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This study reviews the impact of the Spanish Transparency Law (TL) 19/2013 and the Union of European Football Associations’ (UEFA) Financial Fair Play (FFP) regulations, on the transparency and accountability of Spanish professional football clubs, and examines the influence of financial performance on the transparency of Spanish football clubs. The study uses a Panel Data methodology (FGLS) to compare the international transparency index for football clubs (INFUT) with the criteria of UEFA’s FFP as a measure of the social and financial performance, respectively, on a sample of 28 Spanish professional teams of first and second division during the periods of 2015, 2016, and 2019. The study reveals that the implementation of TL 19/2013 and UEFA’s FFP has improved the transparency and accountability of clubs. On the one hand, the TL has facilitated access to financial information, and, on the other, the FFP regulations have contributed to improving the balance and financial viability of the clubs. The study also reveals that financial performance directly influences the transparency of clubs.
Rudemarlyn Urdaneta; Juan Guevara-Pérez; Fernando Llena-Macarulla; José Moneva. Transparency and Accountability in Sports: Measuring the Social and Financial Performance of Spanish Professional Football. Sustainability 2021, 13, 8663 .
AMA StyleRudemarlyn Urdaneta, Juan Guevara-Pérez, Fernando Llena-Macarulla, José Moneva. Transparency and Accountability in Sports: Measuring the Social and Financial Performance of Spanish Professional Football. Sustainability. 2021; 13 (15):8663.
Chicago/Turabian StyleRudemarlyn Urdaneta; Juan Guevara-Pérez; Fernando Llena-Macarulla; José Moneva. 2021. "Transparency and Accountability in Sports: Measuring the Social and Financial Performance of Spanish Professional Football." Sustainability 13, no. 15: 8663.
The University of Zaragoza is the only public University located in the Region of Aragon (Spain). It has 27,425 undergraduate and exchange students and 4,490 doing a master or a PhD program. The Faculty of Economics and Business is one of the largest centers at the University of Zaragoza and a benchmark in the social sciences among the Spanish universities. This chapter presents the results of that faculty, from 32 survey respondents. The main focus of the university is on cross-cutting themes, followed by economic issues, social issues, and environmental issues. The contribution is medium and the strength is medium. The ranking of the competences shows that Critical Thinking Analysis is the highest, followed by Interdisciplinary Work. The ranking of the pedagogical approaches resulted in Case Studies and Lecturing were the highest, followed by Project- or Problem-based Learning. The correlation analysis showed that Community service learning and Jigsaw/Interlinked Teams, Inter-disciplinary team teaching, and Project- or Problem-based learning developed the most competences. The competences most developed were Empathy and change of perspective, Tolerance for ambiguity and uncertainty, Strategic action, Anticipatory thinking and Critical thinking analysis, and Justice, responsibility, and ethics. The results show that the introduction of a more holistic vision of sustainability throughout the university is needed. In particular, integrated actions are required in the pedagogical processes and in the different levels of education, since currently the training related to sustainability is mainly implemented at the postgraduate level and in non-regulated courses.
Jose M. Moneva. Sustainability Competences and Pedagogical Approaches at the Universidad de Zaragoza (Faculty of Economics and Business). Developing Sustainability Competences Through Pedagogical Approaches 2021, 253 -266.
AMA StyleJose M. Moneva. Sustainability Competences and Pedagogical Approaches at the Universidad de Zaragoza (Faculty of Economics and Business). Developing Sustainability Competences Through Pedagogical Approaches. 2021; ():253-266.
Chicago/Turabian StyleJose M. Moneva. 2021. "Sustainability Competences and Pedagogical Approaches at the Universidad de Zaragoza (Faculty of Economics and Business)." Developing Sustainability Competences Through Pedagogical Approaches , no. : 253-266.
