We study behind-the-scenes investor activism promoting environmental, social, and governance (ESG) improvements by means of a proprietary dataset of a large international, socially responsible activist fund. We examine the activist’s target selection, forms of engagement, impact on ESG performance, drivers of success, and effects on the targets’ operations and value creation. Target firms are typically large and visible, perform well, and have high liquidity (stock turnover) and low ESG performance. Engagement induces ESG rating adjustments: firms with poor ex ante ESG ratings experience a ratings increase after complying with the activist’s demands, whereas firms with high ex ante ESG ratings experience a ratings decrease following the revelation of their ESG problems. Activism that is focused on environmental and social issues is more likely to succeed if targets are ESG-sensitive (i.e., they have a strong ex ante ESG profile). Successful engagements boost targets’ sales. Risk-adjusted excess stock returns (with four-factor adjustment and relative to a matched sample of non-engaged firms) of successful engagements outperform those of unsuccessful engagements by 2.7%. Results are especially strong for firms with low ex ante ESG scores. Specifically, targeted firms in the lowest ex ante ESG quartile outperform matched peers by 7.5% in the year after the end of the engagement. Our results thus suggest that the activism regarding corporate social responsibility generally improves ESG practices and corporate sales and is profitable to the activist. Taken together, we provide direct evidence that ethical investing and strong financial performance, both from the activist’s and the targeted firm’s perspective, can go hand-in-hand together.
De Economist - The aim of this paper is to evaluate the effects of an active labor market program (ALMP) for higher educated workers in the Netherlands. The one-year program is characterized by six... 相似文献
Drawing on Denison and Mishra (1995)’s framework of organizational culture, this study examines why and when organizational culture is related to knowledge workers’ affective commitment. Data were collected from 640 employees working in three high-technology companies in China. The findings indicate that the relationship between organizational culture and affective commitment is mediated by perceived psychological contract fulfilment. In addition, organizational tenure moderates the relationship between two external dimensions (i.e. adaptability and mission) of organizational culture and perceived psychological contract fulfilment. This study extends the current theoretical framework of organizational culture by demonstrating the underlying mechanism and the boundary condition of the relationship between organizational culture and affective commitment. The findings also provide practical implications for international managers to design appropriate human resource management policies and practices in China. 相似文献
Scholars in our field, Operations and Supply Chain Management (OSCM), are under high pressure to show research productivity. At most schools, this productivity is measured by the number of journal articles published. One possible response to such pressure is to improve research efficiency: publishing more journal articles from each data collection effort. In other words, using one dataset for multiple publications. As long as each publication makes a sufficient contribution, and authors ensure transparency in methods and consistency across publications, generating more than one publication from one data collection effort is possible. The aim of this Notes and Debates article, however, is to draw attention to inappropriate reuse of empirical data in OSCM research, to explain its implications and to suggest ways in which to promote research quality and integrity. Based on two cases of extensive data reuse in OSCM, eighteen problematic practices associated with the reuse of data across multiple journal articles are identified. Recommendations on this issue of data reuse are provided for authors, reviewers, editors and readers. 相似文献
Many organizations invest periodically in a new corporate visual identity (CVI). This study investigates the main effects of CVI changes in four organizations, taking into account three independent variables: stakeholder type (employees vs. consumers), the specific organization, and communication about the CVI change. The results show that CVI changes had positive effects on CVI appreciation and identity/image. However, the effects were different for employees and consumers and differed between specific organizations. Furthermore, adequate communication about the new CVI appeared to be important for people’s appreciation of the CVI. The implications of these findings are discussed. 相似文献
AbstractEffective implementation of human resource (HR) policies appears to depend on supervisors’ active involvement in the intervention process. Following recommendations of a recent intervention evaluation framework, we examine how perceived supervisor support during the implementation of a work-life intervention helps to change participants’ perceptions of organizational family supportiveness, and how this ultimately changes participants’ engagement and turnover intentions. A three-wave longitudinal study in a professional services firm (N = 434) that has formally involved supervisors in the process of a work-life intervention showed support for our study hypotheses. Supervisor support for policy use influenced employees’ positive work–home culture perceptions, which in turn strengthened employees’ work engagement and diminished their turnover intentions over time. We discuss practical implications and give recommendations on the future design of HR interventions and related policies. 相似文献
To achieve sustainable development, companies are increasingly putting an emphasis on the creation and the promotion of environmentally sustainable innovations. Environmentally sustainable innovation often involves a significant shift in a new strategic direction. This paper studies this shift from a dynamic capabilities perspective and aims to identify the microfoundations of science‐based companies' dynamic capabilities for high‐tech environmentally sustainable innovations. It investigates the development of high‐tech environmentally sustainable innovations in two distinctive science‐based companies. To scholars, this study provides an in‐depth process analysis, over time, of how and why microfoundations of dynamic capabilities influence the development of a science‐based company's high‐tech environmentally sustainable innovations. To practitioners in science‐based firms, this process study can function as a frame of reference, enabling the tailoring of a strategy for high‐tech environmentally sustainable innovation. 相似文献
Journal of Regulatory Economics - A self-regulatory organization (SRO) is a non-governmental organization owned and operated by its members, with the power to create and enforce industry... 相似文献
De Economist - In the summer of 2020 the Dutch government and social partners have agreed on a pension reform involving the transformation of occupational pensions from the current defined-benefit... 相似文献
Despite the importance of good collaborative relationships in interorganisational projects, clients and contractors often develop adversarial relationships due to perceptual distance about key project issues. In this case study research, we investigated how perceptual distance emerges and changes over time, and how the collaborative relationship between client and contractor develops alongside these dynamics. In this exploration, we built upon agency theory and stewardship theory as complementary perspectives for understanding client-contractor collaborative relationships. We gathered quantitative and qualitative data in two projects, conducting three assessments in about one year. We found that perceptual distance increased and decreased over time, and that a reduction was typically associated with the collaborative relationship being characterized by stewardship rather than agency. These findings suggest that a regular assessment and evaluation of partners’ perceptions of critical project issues is warranted to timely detect and counteract perceptual distance. Moreover, partners would best adopt a stewardship orientation to reduce perceptual distance, although this may take considerable effort given the distributive nature of many pre-project negotiations. 相似文献