Rating the Raters: Evaluating how ESG Rating Agencies Integrate Sustainability Principles

Environmental, social, and governance (ESG) rating agencies, acting as relevant financial market actors, should take a stand on working towards achieving a more sustainable development. In this context, the objective of this paper is, on the one hand, to understand how criteria used by ESG rating agencies in their assessment processes have evolved over the last ten years and, on the other hand, to analyze whether ESG rating agencies are contributing to fostering sustainable development by the inclusion of sustainability principles into their assessment processes and practices according to the ESG criteria. This research is based on a comparative descriptive analysis of the public information provided by the most representative ESG rating and information provider agencies in the financial market in two periods: 2008 and 2018. The findings show that ESG rating agencies have integrated new criteria into their assessment models to measure corporate performance more accurately and robustly in order to respond to new global challenges. However, a deep analysis of the criteria also shows that ESG rating agencies do not fully integrate sustainability principles into the corporate sustainability assessment process

Top executive pay in Spanish banking system

This study examines consistency between compensation systems and corporate performance. The main purpose is to analyse how the performance has affected the short-term executive pay in Spanish banking system during the period 2004–2008. The main results reveal that pay-performance sensitivity is asymmetrical regarding the sign of the variation of the performance, since the pay-performance sensitivity is greater when the variation of the results is positive than when the variation of the results is negative. This finding is consistent with the managerial power theory and calls into question the role of the pay-performance incentives to align interest of executives and shareholders

Age Diversity: An Empirical Study in the Board of Directors

This study aims to explore how board age diversity affects corporate performance. This study develops three hypotheses built on the perspective of the upper echelons and Harrison and Klein's (2007 Harrison, D. and K. Klein. “What's the Difference? Diversity Constructs as Separation, Variety, or Disparity in Organizations.” Academy of Management Review 32, no. 4 (2007): 1199–1228.[CrossRef], [Web of Science ®], [Google Scholar]) diversity typology. Focusing on age diversity and using a board of directors as a unit of analysis, this study empirically tests the effects of each type of age diversity on corporate performance in a sample of European listed firms for the year 2009. This study advances the understanding of board behavior and its relationships with corporate results, and presents a new approach to study age diversity from an integrated point of view.The authors wish acknowledge the financial support received from projects P1•1B2010-13 and P1•1B2010- 04 through the Universitat Jaume I and Master’s Degree in Sustainability and Social Corporate Responsibility

The Effect of Environmental, Social and Governance Consistency on Economic Results

This study aims to explore how environmental, social and governance (ESG) consistency impacts the firm performance, specifically, the relationship between ESG performance and economic performance (EP). This study posits that the company’s commitment and effectiveness towards the creation of consistent competitive advantage in environmental, social and governance dimensions constitutes an intangible value that leads improvements in corporate performance. This work uses a panel dataset for listed firms of the EU-15 countries during the period 2002 to 2011 and applies Generalized method of moments (GMM) estimator system in order to address the potential unobserved heterogeneity and dynamic endogeneity. The main results reveal that the global effect of ESG performance on EP for those firms that present interdimensional consistency is greater than the rest, except for higher levels of ESG performance.The authors wish acknowledge the financial support received from P1•1B2013-31 and P1•1B2013-48 projects through the Universitat Jaume I, and the Sustainability and Corporate Social Responsibility Master Degree (UJI–UNED). The authors thank the anonymous reviewers for their insightful comments and suggestions

