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1.
Sustainability Accounting, Management and Policy Journal ; JOUR
Article in English | Web of Science | ID: covidwho-2097582

ABSTRACT

Purpose The purpose of this study is to examine the dynamic connectedness and volatility spillovers between commodities and corporations exhibiting the best environmental, social and governance (ESG) practices. In addition, the authors determine the optimal hedge ratios and portfolio weights for ESG and commodity investors and portfolio managers. Design/methodology/approach This study uses the novel frequency connectedness framework to point out volatility spillover between ESG indices covering the USA, developed and emerging markets and commodity indices, including energy (crude oil, natural gas and heating oil), industrial metals (aluminum, copper, zinc, nickel and lead) and precious metals (gold and silver) by using daily data between January 3, 2011 and May 26, 2021, covering significant socio-economic developments and the COVID-19 outbreak. Findings The results of this study suggest a total connectedness index at a mediocre level, mainly driven by the shocks creating uncertainty in the short term. And the results indicate that all ESG indices are net volatility transmitters, and all commodity indices other than crude oil and copper are net volatility receivers. Practical implications The results imply statistically significant hedging and portfolio diversification opportunities to investors and portfolio managers across the asset classes, proven by the hedging effectiveness analyses. Social implications This study provides implications for policymakers focusing on the risk of contagion among the commodity and ESG markets during turbulent periods to ensure international financial stability. Originality/value This study contributes to the existing literature by differentiating ESG portfolios as the USA, developed and developing markets and examining dynamic connectedness and volatility spillovers between ESG portfolios and commodities with a different technique. This study also contributes by considering COVID-19 outbreak.

2.
Environmental Research Communications ; JOUR(10), 4.
Article in English | Web of Science | ID: covidwho-2097234

ABSTRACT

Part of the economic recovery plans implemented by governments following COVID-19 is directed towards the energy transition. To understand the potential effects of these post-COVID green recovery packages on reductions of global greenhouse gas emissions until 2030, we investigated three different approaches. First, we analyzed simulation results of Integrated Assessment Models (IAMs) to infer the change in CO2 intensity of GDP that could result from post-COVID low-carbon investment plans. Second, we investigated the scenarios the International Energy Agency (IEA) provided based on a bottom-up energy system model. Combining the two approaches, we found that green recovery packages implemented and planned globally can lead to an emissions reduction of merely 1%-6% from the 2030 baseline levels at most. Third, we looked into the results of the Adaptative Regional Input-Output model, which simulates the dynamic effects of economic crisis and fiscal stimuli through supply chains following labor shortage. The third approach shows that the increase of activity driven by fiscal stimuli leads to a rebound of CO2 emissions even if they do not target carbon-intensive sectors. We conclude that green recovery packages targeting low-carbon technologies have a limited impact on near-term CO2 emissions and that demand-side incentives, as well as other policy efforts to disincentivize the use of fossil fuels, are also crucial for scaling up climate mitigation.

3.
Journal of Decision Systems ; JOUR: 1-19,
Article in English | Web of Science | ID: covidwho-2082830

ABSTRACT

Given the broad scope of Ethereum and the wide range of its decentralized applications, this paper investigates its hedging and safe haven capabilities against main fiat currencies, stock and bond indices in the US and Europe, and crude oil and gold markets. We use daily data from January 2016 until February 2021 and apply percentile regressions and crisis event interaction analysis by selecting four worldwide events including US presidential elections, the Brexit referendum, and COVID-19. We reveal that Ethereum does not act as a hedge or a safe haven against fiat currencies, stock and bond indices, and gold. However, it does act as a strong safe haven against crude oil in calm and turbulent periods and against European bonds during market turbulence. The study provides insights to regulators and investors into the potential role of Ethereum in investment decision-making and protecting financial market participants in the US and EU.

