Do Corporate Global Environmental Standards in Emerging Markets Create Or Destroy Market Value

Arguments can be made on both sides of the question of whether a stringent, global corporate environmental standard represents a competitive asset or liability for multinational enterprises (MNEs) investing in emerging and developing markets. This paper seeks to answer this question by analyzing the global environmental standards of a large sample of US-based MNEs in relation to their market performance. We find that firms adopting a single, stringent global environmental standard have higher market values, as measured by Tobin's q, than firms defaulting to less stringent, or poorly enforced host country standards. Thus, developing countries that use lax environmental regulations to attract foreign direct investment end up attracting poorer quality, and perhaps, less competitive firms. Our results also suggest that externalities are incorporated to a significant extent in firm valuation. We discuss plausible reasons for this observation.http://deepblue.lib.umich.edu/bitstream/2027.42/39644/3/wp259.pd

Do Corporate Global Environmental Standards in Emerging Markets Create Or Destroy Market Value

Arguments can be made on both sides of the question of whether a stringent, global corporate environmental standard represents a competitive asset or liability for multinational enterprises (MNEs) investing in emerging and developing markets. This paper seeks to answer this question by analyzing the global environmental standards of a large sample of US-based MNEs in relation to their market performance. We find that firms adopting a single, stringent global environmental standard have higher market values, as measured by Tobin's q, than firms defaulting to less stringent, or poorly enforced host country standards. Thus, developing countries that use lax environmental regulations to attract foreign direct investment end up attracting poorer quality, and perhaps, less competitive firms. Our results also suggest that externalities are incorporated to a significant extent in firm valuation. We discuss plausible reasons for this observation.corporate environmental policy, corporate performance, race to the bottom in foreign direct investment

Review of risk from potential emerging contaminants in UK groundwater

This paper provides a review of the types of emerging organic groundwater contaminants (EGCs) which are beginning to be found in the UK. EGCs are compounds being found in groundwater that were previously not detectable or known to be significant and can come from agricultural, urban and rural point sources. EGCs include nanomaterials, pesticides, pharmaceuticals, industrial compounds, personal care products, fragrances, water treatment by-products, flame retardants and surfactants, as well as caffeine and nicotine. Many are relatively small polar molecules which may not be effectively removed by drinking water treatment. Data from the UK Environment Agency’s groundwater screening programme for organic pollutants found within the 30 most frequently detected compounds a number of EGCs such as pesticide metabolites, caffeine and DEET. Specific determinands frequently detected include pesticides metabolites, pharmaceuticals including carbamazepine and triclosan, nicotine, food additives and alkyl phosphates. This paper discusses the routes by which these compounds enter groundwater, their toxicity and potential risks to drinking water and the environment. It identifies challenges that need to be met to minimise risk to drinking water and ecosystems

Phytochrome A mediates blue-light enhancement of second-positive phototropism in Arabidopsis

Hypocotyl phototropism of etiolated Arabidopsis seedlings is primarily mediated by the blue-light receptor kinase phototropin 1 (phot1). Phot1-mediated curvature to continuous unilateral blue light irradiation (0.5 µmol m-2 s-1) is enhanced by overhead pre-treatment with red light (20 µmol m-2 s-1 for 15 min) through the action of phytochrome (phyA). Here, we show that pre-treatment with blue light is equally as effective in eliciting phototropic enhancement and is dependent on phyA. Although blue pre-treatment was sufficient to activate early phot1 signalling events, phot1 autophosphorylation in vivo was not found to be saturated, as assessed by subsequently measuring phot1 kinase activity in vitro. However, enhancement effects to red and blue pre-treatment were not observed at higher intensities of phototropic stimulation (10 µmol m-2 s-1). Phototropic enhancement to red and blue pre-treatments to 0.5 µmol m-2 s-1 unilateral blue light irradiation was also lacking in transgenic Arabidopsis where PHOT1 expression was restricted to the epidermis. Together, these findings indicate that phyA-mediated effects on phot1 signalling are restricted to low intensities of phototropic stimulation and originate from tissues other than the epidermis

A natural-resource-based view of the firm: Fifteen years after

The authors revisit Hart\u27s natural-resource-based view (NRBV) of the firm and summarize progress that has been made in testing elements of that theory and reevaluate the NRBV in light of a number of important developments that have emerged in recent years in both the resource-based view literature and in research on sustainable enterprise. First, the authors consider how the NRBV can both benefit from recent work in dynamic capabilities and can itself inform such work. Second, they review recent research in the areas of clean technology and business at the base of the pyramid and suggest how the NRBV can help inform research on the resources and capabilities needed to enter and succeed in these domains. © The Author(s) 2011

New frontiers in international strategy

This paper is based on a panel we organized at the "First Annual Conference on Emerging Research Frontiers in International Business Studies", organized by the Journal of International Business Studies (JIBS), to discuss several new lines of research in international strategy. Four lines of research are developed: The strategic implications of semiglobalization, the impact of institutional voids in international strategy, primitives and levels of analysis in international business, and strategies for the base of the pyramid. Taken together, these studies aim to open a new frontier in our understanding of International Strategy, based on the co-location of firms as places and a key element in international business.international business; semiglobalization; internal strategy; base pyramid; institutions; competitiveness;

Transforming Business Education: 21st Century Sustainable MBA Programs

Business education should give students the skills to solve complex global challenges. It should align management practices with goals for a sustainable future. Sadly, few management schools even discuss the real issues business leaders face today. This article challenges others to develop a curriculum that embeds sustainability in the core of their programs. The authors argue that faculty and business school leadership should move beyond “saddlebag” initiatives that bolt sustainability onto the traditional, shareholder primacy-driven core. This article profiles three programs as case studies transforming business education to prepare leaders to achieve a more sustainable world. Business schools are torn between competing paradigms. Given the existential challenges facing humanity, business schools will have to change or simply lose relevancy. Our stories of disruption give evidence of success and hope for the coming transformation of business education and of capitalism itself. The lessons learned and insights in this article provide guidance for business school leaders aspiring to redefine management for global sustainability and business school programs. It is an open invitation for others to disrupt and rethink business education before it is too late

Transforming Business Education: 21st Century Sustainable MBA Programs

Business education should give students the skills to solve complex global challenges. It should align management practices with goals for a sustainable future. Sadly, few management schools even discuss the real issues business leaders face today. This article challenges others to develop a curriculum that embeds sustainability in the core of their programs. The authors argue that faculty and business school leadership should move beyond “saddlebag” initiatives that bolt sustainability onto the traditional, shareholder primacy-driven core. This article profiles three programs as case studies transforming business education to prepare leaders to achieve a more sustainable world. Business schools are torn between competing paradigms. Given the existential challenges facing humanity, business schools will have to change or simply lose relevancy. Our stories of disruption give evidence of success and hope for the coming transformation of business education and of capitalism itself. The lessons learned and insights in this article provide guidance for business school leaders aspiring to redefine management for global sustainability and business school programs. It is an open invitation for others to disrupt and rethink business education before it is too late