Proinflammatory response of canine trophoblasts to Brucella canis infection

Brucella canis infection is an important cause of late-term abortion in pregnant bitches. The pathophysiological mechanisms leading to B. canis–induced abortion are unknown, but heavily infected trophoblasts are consistently observed. As trophoblasts responses to other pathogens contribute to placental inflammation leading to abortion, the aim of the present study was to characterize the cytokine response of canine trophoblasts to B. canis infection. To achieve this, trophoblasts isolated from term placenta of healthy female dogs were infected with B. canis, culture supernatants were harvested for cytokine determinations, and the load of intracellular viable B. canis was determined at different times post-infection. Additionally, cytokine responses were assessed in non-infected trophoblasts stimulated with conditioned media (CM) from B. canis-infected canine monocytes and neutrophils. Finally, cytokine response and bacteria replication were assessed in canine placental explants infected ex vivo. B. canis successfully infected and replicated in primary canine trophoblasts, eliciting an increase in IL-8 and RANTES (CCL5) secretion. Moreover, the stimulation of trophoblasts with CM from B. canis-infected monocytes and neutrophils induced a significant increase in IL-8, IL-6 and RANTES secretion. B. canis replication was confirmed in infected placental explants and the infection elicited an increased secretion of TNF-α, IL-8, IL-6 and RANTES. This study shows that canine trophoblasts produce proinflammatory cytokines in response to B. canis infection and/or to stimulation with factors produced by infected monocytes and neutrophils. These cytokines may contribute to placental inflammation leading to abortion in B. canis-infected pregnant bitches.Fil: Fernandez, Andrea Giselle. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Hielpos, María Soledad. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Ferrero, Mariana Cristina. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Fossati, Carlos Alberto. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata. Instituto de Estudios Inmunológicos y Fisiopatológicos. Universidad Nacional de La Plata. Facultad de Ciencias Exactas. Instituto de Estudios Inmunológicos y Fisiopatológicos; ArgentinaFil: Baldi, Pablo Cesar. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; Argentin

Stakeholder engagement in sustainability reporting in higher education An analysis of key internal stakeholders' expectations

Purpose The purpose of this study is to improve the understanding of stakeholder engagement in the context of sustainability reporting (SR) for higher education institutions (HEIs), together with the materiality principle and stakeholder expectations. Design/methodology/approach This research uses an exploratory approach based on content analysis, a case study and descriptive and inferential statistics. Findings Three key findings come out of this research. First, the results indicate that HEIs use diverse criteria for grouping stakeholders and that stakeholder engagement is a heterogeneous process. Second, the expectations of internal stakeholders align with the material aspects of SR. Finally, among internal stakeholders, students and academics disagree on the prioritisation of some sustainability aspects, with non-academic staff adopting an intermediate position. Practical implications This analysis improves our knowledge of stakeholder engagement in HEIs. It helps to identify the relevant impacts of stakeholder engagement, enhances the quality of reporting and encourages a real dialogue with stakeholders. Originality/value The study examines stakeholder engagement and how the materiality principle is adopted by HEIs through SR. Furthermore, it compares these results with stakeholder expectations, considering the discrepancies between stakeholders. The results open the way to future research to explore the potential conflicts and collaborations between and within stakeholders to advance towards more sustainable institutions in the higher education sector

Btp Proteins from Brucella abortus Modulate the Lung Innate Immune Response to Infection by the Respiratory Route

Although inhalation of infected aerosols is a frequent route for Brucella infection in humans, it rarely causes pulmonary clinical manifestations, suggesting a mild or nearly absent local inflammatory response. The goal of this study was to characterize the early innate immune response to intratracheal infection with Brucella abortus in mice and to evaluate whether it is modulated by this pathogen. After infection with 106 CFU of B. abortus, the pulmonary bacterial burden at 7 days post-infection (p.i.) was comparable to the initial inoculum, despite an initial transient decline. Brucella was detected in spleen and liver as early as 1 day p.i. IL-1β and MCP-1 increased at 3 days p.i., whereas IL-12, KC, TNF-α, and IFN-γ only increased at 7 days p.i. Histological examination did not reveal peribronchial or perivascular infiltrates in infected mice. Experiments were conducted to evaluate if the limited inflammatory lung response to B. abortusis caused by a bacterial mechanism of TLR signaling inhibition. Whereas inoculation of E. coli LPS to control mice [phosphate-buffered saline (PBS)/LPS] caused lung inflammation, almost no histological changes were observed in mice preinfected intratracheally with B. abortus (WT/LPS). We speculated that the Brucella TIR-containing proteins (Btps) A and B, which impair TLR signaling in vitro, may be involved in this modulation. After LPS challenge, mice preinfected with the B. abortus btpAbtpB double mutant exhibited a stronger pulmonary polymorphonuclear infiltrate than WT/LPS mice, although milder than that of the PBS/LPS group. In addition, lungs from B. abortus btpAbtpB-infected mice presented a stronger inflammatory infiltrate than those infected with the WT strain, and at day 7 p.i., the pulmonary levels of KC, MCP-1, and IL-12 were higher in mice infected with the mutant. This study shows that B. abortus infection produces a mild proinflammatory response in murine lungs, partially due to immune modulation by its Btp proteins. This may facilitate its survival and dissemination to peripheral organs.Fil: Hielpos, María Soledad. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Ferrero, Mariana Cristina. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Fernandez, Andrea Giselle. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Falivene, Juliana. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; ArgentinaFil: Vanzulli, Silvia. Academia Nacional de Medicina de Buenos Aires; ArgentinaFil: Comerci, Diego José. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata. Instituto de Investigaciones Biotecnológicas. Universidad Nacional de San Martín. Instituto de Investigaciones Biotecnológicas; ArgentinaFil: Baldi, Pablo Cesar. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Houssay. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni. Universidad de Buenos Aires. Facultad de Farmacia y Bioquímica. Instituto de Estudios de la Inmunidad Humoral Prof. Ricardo A. Margni; Argentin