Companies are gradually becoming conscious about the necessity of reducing their environmental impact and adopting low-carbon strategies in order to cope with increasing institutional and social demands. However, remaining competitive while reducing the environmental impact and improving the corporate image requires adopting sophisticated mechanisms boosting eco-efficiency and keeping costs tight. Material Flows Cost Accounting (MFCA) is an instrument that allows the monitoring of, measurement of, and accounting for physical and monetary processes along the production process. If extended to the supply chain, and applied to the energy usage and CO2 emissions, it allows one to account for the Carbon Footprint (CF) of a company and its products at any given stage of the value chain. The current paper presents a case study developed under the framework of a three-year project to introduce an energy use and carbon emissions monitoring and accounting system in a large winery company in Spain, based on the MFCA approach and CF accountability. Including the supply chain of the company and the whole farming cycle of its main input, the case study presents the method and phases adopted to implement the project, its direct and indirect results and outcomes, and the conclusions that can be extracted, which may be inspirational for practitioners and scholars envisaging similar projects.
Miguel Marco-Fondevila; José M. Moneva-Abadía; Fernando Llena-Macarulla. Accounting for Carbon Footprint Flows in Wine Production Process. Case Study in Spanish Winery. Applied Sciences 2020, 10, 8381 .
AMA StyleMiguel Marco-Fondevila, José M. Moneva-Abadía, Fernando Llena-Macarulla. Accounting for Carbon Footprint Flows in Wine Production Process. Case Study in Spanish Winery. Applied Sciences. 2020; 10 (23):8381.
Chicago/Turabian StyleMiguel Marco-Fondevila; José M. Moneva-Abadía; Fernando Llena-Macarulla. 2020. "Accounting for Carbon Footprint Flows in Wine Production Process. Case Study in Spanish Winery." Applied Sciences 10, no. 23: 8381.
Non-profits (NPOs) are one of the key agents in implementing socio-economic policies, financial reporting being relevant for their stakeholders. Different accounting regulations exist in Europe, with no required, common accounting standards to promote these entities’ participation in diverse countries and societies. We analyse the current differences among local accounting regulations related to the elaboration of financial reporting for European NPOs. We accomplish this by considering the primary elements that define an accounting system together with accounting regulations to elaborate on these organisations’ financial statements, and specific operations related to tangible fixed assets, donations and volunteering. Despite there are pressures to promote an isomorphic behaviour in the European context, our results evidence intense differences among European local regulations for NPOs, with origin in diverse cultural and non-profit traditions.
Francisco J. Lopez-Arceiz; Ana J. Bellostas; Jose M. Moneva. Accounting Standards for European Non-profits. Reasons and Barriers for a Harmisation Process. Accounting in Europe 2020, 1 -32.
AMA StyleFrancisco J. Lopez-Arceiz, Ana J. Bellostas, Jose M. Moneva. Accounting Standards for European Non-profits. Reasons and Barriers for a Harmisation Process. Accounting in Europe. 2020; ():1-32.
Chicago/Turabian StyleFrancisco J. Lopez-Arceiz; Ana J. Bellostas; Jose M. Moneva. 2020. "Accounting Standards for European Non-profits. Reasons and Barriers for a Harmisation Process." Accounting in Europe , no. : 1-32.
This study tests the bidirectional connections between corporate social responsibility performance and the financial performance of firms within the tourism sector and related industries based on the instrumental stakeholder and slack resources theories. Disaggregated measures of firms’ corporate social responsibility practices and corporate financial performance were considered to avoid compensation effects. This choice also allows for testing of whether separated dimensions of corporate social responsibility have different linkages with corporate financial performance measures. Static and dynamic panel data regression models were implemented for robustness. With a few exceptions, the study found a neutral impact of corporate environmental, social, and governance performance on firms’ financial success. This study therefore recommends that managers of tourism firms should engage in corporate social responsibility practices, which can contribute to different sustainable development goals without sacrificing financial performance. Contradictory to the slack resources theory, with a few exceptions, the higher the financial performance of tourism firms, the lower their commitment to corporate social responsibility issues. Furthermore, tourism firms must communicate their corporate social responsibility initiatives to develop public awareness of their environmental, social, and governance efforts.
José M. Moneva; María Jesús Bonilla-Priego; Eduardo Ortas. Corporate social responsibility and organisational performance in the tourism sector. Journal of Sustainable Tourism 2019, 28, 853 -872.
AMA StyleJosé M. Moneva, María Jesús Bonilla-Priego, Eduardo Ortas. Corporate social responsibility and organisational performance in the tourism sector. Journal of Sustainable Tourism. 2019; 28 (6):853-872.
