Social entrepreneurship orientation and company success: The mediating role of social performance
جهت گیری کارآفرینی اجتماعی و موفقیت شرکت: نقش واسطه ای عملکرد اجتماعی-2020
We examine the impact of social entrepreneurship orientation (SEO), a behavioral measure of the social en- trepreneurship of the organization, on the social and financial performance of a sample of Austrian firms. Despite growing research interests in social entrepreneurship, the field remains fragmented and this has led to calls for a careful examination of the implications of social entrepreneurship for firms. We draw on stakeholder theory and hybrid organizing to hypothesize that social performance mediates the SEO-financial performance relationship. By analyzing a sample of 1,156 companies, we find that the SEO-financial performance relationship is partially positively mediated by social performance even though the direct effect is negative. Our results show that social performance compensates for the otherwise negative effect SEO has directly with financial performance. We contribute to an understanding of the mechanisms by which an SEO affects firm performance and provide richer insights into the various aspects of performance. We discuss the future implications of our study and suggest promising avenues for further research on the SEO construct.
Keywords: Social entrepreneurship orientation | Hybrid organizing | Social performance | Financial performance | Empirical | Mediation
The double bottom line of microfinance: A global comparison between conventional and Islamic microfinance
خط پایین دو برابر سرمایه خرد: مقایسه ای بین اقتصاد خرد و متعارف اسلامی-2020
Conventional microfinance institutions (MFIs) can promote financial inclusion, but they also prompt eth- ical concerns regarding the social consequences of commercialization and high interest rates. Islamic MFIs, which adhere to Sharia’s prohibition of riba (usually interpreted as a ban on interest), present an alternative. Differences between conventional and Islamic MFIs in terms of outreach and financial sus- tainability remain underexplored; no comprehensive data set details Islamic MFIs either. With new data, collected with a global survey, the authors construct a unique panel of 543 conventional and 101 Islamic MFIs, operating in Islamic and non-Islamic countries. These data suggest that the market for Islamic microfinance is more important than previously recognized, has grown in recent years, and is likely to continue growing in every region of the world. Statistical comparisons, using various estimation tech- niques, regarding the outreach and financial performance of Islamic and conventional MFIs also reveal that the breadth and depth of Islamic MFIs exceed those of conventional MFIs, though conventional MFIs achieve stronger financial performance. This latter result is not robust though.© 2020 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
Keywords: Islamic microfinance | Social entrepreneurship | Ethical finance | Outreach | Financial performance
Corporate entrepreneurship, country institutions and firm financial performance
کارآفرینی شرکتی ، نهادهای کشور و عملکرد مالی محکم-2020
Adopting an institutional perspective, we propose that home country intellectual property (IP) and employee protection institutions moderate the relationship between corporate entrepreneurship (CE) and firm perfor- mance. Examining 9642 European firms, we find that whereas internal CE is more positively correlated with firm performance in countries with less stringent IP protection and less stringent employee protection, external CE is particularly negatively correlated with firm performance in countries with less stringent IP protection and more stringent employee protection. These results provide a richer view of the relationship between CE and firm performance than the extant entrepreneurship and international businesses literatures suggest.
