Environmental Responsibility and Firm Performance: The Application of an Environmental,Social and Governance Model

This paper investigates the way in which environmental responsibility impacts on corporate financial performance, measured by return on equity (ROE) and return on assets (ROA). Using a sample of Korean firms covering the period 2011–2012, and employing two different test methods, namely the OLS and 2SLS methods, we show that the relationships between environmental responsibility performance and firms’ ROE and ROA are positive and statistically significant. However, we show that research and development (R&D) intensity (expenditure) does not affect either environmental responsibility or corporate financial performance. The results of this analysis encourage further empirical analysis of the industries, as well as the use of more than one estimation method to determine environmental responsibility and corporate financial performance within firms. Copyright © 2014 John Wiley & Sons, Ltd and ERP Environment     

Institutional shareholder services' proxy voting guidelines and ROE management

We examine the impact of the Institutional Shareholder Services (ISS) proxy voting guidelines on managers' opportunistic reporting behaviours. In February 2015, the ISS introduced a new advisory policy based on firms' return on equity (ROE) and started to issue negative recommendations for top executive election in firms whose past average and most recent ROE are lower than 5%. We find that managers are more likely to achieve the 5% ROE after implementing the policy, and they do so by discretionary activities. Our findings imply that accounting-based guidelines issued by a proxy voting advisor can generate managers' incentives for opportunistic reporting.     

EVA和ROE对标在薪酬管理中的应用探索

随着改革开放的不断深入,企业面临的挑战越来越多。要提升企业在市场经济中的竞争力,就要对企业的管理模式进行不断改革,建立完善的企业薪酬管理模式也是企业管理改革的方向之一。现阶段大多数的企业薪酬管理模式不成熟,给企业的人力资源开发和企业经营带来许多困惑。本文就EVA和ROE对标在薪酬管理中的应用进行探究谈论,帮助企业实现利润增幅的更大进步。     

Italian Banking Sector and Value Creation

The finn value is the fundamental topic of corporate finance. The value creation is the aim of economic initiatives, strategies, corporate policies, and all business activities, including banking. It depends, among other things, on size, legal form, and business model. Therefore, this paper wants to demonstrate and explain the differences about the value created in the Italian banking sector, where there is much diversity regarding size, legal form, and business model. This paper estimated and compared the value of Italian listed companies from 2010 to 2012 and found the result： Banks create more value if they are big and operate in investment banking. Furthermore, it proved that legal form hasn＇t influenced performance and value of banks.     

中国国有上市银行与外资银行的比较——基于财务角度的分析

2009年2月,根据各银行最新市值进行排名,中国工商银行、中国建设银行、中国银行超越了花旗银行、美洲银行、UBS银行以及英国汇丰银行,分别以13800亿美元、10770亿美元、9700亿美元列居全球前三位.2008年上半年,中国工商银行更是以648.79亿元的利润,成为全球最赚钱的银行.众所周知,这次的金融危机使全球的银行业损失重大,欧美银行尤为惨重.究竟应该如何看待中国银行业市值上升的问题,本文基于财务角度进行了分析.鉴于2008年全球银行业数据受本次金融危机影响波动较大,本文采用了2005-2007年的数据进行分析.     

Case analysis on earnings management action based on issue right：Evidence from Chinese listed companies

The study in the past shows that the listed companies in China have the actions of manipulating profit to cater for the requirement of the Chinese Securities Regulatory Commission, manage earnings by means of dealings or managing the accrued profit items, so as to acquire the competence of rights issue, or lessen the risk of being suspended or canceled of trading. In this paper, the case analysis on earnings management based on rights issue right of listed companies is carded out with the samples of data from the listed companies of A-share from 1996 to 2001 and by means of earnings distributing, so as to prove the listed companies＇ response to the policies of rights issue and the existence of earnings management conducted by the rights issue companies for the purpose of rights issue, and observe the effectiveness of the securities market in China.     

ROE的重新分解:构建创新的财务分析综合体系

杜邦分析体系由于首次系统地揭示了财务比率之间的内在联系而在财务分析中占据重要位置。但是该体系由于指标选择的缺陷而不能有效地指导融资决策。本文从ROE的重新分解入手,在传统杜邦分析体系的基础上,分别考虑经营(含投资)活动和融资活动对ROE的影响,建立一个创新的综合分析体系。新体系既可以更真实地反映企业经营业绩,也能够为融资活动提供决策支持,指导企业充分发挥资本结构的财务杠杆效应。     

基于股利贴现模型的现金股利和股票股利对股票市价的影响研究

从股利贴现模型出发,分析了在完善的资本市场条件下,现金股利和股票股利对股票市价的不同影响,通过严格计算比较了这两种股票发放形式对股票市价的影响效果,并用已有的实证研究结果对结论进行了验证。最后,简单讨论了由于实际市场的不完善性而对模型计算所得结果的修正。     

Impact of CO2 Emission Variation on Firm Performance

The quantifying and reporting of greenhouse gas emissions is one of the most important tools for monitoring and auditing proposed to mitigate climate change, and it also directly affects business. It is thus vital that at this time we learn in detail whether firms actually report on greenhouse gas emissions and make the account entries that must be included within it. This research is twofold: first to analyse the reports on greenhouse gas emissions of international firms in the 2007 and 2008 period and to see what kind of variation occurs in CO₂ emissions between 2006–2007 and 2007–2008, and second to determine the impact that this variation (2006–2007) can have on firm performance in four time periods (t, t + 1, t + 2 and t + 3) that correspond to 2007, 2008, 2009 and 2010, taking two variables as a measure of firm performance, ROE and ROA, and considering a time period affected by a financial crisis. The results obtained show that there was a reduction in CO₂ emissions in the 2006–2007 period, and also in the 2007–2008 period. As regards the impact that the variation in CO₂ emissions has on ROE and ROA, CO₂ emission variation is a significant but negative variable only for ROA_2007 and for the rest of the years it is not statistically significant either for ROE or ROA. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.     

资本结构与公司绩效的相关性研究——来自中国旅游上市公司的经验数据

本文构建了公司绩效与资本结构间的多元线性回归模型,使用时间序列横截面数据,对我国典型旅游上市公司的绩效与资本结构之间的关系进行了实证检验。结果表明,旅游上市公司的资本结构与公司绩效间存在显著相关关系;资本化率与公司绩效呈稳定的显著正相关关系,但过高的财务杠杆水平却蕴含着巨大的财务风险,理应积极开拓多种提高业绩的路径。数据处理中分别采用托宾值和净资产收益率为因变量,比较回归结果显示后者更真实也更符合实际。