Does Ethics Statement of a Public Relations Firm Make a Difference? Yes it Does!!

Attempting to determine solutions for unethical practices in the field, this research was designed to assess the effectiveness of public relations firms’ ethics statements in decreasing the incidence of malpractice. This study revealed an encouraging finding that practitioners working in firms with ethical parameters were significantly more likely to engage in ethical practices. Moreover, educating public relations practitioners about the content of ethics statement could positively influence their ethical practices. At the same time, this study’s findings suggest further questions for consideration in future scholarship and in the application of ethics statements to practice within the field.     

The Statement of Cash Flow

Helen（H）： Nowadays, when people discuss the issue of financial position, they often talk about the cash flow. The cash flow seems to be very important to the business.     

The Financial Impact of ISO 14001 Certification: Top-Line, Bottom-Line, or Both?

It is not easy being green, but it does beg the question: Does being green pay off on the bottom-line? Unfortunately, that question of becoming ISO 14001 to reap financial benefit remains widely unanswered. In particular, corporate practice is interested in how environmental management impacts firms’ finance through top-line impact, bottom-line impact, or both—as this paves the way for an investment of environmental management. As current findings are mixed, our study tracks financial performance of publicly traded US firms between 1996 and 2005 to test whether ISO 14001 leads to improved financial performance. Employing a rigorous event-study approach, we compare certified firms to different control groups based on several matching criteria that include industry, size, and/or ROA. In the short run, ISO 14001 certification makes only a minor impact on the bottom-line, according to our results. However, these same results show a significant financial improvement over the long haul with ISO 14001 certification. Additionally, this long-term improvement also makes a significant improvement in top-line performance. Thus, we conclude that environmental management pays off along both dimensions.     

Which Dimensions of Social Responsibility Concern Financial Investors?

Social and environmental ratings provided by social rating agencies are multidimensional. The first goal of our paper is to identify a small number of independent and relevant socially responsible (SR) dimensions reflecting a firms’ coherent posture toward social issues. We put forward that these dimensions are not exactly the same as the ESG ones (Environment, Social, and Governance). Using the six sub-ratings provided by the Vigeo rating agency, we perform a principal component analysis and we highlight three main independent SR dimensions related to (1) business stakeholders (employees, customers, and suppliers), (2) societal stakeholders (environment and society), and (3) financial stakeholders (stockholders and debt holders). The second objective of our paper is to explore the link between stock returns and these three SR dimensions. Our most notable finding is that for each SR dimension, investors ask for an additional risk premium when they accept to hold non-socially responsible stocks. The cost of equity is thus lower for SR firms. The average premium over the period 2003–2010 is larger for the components “business stakeholders” and “financial stakeholders” than for the component “societal stakeholders.” The premium for this last component has only existed since the end of 2008. Since that time, environment and community involvement have become important risk factors strongly considered by investors. For the three dimensions, investors notably penalize large non-social firms and reward small social firms.     

Financial Street—Landmark of the Beijing Financial Center

Redefining Beijing For a long time Beijing has served as the political and cultural center for the country.While Shanghai and Shenzhen were encouraged to grow and reach their financial goals,Beijing cautiously dodged the label of a"financial center",in order to avoid the criticism of"redundant construc- tion".However,Beijing is the birthplace of China's financial policies.Due to its special geographic position and drive towards     

Stakeholder Conceptions of Later-Life Consumer Vulnerability in the Financial Services Industry: Beyond Financial Capability?

When the newly re-constituted UK financial services regulator–the Financial Conduct Authority–was launched in 2013, it promised to adopt a new approach to its “consumer protection” objectives. This shift included articulating a new conception of consumer vulnerability, beyond narrow, individualistic, conceptions of vulnerability based on (limited) financial capability, towards a broader conception which takes account of the connection between individual circumstances, situations, and market factors in causing or exacerbating manifestations of consumer vulnerability. Drawing on new empirical research with later-life financial services stakeholders and consumers, this article examines the extent to which equity release stakeholder perceptions of consumer vulnerability align to this new regulatory philosophy, and to the realities of consumer experiences. Our findings indicate that, in contrast to the FCA’s new, broader understanding of consumer vulnerability, the stakeholders in our study tended to understand vulnerability through a narrower lens, focusing predominantly on “information vulnerability,” or on whether or not the consumer “knows what they are doing.” This conception supports the assumption that providing financial advice is sufficient intervention to ensure good consumer outcomes. This assumption is also at odds with our earlier consumer study findings, which revealed a much wider set of vulnerabilities amongst equity release consumers. We reflect on the implications of these findings for the development of the later-life financial services industry, in ways that can more appropriately serve the needs of this consumer population.     

