15 research outputs found

    The effect of sustainable business practices on profitability. Accounting for strategic disclosure

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    This work tackles from an empirical perspective the widely debated relationship between sustainability in business practices and profitability, focusing on a sample of listed European firms. To measure the extent of sustainable practices at the firm level, the Comprehensive Environmental, Social, and Governance (ESG) score is proposed. The indicator, computed using the Mazziotta-Pareto method, combines qualitative ratings on adherence to ESG standards with quantitative observations on the extent of data disclosure. Firms failing to pursue full disclosure are penalized. Focusing on the constituents of the Euro Stoxx 300 index, a dynamic panel model is implemented, where profitability is explained by the indicator. The results show that sustainability in business practices reduces profitability. These findings are in line with a strand of literature that highlights the role of strategic disclosure of ESG information on part of firms. Strategic disclosure occurs as a combination of greenwashing and social washing, with firms overstating the extent of their positive behaviors. The integration of sustainable practices within successful business models thus remains a relevant societal problem. The current EU policy framework is discussed in line with our findings

    ESG controversies and profitability in the European banking sector

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    This paper empirically investigates the relationship between Environmental, Social, and Governance (ESG) Controversies and bank profitability. We analyze an unbalanced panel sample of European banks between 2015 and 2022, implementing the GMM-SYS version of the Arellano-Bond estimator for dynamic panels. The study results indicate that banks featuring more ESG controversies perform better in terms of Return on Assets (ROA), Return on Equity (ROE), and Net Interest Margin. This sheds light on the potentially opportunistic behavior of credit institutions, which appear to prioritize profitability over ESG Controversies

    Environmental, social and governance controversies: the role of European bank boards

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    Purpose – In recent years, European banks have been required to integrate environmental and social objectives into their business practices. At the same time, they have become increasingly exposed to environmental, social and governance (ESG) controversies. This paper empirically examines the relationship between the board characteristics of banks (i.e. size, gender diversity, meeting frequency, sustainability compensation incentives and the presence of a sustainability committee) and exposure to ESG-related controversies. Design/methodology/approach – The empirical analysis focuses on a sample of 61 European banks between 2012 and 2021. Employing generalized method of moments (GMM) estimation, the authors examine the relationship between board characteristics and ESG controversies. Findings – The results of the study indicate that banks featuring certain board characteristics (i.e. larger and more gender-diverse boards, facing sustainability compensation provisions and having sustainability committees) experience lesser exposure to ESG controversies. Additionally, the authors ascertain that prior instances of ESG controversies play a role in influencing current levels of such controversies. This result highlights the relevance of a bank’s historical trajectory. Research limitations/implications – The authors’ sample contains banks based in the European Union (EU). Future research should broaden the analysis to encompass banks operating in other advanced countries, as well as in emerging countries. This expansion would offer more insights into the relationship between board characteristics and ESG controversies under different regulatory frameworks. Practical implications – The authors’ findings provide relevant implications for several stakeholders, including shareholders, regulators and supervisors. Certain board characteristics should be taken into consideration to limit exposure to ESG controversies. Originality/value – To the best of the authors’ knowledge, this paper represents the first attempt to provide evidence of the link between strong corporate governance standards and reduced exposure to ESG controversies

    Fatores Associados ao Aborto Espontâneo Recorrente Recurrent Spontaneous Abortion<FONT FACE=Symbol>-</FONT>associated Factors

