review.bib

@misc{UNEP2023,
  author = "{UNEP FI, UNDP, and UNEP-WCMC}",
  title  = "Are You Ready for Nature-Related Disclosures?",
  year   = "2023",
  url    = "https://www.unepfi.org/publications/are-you-ready-for-nature-related-disclosures/",
  note   = "Corporate sector market readiness assessment"
}





@misc{GUTTERMAN2024,
   author = {Gutterman, Alan},
   title = {Sustainability Reporting Frameworks, Standards, Instruments, and Regulations },
   publisher = {S\&P Global Market Intelligence},
   DOI = {http://dx.doi.org/10.2139/ssrn.3809288},
   url = {https://ssrn.com/abstract=3809288 },
   year = {2024},
   type = {Web Page}
}

@book{FREEMAN1984,
  title={Strategic Management: A Stakeholder Approach},
  author={Freeman, R.E.},
  isbn={9780273019138},
  lccn={gb84030734},
  series={Business and Public Policy Series},
  url={https://books.google.co.uk/books?id=4PUJAQAAMAAJ},
  year={1984},
  publisher={Pitman}
}

@article{MITCHELL1997,
 ISSN = {03637425},
 URL = {http://www.jstor.org/stable/259247},
 abstract = {Stakeholder theory has been a popular heuristic for describing the management environment for years, but it has not attained full theoretical status. Our aim in this article is to contribute to a theory of stakeholder identification and salience based on stakeholders possessing one or more of three relationship attributes: power, legitimacy, and urgency. By combining these attributes, we generate a typology of stakeholders, propositions concerning their salience to managers of the firm, and research and management implications.},
 author = {Mitchell, Ronald K. and Agle, Bradley R. and Wood, Donna J.},
 journal = {The Academy of Management Review},
 number = {4},
 pages = {853--886},
 publisher = {Academy of Management},
 title = {Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts},
 urldate = {2025-01-20},
 volume = {22},
 year = {1997}
}

@article{DONALDSON1995,
 ISSN = {03637425},
 URL = {http://www.jstor.org/stable/258887},
 abstract = {The stakeholder theory has been advanced and justified in the management literature on the basis of its descriptive accuracy, instrumental power, and normative validity. These three aspects of the theory, although interrelated, are quite distinct; they involve different types of evidence and argument and have different implications. In this article, we examine these three aspects of the theory and critique and integrate important contributions to the literature related to each. We conclude that the three aspects of stakeholder theory are mutually supportive and that the normative base of the theory-which includes the modern theory of property rights-is fundamental.},
 author = {Donaldson, Thomas and Preston, Lee E.},
 journal = {The Academy of Management Review},
 number = {1},
 pages = {65--91},
 publisher = {Academy of Management},
 title = {The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications},
 urldate = {2025-01-20},
 volume = {20},
 year = {1995}
}

@article{SUCHMAN1995,
 ISSN = {03637425},
 URL = {http://www.jstor.org/stable/258788},
 abstract = {This article synthesizes the large but diverse literature on organizational legitimacy, highlighting similarities and disparities among the leading strategic and institutional approaches. The analysis identifies three primary forms of legitimacy: pragmatic, based on audience self-interest; moral, based on normative approval; and cognitive, based on comprehensibility and taken-for-grantedness. The article then examines strategies for gaining, maintaining, and repairing legitimacy of each type, suggesting both the promises and the pitfalls of such instrumental manipulations.},
 author = {Suchman, Mark C.},
 journal = {The Academy of Management Review},
 number = {3},
 pages = {571--610},
 publisher = {Academy of Management},
 title = {Managing Legitimacy: Strategic and Institutional Approaches},
 urldate = {2025-01-20},
 volume = {20},
 year = {1995}
}

@misc{GINZEL2004, 
title = {Organizational impression management as a reciprocal influence process: the neglected role of the organizational audience},
journal = {Organizational identity : a reader},
pages = {223--261},
series= {Organizational identity : a reader. - Oxford [u.a.] : Oxford Univ. Press, ISBN 0-19-926947-5. - 2004, p. 223-261},
author = {Ginzel, Linda E. and Kramer, Roderick M. and Sutton, Robert I.},
address = {Oxford [u.a.]},
publisher = {Oxford Univ. Press},
year = {2004},
note = {Literaturangaben},
isbn = {0-19-926947-5},
language= {eng}
}

@article{NEILSEN1987,
   author = {Neilsen, Eric H. and Rao, M. V. Hayagreeva},
   title = {The Strategy-Legitimacy Nexus: A Thick Description},
   journal = {Academy of Management. The Academy of Management Review},
   volume = {12},
   number = {3},
   pages = {523},
   note = {Copyright - Copyright Academy of Management Jul 1987},
   abstract = {The growing consensus about dominant coalitions is that, at the symbolic action level, they construct and maintain belief systems that assure the compliance, commitment, and positive sentiments of organizational members and relevant publics. This is referred to as the strategy-legitimacy nexus. Presently, understanding of the strategy-legitimacy nexus is limited, and there is a need for a "thick description" of the nexus to sort out the structures of signification. Most students of the interpretive process focus on 3 kinds of organizational data: 1. public statements, 2. internal documents, and 3. leadership and stakeholder interactions. A broadening of this conception is proposed through a 4-level taxonomy of activity. The 4 levels include: 1. the "official" level, 2. the "spoken" level, 3. the "unspoken" level, and 4. the "unarticulated" level. It is argued that the establishment of legitimacy is a collective process in which leaders, followers, and stakeholders participate in the making of meaning.},
   keywords = {Business And Economics--Management
Legitimacy
Strategy
Leadership
Political behavior
Development
Communication
Corporate culture
Organizational behavior
Strategic planning
2500:Organizational behavior
2310:Planning
9130:Experimental/theoretical treatment},
   ISSN = {03637425},
   url = {https://queens.ezp1.qub.ac.uk/login?url=https://www.proquest.com/scholarly-journals/strategy-legitimacy-nexus-thick-description/docview/210937320/se-2?accountid=13374},
   year = {1987},
   type = {Journal Article}
}

@book{PERROW1970, 
  title={Organizational Analysis: A Sociological View},
  author={Perrow, C.},
  isbn={9780818502873},
  lccn={70098404},
  series={Behavioral science in industry series},
  url={https://books.google.co.uk/books?id=8SpHAAAAMAAJ},
  year={1970},
  publisher={Brooks/Cole}
}

@article{DEEGAN2002,
   author = {Deegan, Craig},
   title = {The legitimising effect of social and environmental disclosures -- a theoretical foundation},
   journal = {Accounting, Auditing \& Accountability Journal},
   volume = {15},
   number = {3},
   pages = {282-311},
   note = {Copyright - Copyright MCB UP Limited (MCB) 2002
SubjectsTermNotLitGenreText - United Kingdom--UK},
   abstract = {This paper embraces themes associated with social and environmental reporting (SAR) and its role in maintaining or creating organisational legitimacy. In an effort to place this research in context the paper begins by making reference to contemporary trends occurring in social and environmental accounting research generally, and this is then followed by an overview of some of the many research questions which are currently being addressed in the area. Understanding motivations for disclosure is shown to be one of the issues attracting considerable research attention, and the desire to legitimise an organisation's operations is in turn shown to be one of the many possible motivations. The role of legitimacy theory in explaining managers' decisions is then discussed and it is emphasised that legitimacy theory, as it is currently used, must still be considered to be a relatively under-developed theory of managerial behaviour. Nevertheless, it is argued that the theory provides useful insights. Finally, the paper indicates how the other papers in this issue of AAAJ contribute to the ongoing development of legitimacy theory in SAR research.},
   keywords = {Business And Economics--Accounting
Organizational behavior
Legitimation
Environmental accounting
Accounting
Accounting research
Motivation
Social accounting
Auditing
Public interest
Research
Disclosure
Legitimacy
Journals
Trends
Accountability
United Kingdom--UK
4120:Accounting policies \& procedures
9175:Western Europe
1540:Pollution control},
   ISSN = {09513574},
   url = {https://queens.ezp1.qub.ac.uk/login?url=https://www.proquest.com/scholarly-journals/legitimising-effect-social-environmental/docview/211212442/se-2?accountid=13374},
   year = {2002},
   type = {Journal Article}
}

@article{ROBERTS1992,
   author = {Roberts, Robin W.},
   title = {Determinants of corporate social responsibility disclosure: An application of stakeholder theory},
   journal = {Accounting, Organizations and Society},
   volume = {17},
   number = {6},
   pages = {595-612},
   abstract = {A lack of sufficient theoretical support for models designed to explain corporate social responsibility activity led Ullmann (Academy of Management Review, 1985, pp. 540–577) to develop a framework for predicting corporate social activity based on a stakeholder theory of strategic management. This study empirically tests the ability of stakeholder theory to explain one specific corporate social responsibility activity — social responsibility disclosure. Results support this application, finding that measures of stakeholder power, strategic posture, and economic performance are significantly related to levels of corporate social disclosure.},
   ISSN = {0361-3682},
   DOI = {https://doi.org/10.1016/0361-3682(92)90015-K},
   url = {https://www.sciencedirect.com/science/article/pii/036136829290015K},
   year = {1992},
   type = {Journal Article}
}

@article{THOMPSON2004,
   author = {Thompson, Paul and Cowton, Christopher J.},
   title = {Bringing the environment into bank lending: implications for environmental reporting},
   journal = {The British Accounting Review},
   volume = {36},
   number = {2},
   pages = {197-218},
   abstract = {In recent years, it has come to be recognised that banks' lending operations affect, and are affected by, the state of the natural environment. In particular, rising public concern about the state of the natural environment, as reflected in legislation and consumer attitudes, poses risks for the state of a bank's lending portfolio. Even if they are not directly concerned about the environment, banks therefore have an incentive to understand the environmental implications of their lending decisions. This generates a potential demand for environmental information on companies. This paper reports on empirical research conducted to explore the interface between bank lending and the demand for environmental information. Based on a postal questionnaire survey of banks engaged in corporate lending in the UK, supplemented by a programme of semi-structured interviews, it reports on: the extent to which UK banks incorporate environmental considerations into their corporate lending decisions; the sources of information used by banks when making corporate lending decisions which involve environmental considerations; and lending bankers' views on developments in environmental reporting. The results indicate, inter alia, the importance that bankers attach to the annual report, notwithstanding its traditional limitations as a source of information on corporate environmental impact, and some desire for extensions to environmental disclosure. However, those desired developments are relatively narrow in scope, mirroring banks' principal interest in protecting their loans, and tend not to extend to more comprehensive forms of environmental disclosure such as might be expected to be found in a separate corporate environmental report.},
   keywords = {Social accounting
Corporate social reporting
Environmental accounting
Environmental reporting
Banking
Corporate lending},
   ISSN = {0890-8389},
   DOI = {https://doi.org/10.1016/j.bar.2003.11.005},
   url = {https://www.sciencedirect.com/science/article/pii/S0890838903000969},
   year = {2004},
   type = {Journal Article}
}

@article{SCHOLTENS2009,
   author = {Scholtens, Bert},
   title = {Corporate Social Responsibility in the International Banking Industry},
   journal = {Journal of Business Ethics},
   volume = {86},
   number = {2},
   pages = {159-175},
   abstract = {This article aims at providing a framework to assess corporate social responsibility with international banks. Currently, it is mainly rating institutions like EIRIS and KLD that provide information about firms’ social conduct and performance. However, this is costly information and it is not clear how the rating institutions arrive at their conclusion. We develop a framework to assess the social responsibility of internationally operating banks. We apply this framework to more than 30 institutions and find significant differences among individual banks, countries, and regions. Furthermore, it appears that social responsibility of these banks has significantly improved between 2000 and 2005.},
   ISSN = {1573-0697},
   DOI = {10.1007/s10551-008-9841-x},
   url = {https://doi.org/10.1007/s10551-008-9841-x},
   year = {2009},
   type = {Journal Article}
}

@article{CARNEVALE2014,
author = {Carnevale, Concetta and Mazzuca, Maria},
title = {Sustainability report and bank valuation: evidence from European stock markets},
journal = {Business Ethics: A European Review},
volume = {23},
number = {1},
pages = {69-90},
doi = {https://doi.org/10.1111/beer.12038},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/beer.12038},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1111/beer.12038},
abstract = {Applying value relevance analysis to a sample of European banks, we test the following: (i) the direct effects of the sustainability report on stock price; (ii) whether the report modifies the value relevance of financial accounting variables (indirect effects); and (iii) whether the value relevance of sustainability reports varies across countries. Results show that investors appreciate the additional and complementary disclosure provided by the sustainability report and that this disclosure produces a positive effect on stock prices. Estimates of the indirect effects demonstrate that it has a negative influence on book value per share, whereas the effect on earnings per share is not significant. Cross-country analysis shows that the value relevance of the sustainability report varies across European countries, consistent with the hypothesis that the value relevance of the sustainability report is likely to be influenced by different institutional contexts.},
year = {2014}
}

@article{JENSEN1976,
   author = {Jensen, Michael C. and Meckling, William H.},
   title = {Theory of the firm: Managerial behavior, agency costs and ownership structure},
   journal = {Journal of Financial Economics},
   volume = {3},
   number = {4},
   pages = {305-360},
   abstract = {This paper integrates elements from the theory of agency, the theory of property rights and the theory of finance to develop a theory of the ownership structure of the firm. We define the concept of agency costs, show its relationship to the ‘separation and control’ issue, investigate the nature of the agency costs generated by the existence of debt and outside equity, demonstrate who bears these costs and why, and investigate the Pareto optimality of their existence. We also provide a new definition of the firm, and show how our analysis of the factors influencing the creation and issuance of debt and equity claims is a special case of the supply side of the completeness of markets problem. The directors of such [joint-stock] companies, however, being the managers rather of other people's money than of their own, it cannot well be expected, that they should watch over it with the same anxious vigilance with which the partners in a private copartnery frequently watch over their own. Like the stewards of a rich man, they are apt to consider attention to small matters as not for their master's honour, and very easily give themselves a dispensation from having it. Negligence and profusion, therefore, must always prevail, more or less, in the management of the affairs of such a company. Adam Smith, The Wealth of Nations, 1776, Cannan Edition (Modern Library, New York, 1937) p. 700.},
   ISSN = {0304-405X},
   DOI = {https://doi.org/10.1016/0304-405X(76)90026-X},
   url = {https://www.sciencedirect.com/science/article/pii/0304405X7690026X},
   year = {1976},
   type = {Journal Article}
}

@article{AKERLOF1970,
 ISSN = {00335533, 15314650},
 URL = {http://www.jstor.org/stable/1879431},
 abstract = {I. Introduction, 488.--II. The model with automobiles as an example, 489.--III. Examples and applications, 492.--IV. Counteracting institutions, 499.--V. Conclusion, 500.},
 author = {Akerlof, George A.},
 journal = {The Quarterly Journal of Economics},
 number = {3},
 pages = {488--500},
 publisher = {Oxford University Press},
 title = {The Market for "Lemons": Quality Uncertainty and the Market Mechanism},
 urldate = {2025-01-20},
 volume = {84},
 year = {1970}
}

@inbook{HART1987, 
  place={Cambridge}, 
  series={Econometric Society Monographs}, 
  title={The theory of contracts}, 
  booktitle={Advances in Economic Theory: Fifth World Congress}, 
  publisher={Cambridge University Press}, 
  author={Hart, Oliver and Holmström, Bengt}, 
  bookeditor={Bewley, Truman FassettEditor}, 
  year={1987}, 
  pages={71–156}, 
  collection={Econometric Society Monographs}
} 

@book{GRAY1996,
  title={Accounting \& Accountability: Changes and Challenges in Corporate Social and Environmental Reporting},
  author={Gray, R. and Owen, D. and Adams, C.},
  isbn={9780131758605},
  lccn={95042790},
  url={https://books.google.co.uk/books?id=KaJhQgAACAAJ},
  year={1996},
  publisher={Prentice Hall}
}

@article{DHALIWAL2011,
 ISSN = {00014826},
 URL = {http://www.jstor.org/stable/29780225},
 abstract = {We examine a potential benefit associated with the initiation of voluntary disclosure of corporate social responsibility (CSR) activities: a reduction in firms' cost of equity capital. We find that firms with a high cost of equity capital in the previous year tend to initiate disclosure of CSR activities in the current year and that initiating firms with superior social responsibility performance enjoy a subsequent reduction in the cost of equity capital. Further, initiating firms with superior social responsibility performance attract dedicated institutional investors and analyst coverage. Moreover, these analysts achieve lower absolute forecast errors and dispersion. Finally, we find that firms exploit the benefit of a lower cost of equity capital associated with the initiation of CSR disclosure. Initiating firms are more likely than non-initiating firms to raise equity capital following the initiations; among firms raising equity capital, initiating firms raise a significantly larger amount than do non-initiating firms.},
 author = {Dhaliwal, Dan S. and Li, Oliver Zhen and Tsang, Albert and Yang, Yong George},
 journal = {The Accounting Review},
 number = {1},
 pages = {59--100},
 publisher = {American Accounting Association},
 title = {Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting},
 urldate = {2025-01-20},
 volume = {86},
 year = {2011}
}

