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Article
Publication date: 20 August 2018

Amelia Bilbao-Terol, Mar Arenas-Parra, Susana Alvarez-Otero and Verónica Cañal-Fernández

Corporate social responsibility (CSR) rating agencies have arisen with the aim of providing external and reliable information about business behaviour. The purpose of this paper…

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Abstract

Purpose

Corporate social responsibility (CSR) rating agencies have arisen with the aim of providing external and reliable information about business behaviour. The purpose of this paper is to present a multi-criteria methodology for integrating CSR valuations with the financial performance of companies in a unique measure of global sustainability performance.

Design/methodology/approach

The authors present a hybrid TOPSIS methodology on transformed scores of both the CSR valuations and the financial ratios. The “attribute-specific evaluation” approach into Multi-attribute Prospect Theory (PT) has been applied and the Design of Experiments (DoE) is used with the TOPSIS value of the firm as the response variable.

Findings

The proposal has been applied to 118 companies evaluated by Vigeo and Covalence CSR agencies. The authors also have considered five financial ratios of the companies in order to assess their financial performance. Consistent aggregation for firms has been achieved. Relationships between the different rankings, both those of Vigeo and Covalence and the ones constructed in this research, have been analysed. All top 10 Global sustainable firms rank among the top 10 positions in at least one of the remaining rankings. The results show that Vigeo and Covalence provide different information about the CSR behaviour of the companies.

Research limitations/implications

Another interesting question is to study the discrepancies between Vigeo and Covalence, for example, in which areas there is the greatest divergence between the two agencies and what could be the reasons for this.

Practical implications

The results of this research could be of interest for both investors who want a global picture of companies in their selection process and stakeholders concerned with CSR issues who want to take advantage of different CSR ratings.

Originality/value

The application of PT softens the compensatory behaviour of the classical TOPSIS that may prove unsuitable for social evaluation. The DoE allows the aggregation of the weight sets from various decision markers. The combined methodology facilitates the scoring of new firms and the rank reversal problem can be mitigated with this methodology.

Details

Management Decision, vol. 57 no. 2
Type: Research Article
ISSN: 0025-1747

Keywords

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Article
Publication date: 6 July 2020

Wafa Boulagouas, Rachid Chaib and Mebarek Djebabra

Decoupling of pressures ranging from regulatory compliance and stakeholders expectations to business competitiveness and sustainability, companies need to align their…

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Abstract

Purpose

Decoupling of pressures ranging from regulatory compliance and stakeholders expectations to business competitiveness and sustainability, companies need to align their environmental strategies with a broader consideration of these influences. This paper aims at developing a dynamic alignment model to enhance the environmental performance that considers the influential pressures based on a multi-criteria decision-making process.

Design/methodology/approach

Authors have proposed a dynamic model for the alignment of the environmental performance based on a hybrid multi-criteria decision-making approach combining the analytic hierarchy process (AHP) and Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). This model considers contemporary strategic dynamism of the environmental performance and provides a methodology to assist companies prioritizing the environmental aspects based on the influential pressures and deciding on the enhancement pathways.

Findings

The proposed model based on a hybrid multi-criteria decision-making process allows prioritizing the environmental aspects considering the allocated weights to the alignment-triggered pressures and draw the way to develop different pathways to improve the alignment.

Practical implications

The proposed dynamic alignment model presents an instrument for the continuous alignment of the environmental performance and an effective management of changes and contributes to minimize gaps and divergences.

Originality/value

In this paper, the environmental performance has been approached through the contemporary strategic dynamism with the deployment of the multi-criteria decision-making techniques to yield an alignment framework for the environmental decision that combines the internal and external approaches for an effective and sustainable improvement of the environmental performance.

Details

Management of Environmental Quality: An International Journal, vol. 31 no. 6
Type: Research Article
ISSN: 1477-7835

Keywords

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Article
Publication date: 2 October 2023

Monica Singhania, Ibna Bhan and Gurmani Chadha

Sustainable investments (SI) represent a promising class of investments, combining financial returns with mitigating environmental challenges, achieving SDG goals and creating a…

968

Abstract

Purpose

Sustainable investments (SI) represent a promising class of investments, combining financial returns with mitigating environmental challenges, achieving SDG goals and creating a positive business impact. An enhanced global focus on climate change developments in the backdrop of COP26 and COP27, raised the need for comprehensive literature mapping, to understand the emerging themes and future research arenas in this field.

Design/methodology/approach

The authors apply a quali–quantitative approach of bibliometric methods coupled with content analysis, to review 1,022 articles obtained from the Web of Science (WoS) database for 1991–2023.

Findings

The results identify the leading authors and their collaborations, impactful journals and pioneering articles in sustainable investment literature. The authors also indicate seven major themes of SI to be financial performance; fiduciary duty; CSR; construction of ESG-based portfolios; sustainability assessment tools and mechanisms; investor behavior; and impact investing. Further, content analysis of literature from 2020 to 2023 highlights emerging research issues to be SDG financing via green bonds and social impact bonds; investor impact creation via shareholder engagement and field building strategies; and governance related determinants of firm-level sustainable investments. Finally, the authors discuss the research gaps across these themes and identify future research questions.

Originality/value

This paper crystallizes research themes in sustainable investment literature using a vast coverage of globally conducted studies published in reputed journals till date. The findings of this study coupled with future research questions provide a well-grounded foundation for new researchers to further explore the emerging dimensions of this field.

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