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  • Thumbnail for BOARD GENDER DIVERSITY AND ITS EFFECTS ON CSR PERFORMANCE IN THE MEDIA, TECHNOLOGY, RETAIL, AND APPAREL INDUSTRIES
    BOARD GENDER DIVERSITY AND ITS EFFECTS ON CSR PERFORMANCE IN THE MEDIA, TECHNOLOGY, RETAIL, AND APPAREL INDUSTRIES by Bilgi, Hamiyyet

    This paper investigates CSR ratings among firms that have varying corporate board gender compositions within the media, technology, retail and apparel industries in the United States. An empirical model is used to investigate whether the percentage of women board of directors has a substantial effect on a company’s CSR performance, whether or not these differences vary by industry, and if a critical mass of women shifts these results. The conclusions of the paper relied on data from Thomson Reuter’s ASSET4, Spencer Stuarts Annual Indices, and individual financial reports of firms. The analysis provides evidence that there a positive relationship between board gender composition and CSR ratings and that there are some industry level differences but the presence of a critical mass of women does not have a significant impact.

  • Thumbnail for The Effects of the Paris Agreement on Renewable and Conventional Energy Companies' Stock Returns
    The Effects of the Paris Agreement on Renewable and Conventional Energy Companies' Stock Returns by Harrison, Morgan Dean

    This paper analyzes the effects of the Paris Agreement on renewable and conventional energy companies’ stock returns; particularly, do renewable energy stocks have positive abnormal stock returns while their conventional counterparts display negative or no abnormal returns? This paper applies an event study methodology to the signing of the most important climate deal since the Kyoto Protocol in 1997, as a result of the unanticipated completion and high level of international ambition of world leaders to cut emissions and promote low carbon technologies. For example, Sunpower’s, a solar energy company, shares shot up 8.7% in the immediate aftermath of the treaty’s signing while those of Rice Energy, a petroleum exploration and production company, fell by more than 8%. By using the market model, this paper aims to estimate the effect of the Paris Agreement on short-term abnormal daily stock returns of U.S. and European renewable and conventional energy stocks. With new investment flows into renewable energy companies and increased adherence to regulatory compliance by conventional energy companies, this paper utilizes stock returns as a useful indicator to detect whether environmentally corporate socially responsible (CSR) renewable energy companies will outperform their traditional fossil fuel counterparts. This paper examines the hypotheses of higher positive abnormal returns for U.S. renewable energy companies, more negative abnormal returns for U.S. conventional energy companies, negative abnormal stock returns for the combined sample of conventional energy companies, and positive abnormal stock returns for the combined sample of corporations exclusively engaged in renewable energies. This study shows that U.S. renewable and conventional energy samples outperformed and underperformed the European samples, respectively. As a whole, conventional energy companies show significant negative abnormal returns while renewable energy companies exhibit positive abnormal returns. This suggests that investors priced in these companies’ environmental CSR after the announcement of the Paris Agreement.

  • Thumbnail for Initiating Change: Institutions, Corporate Responsibility, and Financial Performance in the U.S. and E.U.
    Initiating Change: Institutions, Corporate Responsibility, and Financial Performance in the U.S. and E.U. by King, Oliver

    Numerous studies have analyzed the relationship between a firm’s corporate social responsibility (CSR) performance and its corporate financial performance (CFP), as well as the relationship between CSR performance and national business systems (NBS) within a country. In this paper, I study the CSR-CFP relationship within the greater context of a nation’s political institutions; I analyze 41 large-cap companies in both the United States (US) and European Union (EU). I find a non-significant relationship between a firm’s CSR score and their financial volatility and profitability. However, I also find that firm size and CSR performance is highly correlated in the US while non-significant in the EU. This suggests that policy initiatives by the EU to promote CSR have a marketed impact across firm sizes in terms of CSR performance.

