Purpose Social exclusion and isolation of older people and their mental health are likely to be more significant, interlinked issues for society as we experience a changing demographic profile. We urgently need to identify effective ways of addressing these challenges that can be easily mobilised to meet diverse needs in different settings. This paper explores the impact of sporting memories (SM) work as one approach to help meet this need. This SM work entails the use of sports-based reminiscence to engage with older people experiencing mental health problems. To date this has especially focused on people living with dementia in institutional and in community settings. Design/methodology/approach The article sets out the sporting memories idea and discusses lessons learnt from case studies of its application to meet the inclusion and mental health needs of different older people in institutional and community settings. Findings The evidence from the application of sporting memories work to date is that it is an effective and flexible means of engaging people to improve their social inclusion and mental wellbeing. It can be readily deployed in various care and community settings. Research limitations/implications The evidence to date is of case studies of the use of sporting memories work, and, although these are now extensive case studies, further research is needed on the costs and impacts of sporting memories work. Practical implications Sporting memories work is a flexible and readily adoptable intervention to engage older people and help improve their social inclusion and mental wellbeing. Originality/value This is the first paper to set out the sporting memories work