- -

Forecasting the environmental, social and governance rating of firms by using corporate financial performance variables: A rough sets approach

RiuNet: Repositorio Institucional de la Universidad Politécnica de Valencia

Compartir/Enviar a

Citas

Estadísticas

  • Estadisticas de Uso

Forecasting the environmental, social and governance rating of firms by using corporate financial performance variables: A rough sets approach

Mostrar el registro completo del ítem

García García, F.; González-Bueno, J.; Guijarro, F.; Oliver-Muncharaz, J. (2020). Forecasting the environmental, social and governance rating of firms by using corporate financial performance variables: A rough sets approach. Sustainability. 12(8):1-18. https://doi.org/10.3390/su12083324

Por favor, use este identificador para citar o enlazar este ítem: http://hdl.handle.net/10251/172595

Ficheros en el ítem

Metadatos del ítem

Título: Forecasting the environmental, social and governance rating of firms by using corporate financial performance variables: A rough sets approach
Autor: García García, Fernando González-Bueno, Jairo Guijarro, Francisco Oliver-Muncharaz, Javier
Entidad UPV: Universitat Politècnica de València. Departamento de Economía y Ciencias Sociales - Departament d'Economia i Ciències Socials
Fecha difusión:
Resumen:
[EN] The environmental, social, and governance (ESG) rating of firms is a useful tool for stakeholders and investment decision-makers. This paper develops a rough set model to relate ESG scores to popular corporate financial ...[+]
Palabras clave: Corporate financial performance , Corporate social performance , ESG rating , Rough sets
Derechos de uso: Reconocimiento (by)
Fuente:
Sustainability. (eissn: 2071-1050 )
DOI: 10.3390/su12083324
Editorial:
MDPI AG
Versión del editor: https://doi.org/10.3390/su12083324
Tipo: Artículo

References

García-Rodríguez, F. J., García-Rodríguez, J. L., Castilla-Gutiérrez, C., & Major, S. A. (2013). Corporate Social Responsibility of Oil Companies in Developing Countries: From Altruism to Business Strategy. Corporate Social Responsibility and Environmental Management, 20(6), 371-384. doi:10.1002/csr.1320

García, González-Bueno, Oliver, & Riley. (2019). Selecting Socially Responsible Portfolios: A Fuzzy Multicriteria Approach. Sustainability, 11(9), 2496. doi:10.3390/su11092496

Arribas, I., Espinós-Vañó, M. D., García, F., & Tamošiūnienė, R. (2019). Negative screening and sustainable portfolio diversification. Entrepreneurship and Sustainability Issues, 6(4), 1566-1586. doi:10.9770/jesi.2019.6.4(2) [+]
García-Rodríguez, F. J., García-Rodríguez, J. L., Castilla-Gutiérrez, C., & Major, S. A. (2013). Corporate Social Responsibility of Oil Companies in Developing Countries: From Altruism to Business Strategy. Corporate Social Responsibility and Environmental Management, 20(6), 371-384. doi:10.1002/csr.1320

García, González-Bueno, Oliver, & Riley. (2019). Selecting Socially Responsible Portfolios: A Fuzzy Multicriteria Approach. Sustainability, 11(9), 2496. doi:10.3390/su11092496

Arribas, I., Espinós-Vañó, M. D., García, F., & Tamošiūnienė, R. (2019). Negative screening and sustainable portfolio diversification. Entrepreneurship and Sustainability Issues, 6(4), 1566-1586. doi:10.9770/jesi.2019.6.4(2)

Martínez-Ferrero, J., Gallego-Álvarez, I., & García-Sánchez, I. M. (2015). A Bidirectional Analysis of Earnings Management and Corporate Social Responsibility: The Moderating Effect of Stakeholder and Investor Protection. Australian Accounting Review, 25(4), 359-371. doi:10.1111/auar.12075

Garriga, E., & Melé, D. (2004). Corporate Social Responsibility Theories: Mapping the Territory. Journal of Business Ethics, 53(1/2), 51-71. doi:10.1023/b:busi.0000039399.90587.34

Jensen, M. C. (2002). Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Business Ethics Quarterly, 12(2), 235-256. doi:10.2307/3857812

Charlo, M. J., Moya, I., & Muñoz, A. M. (2017). Sustainable Development in Spanish Listed Companies: A Strategic Approach. Corporate Social Responsibility and Environmental Management, 24(3), 222-234. doi:10.1002/csr.1403

Hillman, A. J., & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: what’s the bottom line? Strategic Management Journal, 22(2), 125-139. doi:10.1002/1097-0266(200101)22:2<125::aid-smj150>3.0.co;2-h