4.
Investment Management & Financial Innovations ; 19(4):1-13, 2022.
Article in English | ProQuest Central | ID: covidwho-2067488

ABSTRACT

The efficient market hypothesis assumes that the stock prices fully reflect all relevant information. Under the weak form, the future prices are independent of current prices or in the other words, they follow the random walk hypothesis. Global issues tend to have an impact on capital markets around the world. Therefore, the objective of this study is to assess the effect of global issues on the movements of expected returns in the Indonesian capital market from January 1, 2022, to June 30, 2022. The sample of 755 listed firms is used to test whether the expected returns have a random pattern during the observation period. The results of runs tests and variance ratio test show that the expected return movements are not random. On those results, the weak form of the efficient market hypothesis is rejected, and it can be concluded that the capital market in Indonesia for this period is inefficient. The findings of this study imply that the information about global issues does not affect the market. The success of the Indonesian government’s strategy in dealing with global issues (including the Covid-19 pandemic) in the form of a vaccination program and also followed by excellent fiscal and monetary policies has led to more predictable returns in the capital market. Moreover, investors can set their portfolios to get extraordinary returns as the market is more predictable.

5.
Terra Economicus ; 20(3):98-115, 2022.
Article in English, Russian | Scopus | ID: covidwho-2067442

ABSTRACT

We use RLMS HSE data to assess unequal investments in the human capital of children in Russia. Our analysis shows that the position of households in socio-economic hierarchies by the level of education, professional status, income and subjective positioning differentiates investing in children’s education. The increase in the share of households that invest in the human capital of children occurs while moving from less to more prosperous positions in each of these hierarchies. Between 2013 and 2018, the number of households spending on children’s education increased, but the pandemic caused the situation to reverse, offsetting these results in all but the most affluent groups. In terms of children engagement in additional educational activities (for schoolchildren – apart from school, for preschoolers – in addition to home and family activities), it turns out that children are highly engaged in creative activities, to a lesser extent in sports, and to the least extent in child development courses. At times of the Covid pandemic engagement in sports and creative activities reduced for children from advantaged and less advantaged households. Engagement in development courses proved to be most resilient to this external shock. Children participating in development activities belong to households with high social status, given various axes of social differentiation, but even in these they are a minority. Multilateral engagement of the child, i.e. participation in all three types of additional educational activities, is uncommon, while complete exclusion from any forms of extracurricular or extrafamilial activities is widespread. © С.В. Мареева, Е.Д. Слободенюк, 2022

6.
Sustainability ; 14(19):12879, 2022.
Article in English | ProQuest Central | ID: covidwho-2066476

ABSTRACT

Environmental, Social, and Governance (ESG) criteria are novel and exciting tools of corporate disclosure for decision making. Using quantitative and qualitative analyses, the present study examined the key characteristics and trends of ESG controversies in the European market. At the same time, it identified the controversies’ determinants. A bibliometric analysis was the qualitative method employed on the data derived from Scopus using Biblioshiny software, an R package. The quantitative analysis involved an international sample of 2278 companies headquartered in Europe from 2017–2019 being studied using a Generalized Linear Model. The findings of this research highlighted the role of the “S” and the “G” dimensions of the ESG controversies as the most crucial in affecting controversies. Women are under-represented in the business hierarchy, but their natural characteristics such as friendliness and peaceability lead to a low level of illegal business practices. However, independent of gender, executives have personal gains that they want to satisfy. Thus, executives may become involved in unethical practices and harm their colleagues and the business’s reputation. On the other hand, democracy emerged as one of the most disputed factors. Democracy gives people the voice to express themselves and publicly support their ideas without restrictions. Although, the regression results showed that democracy is not always operated as the “pipe of peace” and can affect, to some extent, controversies.