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    Objetivo: identificar fatores mais freqüentemente associados ao aborto espontâneo recorrente. Casuística: no período de março de 1993 a março de 1997, 175 pacientes foram avaliadas no Ambulatório de Aborto Recorrente do CAISM/UNICAMP. Os critérios de seleção foram: história de três ou mais abortos espontâneos consecutivos em pacientes com idade inferior a 35 anos e/ou dois abortos e idade superior a 35 anos. Métodos: o protocolo de investigação incluiu: cariótipo; histerossalpingografia; dosagem seriada de progesterona e/ou biópsia de endométrio; pesquisa sorológica de infecções: toxoplasmose, listeriose, brucelose, sífilis e citomegalovírus e pesquisa para Mycoplasma hominis e Chlamydia trachomatis na secreção cérvico-uterina. A investigação também incluiu dosagem de hormônios tiroideanos e da glicemia de jejum; pesquisa de fator auto-imune por meio de painel de auto-anticorpos; pesquisa de fator aloimune mediante anticorpos contra antígenos leucocitários humanos (anti-HLA), prova cruzada por microlinfocitotoxicidade e cultura mista unidirecional de linfócitos, em que se comparam as respostas maternas diante das células paternas e de um doador não-relacionado para pesquisa de fator inibidor destas respostas no soro materno. O exame dos parceiros incluiu: exame físico geral e especial, sorologias para sífilis, doença de Chagas, hepatite B e C e síndrome da imunodeficiência adquirida (AIDS), além da prova cruzada por microlinfocitotoxicidade e da cultura mista de linfócitos. Resultados: o fator mais freqüentemente encontrado foi o aloimune (86,3% dos casos), representado por prova cruzada negativa e inibição na cultura mista de linfócitos inferior a 50%. O segundo fator mais freqüentemente encontrado foi a incompetência istmo-cervical (22,8%), seguido pelo fator hormonal (21,2%), representado principalmente pela insuficiência lútea. Algumas pacientes apresentavam mais de um fator concomitantemente. Conclusão: para uma investigação completa dos fatores associados ao aborto espontâneo recorrente faz-se necessária a inclusão do fator aloimune, sem a qual a maior parte dos casos não terá etiologia esclarecida.Purpose: to identify recurrent spontaneous abortion- associated factors. Subjects: one hundred seventy-five outpatients were investigated from March 1993 to March 1997 at the "Ambulatório de Aborto Recorrente CAISM/UNICAMP". All of them had had three or more consecutive spontaneous abortions and/or two abortions and were 35 years or more old. Methods: the investigation protocol included: couple's karyotype; hysterosalpingography, serial plasma progesterone levels and/or endometrial biopsy; toxoplasmosis, listeriosis, brucelosis, lues and cytomegalovirus serum tests; Chlamydia trachomatis and Mycoplasma hominis cultures of cervical discharge; TSH and thyroid hormone levels; fasting glucose; autoantibody panel, anti-HLA antibody search by microlymphocytotoxicity crossmatch and one-way mixed lymphocyte culture with inhibitor factor detection. Husband's evaluation included: physical evaluation, lues, Chagas' disease, B and C hepatitis and AIDS serum tests, microlymphocytotoxicity crossmatch and one-way mixed lymphocyte culture with inhibitor factor detection. Results: alloimmune etiology was the most frequently found factor (86.3% of studied patients), represented by negative crossmatch and one-way mixed lymphocyte culture with inhibitor factor below 50%. The second most frequently found factor was cervical incompetence (22.8%), followed by hormonal factor (21.2%), mainly represented by luteal insufficiency. Some patients were found to have more than one etiologic factor. Conclusion: the investigation of recurrent spontaneous abortion-associated factors must include alloimmune etiology. Most cases will remain unexplained without this investigation

    [Sammlung von Radierungen nach italienischen Meistern]

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    [SAMMLUNG VON RADIERUNGEN NACH ITALIENISCHEN MEISTERN] [Sammlung von Radierungen nach italienischen Meistern] ( - ) Einband ( - ) Index ([1]) Radierungen, Bl. 1 - 10 ([1]) Radierungen, Bl. 11 - 20 ([11]) Radierungen, Bl. 21 - 29 ([21]

    Extracorporeal photochemotherapy (ECP) improves survival from the children's illness steroid resistant acute graft-versus-host disease (AGVHD)

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    none10I.F. 5,516noneMESSINA C.; CALORE E; CALO A; TRIDELLO G; CESARO S; PILLON M; VAROTTO S; TADDEO I; MARSON P; CARLI MMessina, Chiara; Calore, Elisabetta; Calo, A; Tridello, G; Cesaro, S; Pillon, Marta; Varotto, S; Taddeo, I; Marson, P; Carli, M

    SARS-CoV-2 spike D614G change enhances replication and transmission

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    During the evolution of SARS-CoV-2 in humans, a D614G substitution in the spike glycoprotein (S) has emerged; virus containing this substitution has become the predominant circulating variant in the COVID-19 pandemic1. However, whether the increasing prevalence of this variant reflects a fitness advantage that improves replication and/or transmission in humans or is merely due to founder effects remains unknown. Here we use isogenic SARS-CoV-2 variants to demonstrate that the variant that contains S(D614G) has enhanced binding to the human cell-surface receptor angiotensin-converting enzyme 2 (ACE2), increased replication in primary human bronchial and nasal airway epithelial cultures as well as in a human ACE2 knock-in mouse model, and markedly increased replication and transmissibility in hamster and ferret models of SARS-CoV-2 infection. Our data show that the D614G substitution in S results in subtle increases in binding and replication in vitro, and provides a real competitive advantage in vivo-particularly during the transmission bottleneck. Our data therefore provide an explanation for the global predominance of the variant that contains S(D614G) among the SARS-CoV-2 viruses that are currently circulating
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