398 research outputs found
A Preliminary Analysis of SASB Reporting: Disclosure Topics, Financial Relevance, and the Financial Intensity of ESG Materiality
At the end of 2018, the Sustainability Accounting Standards Board (SASB) released its corporate reporting standards for material environment, social, and governance (ESG) issues. These SASB standards are analogous to FASB's but deal with ESG activities that help the companies create value over the long term and have been endorsed by large asset management firms such as BlackRock.
The authors analyze the quality of ESG reporting by the 91 companies that adopted SASB's framework. While the number of such companies is still small, their results are encouraging, an indication of better things to come. Using three measures of effectiveness, Disclosure Topic Compliance Index (DTCI), Financial Relevance Compliance Index (FRCI), and Financial Intensity Compliance Index (FICI), the authors found that most companies are doing a good to very good job of reporting and companies tend to focus on measures with the highest financial relevance. Scores on these three measures were similar across industry sectors except for a few cases where the DTCI score is low.
They presented cases of three SASB standard companies: 1) Sunrun, a residential solar panel company that uses some hazardous materials, 2) Suncor, an integrated oil and gas company, and 3) Target, a retail company in a highly competitive industry needing to keep costs low while also managing an extensive supply chain responsibly.
These 91 companies have demonstrated that reporting according to SASB standards can be done well. This success should encourage other companies to follow and the authors offer a sevenâstep process to adopt SASB standards
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Pay for Environmental Performance: The Effect of Incentive Provision on Carbon Emissions
Corporations are increasingly under pressure to improve their environmental performance and to account for potential risks and opportunities associated with climate change. In this paper, we examine the effectiveness of monetary and nonmonetary incentives provided by companies to their employees in order to reduce carbon emissions. Specifically, we find evidence that the use of monetary incentives is associated with higher carbon emissions. This result holds both in cross-sectional and time-series analysis. Moreover, we find that the use of nonmonetary incentives is associated with lower carbon emissions. Consistent with monetary incentives crowding out motivation for pro-social behavior, we find that the effect of monetary incentives on carbon emissions is mitigated when these incentives are provided to employees with formally assigned responsibility for environmental performance. Furthermore, by employing a two-stage multinomial logistic model, we provide insights into factors affecting companiesâ decisions on incentive provision, as well as showing that the impact of monetary incentives on carbon emissions remains significant even when we control for potential selection bias in our sample
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Implied Materiality and Material Disclosures of Credit Ratings
This first of three papers in our series on materiality in credit ratings will examine the materiality of credit ratings from an âimplied materialityâ and governance disclosure perspective. In the second paper, we will explore the materiality of environmental, social, and governance (ESG) factors in credit ratingsâ methodologies and introduce the concept of âlayered materiality.â In the third paper, we will evaluate current and potential credit rating agency (CRA) business models based on our analysis in the previous papers, and introduce the concept of âinstitutionalized materiality.â Starting with this paper, and in the rest of the series, we will also recommend how the credit rating model can be enhanced in the coming years to help build more sustainable credit markets.
This first paper is focused on the âGâ (governance) component of ESG reporting. The governance matters we identify in this paper must be addressed before turning our attention to the broader set of ESG considerations in credit ratings. Failure to put these important governance matters at the top of the credit ratings reform agenda would, in our opinion, undermine the efforts we will recommend in our second and third papers
The relationship between investor materiality and the sustainable development goals: A methodological framework
The world has great expectations for how the private sector, both companies and investors, can support the 17 Sustainable Development Goals (SDGs). In fact, it is generally believed that these goals cannot be achieved without strong support from the private sector. But will making the world a better place hurt financial returns? The answer is "No" if companies focus on the SDGs and their associated targets that benefit from strong performance on the material environmental, social, and governance (ESG) issues that matter to investors. In this paper we map the 30 generic ESG issues identified by the Sustainability Accounting Standards Board (SASB) to the SDGs and their targets. We show that some SASB issues are more material for a given SDG than others. We also show that some SASB issues are more important to the SDGs in general than others. We also map the material ESG issues for each of SASB's 79 industries to the SDGs and to their targets. For each sector, there are particular SDGs where it has high impact and for each SDG there are particular sectors that have a high impact on it, and some sectors are more important to the SDGs in aggregate than others. The same is true at the target level. This mapping can be used as a guide for both companies and investors who want to understand how value-creating ESG performance can contribute to the SDGs. This paper is divided into four parts. Part I explains the motivation for this study. Part II explains our methodology and Part III the results. Part IV concludes with a summary of our results and some reflections on how our mapping methodology can be improved