@article{CUI2018,
   author = {Cui, Jinhua and Jo, Hoje and Na, Haejung},
   title = {Does Corporate Social Responsibility Affect Information Asymmetry?},
   journal = {Journal of Business Ethics},
   volume = {148},
   number = {3},
   pages = {549-572},
   abstract = {In this study, we examine the empirical association between corporate social responsibility (CSR) and information asymmetry by investigating their simultaneous and endogenous effects. Employing an extensive U.S. sample, we find an inverse association between CSR engagement and the proxies of information asymmetry after controlling for various firm characteristics. The results hold using 2SLS considering the reverse side of information asymmetry influencing CSR activities. The results also hold after mitigating endogeneity based on the dynamic panel system generalized method of moment. Furthermore, the CSR–information asymmetry relation is amplified in high-risk firms due to managers’ efforts to build a good reputation. Last, we find that CSR engagement is inversely associated with reputational risk measure and lower predicted value of reputational risk is positively associated with lower information asymmetry measures. We interpret these results as supporting the stakeholder theory-based, reputation-building explanation that considers CSR engagement as a vehicle to build and maintain firm reputation thereby enhancing the information environment.},
   ISSN = {1573-0697},
   DOI = {10.1007/s10551-015-3003-8},
   url = {https://doi.org/10.1007/s10551-015-3003-8},
   year = {2018},
   type = {Journal Article}
}

@article{ELGHOUL2011,
   author = {El Ghoul, Sadok and Guedhami, Omrane and Kwok, Chuck C. Y. and Mishra, Dev R.},
   title = {Does corporate social responsibility affect the cost of capital?},
   journal = {Journal of Banking \& Finance},
   volume = {35},
   number = {9},
   pages = {2388-2406},
   abstract = {We examine the effect of corporate social responsibility (CSR) on the cost of equity capital for a large sample of US firms. Using several approaches to estimate firms’ ex ante cost of equity, we find that firms with better CSR scores exhibit cheaper equity financing. In particular, our findings suggest that investment in improving responsible employee relations, environmental policies, and product strategies contributes substantially to reducing firms’ cost of equity. Our results also show that participation in two “sin” industries, namely, tobacco and nuclear power, increases firms’ cost of equity. These findings support arguments in the literature that firms with socially responsible practices have higher valuation and lower risk.},
   keywords = {Stakeholder theory
Corporate social responsibility
Cost of equity capital},
   ISSN = {0378-4266},
   DOI = {https://doi.org/10.1016/j.jbankfin.2011.02.007},
   url = {https://www.sciencedirect.com/science/article/pii/S0378426611000781},
   year = {2011},
   type = {Journal Article}
}

@article{DIMAGGIO1983,
  title = {The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields},
  author = {Dimaggio, Paul and Powell, Walter W.},
  year = {1983},
  month = {apr},
  language = {English (US)},
  volume = {48},
  journal = {American Sociological Review},
  issn = {0003-1224},
  publisher = {American Sociological Association},
  number = {2}
}

@article{DELMAS2004,
author = {Delmas, Magali and Toffel, Michael W.},
title = {Stakeholders and environmental management practices: an institutional framework},
journal = {Business Strategy and the Environment},
volume = {13},
number = {4},
pages = {209-222},
doi = {https://doi.org/10.1002/bse.409},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.409},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/bse.409},
abstract = {Abstract Despite burgeoning research on companies' environmental strategies and environmental management practices, it remains unclear why some firms adopt environmental management practices beyond regulatory compliance. This paper leverages institutional theory by proposing that stakeholders – including governments, regulators, customers, competitors, community and environmental interest groups, and industry associations – impose coercive and normative pressures on firms. However, the way in which managers perceive and act upon these pressures at the plant level depends upon plant- and parent-company-specific factors, including their track record of environmental performance, the competitive position of the parent company and the organizational structure of the plant. Beyond providing a framework of how institutional pressures influence plants' environmental management practices, various measures are proposed to quantify institutional pressures, key plant-level and parent-company-level characteristics and plant-level environmental management practices. Copyright © 2004 John Wiley \& Sons, Ltd and ERP Environment.},
year = {2004}
}

@inbook{HIGGINS2014,
  author = {Higgins, Colin and Larrinaga, Carlos},
  year = {2014},
  month = {01},
  pages = {13},
  title = {Sustainability reporting : insights from institutional theory}, 
  booktitle={Sustainability Accounting and Accountability}, 
  place={London}
}

@article{BEBBINGTON2018,
   author = {Bebbington, Jan and Unerman, Jeffrey},
   title = {Achieving the United Nations Sustainable Development Goals},
   journal = {Accounting, Auditing \& Accountability Journal},
   volume = {31},
   number = {1},
   pages = {2-24},
   abstract = {Purpose The purpose of this paper is to establish and advance the role of academic accounting in the pursuit of the United Nations Sustainable Development Goals (SDGs), which are regarded as the most salient point of departure for understanding and achieving environmental and human development ambitions up to (and no doubt beyond) the year 2030. Design/methodology/approach This paper provides a synthesis of interdisciplinary perspectives on sustainable development and integration of this with the accounting for sustainability literature. In addition, potential accounting research contributions are proposed so as to support the development of new research avenues. Findings Existing research in accounting that is relevant to individual SDGs serves as an initial link between them and the accounting discipline. At the same time, the SDGs focus highlights new sites for empirical work (including interdisciplinary investigations) as well as inviting innovation in accounting theoretical frameworks. Moreover, the SDGs provide a context for (re)invigorating accounting’s contribution to sustainable development debates. Originality/value This is the first paper to explore the roles academic accounting can play in furthering achievement of the SDGs through enhanced understanding, critiquing and advancing of accounting policy, practice and theorizing. It is also the first paper to propose a research agenda in this area.},
   ISSN = {0951-3574},
   DOI = {10.1108/AAAJ-05-2017-2929},
   url = {https://doi.org/10.1108/AAAJ-05-2017-2929},
   year = {2018},
   type = {Journal Article}
}

@article{CHRISTENSEN2021,
   author = {Christensen, Hans B. and Hail, Luzi and Leuz, Christian},
   title = {Mandatory CSR and sustainability reporting: economic analysis and literature review},
   journal = {Review of Accounting Studies},
   volume = {26},
   number = {3},
   pages = {1176-1248},
   abstract = {This study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and sustainability topics. We first outline key features of CSR reporting. Next, we draw on relevant academic literatures in accounting, finance, economics, and management to discuss and evaluate the potential economic consequences of a requirement for CSR and sustainability reporting for U.S. firms, including effects in capital markets, on stakeholders other than investors, and on firm behavior. We also discuss issues related to the implementation and enforcement of CSR and sustainability reporting standards as well as two approaches to sustainability reporting that differ in their overarching goals and materiality standards. Our analysis yields a number of insights that are relevant for the current debate on mandatory CSR and sustainability reporting. It also points scholars to avenues for future research.},
   ISSN = {1573-7136},
   DOI = {10.1007/s11142-021-09609-5},
   url = {https://doi.org/10.1007/s11142-021-09609-5},
   year = {2021},
   type = {Journal Article}
}

@techreport{DASGUPTA2021,
   author = {Dasgupta, P.},
   title = {The Economics of Biodiversity: The Dasgupta Review.},
   institution = {HM Treasury},
   url = {https://www.gov.uk/government/publications/final-report-the-economics-of-biodiversity-the-dasgupta-review},
   year = {2021},
   type = {Report}
}

@article{DAILY2009,
  author = {Daily, Gretchen C and Polasky, Stephen and Goldstein, Joshua and Kareiva, Peter M and Mooney, Harold A and Pejchar, Liba and Ricketts, Taylor H and Salzman, James and Shallenberger, Robert},
  title = {Ecosystem services in decision making: time to deliver},
  journal = {Frontiers in Ecology and the Environment},
  volume = {7},
  number = {1},
  pages = {21-28},
  doi = {https://doi.org/10.1890/080025},
  url = {https://esajournals.onlinelibrary.wiley.com/doi/abs/10.1890/080025},
  eprint = {https://esajournals.onlinelibrary.wiley.com/doi/pdf/10.1890/080025},
  abstract = {Over the past decade, efforts to value and protect ecosystem services have been promoted by many as the last, best hope for making conservation mainstream – attractive and commonplace worldwide. In theory, if we can help individuals and institutions to recognize the value of nature, then this should greatly increase investments in conservation, while at the same time fostering human well-being. In practice, however, we have not yet developed the scientific basis, nor the policy and finance mechanisms, for incorporating natural capital into resource- and land-use decisions on a large scale. Here, we propose a conceptual framework and sketch out a strategic plan for delivering on the promise of ecosystem services, drawing on emerging examples from Hawai‘i. We describe key advances in the science and practice of accounting for natural capital in the decisions of individuals, communities, corporations, and governments.},
  year = {2009}
}

@article{ATKINSON2014,
  title={Valuing ecosystem services and biodiversity},
  author={Atkinson, Giles and Bateman, Ian J and Mourato, Susana},
  journal={Nature in the balance: The economics of biodiversity},
  pages={101--134},
  year={2014},
  publisher={Oxford: Oxford University Press}
}

@book{ECCLES2014,
  title={The Integrated Reporting Movement: Meaning, Momentum, Motives, and Materiality},
  author={Eccles, R.G. and Krzus, M.P. and Ribot, S.},
  isbn={9781118646984},
  lccn={2014029756},
  series={Wiley Corporate F\&A},
  url={https://books.google.co.uk/books?id=Eu3sBQAAQBAJ},
  year={2014},
  publisher={Wiley}
}

@techreport{EC2019,
   author = {Commision, European},
   title = {Guidelines on non-financial reporting: Supplement on reporting climate-related information},
   url = {https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=oj:JOC_2019_209_R_0001},
   institution = {European Commission},
   year = {2019},
   type = {Report}
}

@article{KUHN2022,
author = {Kuhn, Berthold M.},
title = {Sustainable finance in Germany: mapping discourses, stakeholders, and policy initiatives},
journal = {Journal of Sustainable Finance \& Investment},
volume = {12},
number = {2},
pages = {497--524},
year = {2022},
publisher = {Taylor \& Francis},
doi = {10.1080/20430795.2020.1783151},
URL = {https://doi.org/10.1080/20430795.2020.1783151},
eprint = {https://doi.org/10.1080/20430795.2020.1783151},
abstract = {The topic of sustainable finance is of growing interest for political scientists as we witness a series of new policy initiatives, regulations, and campaigns at global, supranational, and national levels. This paper aims to contribute to a better understanding of discourses and initiatives related to the promotion of sustainable finance in Germany. It sheds light on the role and actions of different stakeholders in this field, including government-led policy initiatives, the banking and insurance sector, as well as nonprofit organisations and their networks. Interviews were carried out with three mainstream banks and one asset management group on how they are responding to this new trend in finance. For a long time, Germany has not been a frontrunner in sustainable finance but latest figures show a strong upward trend. This paper argues that many initiatives from different types of stakeholders, including civil society organisations, have contributed to broadening debates and deepening discourses and, thus, have promoted the mainstreaming of sustainable finance in Germany. Initiatives at the global level and at the level of the European Union, especially the EU Action Plan on Sustainable Finance, resonate well in Germany. }
}

@article{BUALLAY2023,
author = {Buallay, Amina Mohamed and Nasrallah, Nohade and Marri, Meera Al and Hamdan, Allam and Barone, Elisabetta and Zureigat, Qasim},
title = {Sustainability reporting in banking and financial services sector: a regional analysis},
journal = {Journal of Sustainable Finance \& Investment},
volume = {13},
number = {1},
pages = {776--801},
year = {2023},
publisher = {Taylor \& Francis},
doi = {10.1080/20430795.2021.1978919},
URL = {https://doi.org/10.1080/20430795.2021.1978919},
eprint = {https://doi.org/10.1080/20430795.2021.1978919},
abstract = { This study investigates the relationship between the level of sustainability reporting and banks and financial services’ performance (operational, financial and market) across seven different regions (Asia, Europe, Mena, Africa, North and South America). Using data culled from 4458 observations from 60 different countries for 10 years (2008–2017), we investigate the effect of the Environment, Social and Governance score (ESG) and the three pillars on banks’ performance [Return on Assets (ROA), Return on Equity (ROE) and Tobin’s Q (TQ)]. We also control for bank-specific, macroeconomic and governance effects. The findings pinpoint a negative relationship between ESG on one hand and operational performance (ROA), financial performance (ROE) and market performance (TQ) on the other hand. From regional and pillar perspectives, the performance is differently affected following ESG, pillar and region perspectives. The novelty of this paper lies in the inclusion of different political and economic contexts. Our findings have significant theoretical implications for policy makers and academics at the international level. Banks and financial services sectors’ management lacunae manifest in terms of the weak nexus between ESG, pillars and banks and financial services’ performance. }
}

@article{LEE2009,
author = {Lee, Darren D. and Faff, Robert W.},
title = {Corporate Sustainability Performance and Idiosyncratic Risk: A Global Perspective},
journal = {Financial Review},
volume = {44},
number = {2},
pages = {213-237},
keywords = {sustainability, corporate social performance, corporate financial performance, idiosyncratic risk, global evidence, best of sector, G11, G30, Q56},
doi = {https://doi.org/10.1111/j.1540-6288.2009.00216.x},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6288.2009.00216.x},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1540-6288.2009.00216.x},
abstract = {Abstract Does investing in sustainability leaders affect portfolio performance? Analyzing two mutually exclusive leading and lagging global corporate sustainability portfolios (Dow Jones) finds that (1) leading sustainability firms do not underperform the market portfolio, and (2) their lagging counterparts outperform the market portfolio and the leading portfolio. Notably, we find leading (lagging) corporate social performance (CSP) firms exhibit significantly lower (higher) idiosyncratic risk and that idiosyncratic risk might be priced by the broader global equity market. We develop an idiosyncratic risk factor and find that its inclusion significantly reduces the apparent difference in performance between leading and lagging CSP portfolios.},
year = {2009}
}

@Inbook{FRIEDMAN2007,
  author={Friedman, Milton},
  title={The Social Responsibility of Business Is to Increase Its Profits},
  booktitle={Corporate Ethics and Corporate Governance},
  year={2007},
  publisher={Springer Berlin Heidelberg},
  address={Berlin, Heidelberg},
  pages={173--178},
  abstract={When I hear businessmen speak eloquently about the ``social responsibilities of business in a free-enterprise system'', I am reminded of the wonderful line about the Frenchman who discovered at the age of 70 that he had been speaking prose all his life. The businessmen believe that they are defending free enterprise when they declaim that business is not concerned ``merely'' with profit but also with promoting desirable ``social'' ends; that business has a ``social conscience'' and takes seriously its responsibilities for providing employment, eliminating discrimination, avoiding pollution and whatever else may be the catchwords of the contemporary crop of reformers. In fact they are --- or would be if they or anyone else took them seriously -preaching pure and unadulterated socialism. Businessmen who talk this way are unwitting puppets of the intellectual forces that have been undermining the basis of a free society these past decades.},
  isbn={978-3-540-70818-6},
  doi={10.1007/978-3-540-70818-6_14},
  url={https://doi.org/10.1007/978-3-540-70818-6_14},
  bookeditor={Zimmerli, Walther Ch and Holzinger, Markus and Richter, Klaus}
}

@article{GALANT2017,
author = {Galant, Adriana and Cadez, Simon},
title = {Corporate social responsibility and financial performance relationship: a review of measurement approaches},
journal = {Economic Research-Ekonomska Istraživanja},
volume = {30},
number = {1},
pages = {676--693},
year = {2017},
publisher = {Routledge},
doi = {10.1080/1331677X.2017.1313122},
URL = {https://doi.org/10.1080/1331677X.2017.1313122},
eprint = {https://doi.org/10.1080/1331677X.2017.1313122},
abstract = { The relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) has been subject to extensive empirical enquiry. Yet the body of evidence that has accumulated about the nature of the relationship is equivocal. A commonly identified reason for the diverse and contradictory results is measurement issues pertaining to both concepts of interest. This article aims to review alternative operationalisations and measurement approaches for the CSR and CFP concepts that have been deployed in empirical literature concerned with the CSR–CFP relationship. Several findings emanate from our study. First, CSR operationalisations in empirical literature range from multidimensional to one-dimensional. Second, CSR measurement approaches include reputation indices, content analyses, questionnaire-based surveys and one-dimensional measures, whereas CFP measurement approaches include accounting-based measures, market-based measures and combined measures. Third, no CSR measurement approach is without drawbacks. In addition to approach specific drawbacks, two problems inherent in most approaches are researcher subjectivity and selection bias that may influence the nature of CSR–CFP relationship detected in empirical literature. Finally, potential pathways to remedy these drawbacks are suggested. }
}