Mio, C., Venturelli, A., & Leopizzi, R. (2015). Management by objectives and corporate social responsibility disclosure. Accounting, Auditing & Accountability Journal, 28(3), 325-364. doi:10.1108/aaaj-09-2013-1480

Venturelli, A., Caputo, F., Leopizzi, R., Mastroleo, G., & Mio, C. (2017). How can CSR identity be evaluated? A pilot study using a Fuzzy Expert System. Journal of Cleaner Production, 141, 1000-1010. doi:10.1016/j.jclepro.2016.09.172

Lii, Y.-S., Wu, K.-W., & Ding, M.-C. (2011). Doing Good Does Good? Sustainable Marketing of CSR and Consumer Evaluations. Corporate Social Responsibility and Environmental Management, 20(1), 15-28. doi:10.1002/csr.294

Sheikh, S., & Beise‐Zee, R. (2011). Corporate social responsibility or cause‐related marketing? The role of cause specificity of CSR. Journal of Consumer Marketing, 28(1), 27-39. doi:10.1108/07363761111101921

Hermawan, A., & Gunardi, A. (2019). Motivation for disclosure of corporate social responsibility: evidence from banking industry in Indonesia. Entrepreneurship and Sustainability Issues, 6(3), 1297-1306. doi:10.9770/jesi.2019.6.3(17)

Davis, K. (1967). Understanding the social responsibility puzzle. Business Horizons, 10(4), 45-50. doi:10.1016/0007-6813(67)90007-9

Labib Eid, N., & Robert Sabella, A. (2014). A fresh approach to corporate social responsibility (CSR): partnerships between businesses and non-profit sectors. Corporate Governance, 14(3), 352-362. doi:10.1108/cg-01-2013-0011

Donaldson, T., & Dunfee, T. W. (2002). Ties that bind in business ethics: Social contracts and why they matter. Journal of Banking & Finance, 26(9), 1853-1865. doi:10.1016/s0378-4266(02)00195-4

Jahn, J., & Brühl, R. (2016). How Friedman’s View on Individual Freedom Relates to Stakeholder Theory and Social Contract Theory. Journal of Business Ethics, 153(1), 41-52. doi:10.1007/s10551-016-3353-x

Sison, A. J. G. (2009). From CSR to Corporate Citizenship: Anglo-American and Continental European Perspectives. Journal of Business Ethics, 89(S3), 235-246. doi:10.1007/s10551-010-0395-3

Lee, J. W., & Tan, W. N. (2019). Global Corporate Citizenship: Cross-cultural Comparison of Best Practices in the Global Automotive Industry. The Journal of Asian Finance, Economics and Business, 6(1), 261-271. doi:10.13106/jafeb.2019.vol6.no1.261

Wartick, S. L., & Rude, R. E. (1986). Issues Management: Corporate Fad or Corporate Function? California Management Review, 29(1), 124-140. doi:10.2307/41165231

Preston, L. E., & Post, J. E. (1981). Private Management and Public Policy. California Management Review, 23(3), 56-62. doi:10.2307/41172602

Shnayder, L., van Rijnsoever, F. J., & Hekkert, M. P. (2016). Motivations for Corporate Social Responsibility in the packaged food industry: an institutional and stakeholder management perspective. Journal of Cleaner Production, 122, 212-227. doi:10.1016/j.jclepro.2016.02.030

Wartick, S. L., & Cochran, P. L. (1985). The Evolution of the Corporate Social Performance Model. Academy of Management Review, 10(4), 758-769. doi:10.5465/amr.1985.4279099

Schwartz, M. S., & Carroll, A. B. (2003). Corporate Social Responsibility: A Three-Domain Approach. Business Ethics Quarterly, 13(4), 503-530. doi:10.5840/beq200313435

Cassel, D. (2001). Human Rights and Business Responsibilities in the Global Marketplace. Business Ethics Quarterly, 11(2), 261-274. doi:10.2307/3857749

Hart, S. L., & Ahuja, G. (1996). DOES IT PAY TO BE GREEN? AN EMPIRICAL EXAMINATION OF THE RELATIONSHIP BETWEEN EMISSION REDUCTION AND FIRM PERFORMANCE. Business Strategy and the Environment, 5(1), 30-37. doi:10.1002/(sici)1099-0836(199603)5:1<30::aid-bse38>3.0.co;2-q

Hang, M., Geyer-Klingeberg, J., & Rathgeber, A. W. (2018). It is merely a matter of time: A meta-analysis of the causality between environmental performance and financial performance. Business Strategy and the Environment, 28(2), 257-273. doi:10.1002/bse.2215

