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This paper explores the relative stock market performance of well-diversified gender equality equity indices in comparison with the overall market, taking both a cross-sectoral and a financial sector approach, for the period January 2017 to March 2020, with a sample of 11 indices and 834 daily observations, and using several different statistical and econometric methods. Our results show a high level of dynamic conditional correlation of daily returns among the gender equality and the overall indices. We also found comparable levels of conditional volatility (resulting from an Exponential Generalized Autoregressive Conditional Heteroskedasticity (EGARCH)model) and an elevated degree of synchronization of the volatility regimes (identified by a Markov switching model). Calibrating simple linear quantile regressions, we found that the value of the slope coefficients of the hypothetical linear relationship between the gender equality indices and the overall market indices are close to one, and relatively stable in relation with the value of the quantile. Using separate Vector Autoregressive (VAR) models for the cross-sectoral indices and for the financial sector indices, we found only very little evidence of causality and spill-over effects. Based on these results, we argue that the daily returns of the gender equality indices exhibited very similar characteristics with the daily returns of the overall market indices. In our interpretation, this could mean that, limited to our sample and methods of investigation, there were not significant differences in the investors’ preferences towards the equity issued by public companies committed to supporting gender equality, in comparison with their approach towards listed equity in general. It could also mean that investors do not yet anticipate the significantly different financial performance of listed companies stemming from their approach towards gender equality.
Leonardo Badea; Daniel Ştefan Armeanu; Dan Costin Nițescu; Valentin Murgu; Iulian Panait; Boris Kuzman. A Study of the Relative Stock Market Performance of Companies Recognized for Supporting Gender Equality Policies and Practices. Sustainability 2020, 12, 3558 .
AMA StyleLeonardo Badea, Daniel Ştefan Armeanu, Dan Costin Nițescu, Valentin Murgu, Iulian Panait, Boris Kuzman. A Study of the Relative Stock Market Performance of Companies Recognized for Supporting Gender Equality Policies and Practices. Sustainability. 2020; 12 (9):3558.
Chicago/Turabian StyleLeonardo Badea; Daniel Ştefan Armeanu; Dan Costin Nițescu; Valentin Murgu; Iulian Panait; Boris Kuzman. 2020. "A Study of the Relative Stock Market Performance of Companies Recognized for Supporting Gender Equality Policies and Practices." Sustainability 12, no. 9: 3558.
This research addresses the problem of the synergistic relationship between the sustainable development of the green economy (bioeconomy) at the European level and the commercial flows with food. Mainly, two components were analyzed and integrated: A qualitative one, on the perspective of the development of the bioeconomy at the European level, and a quantitative one, on the study of the nature of the inter-correlation between the exogenous indicators of foreign food trade (exports and imports) and the relevant endogenous indicators (the labor force, gross added value of agriculture, forestry and fisheries, research and development expenditure, forest area, fossil fuel energy consumption, and renewable energy consumption), for 24 European countries over a 22 year period. Exports and imports of food products are positively influenced by the added value of the agricultural sector and by the share of research and development expenditures, both in the short and long term. Renewable energy consumption influences exports in the short term, but in the long term, the forest area has a significant positive impact. Imports are negatively influenced by renewable energy consumption. The findings of this research can provide support for the future mix of policies.
Dan Costin Nițescu; Valentin Murgu. The Bioeconomy and Foreign Trade in Food Products—A Sustainable Partnership at the European Level? Sustainability 2020, 12, 2460 .
AMA StyleDan Costin Nițescu, Valentin Murgu. The Bioeconomy and Foreign Trade in Food Products—A Sustainable Partnership at the European Level? Sustainability. 2020; 12 (6):2460.
Chicago/Turabian StyleDan Costin Nițescu; Valentin Murgu. 2020. "The Bioeconomy and Foreign Trade in Food Products—A Sustainable Partnership at the European Level?" Sustainability 12, no. 6: 2460.