@article{BUALLAY2021,
   author = {Buallay, Amina and Fadel, Sayed M. and Alajmi, Jasim and Saudagaran, Shahrokh},
   title = {Sustainability reporting and bank performance after financial crisis},
   journal = {Competitiveness Review: An International Business Journal},
   volume = {31},
   number = {4},
   pages = {747-770},
   abstract = {Purpose This study aims to examine the relationship between sustainability reporting and bank performance after financial crisis in developed and developing countries. Design/methodology/approach This study examines 882 banks from developed and developing countries covering 11 years after the 2008 financial crisis. The independent variable is environmental, social and governance (ESG) scores. The dependent variables are return on assets, return on equity and Tobin’s Q. This study uses bank- and country-specific control variables to measure the relationship between sustainability reporting and bank performance. Findings The findings deduced from the empirical results demonstrate that ESG improves banks’ accounting and market-based performance in developed countries, supporting value creation theory. Using pooling regression and instrumental variable – generalized method of moments, this study finds that ESG weakens banks’ performance in developed and developing countries. Originality/value To the best of the author’s knowledge, this is the first study to investigate and compare the impact of sustainability reporting on banks’ performance in developed and developing countries. The study found similarities in the impact of sustainability reporting and the improvement of banks’ current and future performance.},
   ISSN = {1059-5422},
   DOI = {10.1108/CR-04-2019-0040},
   url = {https://doi.org/10.1108/CR-04-2019-0040},
   year = {2021},
   type = {Journal Article}
}

@article{CORNETT2016,
   author = {Cornett, Marcia Millon and Erhemjamts, Otgontsetseg and Tehranian, Hassan},
   title = {Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of U.S. commercial banks around the financial crisis},
   journal = {Journal of Banking \& Finance},
   volume = {70},
   pages = {137-159},
   abstract = {We examine the relation between banks’ corporate social responsibility (CSR) and financial performance in a context of the recent financial crisis. We find that banks, in general, appear to be rewarded for being socially responsible as financial performance is positively and significantly related to CSR scores. We find that the biggest banks pursue socially responsible activities to a significantly greater extent than smaller banks. Further, the largest banks see a steep increase in CSR strengths and a steep drop in CSR concerns after 2009.},
   keywords = {Corporate social responsibility
Firm performance
Commercial banks},
   ISSN = {0378-4266},
   DOI = {https://doi.org/10.1016/j.jbankfin.2016.04.024},
   url = {https://www.sciencedirect.com/science/article/pii/S0378426616300565},
   year = {2016},
   type = {Journal Article}
}

@article{SHEN2016,
   author = {Shen, Chung-Hua and Wu, Meng-Wen and Chen, Ting-Hsuan and Fang, Hao},
   title = {To engage or not to engage in corporate social responsibility: Empirical evidence from global banking sector},
   journal = {Economic Modelling},
   volume = {55},
   pages = {207-225},
   abstract = {Whether or not banks should engage in corporate social responsibility (CSR) activities is controversial because of the concomitant high cost even if banks could enjoy the benefits of a higher income as a result of their good reputation. Faced with this dilemma, bank managers are hesitant to engage in CSR. This study pursues this issue by examining whether or not banks engaging in CSR can bring profits and reduce non-performing loans. We apply three novel estimation methods to obtain the unbiased and full-blown CSR effect. The first two methods are matching methods, namely, conventional propensity score matching method and nearest-neighbor variance bias-corrected matching method (nn-VBC). The third method is Heckman's two-step method in switching regression. Regardless of the methods used, CSR banks overwhelmingly outperform non-CSR banks in terms of return on assets and return on equity. Our study offers policy suggestions for both government regulators and bank managers.},
   keywords = {Corporate social responsibility
Financial performance
Matching method
Heckman's two-step method},
   ISSN = {0264-9993},
   DOI = {https://doi.org/10.1016/j.econmod.2016.02.007},
   url = {https://www.sciencedirect.com/science/article/pii/S0264999316300189},
   year = {2016},
   type = {Journal Article}
}

@Article{FERRERO2016,
AUTHOR = {Ferrero-Ferrero, Idoya and Fernández-Izquierdo, María Ángeles and Muñoz-Torres, María Jesús},
TITLE = {The Effect of Environmental, Social and Governance Consistency on Economic Results},
JOURNAL = {Sustainability},
VOLUME = {8},
YEAR = {2016},
NUMBER = {10},
ARTICLE-NUMBER = {1005},
URL = {https://www.mdpi.com/2071-1050/8/10/1005},
ISSN = {2071-1050},
ABSTRACT = {This study aims to explore how environmental, social and governance (ESG) consistency impacts the firm performance, specifically, the relationship between ESG performance and economic performance (EP). This study posits that the company’s commitment and effectiveness towards the creation of consistent competitive advantage in environmental, social and governance dimensions constitutes an intangible value that leads improvements in corporate performance. This work uses a panel dataset for listed firms of the EU-15 countries during the period 2002 to 2011 and applies Generalized method of moments (GMM) estimator system in order to address the potential unobserved heterogeneity and dynamic endogeneity. The main results reveal that the global effect of ESG performance on EP for those firms that present interdimensional consistency is greater than the rest, except for higher levels of ESG performance.},
DOI = {10.3390/su8101005}
}

@article{ARAS2024,
abstract = {The soundness and healthy functioning of financial institutions that contribute to sustainable development by channeling savings into investments has a direct impact on the economy as a whole. The Sustainable Development Goals (SDGs) cannot be achieved without the strong support of the financial services industry. The novelty of this study is that it investigates the SDGs with ESG indicators through a double materiality perspective for 1888 companies from the OECD financial institutions. This study shows how commercial banks can identify and prioritize the SDGs and targets and how sustainable practices at the corporate level can contribute to achieving these global goals by adopting a sound methodological approach. The empirical results indicate a significant variation between three perspectives including financial materiality, double materiality, and double materiality with fuzzy logic and some of the SASB issues and GRI issues are more material to a particular SDG than others. There are few studies that focus on developing such a multi-perspective methodology, and this study further contributes to the existing knowledge by shedding light on the SDG Impact Index of commercial banks’ with double materiality perspective. In this context, this paper aims to explore the impact of material issues for the OECD financial services industry to achieve the 2030 Agenda’s goal of leaving no one behind.},
author = {Aras, Guler and Kutlu Furtuna, Ozlem and Hacioglu Kazak, Evrim},
address = {Dordrecht},
copyright = {The Author(s), under exclusive licence to Springer Nature B.V. 2024. Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.},
issn = {0303-8300},
journal = {Social indicators research},
keywords = {Commercial banks ; Economic impact ; Financial institutions ; Financial services ; Human Geography ; Indexes ; Investments ; Methodological approaches ; Microeconomics ; Objectives ; Original Research ; Public Health ; Quality of Life Research ; Social Sciences ; Sociology ; Sustainability ; Sustainable development ; Sustainable practices ; Trade},
language = {eng},
number = {3},
pages = {967-1006},
publisher = {Springer Netherlands},
title = {SDG Impact Index with Double Materiality Perspective: Evidence from OECD Commercial Bank Industry},
volume = {174},
year = {2024}
}

@article{DEMETRIADES2025,
   author = {Demetriades, Elias and Politsidis, Panagiotis N.},
   title = {Bank lending to fossil fuel firms},
   journal = {Journal of Financial Stability},
   volume = {76},
   pages = {101349},
   abstract = {How do banks react to firms’ climate risks? Using almost 80,000 global syndicated loans originated from 2001 to 2021, we study bank lending to fossil fuel firms vis-à-vis other firms. We find that loans to fossil fuel firms are at least 7 % more costly compared to other firms, and even more so toward the end of our sample. However, loan amounts to fossil fuel firms are approximately 22 % larger, implying heavy financing of brown activities. We show that the pricing effects are even stronger for banks with higher reliance on ESG considerations, consistent with the shifts driven by the supply side (bank behaviour). Overall, our findings corroborate the view that banks price in climate risks but continue to heavily lend to polluting firms in the medium term (with an average maturity of four and one quarter years).},
   keywords = {Fossil fuel lending
Syndicated loans
Bank lending
Oil and gas sector
ESG ratings},
   ISSN = {1572-3089},
   DOI = {https://doi.org/10.1016/j.jfs.2024.101349},
   url = {https://www.sciencedirect.com/science/article/pii/S1572308924001347},
   year = {2025},
   type = {Journal Article}
}

@article{GANGI2019,
author = {Gangi, Francesco and Meles, Antonio and D'Angelo, Eugenio and Daniele, Lucia Michela},
title = {Sustainable development and corporate governance in the financial system: Are environmentally friendly banks less risky?},
journal = {Corporate Social Responsibility and Environmental Management},
volume = {26},
number = {3},
pages = {529-547},
keywords = {banks, corporate governance, corporate social responsibility, environment, risk, sustainable development},
doi = {https://doi.org/10.1002/csr.1699},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/csr.1699},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/csr.1699},
abstract = {Abstract This paper responds to the need for a deeper empirical investigation of the impact of corporate social responsibility pillars on the financial performance of banks. To address this question, this study first analyzes the factors that encourage banks to be more environmentally friendly and then investigates the relationship between a bank's environmental engagement and its risk. Using a sample of 142 banks from 35 countries covering the period from 2011 to 2015, we document the positive impact of effective corporate governance mechanisms on banks' environmental engagement. Moreover, by using the Heckman's two-stage model for the treatment of sample selection bias, we find that banks that are more sensitive to environmental issues also exhibit less risk. Stakeholder theory and the conflict resolution hypothesis are useful frameworks to overcome the trade-off between economy and ecology in the banking industry.},
year = {2019}
}

@article{LAEVEN2009,
   author = {Laeven, Luc and Levine, Ross},
   title = {Bank governance, regulation and risk taking},
   journal = {Journal of Financial Economics},
   volume = {93},
   number = {2},
   pages = {259-275},
   abstract = {This paper conducts the first empirical assessment of theories concerning risk taking by banks, their ownership structures, and national bank regulations. We focus on conflicts between bank managers and owners over risk, and we show that bank risk taking varies positively with the comparative power of shareholders within the corporate governance structure of each bank. Moreover, we show that the relation between bank risk and capital regulations, deposit insurance policies, and restrictions on bank activities depends critically on each bank's ownership structure, such that the actual sign of the marginal effect of regulation on risk varies with ownership concentration. These findings show that the same regulation has different effects on bank risk taking depending on the bank's corporate governance structure.},
   keywords = {Corporate governance
Bank regulation
Financial institutions
Financial risk},
   ISSN = {0304-405X},
   DOI = {https://doi.org/10.1016/j.jfineco.2008.09.003},
   url = {https://www.sciencedirect.com/science/article/pii/S0304405X09000816},
   year = {2009},
   type = {Journal Article}
}

@article{SCHOLTENS2019,
   author = {Scholtens, Bert and van’t Klooster, Sophie},
   title = {Sustainability and bank risk},
   journal = {Palgrave Communications},
   volume = {5},
   number = {1},
   pages = {105},
   abstract = {Banks play a key role in society and are crucial for economic development. The existing literature finds a positive association between bank performance and sustainability, but tends to neglect the risk dimension. As human-driven processes interact with global social-ecological connectivity and exhibit cross-scale relationships, we investigate whether sustainability affects banks’ individual default risk and their systemic risk, that is, their contribution to the risk of the financial system. As banks are financial intermediaries and there is no direct measure of their sustainability, we proxy for sustainability with banks’ performance on environmental, social, and governance attributes, especially their policies and performance. We control for relevant bank, market and country characteristics. It shows that higher sustainability scores of banks significantly associate with lower default risk. We also establish that outperformance on sustainability reduces banks’ contribution to systemic risk. Thus, it appears that banks’ sustainability performance can spill over to the financial system. This implies sustainability is material for banks and their supervisors. Accounting for sustainability can augment bank risk management and prudential policy decision making, and provide guidance as to how to finance a transition towards an economic system that effectively internalizes externalities.},
   ISSN = {2055-1045},
   DOI = {10.1057/s41599-019-0315-9},
   url = {https://doi.org/10.1057/s41599-019-0315-9},
   year = {2019},
   type = {Journal Article}
}

@article{DI_TOMMASO2020,
author = {Di Tommaso, Caterina and Thornton, John},
title = {Do ESG scores effect bank risk taking and value? Evidence from European banks},
journal = {Corporate Social Responsibility and Environmental Management},
volume = {27},
number = {5},
pages = {2286-2298},
keywords = {bank risk, bank value, corporate social responsibility, ESG score},
doi = {https://doi.org/10.1002/csr.1964},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/csr.1964},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/csr.1964},
abstract = {Abstract We examine whether environmental, social and governance (ESG) scores of European banks impact on their risk-taking behavior and on bank value. We find that high ESG scores are associated with a modest reduction in risk-taking for banks that are high or low risk-takers, and that the impact is conditional on executive board characteristics. These findings are consistent with the “stakeholder” view of ESG activities. However, high ESG scores are also associated with a reduction in bank value consistent with the “overinvestment” view of ESG whereby scare resources are diverted from investment. The decline in bank value occurs notwithstanding a positive indirect link between ESG scores and bank value through their impact on risk taking. We conclude that there is a trade-off between reducing bank risk-taking and a more stable financial system on the one hand and bank value on the other.},
year = {2020}
}

@article{CHIARAMONTE2022,
author = {Chiaramonte, Laura and Dreassi, Alberto and Girardone, Claudia and Piserà, Stefano},
title = {Do ESG strategies enhance bank stability during financial turmoil? Evidence from Europe},
journal = {The European Journal of Finance},
volume = {28},
number = {12},
pages = {1173--1211},
year = {2022},
publisher = {Routledge},
doi = {10.1080/1351847X.2021.1964556},
URL = {https://doi.org/10.1080/1351847X.2021.1964556},
eprint = {https://doi.org/10.1080/1351847X.2021.1964556},
abstract = { This paper investigates the joint and separate effects of Environmental (E), Social (S), and Governance (G) scores on bank stability. Using a sample of European banks operating in 21 countries over 2005–2017, we find that the total ESG score, as well as its sub-pillars, reduces bank fragility during periods of financial distress. This stabilizing effect holds strongly for banks with higher ESG ratings. These results are confirmed by a differences-in-differences (DID) analysis built around the introduction of the EU 2014 Non-Financial Reporting Directive (NFRD). Our evidence also reveals that, in times of financial turmoil, the longer the duration of ESG disclosures, the greater the benefits on stability. Finally, we show that the ESG–bank stability linkages vary significantly across banks’ characteristics and operating environments. Our findings are robust to selection bias and endogeneity concerns. Overall, they support the regulatory effort in requiring an enhanced disclosure of non–financial information. }
}

@article{NEITZERT2022,
   author = {Neitzert, Florian and Petras, Matthias},
   title = {Corporate social responsibility and bank risk},
   journal = {Journal of Business Economics},
   volume = {92},
   number = {3},
   pages = {397-428},
   abstract = {The concept of sustainable banking has developed significantly in recent years. Previous research found that corporate social responsibility reduces firm risk, yet this empirical evidence refers almost exclusively to non-financial companies and it remains unclear whether the risk-mitigating effect stems from the environmental, social, or governance pillar. The paper aims to analyse the impact of corporate social responsibility activities on bank risk and to explore its determinants. Using a sample of 582 banks worldwide over the period from 2002 to 2018, we confirm a risk-reducing effect of the corporate social responsibility activity on an aggregated level. The decomposition of this effect suggests that environmental activities determine this risk mitigation. In contrast, social and governance activities do not show similarly unambiguous results. In this way, our analysis highlights the great importance of environmental aspects in banks’ risk management.},
   ISSN = {1861-8928},
   DOI = {10.1007/s11573-021-01069-2},
   url = {https://doi.org/10.1007/s11573-021-01069-2},
   year = {2022},
   type = {Journal Article}
}

@techreport{ESRB2016,
   author = {{European Systemic Risk Board}}, 
   title = {Too late, too sudden: Transition to a low carbon economy and systemic risk},
   url = {https://www.econstor.eu/bitstream/10419/193616/1/Reports-ASC-6.pdf},
   institution = {European Systemic Risk Board},
   year = {2016},
   type = {Report}
}