7.
Sustainability ; 14(19):12356, 2022.
Article in English | ProQuest Central | ID: covidwho-2066403

ABSTRACT

This article investigates the connection between US logistics companies’ commitment to environmental, social and fair governance (ESG) strategy and their performance on the US stock market during the 2007–2022 period. The research considers historical data analysis, CAPM and a comparison of optimised portfolios. According to the results of the analyses, ‘green’ logistics stocks are less volatile, and hence less risky, and more profitable compared to ‘non-green’ logistics stocks. The Great Recession (2007–2009) and the COVID-19 pandemic (2020) had the greatest impact on stock volatility, in terms of the US stock market. Optimised during the time of the Ukrainian crisis, green logistics portfolios were shown to have higher returns, but also risks and Sharpe ratios, than ‘non-green’ ones. The results confirm there to be a connection between companies’ commitment to ESG strategy and enhanced stock performance, which contributes to the importance of the ESG agenda.

8.
Energies ; 15(18), 2022.
Article in English | Scopus | ID: covidwho-2065777

ABSTRACT

In recent years, due to the rise in energy prices and the impact of COVID-19, energy shortages have led to unsafe power supply environments. High emissions industries which account for more than 58% of the carbon emissions of Guangdong Province have played an important role in achieving the carbon peak goal, alleviating social energy shortage and promoting economic growth. Controlling high emissions industries will help to adjust the industrial structure and increase renewable energy investment. Therefore, it is necessary to comprehensively evaluate the policies of energy security and the investments of high emission industries. This paper builds the ICEEH-GD (comprehensive assessment model of climate, economy, environment and health of Guangdong Province) model, designs the Energy Security scenario (ES), the Restrict High Carbon Emission Sector scenario (RHS) and the Comprehensive Policy scenario (CP), and studies the impact of limiting high emissions industries and renewable energy policies on the transformation of investment structure, macro-economy and society. The results show that under the Energy Security scenario (ES), carbon emissions will peak in 2029, with a peak of 681 million tons. Under the condition of ensuring energy security, the installed capacity of coal-fired power generation will remain unchanged from 2025 to 2035. Under the Restrict High Carbon Emission Sector scenario (RHS), the GDP will increase by 8 billion yuan compared with the ES scenario by 2035. At the same time, it can promote the whole society to increase 10,500 employment opportunities, and more investment will flow to the low emissions industries. In the Comprehensive Policy scenario (CP), although the GDP loss will reach 33 billion yuan by 2035 compared with the Energy Security scenario (ES), the transportation and service industries will participate in carbon trading by optimizing the distribution of carbon restrictions in the whole society, which will reduce the carbon cost of the whole society by more than 48%, and promote the employment growth of 104,000 people through industrial structure optimization. Therefore, the power sector should increase investment in renewable energy to ensure energy security, limit the new production capacity of high emissions industries such as cement, steel and ceramics, and increase the green transition and efficiency improvement of existing high emissions industries. © 2022 by the authors.

9.
Complexity ; 2022, 2022.
Article in English | ProQuest Central | ID: covidwho-2064326

ABSTRACT

The role of media coverage as a proxy for investor sentiments has led to the assessments of the impact of COVID-19 media coverage on financial markets. To determine how both local and global media coverage affect financial markets differently, we investigate this issue from the perspective of top emerging markets, BRICS (i.e., Brazil, Russia, India, China, and South Africa). With datasets covering January 2020 to March 2022, we employ the wavelet coherence technique on two major subsamples, viz. initial outbreak year sample and the “new normal” era sample. Our findings demonstrate the leading role of BRICS equities in the initial outbreak period, particularly across medium and low frequencies. In the “new normal” era, we find a significant effect of world media coverage on BRICS equities. We discuss the implications of our findings, which are of importance to investors, policymakers, and practitioners.