  • Thumbnail for The Battle for Obligatory Nutrition Information on Fast Food Menus: A Corporate Social Responsibility Initiative
    The Battle for Obligatory Nutrition Information on Fast Food Menus: A Corporate Social Responsibility Initiative by Zeikel, Kelsey Anne

    The majority of Americans are unaware of the high amount of calories and the low nutritional quality of common fast food items. Discussions surrounding the social responsibility of corporations to provide such information and the negative externalities produced by obesity are continually debated in light of America’s high dependency on fast food. Nutrition information has the ability to serve as an alternative solution to urges for a national “junk food” tax that would potentially decrease inefficiencies associated with obesity. Approximately 90% of young adults surveyed believe businesses should be responsible for providing this information, despite only 27% claiming an influence on their choices. This paper will work to prove there are economic justifications as well ethical obligations for businesses to provide such information.

  • Thumbnail for CSR as a Demand Determinant in the Outdoor Apparel Industry
    CSR as a Demand Determinant in the Outdoor Apparel Industry by Mulcahy, David

    Growing literature have used conjoint analysis to measure the importance corporate social responsibility (CSR) has in consumer purchasing decisions. Building on that field of research, this study analyzes outdoor apparel goods as an extension of and addition to that work. Outdoor education professionals were surveyed as they are a population who is highly knowledgeable about the industry and CSR to serve as a litmus test for a larger, more representative survey. Of the largely white, slightly majority male, young population, CSR was the most important attribute for the product sampled, slightly more important than customer rating and more than price. However, results suggest that consumers perceive a level of quality with different price levels as the lowest price offered generated the least amount of utility for consumers instead of the most. In terms of which CSR factors mattered the most, only the environmental domain was able to predict customer rating sensitive respondent’s relative importance for CSR and price.

  • Thumbnail for Initiating Change: Institutions, Corporate Responsibility, and Financial Performance in the U.S. and E.U.
    Initiating Change: Institutions, Corporate Responsibility, and Financial Performance in the U.S. and E.U. by King, Oliver

    Numerous studies have analyzed the relationship between a firm’s corporate social responsibility (CSR) performance and its corporate financial performance (CFP), as well as the relationship between CSR performance and national business systems (NBS) within a country. In this paper, I study the CSR-CFP relationship within the greater context of a nation’s political institutions; I analyze 41 large-cap companies in both the United States (US) and European Union (EU). I find a non-significant relationship between a firm’s CSR score and their financial volatility and profitability. However, I also find that firm size and CSR performance is highly correlated in the US while non-significant in the EU. This suggests that policy initiatives by the EU to promote CSR have a marketed impact across firm sizes in terms of CSR performance.

  • Thumbnail for Initiating Change: Institutions, Corporate Responsibility, and Financial Performance in the U.S. and E.U.
    Initiating Change: Institutions, Corporate Responsibility, and Financial Performance in the U.S. and E.U. by King, Oliver

    Numerous studies have analyzed the relationship between a firm’s corporate social responsibility (CSR) performance and its corporate financial performance (CFP), as well as the relationship between CSR performance and national business systems (NBS) within a country. In this paper, I study the CSR-CFP relationship within the greater context of a nation’s political institutions; I analyze 41 large-cap companies in both the United States (US) and European Union (EU). I find a non-significant relationship between a firm’s CSR score and their financial volatility and profitability. However, I also find that firm size and CSR performance is highly correlated in the US while non-significant in the EU. This suggests that policy initiatives by the EU to promote CSR have a marketed impact across firm sizes in terms of CSR performance.

  • Thumbnail for Initiating Change: Institutions, Corporate Responsibility, and Financial Performance in the U.S. and E.U.
    Initiating Change: Institutions, Corporate Responsibility, and Financial Performance in the U.S. and E.U. by King, Oliver

    Numerous studies have analyzed the relationship between a firm’s corporate social responsibility (CSR) performance and its corporate financial performance (CFP), as well as the relationship between CSR performance and national business systems (NBS) within a country. In this paper, I study the CSR-CFP relationship within the greater context of a nation’s political institutions; I analyze 41 large-cap companies in both the United States (US) and European Union (EU). I find a non-significant relationship between a firm’s CSR score and their financial volatility and profitability. However, I also find that firm size and CSR performance is highly correlated in the US while non-significant in the EU. This suggests that policy initiatives by the EU to promote CSR have a marketed impact across firm sizes in terms of CSR performance.