@article{ANGINER2018,
   author = {Anginer, Deniz and Demirguc-Kunt, Asli and Huizinga, Harry and Ma, Kebin},
   title = {Corporate governance of banks and financial stability},
   journal = {Journal of Financial Economics},
   volume = {130},
   number = {2},
   pages = {327-346},
   abstract = {We find that shareholder-friendly corporate governance is associated with higher stand-alone and systemic risk in the banking sector. Specifically, shareholder-friendly corporate governance results in higher risk for larger banks and for banks that are located in countries with generous financial safety nets as banks try to shift risk toward taxpayers. We confirm our findings by comparing banks to nonfinancial firms and examining changes in bank risk around an exogenous regulatory change in governance. Our results underline the importance of the financial safety net and too-big-to-fail guarantees in thinking about corporate governance reforms at banks.},
   keywords = {Corporate governance
Bank insolvency
Systemic risk},
   ISSN = {0304-405X},
   DOI = {https://doi.org/10.1016/j.jfineco.2018.06.011},
   url = {https://www.sciencedirect.com/science/article/pii/S0304405X18301715},
   year = {2018},
   type = {Journal Article}
}

@article{ACHARYA2017,
   author = {Acharya, Viral V. and Pedersen, Lasse H. and Philippon, Thomas and Richardson, Matthew},
   title = {Measuring Systemic Risk},
   journal = {The Review of Financial Studies},
   volume = {30},
   number = {1},
   pages = {2-47},
   abstract = {We present an economic model of systemic risk in which undercapitalization of the financial sector as a whole is assumed to harm the real economy, leading to a systemic risk externality. Each financial institution’s contribution to systemic risk can be measured as its systemic expected shortfall (SES), that is, its propensity to be undercapitalized when the system as a whole is undercapitalized. SES increases in the institution’s leverage and its marginal expected shortfall (MES), that is, its losses in the tail of the system’s loss distribution. We demonstrate empirically the ability of components of SES to predict emerging systemic risk during the financial crisis of 2007–2009.Received December 1, 2015; editorial decision August 5, 2016 by Editor Andrew Karolyi.},
   ISSN = {0893-9454},
   DOI = {10.1093/rfs/hhw088},
   url = {https://doi.org/10.1093/rfs/hhw088},
   year = {2017},
   type = {Journal Article}
}

@article{BROWNLEES2017,
    author = {Brownlees, Christian and Engle, Robert F.},
    title = {SRISK: A Conditional Capital Shortfall Measure of Systemic Risk},
    journal = {The Review of Financial Studies},
    volume = {30},
    number = {1},
    pages = {48-79},
    year = {2016},
    month = {08},
    abstract = {We introduce SRISK to measure the systemic risk contribution of a financial firm. SRISK measures the capital shortfall of a firm conditional on a severe market decline, and is a function of its size, leverage and risk. We use the measure to study top financial institutions in the recent financial crisis. SRISK delivers useful rankings of systemic institutions at various stages of the crisis and identifies Fannie Mae, Freddie Mac, Morgan Stanley, Bear Stearns, and Lehman Brothers as top contributors as early as 2005-Q1. Moreover, aggregate SRISK provides early warning signals of distress in indicators of real activity.Received June 7, 2011; accepted April 18, 2016 by Editor Geert Bekaert.},
    issn = {0893-9454},
    doi = {10.1093/rfs/hhw060},
    url = {https://doi.org/10.1093/rfs/hhw060},
    eprint = {https://academic.oup.com/rfs/article-pdf/30/1/48/8601284/hhw060.pdf},
}

@misc{CBD2023,
  author = {{Convention on Biological Diversity}},
  title = {2030 Targets (with Guidance Notes)},
  year = {2023},
  url = {https://www.cbd.int/gbf/targets},
  note = {Accessed: 26 January 2025},
  organization = {Convention on Biological Diversity}
}

@techreport{TNFD2023,
  title = {Recommendations of the Task Force on Nature-Related Financial Disclosures},
  author = {{Taskforce on Nature-related Financial Disclosures}},
  year = {2023},
  institution = {TNFD},
  url = {https://tnfd.global/publication/recommendations-of-the-taskforce-on-nature-related-financial-disclosures/},
  type = {Report},
  note = {Accessed: 26 January 2025}
}

@techreport{STUSSI2024,
  title = {Halting Deforestation through Finance: Regulatory Mapping of the Central Bank of Brazil},
  author = {Stussi, Mariana and Souza, Priscila and Contreras, Maria Fernanda},
  year = {2024},
  institution = {Climate Policy Initiative},
  address = {Rio de Janeiro},
  url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2024/07/Regulatory-Mapping-BCB-1.pdf},
  note = {Accessed: 26 January 2025}
}

@techreport{TNFD2023LEAP,
  title = {Guidance on the identification and assessment of nature-related issues: The TNFD LEAP approach},
  author = {{Taskforce on Nature-related Financial Disclosures}},
  year = {2023},
  month = {September},
  version = {1.0},
  institution = {TNFD},
  url = {https://tnfd.global/publication/additional-guidance-on-assessment-of-nature-related-issues-the-leap-approach/},
  note = {Accessed: 26 January 2025}
}

@techreport{IFRS2023S1,
  title = {IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information},
  author = {{International Sustainability Standards Board}},
  year = {2023},
  institution = {IFRS Foundation},
  url = {https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards-issb/english/2023/issued/part-a/issb-2023-a-ifrs-s1-general-requirements-for-disclosure-of-sustainability-related-financial-information.pdf},
  note = {Accessed: 26 January 2025}
}

@techreport{IFRS2023S2,
  title = {IFRS S2 Climate-related Disclosures},
  author = {{International Sustainability Standards Board}},
  year = {2023},
  month = {June},
  institution = {IFRS Foundation},
  url = {https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards-issb/english/2023/issued/part-a/issb-2023-a-ifrs-s2-climate-related-disclosures.pdf},
  note = {Accessed: 26 January 2025}
}

@misc{TNFD2024,
  title = {ISSB delivers further harmonisation of the sustainability disclosure landscape},
  author = {{Taskforce on Nature-related Financial Disclosures}},
  year = {2024},
  url = {https://tnfd.global/issb-delivers-further-harmonisation-of-the-sustainability-disclosure-landscape/},
  note = {Accessed: 26 January 2025},
  organization = {Taskforce on Nature-related Financial Disclosures}
}

@techreport{EBA2022,
  title = {Draft Implementing Technical Standards on Pillar 3 disclosures on ESG risks},
  author = {{European Banking Authority}},
  year = {2022},
  institution = {European Banking Authority},
  url = {https://www.eba.europa.eu/sites/default/files/document_library/Publications/Draft%20Technical%20Standards/2022/1026171/EBA%20draft%20ITS%20on%20Pillar%203%20disclosures%20on%20ESG%20risks.pdf},
  note = {Accessed: 26 January 2025}
}

@techreport{EFRAG2022,
  title = {[Draft] ESRS E4 Biodiversity and ecosystems},
  author = {{European Financial Reporting Advisory Group}},
  year = {2022},
  month = {November},
  institution = {EFRAG},
  url = {https://www.efrag.org/sites/default/files/sites/webpublishing/SiteAssets/11%20Draft%20ESRS%20E4%20Biodiversity%20and%20ecosystems%20November%202022.pdf},
  note = {Accessed: 26 January 2025}
}

@techreport{FCA2023,
  title = {PS23/16 Sustainability Disclosure Requirements (SDR) and investment labels},
  author = {{Financial Conduct Authority}},
  year = {2023},
  month = {November},
  institution = {Financial Conduct Authority},
  url = {https://www.fca.org.uk/publication/policy/ps23-16.pdf},
  note = {Accessed: 26 January 2025}
}

@misc{EU_CSRD_2022,
  author = {{European Parliament and Council of the European Union}},
  title = {Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting},
  year = {2022},
  howpublished = {Official Journal of the European Union},
  volume = {L 322},
  pages = {15--80},
  url = {https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022L2464},
  note = {Formalizes the concept of double materiality in corporate sustainability reporting, requiring companies to disclose both financial materiality (sustainability risks to the company) and impact materiality (the company's impacts on society and the environment).},
}

@article{WU2013,
   author = {Wu, Meng-Wen and Shen, Chung-Hua},
   title = {Corporate social responsibility in the banking industry: Motives and financial performance},
   journal = {Journal of Banking \& Finance},
   volume = {37},
   number = {9},
   pages = {3529-3547},
   abstract = {The current study investigates the association between corporate social responsibility (CSR) and financial performance (FP), and discusses the driving motives of banks to engage in CSR. Three motives, namely, strategic choices, altruism, and greenwashing, suggest that the relationship between CSR and FP is positive, non-negative, and non-existent, respectively. We obtained our sample, which covered 2003–2009, from the Ethical Investment Research Service (EIRIS) databank and Bankscope database. The data consists of 162 banks in 22 countries. We then classified the banks into four types based on their degree of engagement in CSR. This study proposes the use of an extended version of the Heckman two-step regression, in which the first step adopts a multinomial logit model, and the second step estimates the performance equation with the inverse Mills ratio generated by the first step. The empirical results show that CSR positively associates with FP in terms of return on assets, return on equity, net interest income, and non-interest income. In contrast, CSR negatively associates with non-performing loans. Hence, strategic choice is the primary motive of banks to engage in CSR.},
   keywords = {Corporate social responsibility
Strategic motive
Altruistic motive
Extended Heckman two-stage model},
   ISSN = {0378-4266},
   DOI = {https://doi.org/10.1016/j.jbankfin.2013.04.023},
   url = {https://www.sciencedirect.com/science/article/pii/S0378426613002069},
   year = {2013},
   type = {Journal Article}
}

@article{CARNEVALE2012,
author = {Carnevale, Concetta and Mazzuca, Maria and Venturini, Sergio},
title = {Corporate Social Reporting in European Banks: The Effects on a Firm's Market Value},
journal = {Corporate Social Responsibility and Environmental Management},
volume = {19},
number = {3},
pages = {159-177},
keywords = {corporate social responsibility, social reporting, value relevance analysis, firm's market value, European banking sector, bank stock price},
doi = {https://doi.org/10.1002/csr.262},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/csr.262},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/csr.262},
abstract = {ABSTRACT Despite the increasing level of interest in CSR issues, it is not yet clear what real value the market assigns to social reporting. By applying the value relevance analysis to a sample of 130 European-listed banks, the present work proposes a key to understanding the relationship between social reporting and the value that the market attributes to banks that publicize their commitment to CSR through social reporting. The analysis for the entire sample does not provide evidence that investors attribute value relevance to social reporting (i.e. there is not a significant correlation between the publication of a social report and the stock price). Cross-country analysis shows that in some countries the social report is value-relevant, and positively affects the stock price; in others it remains value-relevant but negatively affects the stock price. Our findings could have several implications for banks, investors, and policymakers. Copyright © 2011 John Wiley \& Sons, Ltd and ERP Environment.},
year = {2012}
}

@article{GOSS2011,
   author = {Goss, Allen and Roberts, Gordon S.},
   title = {The impact of corporate social responsibility on the cost of bank loans},
   journal = {Journal of Banking \& Finance},
   volume = {35},
   number = {7},
   pages = {1794-1810},
   abstract = {This study examines the link between corporate social responsibility (CSR) and bank debt. Our focus on banks exploits their specialized role as delegated monitors of the firm. Using a sample of 3996 loans to US firms, we find that firms with social responsibility concerns pay between 7 and 18 basis points more than firms that are more responsible. Lenders are more sensitive to CSR concerns in the absence of security. We document a mixed reaction to discretionary CSR investments. Low-quality borrowers that engage in discretionary CSR spending face higher loan spreads and shorter maturities, but lenders are indifferent to CSR investments by high-quality borrowers.},
   keywords = {Loan pricing
Corporate social responsibility
Socially responsible investing},
   ISSN = {0378-4266},
   DOI = {https://doi.org/10.1016/j.jbankfin.2010.12.002},
   url = {https://www.sciencedirect.com/science/article/pii/S0378426610004498},
   year = {2011},
   type = {Journal Article}
}

@article{BASU2022,
   author = {Basu, Sudipta and Vitanza, Justin and Wang, Wei and Zhu, Xiaoyu Ross},
   title = {Walking the walk? Bank ESG disclosures and home mortgage lending},
   journal = {Review of Accounting Studies},
   volume = {27},
   number = {3},
   pages = {779-821},
   abstract = {We show that banks with high environmental, social, and governance (ESG) ratings issue fewer mortgages in poor localities—in number and dollar amount—than banks with low ESG ratings. This lending disparity happens at both the county and census tract level, worsens in disaster areas of severe hurricane strikes, is robust to alternative ESG ratings (including using only the social (S) component), and cannot be explained by banks’ differential deposit networks. We find no difference in mortgage default rates between high- and low-ESG banks, rejecting an alternative explanation based on differential credit screening quality. We report a complementary, not substitution, relation between high-ESG banks’ mortgage lending and their community development investments (like affordable housing projects) in poor localities. Loan-application-level analyses confirm that high-ESG banks are more likely than low-ESG banks to reject mortgage loans in poor neighborhoods. The evidence hints at social wash: banks deploy prosocial rhetoric and symbolic actions while not lending much in disadvantaged communities, the social function they arguably ought to perform. Community Reinvestment Act (CRA) examinations partially undo the social wash effect.},
   ISSN = {1573-7136},
   DOI = {10.1007/s11142-022-09691-3},
   url = {https://doi.org/10.1007/s11142-022-09691-3},
   year = {2022},
   type = {Journal Article}
}

@article{HOOGHIEMSTRA2000,
 ISSN = {01674544, 15730697},
 URL = {http://www.jstor.org/stable/25074363},
 abstract = {This paper addresses the theoretical framework on corporate social reporting. Although that corporate social reporting has been analysed from different perspectives, legitmacy theory currently is the dominating perspective. Authors employing this framework suggest that social and environmental disclosures are responses to both public pressure and increased media attention resulting from major social incidents such as the Exxon Valdez oil spill and the chemical leak in Bhopal (India). More specifically, those authors argue that the increase in social disclosures represent a strategy to alter the public's perception about the legitimacy of the organisation. Therefore, we suggest using corporate communication as an overarching framework to study corporate social reporting in which "corporate image" and "corporate identity" are central.},
 author = {Hooghiemstra, Reggy},
 journal = {Journal of Business Ethics},
 number = {1/2},
 pages = {55--68},
 publisher = {Springer},
 title = {Corporate Communication and Impression Management: New Perspectives Why Companies Engage in Corporate Social Reporting},
 urldate = {2025-02-01},
 volume = {27},
 year = {2000}
}

@article{SPENCE2010,
   author = {Spence, Crawford and Husillos, Javier and Correa-Ruiz, Carmen},
   title = {Cargo cult science and the death of politics: A critical review of social and environmental accounting research},
   journal = {Critical Perspectives on Accounting},
   volume = {21},
   number = {1},
   pages = {76-89},
   abstract = {We present here an extensive literature review delineating the main theoretical parameters that have shaped the discursive field of Social Accounting/Social and Environmental Reporting (SER). In doing so, we reflect upon the way in which theory is used in SER focusing particularly on its political character. We show that SER theories have been developed in isolation from, and in contradistinction to, other organisational literatures and the social sciences more generally. This self-referentiality has precluded consideration of whether accountability is a realistic or desirable demand to make of corporations. In an age where political antagonism has been seriously eroded in the Western World, we argue that if SER is to avoid complicity in this, then SER research must break free from its self-imposed theoretical limitations and embrace a goal beyond accountability.},
   ISSN = {1045-2354},
   DOI = {https://doi.org/10.1016/j.cpa.2008.09.008},
   url = {https://www.sciencedirect.com/science/article/pii/S1045235409001270},
   year = {2010},
   type = {Journal Article}
}

@article{CAMPBELL2007,
   author = {Campbell, John L.},
   title = {Why Would Corporations Behave in Socially Responsible Ways? An Institutional Theory of Corporate Social Responsibility},
   journal = {The Academy of Management Review},
   volume = {32},
   number = {3},
   pages = {946-967},
   abstract = {[I offer an institutional theory of corporate social responsibility consisting of a series of propositions specifying the conditions under which corporations are likely to behave in socially responsible ways. I argue that the relationship between basic economic conditions and corporate behavior is mediated by several institutional conditions: public and private regulation, the presence of nongovernmental and other independent organizations that monitor corporate behavior, institutionalized norms regarding appropriate corporate behavior, associative behavior among corporations themselves, and organized dialogues among corporations and their stakeholders.]},
   ISSN = {03637425, 19303807},
   url = {http://www.jstor.org.qub.idm.oclc.org/stable/20159343},
   year = {2007},
   type = {Journal Article}
}

