Current Issue : January - March Volume : 2016 Issue Number : 1 Articles : 6 Articles
This paper examines the relationship between corporate social responsibility (CSR) ratings and\nfirm value, by using a sample of U.S. companies listed on the New York Stock Exchange and\nNASDAQ Stock Market, over 2008-2011. The Corporate Social Responsibility Index (CSRI)\ndeveloped by Boston College Center for Corporate Citizenship and Reputation Institute was\nused as a proxy for corporate social responsibility. A certain company is perceived in three\ndimensions: citizenship (the community and the environment), governance (ethics and\ntransparency), and workplace practices, that quantified through numerical variables are\nreflected into the CSRI ranking score. The Tobin�s Q ratio adjusted according to activity sector\nwas employed in order to quantify firm value. After the estimation of panel data regression\nmodels, unbalanced, both without cross-sectional effects and with fixed effects, our results show\nthat corporate social responsibility positively influences firm value. The empirical evidence is\nconsistent with the instrumental stakeholder theory view, since the companies involved in\ncorporate social responsibility undertakings use in a more effective way their resources in order\nto better satisfy stakeholders� needs. CSR activities can add value to the firm if they are wisely\nmanaged and implemented, as well as sufficiently disclosed and reported....
In the global economy, the quantitative dimension of economic growth measured by GDP is\nnecessary, but not sufficient to express the qualitative development of economy and society.\nStatisticians and economists recognized the need to provide policy makers and civil society with\na reliable, timely and credible indicator that can quantitatively and qualitatively assess the\ncurrent situation, which would also indicate prospects for further economic growth. The latest\nattempt at the international level to present the best of the range of comparable and\ncomprehensive set of indicators of well-being is the Better Life Index, leading to attempting and\nfinding a better way to measure growth and identifying key aspects necessary for prosperity.\nThese aspects need to be known and used in decision-making processes in determining\npriorities and objectives of economic policy oriented so as to ensure not only the quantity but\nalso the quality of economic growth and hence the quality of life....
The fact that fiscal policy measures impact the business environment is undeniable.\nHowever, quantifying the overall influence of changes in taxation on companies� activity still\nrepresents a challenging issue for researchers and policy makers alike. The research results\npresented in this study aim to clarify the way in which fiscal policy influences an important\nsector of the economy, the manufacturing sector. To achieve this goal, business confidence\nin the production sector was quantified using the manufacturing confidence index. The tax\nburden was used as a way of describing and numerically capturing changes in taxation. The\ndatabase used consists of information regarding countries with well-established\nmanufacturing sectors, for a period of almost four decades....
Over the last twenty years, Central and Eastern European countries (CEE) experienced a\nspecific pattern of economic and social evolution. In the post-communism period these\ncountries have initiated a comprehensive process of catching-up the capitalist economies. This\nprocess involved a series of institutional reforms and the liberalization and integration of some\nimportant markets (capital market, labor market, etc.). In these circumstances, the actual\neconomic crisis represented a major challenge for these economies, which moreover were\nquite affected and the recovery is slow. For the purpose of the statistic data analysis, we\ndecided to form two groups of countries, based on their history, background and recent\ndevelopment. We first made an analysis of the evolution of macroeconomic indicators to see\nhow economic policy measures were favourable overcoming the crisis for each country. Using\na panel date model, we aim to illustrate the influence of some important macroeconomics\nindicators (unemployment rate, GDP, FDI) on the labour market (real average net earnings,\nemployment rate). The econometric results revealed that the GDP and FDI have a positive\ninfluence upon the two dependent variables, reflecting a normal economic situation....
One of the main challenges faced by local governments in developing countries is to allocate\nscarce resources effectively to achieve the community�s highest priorities. This challenge\nrelates to government�s effort to reduce regional inequality. This paper examined the\nrelationship between priority-based budgeting policy and local growth imbalance by using\neconomic structure transformation as the intervening variable. The researchers employed\nmultivariate regression and path-analysis to examine the relationship. The results revealed\nthat the priority-based budgeting affected local inequality significantly through structural\ntransformation. It explicitly demonstrates that the prioritized government allocation in\neducation, health, and education plays an important role to strengthen economic\ntransformation leading to reduce regional divergence....
The paper aims to demonstrate ways in which the possibility of software solution of\ndynamical economic models by means of delay differential equations can be applied in\neconomic theory. The original problem - relationship between tonnage and freight is used to\ndemonstrate that the original experimental solution can be successfully replaced with an\nanalytical method, and significantly more precise information on the behaviour of the model\nexamined can be obtained. The paper further describes some of the basic tools for work\nwith differential equations in Maple and shows the solution of a specific model....
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