Keywords: Corporate entrepreneurship (CE) | Institutions | Intellectual property (IP) protection | Employee protection | Performance
آیا سرمایه گذاری در بازاریابی رابطه ای برای تجارت بندری واقعاً ارزشمند است؟
سال انتشار: 2019 - تعداد صفحات فایل pdf انگلیسی: 9 - تعداد صفحات فایل doc فارسی: 35
پایانه های کانتینری به خاطر نیروهایی نظیر اتحادهای استراتژیک، خصوصی سازی، مناطق همپوشان و اپراتورهای پایانه جهانی، با رقابت شدید و محیطی دائماً در حال تغییر مواجه شده اند. برای توجیه هزینه های بالای سرمایه گذاری و بهره برداری و رسیدن به سودآوری، پایانه های کانتینری بایستی به حجم بار رضایت بخشی برسند. عملاً، سرمایه گذاریهای فیزیکی و همکاری میان بنادر راههای فعلی مبارزه بنادر به نیروهای جدید در بازار حمل و نقل کانتینری به حساب می آیند. به علاوه، یکی از عوامل مهم برای بندر جهت تضمین جریانات کافی، وفاداری مشتری می باشد. این مطالعه، تاثیرات تاکتیک های بازاریابی رابطه ای بر شاخص های عملکرد مالی و غیر مالی پایانه های کانتینری را بررسی می کند. داده های مورد نظر از 24 پایانه کانتینری واقع در ترکیه (134 پاسخ) جمع آوری و از طریق مدلسازی معادله ساختاری چند سطحی مورد تجزیه و تحلیل قرار گرفت. براساس یافته های بدست آمده، نتیجه اصلی ما آن است که هرچه بندر تاکتیک های بازاریابی رابطه ای را بیشتر پیاده کند، به همان نسبت کیفیت ارتباط با مشتری بالاتر است، که در ادامه ازآن به عنوان عملکرد ارتباط با مشتری، و متعاقباً عملکرد مالی نام برده می شود.
کلمات کلیدی: بازاریابی رابطه ای | بازاریابی خدمات بندر | ارتباط با مشتری بندر | عملکرد مالی بندر | عملکرد بندر
|مقاله ترجمه شده|
Corporate Social Responsibility and financial performance: A comparative study in the Sub-Saharan Africa banking sector
مسئولیت اجتماعی شرکت و عملکرد مالی: یک مطالعه مقایسه ای در بخش بانکی زیر صحرای آفریقا-2019
There is a growing interest in Corporate Social Responsibility (CSR), both in the professional and academic fields. Building on the Stakeholder theory, this study examines the impact of voluntary CSR disclosure on Financial Performance (FP) in the Sub-Saharan banking sector by comparing the top-ranked banks in Mozambique and the Republic of South Africa. This study applied content analysis to assess the Corporate Social Responsibility dimensions and the general measure of FP such as Return on Asset (ROA) and Return on Equity (ROE), which are published in the annual reports in accordance with International Financial Reporting Standards (IFRS). Based on a panel data covering the period of 2012e2016, this study regresses FP on CSR disclosure and found a significant and positive relationship between FP and CSR disclosure, suggesting that CSR behavior is helpful to improve the performance of banks. The findings indicate that the Republic of South Africa banks are slightly over performing Mozambican banks, and the Republic of South Africa banks are disclosing more information regarding CSR than Mozambican banks. Also, the influence of the positive CSR disclosure index is much stronger than that of the negative CSR disclosure index on improving FP. In practical terms, it is believed that the voluntary report on CSR commitment could help the banking sector to improve its FP. The evidence from the study can help regulators and investors to understand the banks business practices in these two countries.
The nexus of sustainability practices and financial performance: From the perspective of Islamic banking
ارتباط میان شیوه های پایداری و عملکرد مالی: از منظر بانکداری اسلامی-2019
This paper evaluated the nexus between sustainability practices and financial performance from the Islamic banking perspective. For the purpose, this study proposed a sustainability measurement framework for Islamic banking. A decade of sustainability data 2008e2017 was collected from the annual reports using a weighted content analysis technique. Results of the Generalized Method of Moments GMM statistical method showed that sustainability practices have a significant positive association with the financial performance indicators of the Islamic banks indicating management and the shareholders perspective. The impact of sustainability practices on the financial performance of the Islamic banks measured from the market perspective was found insignificant. In-depth analysis revealed that the market is not interested in banks spending for its environmental and social sustainability except for their economic sustainability practices. Based on the Islamic financial index created of management, shareholders and the market financial performance indicators, the results showed that sustainability practices have a significant positive association with the Islamic financial index as well. The finding generally implies that improvement in sustainability practices will add financial values to the management, shareholder and the market financial performance indicators of the Islamic banking industry across the world. Results of this study are also providing insights to the policymakers of the Islamic banking industry around the world regarding efficient sustainability management, achieving higher sustainability ratings, and improving the subsequent financial performance through efficient sustainability practices