McWilliams, A., & Siegel, D. (2001). Corporate Social Responsibility: a Theory of the Firm Perspective. Academy of Management Review, 26(1), 117-127. doi:10.5465/amr.2001.4011987

Luo, X., & Bhattacharya, C. B. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(4), 1-18. doi:10.1509/jmkg.70.4.001

Seifert, B., Morris, S. A., & Bartkus, B. R. (2004). Having, Giving, and Getting: Slack Resources, Corporate Philanthropy, and Firm Financial Performance. Business & Society, 43(2), 135-161. doi:10.1177/0007650304263919

Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate Social Performance and Stock Returns: UK Evidence from Disaggregate Measures. Financial Management, 35(3), 97-116. doi:10.1111/j.1755-053x.2006.tb00149.x

Arribas, I., Espinós-Vañó, M. D., García, F., & Oliver, J. (2019). Defining socially responsible companies according to retail investors’ preferences. Entrepreneurship and Sustainability Issues, 7(2), 1641-1653. doi:10.9770/jesi.2019.7.2(59)

Arribas, I., Espinós-Vañó, M., García, F., & Morales-Bañuelos, P. (2019). The Inclusion of Socially Irresponsible Companies in Sustainable Stock Indices. Sustainability, 11(7), 2047. doi:10.3390/su11072047

BACCARO, L., & MELE, V. (2011). FOR LACK OF ANYTHING BETTER? INTERNATIONAL ORGANIZATIONS AND GLOBAL CORPORATE CODES. Public Administration, 89(2), 451-470. doi:10.1111/j.1467-9299.2011.01918.x

Chatterji, A. K., Levine, D. I., & Toffel, M. W. (2009). How Well Do Social Ratings Actually Measure Corporate Social Responsibility? Journal of Economics & Management Strategy, 18(1), 125-169. doi:10.1111/j.1530-9134.2009.00210.x

Gangi, F., & Varrone, N. (2018). Screening activities by socially responsible funds: A matter of agency? Journal of Cleaner Production, 197, 842-855. doi:10.1016/j.jclepro.2018.06.228

Utz, S., & Wimmer, M. (2014). Are they any good at all? A financial and ethical analysis of socially responsible mutual funds. Journal of Asset Management, 15(1), 72-82. doi:10.1057/jam.2014.8

Roberts, P. W., & Dowling, G. R. (2002). Corporate reputation and sustained superior financial performance. Strategic Management Journal, 23(12), 1077-1093. doi:10.1002/smj.274

Julian, S. D., & Ofori-dankwa, J. C. (2013). Financial resource availability and corporate social responsibility expenditures in a sub-Saharan economy: The institutional difference hypothesis. Strategic Management Journal, 34(11), 1314-1330. doi:10.1002/smj.2070

Garcia-Castro, R., Ariño, M. A., & Canela, M. A. (2009). Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity. Journal of Business Ethics, 92(1), 107-126. doi:10.1007/s10551-009-0143-8

Dupire, M., & M’Zali, B. (2016). CSR Strategies in Response to Competitive Pressures. Journal of Business Ethics, 148(3), 603-623. doi:10.1007/s10551-015-2981-x

Lin, W. L., Law, S. H., Ho, J. A., & Sambasivan, M. (2019). The causality direction of the corporate social responsibility – Corporate financial performance Nexus: Application of Panel Vector Autoregression approach. The North American Journal of Economics and Finance, 48, 401-418. doi:10.1016/j.najef.2019.03.004

Van Beurden, P., & Gössling, T. (2008). The Worth of Values – A Literature Review on the Relation Between Corporate Social and Financial Performance. Journal of Business Ethics, 82(2), 407-424. doi:10.1007/s10551-008-9894-x

Jankalová, M., & Jankal, R. (2017). The assessment of corporate social responsibility: approaches analysis. Entrepreneurship and Sustainability Issues, 4(4), 441-459. doi:10.9770/jesi.2017.4.4(4)

Marom, I. Y. (2006). Toward a Unified Theory of the CSP–CFP Link. Journal of Business Ethics, 67(2), 191-200. doi:10.1007/s10551-006-9023-7

Chen, C.-M., & Delmas, M. (2010). Measuring Corporate Social Performance: An Efficiency Perspective. Production and Operations Management, 20(6), 789-804. doi:10.1111/j.1937-5956.2010.01202.x