10.
Green Energy and Technology ; : 91-101, 2022.
Article in English | Scopus | ID: covidwho-2059702

ABSTRACT

The utterly unpredicted advent of Covid-19 pandemic has profoundly changed human lives, not only in people habits but in their perception of related-density urban spaces and their use. Smart Cities based on technocentric efficiency are gradually replaced by a new city paradigm: the adaptive cities. The term “adaptive” inspires a new model of interaction between citizens, technology and spaces starting from urban characteristics and users’ needs towards a better accomplishment of the UN seventeen-SDG idea of inclusive, safe, resilient, and sustainable cities, thus stressing the social dimension. This scenario represents a new challenge in reshaping cities for policy makers, investors, planners and all actors involved in this innovative regeneration process that would comply with ESG criteria. A starting point of Adaptive cities is certainly represented by public spaces that have been rediscovered by people experiencing pandemic. The present paper explores under an evaluative lens the potential social impact of public spaces. Through literature and empirical evidence, it is then introduced the issue of measuring those values that pertain social and collective dimension (extra-market values). Finally, it is discussed how intangible values can be integrated with the economic and financial framework through which policy makers and investors attempt to catch the social impact values. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.

11.
7th International Conference on Smart and Sustainable Technologies, SpliTech 2022 ; 2022.
Article in English | Scopus | ID: covidwho-2056836

ABSTRACT

Due to climate change, the EU Green deal and initiatives from Glasgow COP 26 require intensive mitigation measures toward decarbonisation of the buildings sector. One of the biggest challenges for achieving CO2 reduction goals will be the residential sector, especially multi residential buildings. Although there are well-known technologies and energy efficiency (EE) measures that can greatly contribute to decarbonisation of buildings, experience shows that the main barriers for implementation of EE measures originate from the potential client side and have social, economic and regulatory character. These barriers include: lack of awareness about climate change and necessity for urgent actions and long payback period for investment. On the other hand, market and ESCO company side barriers predominantly have economic and technical character, such as a lack of integrator who has professional capability to implement deep renovation projects as well as financial capability for investing in energy service through ESCO model with a long return of investment. Although there is different definition of ESCO model in the world and it is evolving and the model has been implemented for decades there is a little progress in implementation of such model in multi residential building sector. Additionally, there is a necessity for deep renovation of buildings where ESCO model is not desirable due to long payback period. However, there is a new reality now after two years of COVID pandemic and recent EU decision to dramatically decrease its dependency on fossil fuels through the REPowerEU plan. These have created new circumstances and drivers for intensive rethinking of implementation of ESCO model in multi residential buildings. This paper discusses barriers and drivers with associated risks for implementation of ESCO model in the residential sector and gives future direction of actions for implementation of this model in multi residential buildings. Barriers and drivers discussed in this paper also reflect practice and experience on the ESCO market in Croatia. © 2022 University of Split, FESB.

12.
Economics & Sociology ; 15(3):159-171, 2022.
Article in English | ProQuest Central | ID: covidwho-2056473

ABSTRACT

. The importance of business models for small and medium-sized enterprises (SMEs) in terms of their competitiveness and sustainability is undoubtedly growing. The global Covid-19 pandemic even strengthens this trend. The degree of digitalization of corporate processes becomes the SME stability and development limitation. The paper submitted presents the results of research focused on the issue of digital transformation of business models on a test sample of 496 SMEs (out of which 214 operate in the manufacturing sector and industry and 218 are included in the services sector) using the method of dimensionality reduction and logit regression. The main output from the solution valid for both tested sectors is considered insufficient setting, management and evaluation of corporate processes. This applies to the main value-creating processes (input and output logistics, production, marketing and sales, service and other ancillary services) and supporting processes (purchase, scientific and technological development, human resources management and company infrastructure). In terms of the achieved degree of process digitization, an imbalance was found between the main value-creating processes and supporting processes. Investment in value-creating and supporting corporate processes are not considered an important factor for any of the sectors due to the high sensitivity of investments to the size and specialization of companies. In contrast, the higher perceived need for value chain digitization in both tested sectors, especially in the case of manufacturing and industry, is considered a very positive output. This proves the need for the digital transformation of companies and its positive impact on their profitability and competitiveness.