Sustainability rating agencies as a driver of socially responsible investment

El conjunto de actores de los mercados financieros a nivel mundial están demandando de forma creciente que la información financiera de las empresas se vea integrada con información de carácter ambiental, social y de gobierno corporativo. Las agencias de calificación de la sostenibilidad surgen en los mercados como oferentes de dicha información, desarrollado sus propias herramientas de medición y evaluación de los criterios financieros, ambientales y de gobernanza (FASG). El objetivo de este artículo es poner de manifiesto la función impulsora y modeladora que están realizando estas agencias en el análisis de la sostenibilidad corporativa, sus metodologías de evaluación y los criterios que utilizan, constatando que están potenciando el desarrollo de la inversión socialmente responsable (o inversión sostenible, o inversión con criterios ASG), y de las finanzas sostenibles, tanto por ofertar bases de datos de criterios FASG, como por la elaboración de índices bursátiles de sostenibilidad que sirven de benchmarking para los fondos de inversión con criterios de sostenibilidad. Sin embargo, por ahora, este impulso no está impactando en la innovación hacia modelos de negocios sostenibles.The financial market actors worldwide are increasingly demanding that the financial information of companies should be integrated with information of an environmental, social and corporate governance nature. The sustainability rating agencies emerge in the markets as providers of such information, developing their own tools for measuring and evaluating the financial, environmental and governance criteria (FESG). The objective of this paper is to highlight the function that these sustainability agencies are fulfilling, their evaluation methodologies and the criteria they use, confirming that they are promoting the development of socially responsible investment (or sustainable investment, or ESG investment). Both for their offer of databases of FESG criteria, and for the elaboration of sustainable indexes that serve as benchmarking for investment funds with sustainability criteria. However, they are not influencing innovation towards sustainable business models

Sustainable supply chain management in a global context: a consistency analysis in the textile industry between environmental management practices at company level and sectoral and global environmental challenges.

In a global context, it is crucial to measure and report the corporate sustainability impacts taking into account what is happening along the whole supply chains. The objective of this study is to analyze whether environmental measurement and reporting practices, currently developed by companies under a global supply chain context, are aligned with global environmental challenges and the environmental hotspots at the sectoral level. To tackle this objective, this study has been focused on the textile sector, due to the relevance of its environmental impacts. A research was conducted based on the analysis of global environmental challenges: 1) at company level, on the measurement and reporting of specific environmental indicators connected with the impact categories of the European Organization Environmental Footprint (OEF); and 2) on the analysis of textile industry environmental hotspots, through the technical tool SimaPro that allows their quantification and identification along the life cycle phases using different scenarios. The results show a consistency between global environmental challenges and company environmental disclosure; however, a disconnection between the specific environmental indicators reported by textile companies and the main hotspots of the sector are observed. This implies that companies could be managing environmental issues related to global environmental concerns but ignoring those critical environmental issues truly relevant from a technical point of view, according to the nature of their activity. The paper argues that is not only necessary to consider the corporate awareness regarding global environmental challenges, but also to address the real environmental hotspots at the sectoral level. This paper represents a contribution in the discussion about what sustainability management implies along the supply chains, emphasizing the need to advance in a consistent and science-based integration of global environmental challenges, environmental hotspots at the sectoral level and environmental management practices at company level. The results obtained help global chain actors and other organizations to address this challenge

Materiality Analysis for CSR Reporting in Spanish SMEs

Most corporate social responsibility (CSR) standards have not been designed to be implemented in small and medium sized enterprises (SMEs). Given that 99% of Spanish companies are SMEs, this study aims to propose a selection of basic CSR material issues that, because of their usefulness and significance, should be adapted to Spanish SMEs and their stakeholders. This study provides a CSR model for SMEs that includes the most important social, environmental, and corporate governance issues. This model, which is based on expert knowledge, is useful for integrating sustainability in the management of SMEs and enhancing the management of stakeholders