Reform of China's Financial System

Since 1979 China has adopted a series of measures to reform its financial system. These measures involved establishing the macro control system of the central bank. setting up policy banks, perfecting the financial organization system, developing commercial banks and the monetary market, and reforming the foreign currency management system. The reforms of the past 15 years have brought great changes to China's financial system. The old unified banking system was broken and diversified financing institutes emerged. Now a financial system comprising the central bank, specialized banks, commercial banks, insurance companics, trust and     

Philanthropy, Integration or Innovation? Exploring the Financial and Societal Outcomes of Different Types of Corporate Responsibility

This article argues that previous research on the outcomes of corporate responsibility should be refined in two ways. First, although there is abundant research that addresses the link between corporate responsibility (CR) and financial performance, hardly any studies scrutinize whether the type of corporate responsibility makes a difference to this link. Second, while the majority of CR research conducted within business studies concentrates on the financial outcomes for the firm, the societal outcomes of CR are left largely unexplored. To tackle these two deficiencies, this article extends the different conceptualizations of corporate responsibility and elaborates both the financial and the societal outcomes of different types of CR.     

Ethical Reputation of Financial Institutions: Do Board Characteristics Matter?

This paper examines the association between board characteristics and the ethical reputation of financial institutions. Given the pivotal governance role of the board of directors and the value-relevance of ethical corporate behavior, we postulate a positive relationship between ethical reputation and board features that foster more effective monitoring and oversight. Using a sample of large financial institutions from 13 different countries, we run several alternative panel regressions of ethical reputation on board characteristics and firm-specific controls. Our results demonstrate that the ethical reputation of financial institutions is positively associated with board size, gender diversity, and CEO duality, while being negatively related to the busyness of the board members and a composite index reflecting poor monitoring. Nevertheless, inconsistent with our hypothesis, we also document that financial institutions with less frequent board meetings have better ethical reputation. Overall, our empirical findings suggest that stronger board oversight may promote ethical behavior in the financial industry.     

Monetary,Financial and Fiscal Stability in the East African Community: Ready for a Monetary Union?

We examine prospects for a monetary union in the East African Community (EAC) by developing a stylised model of policymakers' decision problem that allows for uncertain benefits derived from monetary, financial and fiscal stability and then calibrating the model for the EAC for the period 2003–10. When policymakers properly allow for uncertainty, none of the countries wants to pursue a monetary union based on either monetary or financial stability grounds, and only Rwanda might favour it on fiscal stability grounds; we argue that robust institutional arrangements assuring substantial improvements in monetary, financial and fiscal stability are needed to compensate.     

Fixing the Game? Legitimacy, Morality Policy and Research in Gambling

It is a truism that some industries are controversial either because the processes employed or the resulting products, for instance, can potentially harm the well-being of people. The controversy that surrounds certain industries can sharply polarise public opinion and debate. In this article, we employ legitimacy theory and morality policy to show how one industry sector (the electronic gaming machine sector as part of the wider gambling industry) is subject to this reaction. We suggest that the difficulty in establishing legitimacy surrounding CSR practices in this sector is related to morality policy, whereby ideology and personal values play important roles in dividing opinion. Thus, gambling is often framed as an activity that is morally and ethically problematic. To show how this can manifest, we examine the veracity of two state-funded studies in Australia used in the development of gambling policy and their subsequent adoption in academic research. We highlight methodological, analytical and reporting issues in these studies that normally should be identified by those using such findings. The significance is that when morality policy and conflict surrounding legitimacy are involved, then it can explain why adherence to normative research standards is potentially lowered. Our theoretical posture leads us to further speculate that the adoption and communication of CSR in electronic gambling will be contested by opponents of the industry.     