13.
3rd Conference on Modern Management Based on Big Data, MMBD 2022 ; 352:149-155, 2022.
Article in English | Scopus | ID: covidwho-2054914

ABSTRACT

This paper has approached the investment method by alpha value as the excess return to compensate for risks other than the market risk with the data sample of filtered stocks from three major exchanges of the Vietnam stock market HOSE, HNX, and UPCOM from January 2016 to December 2020. Then, we compare the performance of the portfolio through 2021, the year Vietnam fell into the 4th wave of Covid and was the hardest hit. The results of the paper have shown that the portfolio selected by the alpha method has eliminated the beta market risk of the portfolio and has the actual portfolio return higher than the general rate of return of the stock market index, thereby reinforcing and proving the effectiveness of the alpha investment model. © 2022 The authors and IOS Press.

14.
International Journal of Sustainable Economy ; 14(4):429-440, 2022.
Article in English | ProQuest Central | ID: covidwho-2054419

ABSTRACT

This article analyses the impact of COVID-19 on the volatility of ESG investing in India. Furthermore, it assesses the investment certainty in ESG related activities in India after detecting the first case of disease. A generalised autoregressive conditional heteroscedasticity model has been applied to the S&P BSE 100 ESG Index returns. The results show that after COVID-19, the risk related to the market price of the S&P BSE 100 ESG Index has increased, and the certainty of investment decreased. Further, the result of the GARCH (1, 1) model estimation indicates the presence of a large degree of persistency in the S&P BSE 100 ESG index. In addition, after reporting the first case of COVID-19, unconditional variance has been increased by 211.98%.

15.
International Journal of Diplomacy and Economy ; 8(1):21-40, 2022.
Article in English | Scopus | ID: covidwho-2054413

ABSTRACT

The pandemic disrupted normal life worldwide in 2020-21 and created room for the recreation of society as a 'moral community'. History shows that moral norms and power structures that are developed during social crises impact the future 'rules of the game' for transnational businesses. During the pandemic, many governments made health their top priority and imposed restrictions that harmed some business interests. By doing so, they demonstrated both a willingness and an ability to prioritise other goals than economic growth, and post-pandemic this may lead to prioritising other of the UN SDGs. This study contributes to the existing literature with the suggestion that firms will be motivated to engage in diplomacy when economy is not the sole priority for governments and governments have demonstrated the strength and willingness to impose restrictions on business. In short, the incentives come from the acknowledgment of societies' need to balance and mediate between different priorities and actors from different spheres with different interests. Benevolence seems to be increasingly important for trust in businesses and for justification. © 2022 Inderscience Enterprises Ltd.

16.
2022 International Telecommunications Conference, ITC-Egypt 2022 ; 2022.
Article in English | Scopus | ID: covidwho-2052046

ABSTRACT

Recently, no one can deny the importance of distributed generation (DG). The tendency toward using DG in electrical generation networks is increasing rapidly. In addition to the positive aspects, the ecological, economic, and technical advantages of connecting DG units to distribution networks, the location and the size of the DG unit are important factors for these advantages. For this purpose, a novel method of optimal apportionment and sizing when introducing DG is presented, based on the curtailment of the SPP (simple payback period). This can be achieved through the use of the IEEE 33 bus system and optimization techniques such as Grey Wolves, Grey Wolves with Cauchy equation, and Coronavirus techniques that help determine the location and size of generators in the distribution network. In this paper, we aim to present a thorough study on the impact of the DG units, when connected to distribution networks, based on the economical viewpoint using MATLAB software. © 2022 IEEE.

17.
Management Decision ; 60(10):2637-2641, 2022.
Article in English | ProQuest Central | ID: covidwho-2051886

ABSTRACT

[...]management behavior plays a crucial role in developing CSR strategies. [...]with the development of new theoretical constructs and new models, it is necessary to better understand the dynamics and critical factors of the relationship between CSR and company performance as well as the context in which they operate (Lin et al., 2019;Surroca et al., 2010). In developed countries, CSR has become an important element for firms, as CSR strategies enhance their competitiveness and corporate reputation (e.g. Becker-Olsen et al., 2006;Aguilera et al., 2007). [...]of particular interest – in terms of context influences – are also countries considered as fastest-developing, such as BRICS, CIVETS, Next Eleven, and MINT, in which different cultural and social aspects can influence CSR strategies in different ways compared to developed countries (e.g. Aguinis and Glavas, 2019;Sardana et al., 2020). [...]this special issue aimed to attract rigorous research studies from scholars all over the world, contributing to enrich theoretical and practical knowledge about CSR, helping scholars – as well as executives of small and medium-sized enterprises (SMEs), emerging market SMEs, multinationals enterprise (MNEs) and emerging market MNEs (EM-MNEs) – to navigate through, overcome and learn from the COVID-19 global crisis.