Chicago/Turabian StyleJosé M. Moneva; María Jesús Bonilla-Priego; Eduardo Ortas. 2019. "Corporate social responsibility and organisational performance in the tourism sector." Journal of Sustainable Tourism 28, no. 6: 853-872.
Hace poco más de veinticinco años de la publicación del primer número especial de la Revista Española de Financiación y Contabilidad sobre investigación en contabilidad social y medioambiental. Debido al apreciable auge y relevancia de la investigación científica en esta área, el presente número especial pretende destacar los hitos más relevantes de la investigación sobre este tema en España durante el último cuarto de siglo. Para ello, en primer lugar, se contextualiza la contabilidad social y medioambiental en el panorama social y político español durante las tres últimas décadas con el objetivo de identificar los antecedentes de la investigación en esta área. Asimismo, el presente editorial destaca y discute las principales perspectivas con las que se ha desarrollado la investigación en contabilidad social y medioambiental en España a través de una revisión sistemática de la literatura. Todo ello nos conduce a una reflexión sobre los principales retos a los que la investigación en contabilidad social y medioambiental se enfrentará en el futuro. El editorial concluye introduciendo las principales aportaciones de los artículos incluidos en el número especial.
Carlos Larrinaga; José M. Moneva; Eduardo Ortas. Veinticinco años de Contabilidad Social y Medioambiental en España: pasado, presente y futuro. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 2019, 48, 387 -405.
AMA StyleCarlos Larrinaga, José M. Moneva, Eduardo Ortas. Veinticinco años de Contabilidad Social y Medioambiental en España: pasado, presente y futuro. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad. 2019; 48 (4):387-405.
Chicago/Turabian StyleCarlos Larrinaga; José M. Moneva; Eduardo Ortas. 2019. "Veinticinco años de Contabilidad Social y Medioambiental en España: pasado, presente y futuro." Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 48, no. 4: 387-405.
The actual drivers of companies’ environmental disclosure have been widely studied and yet with no conclusive results. Most literature looks for the link between environmental performance and environmental disclosure, as reflection of the company instrumental or normative approach to sustainability. However, over the last decade, a growing number of companies are joining the ranks of eco-innovation, focusing their strategy on environmental innovation, and paving the way for new approaches to environmental disclosure. The main objective of this paper is to assess if eco-innovation in companies can be acting as a non-intended driver to disclosure of environmental reporting, in connection to the Resources Based View theory, and the search for competitive advantage. An extensive research has been undertaken with Spanish eco-innovative companies, evaluating their environmental disclosure standards from a two-fold perspective: managers’ perception and public available environmental reporting. The findings bring in interesting implications about the mismatch between managers’ perception of their environmental disclosure and accounting standards, and the actual disclosure of environmental reporting made available to their stakeholders. Within the studied sample, eco-innovation appears to be a driver for environmental disclosure from an inside-out approach encompassed in the RBV theory, where environmental information is primarily meant for managerial purposes and only secondarily to inform stakeholders. Los impulsores reales de la divulgación ambiental de las empresas han sido ampliamente estudiados y, sin embargo, sin resultados concluyentes. La mayoría de la literatura busca el vínculo entre el desempeño ambiental y la divulgación ambiental, como reflejo del enfoque instrumental o normativo de la compañía hacia la sostenibilidad. Sin embargo, durante la última década, un número creciente de compañías se están uniendo a las filas de la ecoinnovación, enfocando su estrategia en la innovación ambiental y allanando el camino para nuevos enfoques para la divulgación ambiental. El objetivo principal de este documento es evaluar si la ecoinnovación en las empresas puede actuar como un impulsor no intencionado de la divulgación de informes ambientales, en relación con la teoría de la Vista basada en los recursos y la búsqueda de una ventaja competitiva. Se ha llevado a cabo una extensa investigación con empresas ecoinnovadoras españolas, evaluando sus estándares de divulgación ambiental desde una doble perspectiva: la percepción de los administradores y la información ambiental disponible al público. Los hallazgos traen implicaciones interesantes sobre el desajuste entre la percepción de los gerentes sobre su divulgación ambiental y sus normas contables, y la divulgación real de los informes ambientales puestos a disposición de sus partes interesadas. Dentro de la muestra estudiada, la ecoinnovación parece ser un...