Muñoz-Torres, M. J., Fernández-Izquierdo, M. Á., Rivera-Lirio, J. M., & Escrig-Olmedo, E. (2018). Can environmental, social, and governance rating agencies favor business models that promote a more sustainable development? Corporate Social Responsibility and Environmental Management, 26(2), 439-452. doi:10.1002/csr.1695

Guijarro, F., & Poyatos, J. (2018). Designing a Sustainable Development Goal Index through a Goal Programming Model: The Case of EU-28 Countries. Sustainability, 10(9), 3167. doi:10.3390/su10093167

Guijarro, F. (2019). A Multicriteria Model for the Assessment of Countries’ Environmental Performance. International Journal of Environmental Research and Public Health, 16(16), 2868. doi:10.3390/ijerph16162868

Escrig-Olmedo, E., Fernández-Izquierdo, M., Ferrero-Ferrero, I., Rivera-Lirio, J., & Muñoz-Torres, M. (2019). Rating the Raters: Evaluating how ESG Rating Agencies Integrate Sustainability Principles. Sustainability, 11(3), 915. doi:10.3390/su11030915

Mattingly, J. E. (2015). Corporate Social Performance: A Review of Empirical Research Examining the Corporation–Society Relationship Using Kinder, Lydenberg, Domini Social Ratings Data. Business & Society, 56(6), 796-839. doi:10.1177/0007650315585761

Landi, G., & Sciarelli, M. (2019). Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal, 15(1), 11-27. doi:10.1108/srj-11-2017-0254

Martínez-Ferrero, J., & Frías-Aceituno, J. V. (2013). Relationship Between Sustainable Development and Financial Performance: International Empirical Research. Business Strategy and the Environment, 24(1), 20-39. doi:10.1002/bse.1803

Grewatsch, S., & Kleindienst, I. (2015). When Does It Pay to be Good? Moderators and Mediators in the Corporate Sustainability–Corporate Financial Performance Relationship: A Critical Review. Journal of Business Ethics, 145(2), 383-416. doi:10.1007/s10551-015-2852-5

López, M. V., Garcia, A., & Rodriguez, L. (2007). Sustainable Development and Corporate Performance: A Study Based on the Dow Jones Sustainability Index. Journal of Business Ethics, 75(3), 285-300. doi:10.1007/s10551-006-9253-8

Kang, C., Germann, F., & Grewal, R. (2016). Washing Away Your Sins? Corporate Social Responsibility, Corporate Social Irresponsibility, and Firm Performance. Journal of Marketing, 80(2), 59-79. doi:10.1509/jm.15.0324

WADDOCK, S. A., & GRAVES, S. B. (1997). THE CORPORATE SOCIAL PERFORMANCE-FINANCIAL PERFORMANCE LINK. Strategic Management Journal, 18(4), 303-319. doi:10.1002/(sici)1097-0266(199704)18:4<303::aid-smj869>3.0.co;2-g

Chin, M. K., Hambrick, D. C., & Treviño, L. K. (2013). Political Ideologies of CEOs. Administrative Science Quarterly, 58(2), 197-232. doi:10.1177/0001839213486984

Chung, S. (Andy), Pyo, H., & Guiral, A. (2019). Who Is the Beneficiary of Slack on Corporate Financial Performance and Corporate Philanthropy? Evidence from South Korea. Sustainability, 11(1), 252. doi:10.3390/su11010252

El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406. doi:10.1016/j.jbankfin.2011.02.007

Mishra, S., & Modi, S. B. (2012). Positive and Negative Corporate Social Responsibility, Financial Leverage, and Idiosyncratic Risk. Journal of Business Ethics, 117(2), 431-448. doi:10.1007/s10551-012-1526-9

Cheng, B., Ioannou, I., & Serafeim, G. (2013). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23. doi:10.1002/smj.2131

Bhuiyan, M. B. U., & Nguyen, T. H. N. (2019). Impact of CSR on cost of debt and cost of capital: Australian evidence. Social Responsibility Journal, 16(3), 419-430. doi:10.1108/srj-08-2018-0208

Brammer, S., & Millington, A. (2005). Corporate Reputation and Philanthropy: An Empirical Analysis. Journal of Business Ethics, 61(1), 29-44. doi:10.1007/s10551-005-7443-4

Sparkes, R., & Cowton, C. J. (2004). The Maturing of Socially Responsible Investment: A Review of the Developing Link with Corporate Social Responsibility. Journal of Business Ethics, 52(1), 45-57. doi:10.1023/b:busi.0000033106.43260.99

Hudson, R. (2005). Ethical Investing: Ethical Investors and Managers. Business Ethics Quarterly, 15(4), 641-657. doi:10.5840/beq200515445

Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The Effects of Corporate Social Performance on the Cost of Corporate Debt and Credit Ratings. Financial Review, 49(1), 49-75. doi:10.1111/fire.12025

Kotchen, M., & Moon, J. J. (2012). Corporate Social Responsibility for Irresponsibility. The B.E. Journal of Economic Analysis & Policy, 12(1). doi:10.1515/1935-1682.3308

Flammer, C. (2013). Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors. Academy of Management Journal, 56(3), 758-781. doi:10.5465/amj.2011.0744

Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425-445. doi:10.1002/smj.750

LINS, K. V., SERVAES, H., & TAMAYO, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance, 72(4), 1785-1824. doi:10.1111/jofi.12505

Bouslah, K., Kryzanowski, L., & M’Zali, B. (2016). Social Performance and Firm Risk: Impact of the Financial Crisis. Journal of Business Ethics, 149(3), 643-669. doi:10.1007/s10551-016-3017-x

Koh, P.-S., Qian, C., & Wang, H. (2013). Firm litigation risk and the insurance value of corporate social performance. Strategic Management Journal, 35(10), 1464-1482. doi:10.1002/smj.2171

Drempetic, S., Klein, C., & Zwergel, B. (2019). The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review. Journal of Business Ethics, 167(2), 333-360. doi:10.1007/s10551-019-04164-1

ADAMS, C. A., HILL, W.-Y., & ROBERTS, C. B. (1998). CORPORATE SOCIAL REPORTING PRACTICES IN WESTERN EUROPE: LEGITIMATING CORPORATE BEHAVIOUR? The British Accounting Review, 30(1), 1-21. doi:10.1006/bare.1997.0060

Neu, D., Warsame, H., & Pedwell, K. (1998). Managing Public Impressions: Environmental Disclosures in Annual Reports. Accounting, Organizations and Society, 23(3), 265-282. doi:10.1016/s0361-3682(97)00008-1

Brammer, S., & Pavelin, S. (2004). Voluntary social disclosures by large UK companies. Business Ethics: A European Review, 13(2-3), 86-99. doi:10.1111/j.1467-8608.2004.00356.x

Haniffa, R. M., & Cooke, T. E. (2005). The impact of culture and governance on corporate social reporting. Journal of Accounting and Public Policy, 24(5), 391-430. doi:10.1016/j.jaccpubpol.2005.06.001

Surroca, J., Tribó, J. A., & Waddock, S. (2009). Corporate responsibility and financial performance: the role of intangible resources. Strategic Management Journal, 31(5), 463-490. doi:10.1002/smj.820

Pawlak, Z. (1982). Rough sets. International Journal of Computer & Information Sciences, 11(5), 341-356. doi:10.1007/bf01001956

Kim, Y., & Enke, D. (2016). Developing a rule change trading system for the futures market using rough set analysis. Expert Systems with Applications, 59, 165-173. doi:10.1016/j.eswa.2016.04.031

Podsiadlo, M., & Rybinski, H. (2016). Financial time series forecasting using rough sets with time-weighted rule voting. Expert Systems with Applications, 66, 219-233. doi:10.1016/j.eswa.2016.08.066

Chen, Y.-S. (2012). Classifying credit ratings for Asian banks using integrating feature selection and the CPDA-based rough sets approach. Knowledge-Based Systems, 26, 259-270. doi:10.1016/j.knosys.2011.08.021

Chen, X., Zhang, X., Zhou, J., & Zhou, K. (2019). Rolling Bearings Fault Diagnosis Based on Tree Heuristic Feature Selection and the Dependent Feature Vector Combined with Rough Sets. Applied Sciences, 9(6), 1161. doi:10.3390/app9061161

Liang, F., Xu, Y., Li, W., Ning, X., Liu, X., & Liu, A. (2017). Recognition Algorithm Based on Improved FCM and Rough Sets for Meibomian Gland Morphology. Applied Sciences, 7(2), 192. doi:10.3390/app7020192

Roy, B. (1993). Decision science or decision-aid science? European Journal of Operational Research, 66(2), 184-203. doi:10.1016/0377-2217(93)90312-b

Sun, J., Li, H., Huang, Q.-H., & He, K.-Y. (2014). Predicting financial distress and corporate failure: A review from the state-of-the-art definitions, modeling, sampling, and featuring approaches. Knowledge-Based Systems, 57, 41-56. doi:10.1016/j.knosys.2013.12.006

https://cran.r-project.org/web/packages/RoughSets/index.html

[-]

recommendations

 

Este ítem aparece en la(s) siguiente(s) colección(ones)

Mostrar el registro completo del ítem