@article{AGUINIS2012,
author = {Aguinis, Herman and Glavas, Ante},
title ={What We Know and Don’t Know About Corporate Social Responsibility: A Review and Research Agenda},
journal = {Journal of Management},
volume = {38},
number = {4},
pages = {932-968},
year = {2012},
doi = {10.1177/0149206311436079},
URL = {https://doi.org/10.1177/0149206311436079},
eprint = {https://doi.org/10.1177/0149206311436079},
abstract = {The authors review the corporate social responsibility (CSR) literature based on 588 journal articles and 102 books and book chapters. They offer a multilevel and multidisciplinary theoretical framework that synthesizes and integrates the literature at the institutional, organizational, and individual levels of analysis. The framework includes reactive and proactive predictors of CSR actions and policies and the outcomes of such actions and policies, which they classify as primarily affecting internal (i.e., internal outcomes) or external (i.e., external outcomes) stakeholders. The framework includes variables that explain underlying mechanisms (i.e., relationship- and value-based mediator variables) of CSR–outcomes relationships and contingency effects (i.e., people-, place-, price-, and profile-based moderator variables) that explain conditions under which the relationship between CSR and its outcomes change. The authors’ review reveals important knowledge gaps related to the adoption of different theoretical orientations by researchers studying CSR at different levels of analysis, the need to understand underlying mechanisms linking CSR with outcomes, the need for research at micro levels of analysis (i.e., individuals and teams), and the need for methodological approaches that will help address these substantive knowledge gaps. Accordingly, they offer a detailed research agenda for the future, based on a multilevel perspective that aims to integrate diverse theoretical frameworks as well as develop an understanding of underlying mechanisms and microfoundations of CSR (i.e., foundations based on individual action and interactions). The authors also provide specific suggestions regarding research design, measurement, and data-analytic approaches that will be instrumental in carrying out their proposed research agenda. }
}

@article{BUCHHOLZ2005,
 ISSN = {01674544, 15730697},
 URL = {http://www.jstor.org/stable/25123506},
 abstract = {Atomic individualism is embedded in most definitions of stakeholder theory, and as a result, stakeholders are not integral to the basic identity of the corporation which is considered to be independent of, and separate from, its stakeholders. Feminist theory has been suggested as a way of developing a more relational view of the corporation and its stakeholders, but it lacks a systematically developed conceptual framework for undergirding its own insights. Pragmatic philosophy is offered as a way of providing this theoretical undergirding for a relational understanding of the firm and its stakeholders.},
 author = {Buchholz, Rogene A. and Rosenthal, Sandra B.},
 journal = {Journal of Business Ethics},
 number = {1/3},
 pages = {137--148},
 publisher = {Springer},
 title = {Toward a Contemporary Conceptual Framework for Stakeholder Theory},
 urldate = {2025-02-02},
 volume = {58},
 year = {2005}
}

@article{LAPLUME2008,
author = {Laplume, André O. and Sonpar, Karan and Litz, Reginald A.},
title ={Stakeholder Theory: Reviewing a Theory That Moves Us},
journal = {Journal of Management},
volume = {34},
number = {6},
pages = {1152-1189},
year = {2008},
doi = {10.1177/0149206308324322},
URL = {https://doi.org/10.1177/0149206308324322},
eprint = {https://doi.org/10.1177/0149206308324322},
abstract = {This article reviews the academic stakeholder theory literature as it developed between 1984 and 2007. The authors content analyzed 179 articles that directly addressed Freeman's work on stakeholder theory and found five themes: (a) stakeholder definition and salience, (b) stakeholder actions and responses, (c) firm actions and responses, (d) firm performance, and (e) theory debates. Themes were observed in multiple research fields, suggesting broad appeal. The authors noted a substantial rise in stakeholder theory's prominence since 1995 and documented that the theory has detractors insofar as it questions shareholders' wealth maximization as the most fundamental objective of business. The authors' recommendations include urging more empirical research across a broader set of organizations apart from large publicly traded corporations, more qualitative research to document cognitive aspects of how managers respond to stakeholder expectations, and a return to the theory's emphasis on the strategic benefits of stakeholder management, albeit with a broader view of firm performance. }
}

@article{CAMPBELL_D2003,
   author = {Campbell, David and Craven, Barrie and Shrives, Philip},
   title = {Voluntary social reporting in three FTSE sectors: a comment on perception and legitimacy},
   journal = {Accounting, Auditing \& Accountability Journal},
   volume = {16},
   number = {4},
   pages = {558-581},
   abstract = {In examining the effects of the Exxon Valdez oil spillage on corporate social reporting (CSR) in the annual reports of oil companies, Patten suggested examining companies in other industries and their response to social (e.g. environmental) threats. This paper examines environmental and social reporting in five companies representing three FTSE sectors, selected according to an intuitive understanding of society’s perceptions of their depth of “sin” or supposed unethical behaviour. Social disclosure data were captured from annual corporate reports between 1975 and 1997. Results suggest that legitimacy theory may be an explanation of disclosure in some cases but not in others. The distorting effects of perception (of legitimacy‐threatening factors) and the increase in choices of disclosure media partly explain the mixed results and these factors and it is suggested, challenge the usefulness of future “annual‐report only” studies.},
   ISSN = {0951-3574},
   DOI = {10.1108/09513570310492308},
   url = {https://doi.org/10.1108/09513570310492308},
   year = {2003},
   type = {Journal Article}
}

@article{YOUN2015,
   author = {Youn, Hyewon and Hua, Nan and Lee, Seoki},
   title = {Does size matter? Corporate social responsibility and firm performance in the restaurant industry},
   journal = {International Journal of Hospitality Management},
   volume = {51},
   pages = {127-134},
   abstract = {Despite an increasing number of hospitality studies on the link between corporate social responsibility (CSR) and corporate financial performance (CFP), the literature has predominantly focused on the CSR–CFP relation without considering moderating factors. Consequently, the current study introduces firm size as a potential moderator on the CSR–CFP relationship. Performing a two-way fixed-effects model by firm and year with Newey-West standard errors, this study finds that firm size moderates the effect of positive CSR on CFP while it does not moderate the effect of negative CSR on CFP in the U.S. restaurant context.},
   keywords = {Corporate social responsibility
Firm size
Moderating effect
Restaurant industry},
   ISSN = {0278-4319},
   DOI = {https://doi.org/10.1016/j.ijhm.2015.09.008},
   url = {https://www.sciencedirect.com/science/article/pii/S0278431915001474},
   year = {2015},
   type = {Journal Article}
}

@article{PELOZA2006,
author = {Peloza, John},
title ={Using Corporate Social Responsibility as Insurance for Financial Performance},
journal = {California Management Review},
volume = {48},
number = {2},
pages = {52-72},
year = {2006},
doi = {10.2307/41166338},
URL = {https://doi.org/10.2307/41166338},
eprint = {https://doi.org/10.2307/41166338}
}

@article{MEZNAR1995,
   author = {Meznar, Martin B. and Nigh, Douglas},
   title = {Buffer or Bridge? Environmental and Organizational Determinants of Public Affairs Activities in American Firms},
   journal = {The Academy of Management Journal},
   volume = {38},
   number = {4},
   pages = {975-996},
   abstract = {This article suggests corporate public affairs activities can be broken down into two types: activities that "buffer" from the social and political environment, and activities that "bridge" with that environment. Drawing on previous work related to contingency theory, resource dependence, and strategic management, we developed hypotheses concerning conditions under which firms will emphasize buffering, bridging, or both. The hypotheses were tested with data collected from large American firms and Lohmöller's partial-least-squares latent variable path analysis. Buffering is found to be positively associated with environmental uncertainty and organizational power. Bridging is positively associated with uncertainty and an institution-oriented philosophy on the part of top management.},
   ISSN = {00014273},
   DOI = {10.2307/256617},
   url = {http://www.jstor.org.qub.idm.oclc.org/stable/256617},
   year = {1995},
   type = {Journal Article}
}

@article{DAMATO2020,
author = {D'Amato, Antonio and Falivena, Camilla},
title = {Corporate social responsibility and firm value: Do firm size and age matter? Empirical evidence from European listed companies},
journal = {Corporate Social Responsibility and Environmental Management},
volume = {27},
number = {2},
pages = {909-924},
keywords = {corporate social responsibility, firm age, firm size, firm value, moderation analysis},
doi = {https://doi.org/10.1002/csr.1855},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/csr.1855},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/csr.1855},
abstract = {Abstract Although the current empirical literature has focused predominantly on the direct relationship between corporate social responsibility (CSR) and firm value, in this paper, we aim to explore firm-level moderators that may contribute to disentangling this relationship. On the basis of a dataset of Western European listed companies, we use a moderation analysis of panel data to examine whether firm size and age drive the impact of CSR on firm value. Our estimations show that the relationship between CSR and firm value is moderated by firm size and age so that it is negatively impacted when small and/or young companies are considered. This finding seems to be consistent with the view that CSR initiatives could be ineffective in smaller and younger companies due to their lack of financial resources, experience, reputation, and so forth. Implications for firms are also discussed.},
year = {2020}
}

@article{ABDI2022,
   author = {Abdi, Yaghoub and Li, Xiaoni and Càmara-Turull, Xavier},
   title = {Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: the moderating role of size and age},
   journal = {Environment, Development and Sustainability},
   volume = {24},
   number = {4},
   pages = {5052-5079},
   abstract = {This study aims at exploring the impact of ESG scores on the value and FP of firms in the airline industry. The potential moderating role of firm size and age has also been studied in an effort to disentangle their relationships in this context. In particular, the analysis involves interaction effects for two types of firms: full-service and low-cost carriers. Based on the collected data from 38 airlines worldwide for the period 2009 to 2019, we observed that contributions to governance initiatives improve a firm’s market-to-book ratio. We also found that a firm’s participation in social and environmental activities is positively and significantly rewarded by a higher level of financial efficiency. Additionally, firm size is the relevant moderator for the association between sustainability disclosure and both firm value and FP in the air transport industry. We therefore propose that a managerial strategy of participating in these initiatives may adapt them based on their total assets as proxy of firm size. In regard to firm age, we did not find it to be a significant moderator.},
   ISSN = {1573-2975},
   DOI = {10.1007/s10668-021-01649-w},
   url = {https://doi.org/10.1007/s10668-021-01649-w},
   year = {2022},
   type = {Journal Article}
}

@article{MURE2021,
author = {Murè, Pina and Spallone, Marco and Mango, Fabiomassimo and Marzioni, Stefano and Bittucci, Lucilla},
title = {ESG and reputation: The case of sanctioned Italian banks},
journal = {Corporate Social Responsibility and Environmental Management},
volume = {28},
number = {1},
pages = {265-277},
keywords = {banking reputation, banks sanctions, CSR, ESG score},
doi = {https://doi.org/10.1002/csr.2047},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/csr.2047},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/csr.2047},
abstract = {Abstract The aim of this paper is to investigate whether banks adopt Environmental, Social, and Governance (ESG) practices to reduce reputational damage due to financial penalties and whether the adoption of ESG factors can reduce the probability to receive sanctions. This study extends a previous research (Guerello et al., North American Journal of Economics and Finance, 2018, 48, 591–612) by including ESG scores as determinant of the probability to be sanctioned. The econometric analyses in this paper are based on a sample of 13 Italian banks for the years 2008–2018 and includes ESG scores provided by both Thomson Reuters and Bloomberg. The research shows that ESG score and the probability of sanctions are positively related. However, a careful analysis of causal directions clarifies the meaning of such positive relationship: receiving financial penalties is detrimental for banks reputations, therefore it's necessary for banks to improve their reputation through the adoption of ESG practices.},
year = {2021}
}

@article{FAVINO2019,
   author = {Favino, Christian and Netti, Antonio},
   title = {Impact of Environmental, Social, and Governance Information on Economic Performance: Evidence of a Corporate ‘Sustainability Advantage’ from Europe},
   journal = {Sustainability},
   volume = {11},
   number = {6},
   pages = {1738},
   note = {Copyright - © 2019 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.
SubjectsTermNotLitGenreText - Europe},
   abstract = {Both UN Agenda 2030 and the Directive n. 2014/95/EU have recently promoted a marked improvement in sustainability disclosure, especially for larger companies or groups. Starting from this premise, we carried out an original study on the financial materiality of the E-S-G (environmental, social and governance) information of primary companies listed on major European indices in Belgium, France, Germany, Italy and Spain (BEL, CAC, DAX, FTSE-MIB, IBEX). Within the Stakeholder Theory and the Corporate Social Responsibility (CSR)–Corporate Social Perfomance (CSP) framework, our empirical analysis examined the impact of non-financial results (assessed through sustainability indicators) on economic (financial and market) performance in the timespan 2014–2017. We propose a different approach from previous studies, based on a PLS (Partial least squares)/SEM (Structural equation modeling) methodology together with the unprecedented consideration of “ESG” measures (Environmental, Social and Governance), either absolute (scores) or relative (extra-performance over industry sector). We find that, despite the absolute level of the individual ESG scores not being impactful, the “distance” from the industry average–normal figures (excess or abnormal ESG performance) is positively relevant, collaterally revisiting the notion of competitive advantage in sustainability terms. Corporate size is shown to be a significant background factor (as slack resources proxy). Social, environmental and governance responsibility (to all stakeholders) appear to be important as a competitive factor of the modern firm.},
   keywords = {Environmental Studies
environment
Corporate sustainability
Corporation
Sustainability measurement
Competitive advantage
Governance
Biophysical environment
Social
corporate governance
ESG metrics
corporate size
financial performance
Stakeholder Theory
sustainability disclosure
Structural Equations Model
Behavior
Investments
Sustainability
Sustainability reporting
Corporate responsibility
Ethics
Climate change
Boards of directors
Competition
Value creation
Stock exchanges
Social responsibility
Business competition
Social investing
Impact analysis
Multivariate statistical analysis
Stakeholders
Emission standards
Human rights
2-Methylisoborneol
Europe},
   DOI = {https://doi.org/10.3390/su11061738},
   url = {https://queens.ezp1.qub.ac.uk/login?url=https://www.proquest.com/scholarly-journals/impact-environmental-social-governance/docview/2574383983/se-2?accountid=13374},
   year = {2019},
   type = {Journal Article}
}

@article{ALAREENI2020,
   author = {Alareeni, Bahaaeddin Ahmed and Hamdan, Allam},
   title = {ESG impact on performance of US S\&P 500-listed firms},
   journal = {Corporate Governance: The International Journal of Business in Society},
   volume = {20},
   number = {7},
   pages = {1409-1428},
   abstract = {Purpose This paper aims to investigate whether there are relationships among corporate disclosure of environmental, social and governance (ESG) and firms’ operational (ROA), financial (ROE) and market performance (Tobin’s Q), and if these relationships are positives or negatives or even neutral. Design/methodology/approach The study sample covers US S&P 500-listed companies during the period 2009 to 2018. Panel regression analysis was used to examine the study hypotheses and achieve the study aims. Findings The results showed that ESG disclosure positively affects a firms’ performance measures. However, measuring ESG sub-components separately showed that environmental (EVN) and corporate social responsibility (CSR) disclosure is negatively associated with ROA and ROE. EVN and CSR disclosure is positively related to Tobin’s Q. Further, corporate governance (CG) disclosure is positively related to ROA and Tobin’s Q, and negatively related to ROE. More importantly, ESG, CSR, EVN and CG tend to be higher with firms that have high assets and high financial leverage. Furthermore, the higher level of ESG, EVN, CSR and CG disclosure, the higher the ROA and ROE. Originality/value The study limns a vision of the role of ESG on firm performance. This study tries to determine whether there are relationships among all ESG disclosure and FP, and if they are positive, negative or even neutral.},
   ISSN = {1472-0701},
   DOI = {10.1108/CG-06-2020-0258},
   url = {https://doi.org/10.1108/CG-06-2020-0258},
   year = {2020},
   type = {Journal Article}
}

@article{DREMPETIC2020,
   author = {Drempetic, Samuel and Klein, Christian and Zwergel, Bernhard},
   title = {The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review},
   journal = {Journal of Business Ethics},
   volume = {167},
   number = {2},
   pages = {333-360},
   abstract = {[The concept of sustainable and responsible (SR) investments expresses that every investment should be based on the SR investor's code of ethics. To a large extent the allocation of SR investments to more sustainable companies and ethical practices is based on the environmental, social, and corporate governance (ESG) scores provided by rating agencies. However, a thorough investigation of ESG scores is a neglected topic in the literature. This paper uses Thomson Reuters ASSET4 ESG ratings to analyze the influence of firm size, a company's available resources for providing ESG data, and the availability of a company's ESG data on the company's sustainability performance. We find a significant positive correlation between the stated variables, which can be explained by organizational legitimacy. The results raise the question of whether the way the ESG score measures corporate sustainability gives an advantage to larger firms with more resources while not providing SR investors with the information needed to make decisions based on their beliefs. Due to our results, SR investors and scholars should reopen the discussion about: what sustainability rating agencies measure with ESG scores, what exactly needs to be measured, and if the sustainable finance community can reach their self-imposed objectives with this measurement.]},
   ISSN = {01674544, 15730697},
   url = {http://www.jstor.org.qub.idm.oclc.org/stable/45386660},
   year = {2020},
   type = {Journal Article}
}