Is There a Gold Social Seal? The Financial Effects of Additions to and Deletions from Social Stock Indices

This study investigates the financial effects of additions to and deletions from the most well-known social stock index: the MSCI KLD 400. Our study makes use of the unique setting that index reconstitution provides and allows us to bypass possible issues of endogeneity that commonly plague empirical studies of the link between corporate social and financial performance. By examining not only short-term returns but also trading activity, earnings per share, and long-term performance of stocks that are involved in these events, we bring forward evidence of a ‘social index effect’ where unethical transgressions are penalized more heavily than responsibility is rewarded. We find that the addition of a stock to the index does not lead to material changes in its market price, whereas deletions are accompanied by negative cumulative abnormal returns. Trading volumes for deleted stocks are significantly increased on the event date, while the operational performances of the respective firms deteriorate after their deletion from the social index.     

The Performance of Chinese Private Firms in Coping with a Global Financial Crisis: Who Is Best Positioned?

Using organizational flexibility as a research lens, we investigate how private firms, especially SMEs, in China cope with the 2008 financial crisis. Testing data from a large sample of private firms (N=3,459) by difference-indifferences analysis, we find that firms with industrial diversification, geographic expansion and political connections perform better during the crisis than those without. These results are less affected by self-selection problems (as the abrupt crisis provides a natural experiment) and hold up against endogeneity and several other challenges in robustness tests. The findings offer important implications for researchers, business owners, policy makers and future research.     

Does Board Gender Diversity Have a Financial Impact? Evidence Using Stock Portfolio Performance

There is growing regulatory pressure on firms worldwide to address the under-representation of women in senior positions. Regulators have taken a variety of approaches to the issue. We investigate a jurisdiction that has issued recommendations and disclosure requirements, rather than implementing quotas. Much of the rhetoric surrounding gender diversity centres on whether diversity has a financial impact. In this paper we take an aggregate (market-level) approach and compare the performance of portfolios of firms with gender diverse boards to those without. We also investigate whether having multiple women on the board is linked to performance, and if there is a within-industry effect. Overall, we do not find evidence of an association between diversity and performance. We find some weak evidence of a negative correlation between having multiple women on the board and performance, but that in some industries diversity is positively correlated with performance.     

How Does Consumers' Financial Vulnerability Relate to Positive and Negative Financial Outcomes? The Mediating Role of Individual Psychological Characteristics

Vulnerable consumers are at particular risk of financial detriment due to, for example, low financial literacy or numeracy, high debt, low income, or impactful changes in personal circumstances. We introduce a comprehensive and formative measure of financial vulnerability that integrates these risk factors and is grounded in definitions of vulnerability from financial regulation bodies and government agencies such as the Consumer Financial Protection Bureau. Across three studies of US individuals, we assess the nomological validity of this measure of financial vulnerability through its relationship with positive and negative financial outcomes (e.g., savings levels, paying credit card balances in full each month, being in arrears) as well as relevant psychological characteristics (e.g., personal savings orientation [PSO], money management skills, financial self‐efficacy). Moreover, we examine whether and how these psychological characteristics mediate the relationship between financial vulnerability and financial outcomes. We conclude with an overview of implications for policy makers and business practitioners.     

Beijing:Next International Financial Hub?

Beijing's new financial dream On May 5,the Beijing Municipal Government released a notice regarding its plans to spur the financial industry, vowing to put forth a strong effort to become the national financial decision- making center,financial management center and financial information and ser- vices center,and formally announcing its ambitious aspiration to become a financial hub with international influence.     

Beijing: Next International Financial Hub?

Beijing‘s new financial dream On May 5,the Beijing Municipal Government released a notice regarding its plans to spur the financial industry, vowing to put forth a strong effort to become the national financial decision- making center,financial management center and financial information and ser- vices center,and formally announcing its ambitious aspiration to become a financial hub with international influence.