Will Women Lead the Way? Differences in Demand for Corporate Social Responsibility Information for Investment Decisions

Recent years have featured a leap in academic and public interest in Corporate Social Responsibility (CSR) activities and related corporate reporting. Two main themes in this literature are the exploration of management incentives to engage in and disclose this information, and of the use and value of this information to market participants. We extend the second theme by examining the interest that specific investor classes have in the use of CSR information. We rely on feminist intersectionality, which suggests that gender intersects with other identities to yield different values, experiences, and opportunities that can lead to gender-based preferences for CSR information. Based upon a survey of 750 US-based retail investors, we find that female retail investors have a greater interest in the use of CSR information, relative to male retail investors. Women express greater anticipated future demand for this information than do men. Further, the magnitude of the increase from current use to anticipated future demand is greater for women than men. Age is a significant modifying factor in that the discrepancy between women of any age and older men is greater than that between women and younger men. Finally, women also exhibit greater demand for streamlining of the information flow, consistent with pressures induced by time poverty. It appears that current disclosure practices provide a less than optimal match with the needs of the information consumers that are primarily interested in using this information. This mismatch may result in a systematic disenfranchisement of female investing classes which suggests an ethical need to level the playing field.     

Mentoring as a mechanism for improvement in local government

This article reports on a scheme to secure improvement in local government using a peer mentoring network. Mentoring promoted learning, and hence improvement, in many of the participating authorities. Mentoring schemes must be carefully designed to achieve positive outcomes—it is essential to have a clear understanding of what mentoring is and how it should be administered, and to involve members and relevant partners of the mentored organization.     

How do foundations support (anti-)racism? A critical race theory perspective on philanthropy and racial equity

This research explores how philanthropic foundations responded to the killing of George Floyd and subsequent Black Lives Matter protests through a critical race theory perspective. Using qualitative content analysis of online statements, the study analyzed messages foundations conveyed about racism and anti-racism and what commitments they made to address racial equity. The findings suggest half of foundations communicated racist ideas through assimilationist and non-racist messages, and half expressed anti-racist ideas by addressing systematic racism. Further, corporate, rather than family or community foundations, conveyed more racist messages and committed to providing funds rather than adjusting organizational orientation to address racial inequity.     

The value of informal learning within work-based learning: The economic benefits of WBL

Recent updates to federal policy governing career and technical education (CTE) in the United States have emphasised the need to include work-based learning (WBL) experiences as central components of CTE programming. Many of these experiences showcase an informal learning component which has strong ties to early career success as suggested by the Human Capital Theory. This study explores the following questions: What is the relationship between WBL and early career income? Are there differential relationships based on the type of WBL experience? The Education Longitudinal Study of 2002 (ELS) includes nationally representative data for student participation in WBL and early career income. We used school-fixed effects and propensity score matching techniques to respond to our questions regarding the potential relationship between WBL participation and early career income. We found that students who participated in at least one WBL experience in high school could expect to have an average 7% higher income compared to non-WBL participants. With respect to specific WBL experiences, job shadowing, community service, and mentoring had the largest positive relationship to higher early career income. Findings from this study indicate that participation in WBL experiences can have a positive impact on a high school graduate's college and career readiness as measured through early career income. Given the differential relationships observed for different types of WBL, schools, policymakers, and students should explore WBL options that best align with their personal goals.     

Impact investing in biodiversity conservation with bonds: An analysis of financial and environmental risk

Impact investments have the dual goals of generating profit and environmental and/or social impact from the same project or enterprise. This article examines recent impact investments in biodiversity conservation—specifically, debt finance in the form of conventional bonds and impact bonds. The proceeds of these bonds finance projects aiming to enhance forest management, sustainable agriculture, endangered species protection, ecosystem service provision, and nature-based solutions to climate change such as REDD+. The article scrutinises whether these dual goals are achievable by evaluating the financial risks and impact risks within each bond's theory of change. Risks stem from projects with vague cashflow forecasts, project sites with low or ambiguous threat statuses, and simplified impact metrics that may measure activities or outputs—rather than impact. Risk mitigation strategies involve using baselines and counterfactuals to establish additionality, and guarantors to protect investors if revenues are insufficient. Implications for biodiversity management and for-profit conservation are discussed.     

Dispersion in Dispersion: Measuring Establishment-Level Differences in Productivity

We describe new experimental productivity dispersion statistics, Dispersion Statistics on Productivity (DiSP), jointly produced by the Bureau of Labor Statistics (BLS) and the Census Bureau, that complement the official BLS industry-level productivity statistics. The BLS has a long history of producing industry-level productivity statistics, which represent the average establishment-level productivity within industries when appropriately weighted. These statistics cannot, however, tell us about the variation in productivity levels across establishments within those industries. Dispersion in productivity across businesses can provide information about the nature of competition and frictions within sectors and the sources of rising wage inequality across businesses. DiSP data show enormous differences in productivity across establishments within industries in the manufacturing sector. We find substantial variation in dispersion across industries, increasing dispersion from 1997 to 2016, and countercyclical total factor productivity dispersion. We hope DiSP will enable further research into understanding productivity differences across industries and establishments and over time.     

Building a high-integrity ammonia storage tank—1988

In late 1984, initial work began on preparing a project to install atmospheric ammonia storage at DuPont's Victoria, Texas plant. This storage was to supplement the existing ammonia spheres. In the aftermath of Bhopal and, in light of DuPont's response to that incident, the project focus was changed to one of replacing all pressurized ammonia storage and rail car unloading at the site and installing atmospheric ammonia storage of the highest possible integrity. This paper discusses the various phases of the project and the high-integrity design of the storage facilities.