@article{BUALLAY2019,
   author = {Buallay, Amina},
   title = {Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector},
   journal = {Management of Environmental Quality},
   volume = {30},
   number = {1},
   pages = {98-115},
   note = {Name - European Union
Copyright - © Emerald Publishing Limited 2019
SubjectsTermNotLitGenreText - Economic},
   abstract = {PurposeSustainability reporting has been widely adopted by firms worldwide given the need of stakeholders for more transparency on environmental, social and governance (ESG) issues. The purpose of this paper is to investigate the relationship between ESG and bank’s operational (Return on Assets), financial (Return on Equity) and market performance (Tobin’s Q).Design/methodology/approachThis study examined 235 banks for ten years (2007-2016) to ends up with 2,350 observations. The independent variable is the ESG disclosure; the dependent variables are performance indicators (return on assets, return on equity and Tobin’s Q). Two type of control variables are utilized in this study: bank specific and macroeconomic.FindingsThe findings deduced from the empirical results demonstrate that there is significant positive impact of ESG on the performance. However, the relationship between ESG disclosures is vary if measured individually; the environmental disclosure found positively affect the ROA and TQ. Whereas, the corporate social responsibility disclosure is negatively affect the three models. However, the corporate governance disclosure found negatively affects the ROA, ROE and positively affects the Tobin’s Q.Originality/valueThe results of this study can be used to present a successful model for worldwide banks to concentrate on the role of ESG disclosure in performance.},
   keywords = {Occupational Health And Safety
Performance
Corporate governance
Sustainability reporting
Sustainability
Tobin's q
Return on assets
Banks
ESG disclosure
European Union countries
Research
Banking industry
Macroeconomics
Disclosure
Investments
Competitive advantage
Profits
Causality
Environmental management
Independent variables
Dependent variables
Social responsibility
Stock exchanges
Sustainable development
Financial disclosure
Hypotheses
Studies
Decision making
Independent sample
Variables
Gross Domestic Product--GDP
Literature reviews
Stakeholders
Competition
Environmental quality
Environmental governance
Investors
Economic
52321:Securities and Commodity Exchanges},
   ISSN = {14777835},
   DOI = {https://doi.org/10.1108/MEQ-12-2017-0149},
   year = {2019},
   type = {Journal Article}
}

@article{LAMANDA2024,
   author = {Lamanda, Gabriella and Tamásné Vőneki, Zsuzsanna},
   title = {Is ESG disclosure associated with bank performance? Evidence from the Visegrad Four countries},
   journal = {Management of Environmental Quality: An International Journal},
   volume = {35},
   number = {1},
   pages = {201-219},
   abstract = {Purpose The purpose of this paper is to investigate the relationship between ESG disclosure and banks performance and to discuss how banks are committed to the implementation of sustainability issues. Design/methodology/approach The authors examined the annual, risk and sustainability reports published by 26 banks located in four Central European countries (Czech Republic, Hungary, Poland and Slovakia) in the period of 2017–2021. The authors applied the methodology of content analysis and developed indexes. Panel regression was performed to improve and ensure the robustness of this study. Findings The results show that social and governance aspects dominate the ESG preparedness; however, after 2019, there was a significant improvement in the integration of environmental issues. This study confirms a strong association between bank size (total assets) and ESG reporting, and between capital adequacy and ESG reporting. The results demonstrate that there is no connection between banks' operational and financial performance and ESG disclosure. Finally, this study concludes that the integration of ESG risks into the risk management framework is at an early stage. Practical implications This study also adds to the existing research in the field of sustainability reporting. For regulators, this research proves their essential role in the facilitation of sustainable development. For practitioners, the ESG disclosure index could serve as a “detection tool” in the sustainability self-assessment process. Originality/value The authors examined – through a self-developed multidimensional ESG disclosure index – the sustainability reporting of the banking sector in four countries from the Central European region.},
   ISSN = {1477-7835},
   DOI = {10.1108/MEQ-02-2023-0064},
   url = {https://doi.org/10.1108/MEQ-02-2023-0064},
   year = {2024},
   type = {Journal Article}
}

@article{BRAMMER2008,
author = {Brammer, Stephen and Pavelin, Stephen},
title = {Factors influencing the quality of corporate environmental disclosure},
journal = {Business Strategy and the Environment},
volume = {17},
number = {2},
pages = {120-136},
keywords = {environmental disclosure, stakeholder theory},
doi = {https://doi.org/10.1002/bse.506},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.506},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/bse.506},
abstract = {Abstract Many firms choose to communicate their environmental strategies through voluntary environmental disclosures. This paper examines patterns in the quality of voluntary environmental disclosures made by a sample of around 450 large UK companies drawn from a diverse range of industrial sectors. The analysis distinguishes between five facets of quality, including the disclosure of group-wide environmental policies, environmental impact targets and an environmental audit. We examine how the decisions firms face regarding each facet of quality are determined by firm and industry characteristics, and find the quality of disclosure to be determined by a firm's size and the nature of its business activities. Specifically, we find high quality disclosure to be primarily associated with larger firms and those in sectors most closely related to environmental concerns. In contrast to several recent contributions, we find that the media exposure of companies plays no role in stimulating voluntary disclosures. Copyright © 2006 John Wiley \& Sons, Ltd and ERP Environment.},
year = {2008}
}

@article{HADDOCK2005,
   author = {Haddock, Janet},
   title = {Consumer influence on internet‐based corporate communication of environmental activities: the UK food sector},
   journal = {British Food Journal},
   volume = {107},
   number = {10},
   pages = {792-805},
   abstract = {Purpose Aims to demonstrate whether consumers influence provision of environmental communications by the UK food sector, challenging the view that such reporting is principally targeted at institutional stakeholders and shareholders. Design/methodology/approach Web site research was undertaken on a sample of 43 manufacturers and 16 retailers on provision of environmental information of a policy (intent) or reporting (action‐based) nature, analysed using chi‐square techniques assessing the significance of turnover, public listing, brand‐name companies, consumer‐goods companies and media allegations on the provision of environmental information. Findings Turnover, public listing, brand‐names, consumer‐focus and media allegations all affected provision of environmental information by UK food companies, suggesting that greater consumer‐focus leads to the perception that provision of such information into the public/consumer domain is important. Research limitations/implications The sample size selected was relatively small, and findings were based on the assumption that the internet is an accurate and appropriate means of conveying environmental information to the consumer. Further research could test such findings with a larger sample and a consumer survey to confirm interest in corporate environmental information provision. Practical implications There are important implications for UK food companies considering environmental actions and communications, particularly for brand‐name‐ or consumer‐focused companies. Reporting is seen as a necessary defence but may also offer opportunities for differentiated competitive advantage. Originality/value This paper is very valuable in challenging the traditional view that corporate environmental reporting is largely of interest to shareholders and other institutional stakeholders. It demonstrates the need for brand‐name‐ and consumer‐focused food companies to communicate their environmental performance, whether for competitive advantage or as a defensive strategy.},
   ISSN = {0007-070X},
   DOI = {10.1108/00070700510623559},
   url = {https://doi.org/10.1108/00070700510623559},
   year = {2005},
   type = {Journal Article}
}

@article{LIU2009,
   author = {Liu, Xianbing and Anbumozhi, V.},
   title = {Determinant factors of corporate environmental information disclosure: an empirical study of Chinese listed companies},
   journal = {Journal of Cleaner Production},
   volume = {17},
   number = {6},
   pages = {593-600},
   abstract = {In order to help understand the environmental disclosure mechanism from the corporate perspective, this paper identifies the determinant factors affecting the disclosure level of corporate environmental information on the basis of stakeholder theory, and gives an empirical observation on Chinese listed companies. The corporate environmental information disclosure (EID) level appears to be marginal in current Chinese context. Nearly 40% of the sampled companies opened no substantial environmental data to the public as could be seen from the content analysis of disclosed information. The present condition is that the EID strategy of Chinese listed companies is oriented to fill up the government's environmental concerns. The corporate EID effort is significantly relative to its environmental sensitivity (a proxy of the pressure from the government) and its size. The role of other stakeholders, like shareholders and creditors tested in this study in effecting the EID, is found to be still weak. Another interesting finding is that the sampled companies are selectively opening their environmental information. Companies operating in eastern coastal regions, where the economy has been relatively developed, are more likely to disclose emission-related data. The better the company's economic performance, the more information on environmental investment and pollution control cost is disclosed. More concerns of the firm's stakeholders on environmental issues shall be promoted in order to encourage Chinese enterprises to disclose more environmental information and accordingly become more proactive for improving their environmental performance.},
   keywords = {Environmental information disclosure
Determinant factors
Listed companies
China},
   ISSN = {0959-6526},
   DOI = {https://doi.org/10.1016/j.jclepro.2008.10.001},
   url = {https://www.sciencedirect.com/science/article/pii/S0959652608002527},
   year = {2009},
   type = {Journal Article}
}

@article{GAMERSCHLAG2011,
   author = {Gamerschlag, Ramin and Möller, Klaus and Verbeeten, Frank},
   title = {Determinants of voluntary CSR disclosure: empirical evidence from Germany},
   journal = {Review of Managerial Science},
   volume = {5},
   number = {2},
   pages = {233-262},
   abstract = {Currently, companies spend a great deal of effort on Corporate Social Responsibility (CSR) disclosures. CSR disclosure relates to the provision of information on companies’ environmental and social performance. From an economic perspective, companies might disclose this information to avoid or decrease potential political costs. We construct a CSR disclosure index based on the Global Reporting Initiative (GRI) guidelines. Using content analysis, we analyze 130 listed German companies’ CSR disclosures (470 firm-year observations) to investigate the determinants of these voluntary disclosure activities. Our results show that, consistent with the political cost theory, German companies’ disclosures of all CSR issues are affected by their visibility, shareholder structure, and relationship with their US stakeholders. In addition, higher profitability is associated with more environmental disclosures. Finally, size and industry membership affect the amount of CSR disclosure.},
   ISSN = {1863-6691},
   DOI = {10.1007/s11846-010-0052-3},
   url = {https://doi.org/10.1007/s11846-010-0052-3},
   year = {2011},
   type = {Journal Article}
}

@article{DYDUCH2017,
   author = {Dyduch, Justyna and Krasodomska, Joanna},
   title = {Determinants of Corporate Social Responsibility Disclosure: An Empirical Study of Polish Listed Companies},
   journal = {Sustainability},
   volume = {9},
   number = {11},
   pages = {1934},
   note = {Copyright - Copyright MDPI AG 2017},
   abstract = {In this paper we explore whether a number of elements influence the levels of corporate social responsibility (CSR) disclosure in the annual reports of Polish companies. These elements include the following: company size, profitability, financial leverage, industry environmental sensitivity, board size, women on the board, internationalization, and reputation. We use content analysis to determine the quality of CSR disclosures. We test our hypotheses using a Tobit regression analysis on a sample of 60 reports from Polish companies listed on the Warsaw Stock Exchange. We find industry environmental sensitivity to have significant influence on CSR disclosures. Our research findings also reveal a relationship between company turnover, duration of the stock exchange listing, inclusion in the Respect Index portfolio and foreign capital share, and the level of CSR disclosures. This study extends the scope of previous studies by including non-commonly used independent variables: the company’s internationalization and reputation. To the authors’ knowledge, it is the primary step to investigating CSR reporting practices coupled with the corporate characteristics in a Central and Eastern European country such as Poland. The paper contributes to the understanding of determinants of CSR disclosure and offers findings which are potentially useful for both theory and practice.},
   keywords = {Environmental Studies
Corporate social responsibility
Reputation
Poland
Disclosure
Internationalization
Listed companies
Sensitivity
Content analysis
Regression analysis
Social responsibility
Economics
Independent variables
Management reports
Stock exchanges
Determinants
Annual reports
Globalization
Sustainability},
   DOI = {https://doi.org/10.3390/su9111934},
   url = {https://queens.ezp1.qub.ac.uk/login?url=https://www.proquest.com/scholarly-journals/determinants-corporate-social-responsibility/docview/1977787683/se-2?accountid=13374},
   year = {2017},
   type = {Journal Article}
}

@article{YUEN2022,
   author = {Yuen, Mui Kuen and Ngo, Thanh and Le, Tu D. Q. and Ho, Tin H.},
   title = {The environment, social and governance (ESG) activities and profitability under COVID-19: evidence from the global banking sector},
   journal = {Journal of Economics and Development},
   volume = {24},
   number = {4},
   pages = {345-364},
   abstract = {Purpose This study investigated the impacts of the environment, social and governance (ESG) and its components on global bank profitability considering the COVID-19 outbreak. Design/methodology/approach This study used a system generalized method of moments (GMM) proposed by Arellano and Bover (1995) to investigate the relationship between ESG and bank profitability using an unbalanced sample of 487 banks from 51 countries from 2006 to 2021. Findings The findings generally found that ESG activities may reduce bank profitability, thus supporting the trade-off hypothesis that adopting ESG standards could increase bank costs while lowering profitability. In addition, there is a U-shaped relationship between ESG and bank profitability, suggesting that ESG activities can help improve bank performance in the long term. Such an effect is the first time observed in the global banking sector. This study’s results are robust across different models and settings (e.g., developed vs. developing countries, different levels of profitability, and samples with vs without US banks). Practical implications This study provides empirical evidence to support many countries' sustainable development policies. It also provides empirical incentives for bank managers to be more ESG-oriented. Originality/value This study provides a better understanding of the roles of ESG activity and its components in the global banking system, considering the recent crises.},
   ISSN = {1859-0020, 2632-5330},
   DOI = {10.1108/JED-08-2022-0136},
   url = {https://doi.org/10.1108/JED-08-2022-0136},
   year = {2022},
   type = {Journal Article}
}

@article{GANGWANI2024,
author = {Gangwani, Mayank and Kashiramka, Smita},
title = {Does ESG performance impact value and risk-taking by commercial banks? Evidence from emerging market economies},
journal = {Business Strategy and the Environment},
volume = {33},
number = {7},
pages = {7562-7589},
keywords = {bank risk-taking, bank value, COVID-19 pandemic, emerging market economies (EMEs), ESG disclosure, sustainability reporting},
doi = {https://doi.org/10.1002/bse.3882},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.3882},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/bse.3882},
abstract = {Abstract The study examines the impact of environmental, social, and governance (ESG) performance on the value and risk-taking behavior of listed commercial banks in emerging market economies (EMEs). The study analyzes a comprehensive sample of 178 commercial banks listed in the top 20 emerging markets from 2015 to 2021. The study employs the System generalized method of moments (GMM) with Arellano-Bond estimation to address the endogeneity issue. The results indicate that banks with higher ESG disclosure scores are linked to reduced risks for commercial banks such as insolvency, leverage, and liquidity risks, in line with shareholder theory. Furthermore, the results demonstrate that sample banks with higher ESG disclosure scores show better accounting (ROE and ROA) and market (Tobin's Q) performance, supporting both agency theory and resource-based theory. The robustness tests validate the consistency of the results.},
year = {2024}
}

@article{SAHASRANAMAM2020,
   author = {Sahasranamam, Sreevas and Arya, Bindu and Sud, Mukesh},
   title = {Ownership structure and corporate social responsibility in an emerging market},
   journal = {Asia Pacific Journal of Management},
   volume = {37},
   number = {4},
   pages = {1165-1192},
   abstract = {While scholarship exploring the impact of ownership structure on corporate social responsibility (CSR) has investigated firms in developed markets, less work has examined how ownership in firms from emerging markets influences community-related CSR. Both internal and external forces potentially drive community-related CSR decisions. It is hence important to understand the role of internal constraints arising due to agency problems along with institutional pressures from external stakeholders in emerging markets in shaping CSR. In this study, we draw on agency theory and sociological perspectives of institutions to explore variations in the motivation of different owners to pursue a socially responsible agenda. Our analysis of a sample of Indian firms for the period 2008–2015 illustrates that business group and family ownership is beneficial for community-related CSR. Our theoretical arguments and results highlight the importance of combining multiple lenses to assess the influence of ownership structures on CSR in emerging markets.},
   ISSN = {1572-9958},
   DOI = {10.1007/s10490-019-09649-1},
   url = {https://doi.org/10.1007/s10490-019-09649-1},
   year = {2020},
   type = {Journal Article}
}

