Too Little or too much? Exploring U‐shaped Relationships between Corporate Environmental Performance and Corporate Financial Performance

Despite 40 years of research on the relationship between corporate environmental performance (CEP) and corporate financial performance (CFP), there is no generally accepted theoretical framework that explains the contradictory results that have emerged. This unsatisfactory status may be attributed to the fact that linear models dominate the research. Based on an international sample of 2361 firm‐years from 2008 to 2012, we find empirical evidence of a non‐linear, specifically a U‐shaped, relationship between carbon performance and profitability as well as between waste intensity and profitability. The same result holds for the relationship between carbon performance and stock market performance, but solely for manufacturing industries. Our empirical findings provide evidence for the theoretical framework of a ‘too‐little‐of‐a‐good‐thing’ (TLGT) effect, which indicates that the type of relationship (positive, negative) depends on the level of CEP. More precisely, there is a negative CEP–CFP relationship for companies with low CEP and a positive association for high CEP. Copyright © 2015 John Wiley & Sons, Ltd and ERP Environment     

欧洲渔业政策、社会科学研究：21世纪面临的挑战

本文为英国赫尔大学地理学院David Symes发表在Maine Policy2010年第34卷268—275页文章的中泽文。在扩展欧洲渔业政策的科学基础过程中,尽管生态系统方法和经济建模得到显著运用,社会科学对于政策有关的研究作用仍不甚明显。在有关体制结构和渔业管理理论的理解方面虽有进展,但对欧盟第六次研发与技术发展架构（2002～2006年）的分析指出,在多学科项目领域以外,社会科学的运用仍然不足。渔业社会科学的流散性和渔业政策明显缺乏社会目标的特点合理解释了社会科学难以运用到渔业政策的原因。CFP（共同渔业政策）改革预计将在2012年展开,包括中央和区域机构之间责任的重新分配,为跨学科和专业领域的政策相关研究提供更多的机会。为应对这一挑战,将需要在社会科学和跨自然和经济科学界限构建强大的网络建设。     

我国商业银行个人理财业务发展探究

随着我国居民金融资产的不断增长,个人理财业务受到越来越多人的重视.但从整个发展阶段而言,我国的个人理财业务尚处于初级阶段,对此进行研究具有实际指导意义.本文就我国商业银行个人理财业务目前所面临的问题入手进行分析,并结合国情提出了相应的发展思路,以期推进我国个人理财业务的良好发展.     

How does social trust affect corporate financial performance? The mediating role of corporate social responsibility

Prior studies assert that social trust may positively influence the economic performance of countries and firms (within those countries). This paper proposes a more nuanced mechanism whereby corporate social responsibility (CSR) mediates the relationship between country-level social trust and firm-level financial performance. Anchored in neo-institutional theory, we theorize that social trust instills norms of trustworthiness and willingness to trust others guiding individual and corporate behaviors. In order to comply with such norms and gain legitimacy, firms in high-trust society are more likely to commit to CSR activities that serve the interests of stakeholders. CSR activities, in turn, can positively influence financial performance by enabling firms to access stakeholders' resources and capabilities and to decrease transactions costs in the stakeholder relationships. We tested our theory by analyzing 9818 firm-year observations across 34 countries, during the 2006 to 2015 period. Our analysis shows the expected CSR mediation in the relationship between social trust and firm-level financial performance. Our findings are robust across different models addressing the concerns of endogeneity, alternative measures, and potential moderators.     

个人理财策划标准化研究

分析了个人理财策划的市场发展和标准化需求，介绍了ISO／TC222的工作、国际注册理财策划师（CFP）的资格认证体系，以及国内金融理财师标准及认证制度。