Polar Topside Ionosphere During Geomagnetic Storms: Comparison of ISIS-II With TDIM
Space weather deposits energy into the high polar latitudes, primarily via Joule heating that is associated with the Poynting flux electromagnetic energy flow between the magnetosphere and ionosphere. One way to observe this energy flow is to look at the ionospheric electron density profile (EDP), especially that of the topside. The altitude location of the ionospheric peak provides additional information on the net fieldâaligned vertical transport at high latitudes. To date, there have been few studies in which physicsâbased ionospheric model storm simulations have been compared with topside EDPs. A rich database of highâlatitude topside ionograms obtained from polar orbiting satellites of the International Satellites for Ionospheric Studies (ISIS) program exists but has not been utilized in comparisons with physicsâbased models. Of specific importance is that the Alouette/ISIS topside EDPs spanned the timeframe from 1962 to 1983, a period that experienced very large geomagnetic storms. We use a physicsâbased ionospheric model, the Utah State University Time Dependent Ionospheric Model (TDIM), to simulate ionospheric EDPs for quiet and storm highâlatitude passes of ISISâII for two geomagnetic storms. This initial study finds that under quiet conditions there is good agreement between model and observations. During disturbed conditions, however, a large difference is seen between model and observations. The model limitation is probably associated with the inability of its topside boundary to replicate strong outflow conditions. As a result, modeling of the ionospheric outflows needs to be extended well into the magnetosphere, thereby moving the upper boundary much higher and requiring the use of polar wind models
Academic Functioning and Mental Health in Adolescence
The current study examines patterns of academic functioning and mental health in 184 middle school children and the relation of such patterns to their prior and subsequent functioning. Data were collected from children during their second, third, fourth, eighth, and ninth grade school years. Cluster analyses were used to delineate patterns of academic functioning and mental health during eighth grade. The authors examined the relation of these patterns to academic functioning and mental health 1 year later the transition to high school, and then examined the long-term developmental roots of the eighth grade patterns using data collected during elementary school years. Results indicated variegated patterns of academic and emotional functioning at eighth grade and stability in these patterns across the high school transition. Some long-term continuity was found among children showing uniformly positive or negative functioning at eighth grade. Studying child functioning across multiple domains and time periods is discussed.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/68127/2/10.1177_0743558499142002.pd
Ensemble Modeling with Data Assimilation Models: A New Strategy for Space Weather Specifications, Forecasts, and Science
The Earthâs Ionosphere-Thermosphere-Electrodynamics (I-T-E) system varies markedly on a range of spatial and temporal scales and these variations have adverse effects on human operations and systems, including high-frequency communications, over-the-horizon radars, and survey and navigation systems that use Global Positioning System (GPS) satellites. Consequently, there is a need to elucidate the underlying physical pro- cesses that lead to space weather disturbances and to both mitigate and forecast near-Earth space weather
First-in-human technique translation of oxygen-enhanced MRI to an MR Linac system in patients with head and neck cancer
BACKGROUND AND PURPOSE: Tumour hypoxia is prognostic in head and neck cancer (HNC), associated with poor loco-regional control, poor survival and treatment resistance. The advent of hybrid MRI - radiotherapy linear accelerator or 'MR Linac' systems - could permit imaging for treatment adaptation based on hypoxic status. We sought to develop oxygen-enhanced MRI (OE-MRI) in HNC and translate the technique onto an MR Linac system. MATERIALS AND METHODS: MRI sequences were developed in phantoms and 15 healthy participants. Next, 14 HNC patients (with 21 primary or local nodal tumours) were evaluated. Baseline tissue longitudinal relaxation time (T1) was measured alongside the change in 1/T1 (termed ÎR1) between air and oxygen gas breathing phases. We compared results from 1.5 T diagnostic MR and MR Linac systems. RESULTS: Baseline T1 had excellent repeatability in phantoms, healthy participants and patients on both systems. Cohort nasal concha oxygen-induced ÎR1 significantly increased (p < 0.0001) in healthy participants demonstrating OE-MRI feasibility. ÎR1 repeatability coefficients (RC) were 0.023-0.040 s-1 across both MR systems. The tumour ÎR1 RC was 0.013 s-1 and the within-subject coefficient of variation (wCV) was 25% on the diagnostic MR. Tumour ÎR1 RC was 0.020 s-1 and wCV was 33% on the MR Linac. ÎR1 magnitude and time-course trends were similar on both systems. CONCLUSION: We demonstrate first-in-human translation of volumetric, dynamic OE-MRI onto an MR Linac system, yielding repeatable hypoxia biomarkers. Data were equivalent on the diagnostic MR and MR Linac systems. OE-MRI has potential to guide future clinical trials of biology guided adaptive radiotherapy
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