@article{AMEEN2022,
   author = {Ameen, Qasem and Shaker Dahan, A. L. Duais and Wan Nordin, Wan-Hussin and Hasan Mohamad, Bamahros and Alquhaif, Abdulsalam and Thomran, Murad},
   title = {Institutional Ownership Types and ESG Reporting: The Case of Saudi Listed Firms},
   journal = {Sustainability},
   volume = {14},
   number = {18},
   pages = {11316},
   note = {Copyright - © 2022 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.
SubjectsTermNotLitGenreText - Saudi Arabia; Malaysia; China},
   abstract = {The main aim of this study is to investigate the influence of institutional investors’ ownership (INOW) on firms’ environmental, social, and governance (ESG) reporting in Saudi Arabia. Using data on ESG reporting from the Bloomberg database for 206 Saudi-listed firms spanning the period from 2010 to 2019 and employing ordinary least squares regression (OLS), the results show a significant and positive association between INOW and ESG reporting. When institutional investors are classified into government and privately managed institutions, the research findings clearly show that only government-managed institutional investors (Govt_IO) are linked to ESG reporting in a positive and significant way, whereas there is no significant association between privately managed institutions (Prvt_IO) and ESG reporting. In addition, when the ESG score is disaggregated by individual pillars, we find Govt_IO is positively associated with environmental score and social score. These results suggest that the association between INOW and ESG varies depending on the types of INOW, as well as the ESG components. Even after several additional analyses, including tests for endogeneity, the main results of this study still hold.},
   keywords = {Environmental Studies
institutional investor ownership
Institutional investor
Saudi Arabia
Ownership
Biophysical environment
Social
ESG reporting
Saudi stock market
Social responsibility
Stock exchanges
Shareholder voting
Disclosure
Banking industry
Sustainable development
Institutional investments
Capital markets
Least squares method
Transparency
Corporate governance
International finance
Reporting
Executive compensation
Asset management
China
Malaysia},
   DOI = {https://doi.org/10.3390/su141811316},
   year = {2022},
   type = {Journal Article}
}

@article{ALOBAID2024,
   author = {Alobaid, Rayed Obaid Hammoud and Ameen, Qasem and Adel Ali, Al-Qadasi},
   title = {Corporate Social Responsibility, Ownership Structure, and Firm Investment Efficiency: Evidence from the Saudi Stock Market},
   journal = {Sustainability},
   volume = {16},
   number = {15},
   pages = {6584},
   note = {Copyright - © 2024 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.
SubjectsTermNotLitGenreText - United States--US; Saudi Arabia},
   abstract = {This study investigates the relationship between corporate social responsibility (CSR), ownership structure, and investment efficiency in the Saudi stock market. Analyzing data from non-financial companies listed on the Saudi Stock Exchange (Tadawul) from 2016 to 2021, the findings revealed that higher CSR disclosures were positively associated with investment efficiency. Additionally, the study found that firms with higher levels of institutional, family, or foreign ownership demonstrated more efficient investment practices. However, the study did not support the moderation effect of ownership structure on the CSR–investment efficiency nexus. These results remain robust across different alternative measures and methods. This research fills a gap in the literature by examining these relationships in an emerging market with unique governance and ownership structures. Specifically, it extends the understanding of the CSR–investment efficiency nexus beyond developed economies to include the developing context of Saudi Arabia. Furthermore, the study highlights the varying effects of different ownership structures on investment efficiency and provides a detailed analysis of how investor types respond to CSR disclosures, revealing differences from established CSR frameworks in developed markets. The study’s results offer new insights for investors, policymakers, and regulators, and open avenues for further research for academics and business professionals.},
   keywords = {Environmental Studies
CSR disclosures
ownership structure
investment efficiency
sustainable investment
Saudi stock market
Social responsibility
Legitimacy
Investigations
Family owned businesses
Institutional investments
Stockholders
Decision making
Accounting
Corporate image
Emerging markets
Developing countries--LDCs
Equity financing
Stakeholders
Consolidation
Reputations
Investors
Efficiency
Environmental quality
Asymmetry
Accountability
Saudi Arabia
United States--US},
   DOI = {https://doi.org/10.3390/su16156584},
   year = {2024},
   type = {Journal Article}
}

@article{DYCK2019,
   author = {Dyck, Alexander and Lins, Karl V. and Roth, Lukas and Wagner, Hannes F.},
   title = {Do institutional investors drive corporate social responsibility? International evidence},
   journal = {Journal of Financial Economics},
   volume = {131},
   number = {3},
   pages = {693-714},
   abstract = {This paper assesses whether shareholders drive the environmental and social (E&S) performance of firms worldwide. Across 41 countries, institutional ownership is positively associated with E&S performance with additional tests suggesting this relation is causal. Institutions are motivated by both financial and social returns. Investors increase firms’ E&S performance following shocks that reveal financial benefits to E&S improvements. In cross section, investors increase firms’ E&S performance when they come from countries with a strong community belief in the importance of E&S issues, but not otherwise. As such, these institutional investors transplant their social norms regarding E&S issues around the world.},
   keywords = {Corporate social responsibility
Institutional investors
Social norms
Culture
Environment},
   ISSN = {0304-405X},
   DOI = {https://doi.org/10.1016/j.jfineco.2018.08.013},
   url = {https://www.sciencedirect.com/science/article/pii/S0304405X18302381},
   year = {2019},
   type = {Journal Article}
}

@article{CHEN2020,
   author = {Chen, Tao and Dong, Hui and Lin, Chen},
   title = {Institutional shareholders and corporate social responsibility},
   journal = {Journal of Financial Economics},
   volume = {135},
   number = {2},
   pages = {483-504},
   abstract = {This study uses two distinct quasi-natural experiments to examine the effect of institutional shareholders on corporate social responsibility (CSR). We first find that an exogenous increase in institutional holding caused by Russell Index reconstitutions improves portfolio firms’ CSR performance. We then find that firms have lower CSR ratings when shareholders are distracted due to exogenous shocks. Moreover, the effect of institutional ownership is stronger in CSR categories that are financially material. Furthermore, we show that institutional shareholders influence CSR through CSR-related proposals. Overall, our results suggest that institutional shareholders can generate real social impact.},
   keywords = {Institutional ownership
Indexing
Shareholder attention
Corporate social responsibility
Random discontinuity},
   ISSN = {0304-405X},
   DOI = {https://doi.org/10.1016/j.jfineco.2019.06.007},
   url = {https://www.sciencedirect.com/science/article/pii/S0304405X19301643},
   year = {2020},
   type = {Journal Article}
}

@article{SHLEIFER1986,
   author = {Shleifer, Andrei and Vishny, Robert W.},
   title = {Large Shareholders and Corporate Control},
   journal = {Journal of Political Economy},
   volume = {94},
   number = {3},
   pages = {461-488},
   abstract = {In a corporation with many small owners, it may not pay any one of them to monitor the performance of the management. We explore a model in which the presence of a large minority shareholder provides a partial solution to this free-rider problem. The model sheds light on the following questions: Under what circumstances will we observe a tender offer as opposed to a proxy fight or an internal management shake-up? How strong are the forces pushing toward increasing concentration of ownership of a diffusely held firm? Why do corporate and personal investors commonly hold stock in the same firm, despite their disparate tax preferences?},
   ISSN = {00223808, 1537534X},
   url = {http://www.jstor.org.queens.ezp1.qub.ac.uk/stable/1833044},
   year = {1986},
   type = {Journal Article}
}

@article{GARCIA-SANCHEZ2020,
author = {García-Sánchez, Isabel-María and Rodríguez-Ariza, Lázaro and Aibar-Guzmán, Beatriz and Aibar-Guzmán, Cristina},
title = {Do institutional investors drive corporate transparency regarding business contribution to the sustainable development goals?},
journal = {Business Strategy and the Environment},
volume = {29},
number = {5},
pages = {2019-2036},
keywords = {corporate social responsibility, institutional investors, institutional ownership, SDG Compass, sustainability reporting, sustainable development goals (SDGs)},
doi = {https://doi.org/10.1002/bse.2485},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.2485},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/bse.2485},
abstract = {Abstract Institutional investors show increasing interest in how companies align their corporate social responsibility strategies with the sustainable development goals (SDGs) proposed by the United Nations (UN). The information disclosed in this regard is essential to know and monitor business contribution to the 2030 Agenda. In this paper, we analyze the influence that institutional investors have on the adoption of the disclosure strategy established by UN and the Global Reporting Initiative (GRI)—GRI-SDG Compass. The results obtained for a sample of 989 international companies, which prepare their sustainability reports following the GRI guidelines, show that ownership by foreign investors, pension funds, and “other” investors boosts the relevance of the information disclosed in relation to the 2030 Agenda. On the contrary, government, financial institutions, and cross holdings have no impact on the information systems developed.},
year = {2020}
}

@article{ZHOU2019,
author = {Zhou, Chao},
title = {Effects of corporate governance on the decision to voluntarily disclose corporate social responsibility reports: evidence from China},
journal = {Applied Economics},
volume = {51},
number = {55},
pages = {5900--5910},
year = {2019},
publisher = {Routledge},
doi = {10.1080/00036846.2019.1631440},
URL = {https://doi.org/10.1080/00036846.2019.1631440},
eprint = {https://doi.org/10.1080/00036846.2019.1631440},
abstract = {This article investigates effects of corporate governance on the decision to voluntarily disclose corporate social responsibility (CSR) reports. By using a unique longitude data set of Chinese publicly traded manufacturing firms from 2010 to 2016, this study finds that ownership structure and board characteristics are significantly associated with firms’ decisions to voluntarily disclose CSR reports. In particular, our study finds that state ownership, institutional ownership, managerial ownership and board size are positively and significantly associated with the decision to voluntarily disclose CSR reports. However, board independence is not related to the decision. We also find CEO duality is negatively and significantly related to the decision. Our findings highlight the role of corporate governance in firms’ transparency by influencing the voluntary disclosure of additional information on firms’ CSR activities. }
}

@article{ALUCHNA2022,
   author = {Aluchna, Maria and Roszkowska-Menkes, Maria and Kamiński, Bogumił and Bosek-Rak, Dominika},
   title = {Do institutional investors encourage firm to social disclosure? The stakeholder salience perspective},
   journal = {Journal of Business Research},
   volume = {142},
   pages = {674-682},
   abstract = {This study investigates how organizations manage their business relationships for social impact, emphasizing the cooperation between a company and its shareholders. It views the presence of environmental, social and governance (ESG) disclosure as a response to stakeholder expectations. Drawing upon stakeholder salience and prospect theories, the paper hypothesizes that disclosure of social component of ESG is not in the prime interest of institutional investors. We test these assumptions using a sample of 2,480 firm-year observations from 529 companies listed on the Warsaw Stock Exchange in the period 2015–2019. The findings indicate that there is a negative association between institutional ownership and disclosure of the social performance, both in general and particularly so in the case of ownership by mutual funds or corporate pension funds. The study contributes to the existing literature by indicating the importance of stakeholder salience and prospect theories for understanding the institutional investor role in ESG disclosure.},
   keywords = {ESG disclosure
Social reporting
Institutional investors
Stakeholder salience theory},
   ISSN = {0148-2963},
   DOI = {https://doi.org/10.1016/j.jbusres.2021.12.064},
   url = {https://www.sciencedirect.com/science/article/pii/S0148296321009784},
   year = {2022},
   type = {Journal Article}
}

@article{RAIMO2020,
author = {Raimo, Nicola and Vitolla, Filippo and Marrone, Arcangelo and Rubino, Michele},
title = {The role of ownership structure in integrated reporting policies},
journal = {Business Strategy and the Environment},
volume = {29},
number = {6},
pages = {2238-2250},
keywords = {integrated reporting, ownership structure, disclosure, agency theory},
doi = {https://doi.org/10.1002/bse.2498},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.2498},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/bse.2498},
abstract = {Abstract Integrated reporting (IR) is used to demonstrate a firm's capacity to create value in the short, medium, and long term. It can better represent existing relationships between the company and its stakeholders, with a particular focus on investors. Attention to IR has grown considerably in recent years. However, studies on the determinants of IR quality are still limited. This study aims to bridge this literature gap by being the first study to analyse the role of ownership structure in IR context. To this end, it uses agency theory and is based on a sample of 152 international companies that have adopted IR. The results indicate a positive effect of institutional ownership and a negative effect of ownership concentration, managerial ownership and state ownership on the quality of integrated reports. These results are also consistent with the level of alignment of integrated reports with the <IR> framework. To our knowledge, this is the first study that analyses the role of ownership structure in the IR policies.},
year = {2020}
}

@article{QU2007,
   author = {Qu, Riliang},
   title = {Corporate social responsibility in China: Impact of regulations, market orientation and ownership structure},
   journal = {Chinese Management Studies},
   volume = {1},
   number = {3},
   pages = {198-207},
   note = {Copyright - Copyright Emerald Group Publishing Limited 2007},
   abstract = {Purpose - This paper aims to report on a study that contributes to the understanding of the determinants of corporate social responsibility (CSR) in the largest emerging market, namely China. Design/methodology/approach - The approach is a survey of 600 hotels that resulted in 143 returned responses from top managers. Findings - Market orientation is the most significant predicator of CSR followed by government regulations. In contrast, ownership structure is found to have little effect. Originality/value - Previous research on CSR focuses on its nature and impact on business performance, and is carried out mainly in developed countries. This research contributes to one's understanding of the determinants of CSR in emerging markets like China.},
   keywords = {Business And Economics--Management
Responsibility
Emerging market
Market orientation
Corporate social responsibility
Corporation
Social responsibility
China
Developing countries--LDCs
Executives
Consumer protection
Research
Regulation
Hypotheses
Society},
   ISSN = {1750614X},
   DOI = {https://doi.org/10.1108/17506140710779302},
   year = {2007},
   type = {Journal Article}
}

@article{TAGESSON2009,
author = {Tagesson, Torbjörn and Blank, Veronica and Broberg, Pernilla and Collin, Sven-Olof},
title = {What explains the extent and content of social and environmental disclosures on corporate websites: a study of social and environmental reporting in Swedish listed corporations},
journal = {Corporate Social Responsibility and Environmental Management},
volume = {16},
number = {6},
pages = {352-364},
keywords = {CSER, social disclosures, websites},
doi = {https://doi.org/10.1002/csr.194},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/csr.194},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/csr.194},
abstract = {Abstract The demand for information and transparency from corporations has increased over the last few years. Today, there are other information dissemination channels besides annual financial statements. One important channel is the Internet. The aim of this study is to explain the extent and content of social disclosure information on corporations' websites. The empirical data in this study is based on annual financial statements and such websites. A multi-theoretical framework is used in order to explain the extent and content of social disclosures on corporate websites. The findings support the positive correlation of size and profitability with the content of social disclosure information on these websites. In general, State-owned corporations disclose more social information on their websites than privately owned corporations do. There are significant differences between different industries. This is true regarding not only the extent of social disclosures, but also their content. Copyright © 2009 John Wiley \& Sons, Ltd and ERP Environment.},
year = {2009}
}

@article{STIGLITZ1993,
   author = {Stiglitz, J.},
   title = {The Role of the State in Financial Markets},
   journal = {The World Bank Economic Review},
   volume = {7},
   pages = {1},
   year = {1993},
   type = {Journal Article}
}

@article{SHLEIFER1997,
   author = {Shleifer, Andrei and Vishny, Robert W.},
   title = {A Survey of Corporate Governance},
   journal = {The Journal of Finance},
   volume = {52},
   number = {2},
   pages = {737-783},
   abstract = {[This article surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world.]},
   ISSN = {00221082, 15406261},
   DOI = {10.2307/2329497},
   url = {http://www.jstor.org.queens.ezp1.qub.ac.uk/stable/2329497},
   year = {1997},
   type = {Journal Article}
}

@article{SMITH2022,
   author = {Smith, Veronica and Lau, James and Dumay, John},
   title = {Shareholder use of CSR reports: an accountability perspective},
   journal = {Meditari Accountancy Research},
   volume = {30},
   number = {6},
   pages = {1658-1679},
   note = {Copyright - © Emerald Publishing Limited.
SubjectsTermNotLitGenreText - United States--US; Australia; China},
   abstract = {Purpose>This paper aims to investigate the extent of shareholder engagement and satisfaction with corporate social responsibility (CSR) reports of a Chinese-owned company compared to an Australian-owned company in the Australian mining industry. The study is motivated by the speed, extent and nature of Chinese foreign direct investment in Australia, the resulting negative social attitudes and the impact on the perceptions of a report’s credibility.Design/methodology/approach>The authors conducted a survey of 202 minority shareholders of two Australian mining companies, one has a Chinese majority shareholder and the other an Australian majority shareholder. The responses highlight users’ comparative perceptions of corporate motivations for reporting, the level of perceived shareholder power over reporting decisions and the resulting propensity to read CSR reports.Findings>The authors found that, contrary to decision-usefulness theory, which posits that users will read CSR reports only if they are deemed to be reliable, that perceptions of poor credibility and poor CSR performance actually result in a higher propensity to read the reports. This suggests that the minority shareholders of the Chinese acquired firm are using reports to monitor the level of corporate accountability.Originality/value>The findings have implications for firms operating in politically or socially sensitive industries that are likely to use CSR reporting as a legitimising strategy. The paper also provides guidance to regulators in the provision of information, which is meaningful to minority shareholders.},
   keywords = {Business And Economics--Accounting
Accountability
Shareholder
Mining
Corporate Accountability
Corporate social responsibility
Mining industry
User perceptions
Chinese FDI
Social responsibility
Regulation
Perceptions
Institutional investments
Credibility
Stockholders
Politics
Society
Foreign investment
Transparency
International finance
Prime ministers
Financial reporting
United States--US
China
Australia},
   ISSN = {2049372X},
   DOI = {https://doi.org/10.1108/MEDAR-02-2020-0769},
   url = {https://queens.ezp1.qub.ac.uk/login?url=https://www.proquest.com/scholarly-journals/shareholder-use-csr-reports-accountability/docview/2738099636/se-2?accountid=13374},
   year = {2022},
   type = {Journal Article}
}