Keywords: Sustainability practices | Financial performance | Islamic banking | Endogeneity
The impact of social and environmental sustainability onfinancial performance: A global analysis of the banking sector
تأثیر پایداری اجتماعی و زیست محیطی بر عملکرد مالی: یک تحلیل جهانی از بخش بانکی-2019
While there is ample evidence that non-financial firms’ financial performance and social andenvironmental performance are related, evidence for the banking sector remains limitedand inconclusive. This paper examines the impact of access to finance and environmentalfinancing on the financial performance of the banking sector globally. Based on cross-sectional linear regressions and non-linear threshold regressions of 713 banks from 75countries over the period 2013–2015, we find that access to finance has significantly posi-tive effects on banks’ financial performance in most estimation models controlling for bothbank-specific and macroeconomic variables. The positive impact on financial performanceis channeled through loan growth and management quality. We find that for banks withtotal assets less than USD 2 billion, access to finance has a significantly positive impact onreturn to equity. The paper concludes by discussing policy Keywords:Sustainability | Bank performance | ESG | Access to finance | Environmental financing | Threshold
Management sub-advising in the mutual fund industry
توصیه فرعی مدیریتی در صنعت سرمایه گذاری دوطرفه-2018
This is a study of how contractual mechanisms can mitigate agency conflicts in sub-advised mutual funds. Sub-advising contracts allow fund families to expand their product offerings to include new investment styles and thereby gain market share. We show that costly contractual arrangements, such as co-branding, multi-advising, and performance-based compensation, can mitigate agency conflicts in outsourcing and protect investors from potential underperformance. Fund families will find it cost-effective to implement such incentive mechanisms only when investors are sophisticated in assessing manager skill. The findings help to explain why a large percentage of fund families outsource their funds to advisory firms.
keywords: Outsourcing |Sub-advisor |Mutual funds |Management company |Incentive contracts |Fund performance |Market share |Agency issue
Leverage constraints and asset prices: Insights from mutual fund risk taking
محدودیت های اهرم بندی و قیمت های دارایی: بینش هایی از به خطر افتادن سرمایه دوطرفه-2018
Prior theory suggests that time variation in the degree to which leverage constraints bind affects the pricing kernel. We propose a measure for this leverage constraint tightness by inverting the argument that constrained investors tilt their portfolios to riskier assets. We show that the average market beta of actively managed mutual funds—intermediaries facing leverage restrictions—captures their desire for leverage and thus the tightness of constraints. Consistent with theory, it strongly predicts returns of the betting-against-beta portfolio, and is a priced risk factor in the cross-section of mutual funds and stocks. Funds with low exposure to the factor outperform high-exposure funds by 5% annually, and for stocks this difference reaches 7%. Our results show that the tightness of leverage constraints has important implications for asset prices.
keywords: Leverage constraints |Asset prices |Betting-against-beta |Mutual fund performance |Cross-section of stock returns
A meta-analytic study of the impact of Lean Production on business performance
یک مطالعه تحلیلی متا روی تاثیر تولید تکیه ای روی عملکرد تجاری-2018
Lean Production (LP) is one of the most common initiatives in Operations Management that firms adopt to boost their competitiveness. The purpose of this paper is to examine the extant research on the relationship between LP and business performance (BP). The study analyses the data from 30 articles published from 2000 to 2016 that meet two targeted criteria, that they have: (i) empirically analysed the relationship between LP, or any measure of LP, and at least one measure of BP, and (ii) reported the effect size of the relationship between LP and BP measured with Pearsons correlation coefficients or related methods. Distinctions are made between two different performance outcomes (financial and market) and six LP practices. Using the Hunter and Schmidt (2004) meta-analysis based correlations approach, the obtained results show that a positive and moderate relationship exists between aggregate level LP and aggregate level business performance (r ̅´ = 0.31). There is also a positive relationship with market performance, but not with financial performance. Only three individual practices are statistically related to business performance (Process Control and Improvement, Workforce Development, and Customer Focus). The countrys level of economic development is also found to act as a moderating variable in several of the studied relationships and to have a greater effect in Emerging Economies than in Advanced Economies.
keywords: Lean Production |Business performance |Financial performance |Market performance |Meta-analysis