18.
Far Eastern Affairs ; 50(3):19, 2022.
Article in English | ProQuest Central | ID: covidwho-2047172

ABSTRACT

The South Korean economic miracle is often used as an example of the consolidation of business and government in the interests of national prosperity. Thanks to rapid industrialization and the implementation of an export-oriented economic model, the Republic of Korea (ROK) acquired the status of a developed country already in the mid-1990s. An important factor of South Korea's success at the global level is the fact that the foreign economic relations of the ROK have been closely intertwined with access to world markets, technologies, and investments. However, the economic crisis triggered by the COVID-19 pandemic and global geopolitical differences have been testing even the most stable economies. Since the South Korean economy has been deeply integrated into international trade and finance, it has become very vulnerable to outside challenges. The strengthening of partnership cooperation with the US requires that President Yoon's administration dramatically diversify foreign economic ties. Of special interest here are Russian-South Korean economic ties and their prospects. At present, the two countries' economic partnership is facing a major test in the form of sanctions pressure on the Russian Federation. As for domestic challenges for South Korea, the new administration of President Yoon has inherited many unresolved problems that have only been worsening - primarily unemployment (especially among young people), inflation, a housing crisis, and the country's ag: ing population. In this article, the authors analyze current foreign and domestic challenges facing the ROK economy. In addition, emphasis is placed on issues of Russian-South'Korean economic relations.

19.
IUP Journal of Applied Finance ; 28(3):43-53, 2022.
Article in English | ProQuest Central | ID: covidwho-2047006

ABSTRACT

The present study examines the evidence of herd behavior of investors in the Indian stock market during extreme volatility, i.e., bulí and bear phases. It also investigates the herd behavior during the first and second waves of the Covid-19 pandemic. A sample of 50 companies listed on NSE during January 2019 to December 2021 is considered for the study, employing the methods developed by Christie and Huang (1995) and Chang et al. (2000). The findings present evidence of herd behavior during the first wave of the pandemic, while there is no evidence of such behavior during the second wave. Further, the study concludes that investors mimic the investment behavior of others in an extreme high return period only. There is no indication of herd behavior in extreme low return period and in the whole sample period.

20.
Academy of Marketing Studies Journal ; 26(4), 2022.
Article in English | ProQuest Central | ID: covidwho-2046947

ABSTRACT

Our target to be reached through this research to measure the impact of the strength of electronic rumours circulating through social networking sites on the demand of the consumer for foodstuffs in light of the COVID-19 pandemic. For which purpose, analysis has been made for the dimensions of both electronic rumours and social networking sites, in addition to the demand for foodstuffs in light of the COVID-19 pandemic. Besides, based on the field study using the questionnaire that has been distributed to a specific sample consisting of 394 consumers using one of the social networking sites, the study demonstrated the existence of a statistically significant effect of the electronic rumours on the consumer demand for foodstuffs in light of such pandemic. More to the point, this study attributed that effect to three factors pertaining to the nature of the electronic rumours and the means of their distribution, in addition to factors relating to the consumer personality, and other factors associated with the environmental conditions created by the pandemic in terms of economic, social and psychological aspects. Furthermore, amongst the most important of such factors, we uncover: the relative importance of rumours with regards to the consumer, and the degree of ambiguity that distinguished the crisis period about the measures taken by government to cope with the crisis, along with the degree of credibility and confidence that the consumer allocates to those rumours, in addition to the spread of anxiety and stress resulting from the crisis in question.

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