@article{BORGES2024,
   author = {Borges, Dermeval Martins Junior and Da Silva, Denise Mendes},
   title = {Ownership Concentration of Equity Shares With and Without Voting Rights: Does It Influence CSR Voluntary Disclosure?},
   journal = {Brazilian Business Review},
   volume = {21},
   number = {5},
   pages = {1-17},
   note = {Copyright - © 2024. This work is published under https://creativecommons.org/licenses/by/4.0/ (the“License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License.},
   abstract = {The aim of this study is to examine the relationship between ownership and control concentration and voluntary disclosure of corporate social responsibility (CSR) reports. Our sample was comprised of 207 listed firms with data among the period between 2012 and 2019. We collected firms financial data and CSR reports, which were analyzed through logistic regression models. The main results suggest that the higher the concentration of equity shares with voting rights in the hands of the largest shareholder, or even the aggregate shares of the three largest ones, the less likely the firm is to voluntarily disclose CSR reports. This research demonstrates the relevance of legitimacy theory to explain aspects concerning capital markets and corporate reports disclosure. It also indicates a possible principal-principal conflict, in which the largest shareholders are not inclined to disclose CSR reports that could bring informational benefits to minority shareholders. Finally, this study highlights the need to protect minority shareholders in respect to their demands for voluntary CSR information.Alternate abstract:O objetivo deste estudo é examinar a relaçâo entre a concentraçao de propriedade e controle e a divulgaçâo voluntaria de relatónos de responsabilidade social corporativa (RSC). A amostra foi composta por 207 empresas listadas em bolsa com dados no período de 2012 a 2019. Foram coletados dados financeiros das empresas e seus relatónos de RSC, os quais foram analisados por meio de modelos de regressäo logística. Os principais resultados sugerem que quanto maior a concentraçao de açoes com direito a voto nas mâos do maior acionista, ou mesmo as açoes agregadas dos trés maiores acionistas, menos provável é que a empresa divulgue voluntariamente relatórios de RSC. Esta pesquisa demonstra a relevancia da teoria da legitimidade para explicar aspectos relativos ao mercado de capitals e à divulgaçâo de relatórios corporativos. Também indica um possível conflito do tipo principal-principal, no qual os maiores acionistas nao estao dispostos a divulgar relatórios de RSC que possam trazer beneficios informacionāls aos acionistas minoritarios. Por fim, este estudo destaca a necessidade de proteger os acionistas minoritarios corn relaçâo às suas demandas por informaçoes voluntarias de RSC.},
   keywords = {Business And Economics
Social responsibility
Disclosure
Legitimacy
Regression analysis
Voting rights
Stockholders
Capital markets
Corporate objectives},
   DOI = {https://doi.org/10.15728/bbr.2022.1404.en},
   year = {2024},
   type = {Journal Article}
}

@article{DUCASSY2015,
   author = {Ducassy, Isabelle and Montandrau, Sophie},
   title = {Corporate social performance, ownership structure, and corporate governance in France},
   journal = {Research in International Business and Finance},
   volume = {34},
   pages = {383-396},
   abstract = {Empirical evidence of the influence of shareholders and governance practices on corporate social responsibility (CSR) policies is mixed, and most studies have been conducted in the United States. This study of the French market and its unique characteristics reveals the forms of shareholding and CSR implementations, thereby shedding new light on the influence of shareholders on corporate social performance (CSP). Specifically, with a sample of French listed companies, the authors investigate how ownership concentration, ownership type, and governance practices relate to CSP. The geography of capital is relevant, but little evidence arises of the importance of shareholders’ identity. That is, neither family nor institutional shareholders influence CSP, and large shareholders seem to place less emphasis on CSR, suggesting that they are reluctant to invest in it. Finally, the results related to good governance practices are mixed, but board independence provides a foundation for good CSR.},
   keywords = {Corporate social performance
Ownership type
Ownership structure
Corporate governance
France},
   ISSN = {0275-5319},
   DOI = {https://doi.org/10.1016/j.ribaf.2015.02.002},
   url = {https://www.sciencedirect.com/science/article/pii/S0275531915000070},
   year = {2015},
   type = {Journal Article}
}

@article{HESS2007, 
title={Social Reporting and New Governance Regulation: The Prospects of Achieving Corporate Accountability Through Transparency}, 
volume={17}, 
DOI={10.5840/beq200717348}, 
number={3}, 
journal={Business Ethics Quarterly}, 
author={Hess, David}, 
year={2007}, 
pages={453–476}
} 

@article{HESS_etal2007,
   author = {Hess, David and Dunfee, Thomas W.},
   title = {The Kasky-Nike Threat to Corporate Social Reporting: Implementing a Standard of Optimal Truthful Disclosure as a Solution},
   journal = {Business Ethics Quarterly},
   volume = {17},
   number = {1},
   pages = {5-32},
   abstract = {In the recent case of Nike v. Kasky both sides argued that their standard for distinguishing commercial speech from political speech would create the better policy for ensuring accurate and complete disclosure of social information by corporations. Using insights from information economics, we argue that neither standard will achieve the policy goal of optimal truthful disclosure. Instead, we argue that the appropriate standard is one of optimal truthful disclosure—balancing the value of speech against the costs of misinformation. Specifically, we argue that an SEC-sanctioned safe harbor available under a closely supervised system for social reporting will bring about optimal truthful disclosure. The scheme is intended to enhance stakeholder confidence in corporate social and political commentary, while at the same time encouraging corporations to provide accurate information in a fair playing field of public debate.},
   ISSN = {1052-150X},
   DOI = {10.5840/beq200717119},
   url = {https://www.cambridge.org/core/product/619E64B06E288E9847620FC2DD30D275},
   year = {2007},
   type = {Journal Article}
}

@article{LAU2016,
   author = {Lau, ChungMing and Lu, Yuan and Liang, Qiang},
   title = {Corporate Social Responsibility in China: A Corporate Governance Approach},
   journal = {Journal of Business Ethics},
   volume = {136},
   number = {1},
   pages = {73-87},
   abstract = {This study examines the effects of corporate governance mechanisms on CSR performance in an emerging economy, China. Because of the need of gaining legitimacy in the new institutional context, Chinese firms have to adopt global CSR practices in order to remain competitive. Using the corporate governance framework, this study examines how board composition, ownership, and TMT composition influence corporate social performance. The propositions are tested using data gathered from 471 firms in China. By and large, empirical findings supported the hypothesized relationships.},
   ISSN = {01674544, 15730697},
   url = {http://www.jstor.org.qub.idm.oclc.org/stable/24736115},
   year = {2016},
   type = {Journal Article}
}

@article{BOSE2018,
   author = {Bose, Sudipta and Khan, Habib Zaman and Rashid, Afzalur and Islam, Shajul},
   title = {What drives green banking disclosure? An institutional and corporate governance perspective},
   journal = {Asia Pacific Journal of Management},
   volume = {35},
   number = {2},
   pages = {501-527},
   abstract = {We examine the influence of regulatory guidance and other factors on the green banking disclosure practices of Bangladeshi commercial banks in the period from 2007 to 2014. We find that the issuance of green banking regulatory guidance by the Central Bank of Bangladesh in 2011 positively influences the level of green banking disclosure. We also report that green banking disclosure practices in the banking sector have converged over time and have become a routine process. In addition, we find that corporate governance mechanisms (e.g., board size and institutional ownership) positively affect the level of green banking disclosure. However, our study finds no relationship between the presence of independent directors on the board and green banking disclosure. These results have important implications for the government and other policy-makers.},
   ISSN = {1572-9958},
   DOI = {10.1007/s10490-017-9528-x},
   url = {https://doi.org/10.1007/s10490-017-9528-x},
   year = {2018},
   type = {Journal Article}
}

@article{DESAI2024,
   author = {Desai, Rajesh},
   title = {Nexus between mandatory ESG disclosure regulation and abnormal stock returns: a study of an emerging economy},
   journal = {International Journal of Law and Management},
   volume = {66},
   number = {2},
   pages = {236-258},
   abstract = {Purpose This study aims to study the response of the stock market to the announcement of compulsory environmental, social and governance (ESG) disclosure regulation in the context of the Indian economy – one of the largest emerging economies. The study also examines the role of carbon sensitivity and pre-ESG disclosure. Design/methodology/approach Daily stock price data of 940 listed companies has been collected for 276 trading days to compute abnormal returns. The current study is based on event study methodology to analyze the announcement effect of disclosure regulations. Furthermore, to check the robustness of results, cross-sectional regression has been applied to correct for potential heterogeneity. Findings Results of the event study signify that the equity share market has reacted positively and significantly to the mandatory ESG disclosure regulation. Furthermore, the study also confirms the mitigating role of carbon sensitivity and pre-ESG disclosure as carbon nonsensitive (non predisclosure) firms have witnessed a more intense effect of regulation as compared to sensitive (predisclosed) corporations. Practical implications Current findings assist managers in understanding investor perception toward nonfinancial disclosures. Corporate managers can use disclosure as a tool to enhance the firm value and reduce information asymmetry by providing relevant information. Furthermore, policymakers can use the findings of present research to disseminate the advantages of adopting ESG disclosure practices thereby improving the transparency and governance among business firms. Originality/value To the best of the author’s knowledge, this study is the first to provide empirical evidence on the market response to compulsory ESG disclosure framework in the emerging context of India. Furthermore, considering the infancy stage of ESG research, the present research contributes to the body of knowledge by empirically testing the disclosure theories.},
   ISSN = {1754-243X},
   DOI = {10.1108/IJLMA-07-2023-0154},
   url = {https://doi.org/10.1108/IJLMA-07-2023-0154},
   year = {2024},
   type = {Journal Article}
}

@article{KRUEGER2024,
author = {KRUEGER, PHILIPP and SAUTNER, ZACHARIAS and TANG, DRAGON YONGJUN and ZHONG, RUI},
title = {The Effects of Mandatory ESG Disclosure Around the World},
journal = {Journal of Accounting Research},
volume = {62},
number = {5},
pages = {1795-1847},
keywords = {sustainability reporting, ESG reporting, nonfinancial information, stock liquidity},
doi = {https://doi.org/10.1111/1475-679X.12548},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/1475-679X.12548},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1111/1475-679X.12548},
abstract = {ABSTRACT We compile a novel data set on mandatory environmental, social, and governance (ESG) disclosure around the world to analyze the stock liquidity effects of such disclosure mandates. We document a positive effect of ESG disclosure mandates on firm-level stock liquidity. The effects are strongest if the disclosure requirements are implemented by government institutions, not on a comply-or-explain basis, and coupled with strong enforcement by informal institutions. Firms with weaker information environments benefit more from ESG disclosure mandates. Our results support the view that ESG disclosure regulation improves the information environment and has beneficial capital market effects.},
year = {2024}
}

@article{LEE2024,
author = {Chien-Chiang Lee, Chih-Wei Wang, Wen-Ling Chen and Pei-Chin Hong},
title = {Compulsory disclosure regulation: the effect of ESG on extreme risk},
journal = {Applied Economics},
volume = {56},
number = {32},
pages = {3856--3869},
year = {2024},
publisher = {Routledge},
doi = {10.1080/00036846.2023.2208849},
URL = {https://doi.org/10.1080/00036846.2023.2208849},
eprint = {https://doi.org/10.1080/00036846.2023.2208849},
abstract = {We examined the impact of compulsory disclosure regulations on the relationship between the Environmental, Social and Governance (ESG) and firm-specific extreme risk. We used a difference-in-difference approach to solve endogenous concerns and found that the negative impact of the ESG score on extreme risk is more significant after announcing compulsory disclosure regulations. Additionally, we demonstrated that this effect becomes more substantial when firms issue green bonds. Finally, the subsample tests showed that the compulsory influence of the government is more evident in firms with high financial transparency and firms with low crash risk. Our empirical findings had policy implications for governments, regulators, and investors. }
}

@article{CICCHIELLO2023,
author = {Cicchiello, Antonella Francesca and Marrazza, Ferdinando and Perdichizzi, Salvatore},
title = {Non-financial disclosure regulation and environmental, social, and governance (ESG) performance: The case of EU and US firms},
journal = {Corporate Social Responsibility and Environmental Management},
volume = {30},
number = {3},
pages = {1121-1128},
keywords = {corporate social responsibility, disclosure regulation, ESG scores, sustainability reporting},
doi = {https://doi.org/10.1002/csr.2408},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1002/csr.2408},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1002/csr.2408},
abstract = {Abstract The aim of this article is to analyse the effect of non-financial reporting regulation on firms' Environmental, Social, and Governance (ESG) performance, commitment and effectiveness. Specifically, we explore the implications of the European Non-Financial Reporting Directive (NFRD) mandating disclosure on non-financial and diversity information by certain large companies. To identify the effect of the EU disclosure regulation on firms' ESG scores, we performed a differences-in-differences estimation using a sample of EU firms as the treated group and a sample of US firms as the control group in the period 2015–2020. Overall, our findings suggest that regulatory efforts to increase the transparency of the social and environmental impacts of firms' activities on society are effective at improving disclosure commitment and effectiveness. Hence, regulation supports the adoption of ESG strategies to the benefit of the whole society. The study provides a fresh comparison between regulating or not the ESG information market, drawing suggestions for future policy.},
year = {2023}
}

@article{MANOS2024,
   author = {Manos, Ronny and Finger, Maya and Boukai, Haim},
   title = {Self-regulation for responsible banking and ESG disclosure scores: Is there a link?},
   journal = {Journal of International Financial Markets, Institutions and Money},
   volume = {97},
   pages = {102079},
   abstract = {Banks play a crucial role in sustainable development, an area increasingly governed by self-regulation. This study examines whether banks that commit to self-regulation by adopting the Principles for Responsible Banking (PRB) exhibit enhanced Environment, Social, and Governance (ESG) performance. Utilizing Bloomberg ratings, we find that PRB adopters consistently show higher ESG scores than non-adopters, both before and after adoption. This suggests that a commitment to self-regulation serves as a reliable signal of responsible banking practices. Notably, the superior performance of PRB adopters relative to non-adopters is primarily driven by a strong pre-adoption commitment to transparency on ESG issues. We discuss possible explanations for this trend, including the role of early adopters in advancing industry-wide standards. Additionally, our findings reveal a negative association between regulatory quality and ESG scores, implying that banks may leverage ESG disclosures to mitigate information asymmetries in weaker institutional environments.},
   keywords = {Self-regulation
ESG disclosure
Principles of Responsible Banking (PRB)
Equator Principles (EP)
Regulatory quality
Signalling
Sustainable banking
Early adopters},
   ISSN = {1042-4431},
   DOI = {https://doi.org/10.1016/j.intfin.2024.102079},
   url = {https://www.sciencedirect.com/science/article/pii/S1042443124001458},
   year = {2024},
   type = {Journal Article}
}

@article{WANG2023,
author = {WANG, LYNN LINGHUAN},
title = {Transmission Effects of ESG Disclosure Regulations Through Bank Lending Networks},
journal = {Journal of Accounting Research},
volume = {61},
number = {3},
pages = {935-978},
keywords = {disclosure regulation, ESG reporting, real effect, financial intermediary, bank lending relationship, bank monitoring, borrowers},
doi = {https://doi.org/10.1111/1475-679X.12478},
url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/1475-679X.12478},
eprint = {https://onlinelibrary.wiley.com/doi/pdf/10.1111/1475-679X.12478},
abstract = {ABSTRACT This paper studies whether and how environmental, social, and governance (ESG) disclosure regulations imposed on banks generate transmission effects along the lending channel. I use a setting of U.S. firms borrowing from non-U.S. banks and exploit the staggered adoption of ESG disclosure regulations in banks’ home countries. I find that exposed borrowers of affected banks improve their environmental and social (E\&S) performance following the disclosure mandate. Consistent with banks enhancing both their engagement and selection activities, affected banks impose more environmental action covenants in loan contracts, and they are more likely to terminate a borrower with bad E\&S records following the regulation. Further evidence shows that the transmission effects are stronger when a disclosure regulation is well-enforced (as indicated by a greater increase in banks’ disclosure) and among borrowers with greater switching costs. Collectively, the findings document the role of lending relationships in transmitting the real effect of ESG disclosure regulations from banks to borrowing firms.},
year = {2023}
}