Miguel Marco Fondevila; José M. Moneva; Sabina Scarpellini. Divulgación ambiental y la interrelación de la ecoinnovación. El caso de las empresas españolas. Revista de Contabilidad 2019, 22, 73 -87.
AMA StyleMiguel Marco Fondevila, José M. Moneva, Sabina Scarpellini. Divulgación ambiental y la interrelación de la ecoinnovación. El caso de las empresas españolas. Revista de Contabilidad. 2019; 22 (1):73-87.
Chicago/Turabian StyleMiguel Marco Fondevila; José M. Moneva; Sabina Scarpellini. 2019. "Divulgación ambiental y la interrelación de la ecoinnovación. El caso de las empresas españolas." Revista de Contabilidad 22, no. 1: 73-87.
The main objective of this article is to contribute empirically to the understanding of the impact that eco-innovation has on firms’ financial performance within the framework of the resources-based view. Specifically, eco-innovation is measured by using eco-innovative activities and financial resources applied to eco-innovation to argue that the identification and measurement of certain resources of firms allow companies that are particularly active in investing in eco-innovation to be more competitive. Furthermore, the analysis attempts to ascertain whether firms that own green patents and other characteristics exhibit different level of financial performance than firms without registered green patents. The empirical partial least squares structural equation modeling results indicate a positive relationship between the investment of resources and the financial performance of eco-innovative firms. The effects of involving managers in eco-innovative processes as an environmental capability of firms are also tested.
Luz María Marín-Vinuesa; Sabina Scarpellini; Pilar Portillo-Tarragona; José M. Moneva. The Impact of Eco-Innovation on Performance Through the Measurement of Financial Resources and Green Patents. Organization & Environment 2018, 33, 285 -310.
AMA StyleLuz María Marín-Vinuesa, Sabina Scarpellini, Pilar Portillo-Tarragona, José M. Moneva. The Impact of Eco-Innovation on Performance Through the Measurement of Financial Resources and Green Patents. Organization & Environment. 2018; 33 (2):285-310.
Chicago/Turabian StyleLuz María Marín-Vinuesa; Sabina Scarpellini; Pilar Portillo-Tarragona; José M. Moneva. 2018. "The Impact of Eco-Innovation on Performance Through the Measurement of Financial Resources and Green Patents." Organization & Environment 33, no. 2: 285-310.
This article presents a spatial analysis of the evolution of energy poverty in Spanish households, and aims to measure the socioeconomic impact of energy poverty. The economic-financial measurement of palliative measures implemented and social perceptions of energy poverty are also dimensioned. In order to analyse holistically the economic-financial and social impact of energy poverty at a territorial level, a statistical analysis of the financial aids has been conducted and the perception of technicians (employed by both the public and the private sectors) who work with affected households has been compiled. In addition, this paper explores the relationship between media coverage and the economic-financial impact at territorial level. To this goal, 259 newspaper articles about energy poverty were classified and analysed to examine the socio-genesis of the problem of energy poverty. The measurement of the socio-economics impact of energy poverty in households in a territory represents the spatial dimension of the problem for the definition of local energy policies taking into consideration the evolution of different measures implemented over time, their limitations, scope and flexibility.
Sabina Scarpellini; M. Alexia Sanz Hernández; José M. Moneva; Pilar Portillo-Tarragona; María Esther López Rodríguez. Measurement of spatial socioeconomic impact of energy poverty. Energy Policy 2018, 124, 320 -331.
AMA StyleSabina Scarpellini, M. Alexia Sanz Hernández, José M. Moneva, Pilar Portillo-Tarragona, María Esther López Rodríguez. Measurement of spatial socioeconomic impact of energy poverty. Energy Policy. 2018; 124 ():320-331.
Chicago/Turabian StyleSabina Scarpellini; M. Alexia Sanz Hernández; José M. Moneva; Pilar Portillo-Tarragona; María Esther López Rodríguez. 2018. "Measurement of spatial socioeconomic impact of energy poverty." Energy Policy 124, no. : 320-331.
Despite the growing number of studies on eco-innovation, the measurement of the specific financial resources applied to the eco-innovation process by firms and its internal management have not been thoroughly elucidated to date. Therefore, the main objectives of this study is to define, classify, and measure different dimensions of financial resources applied to eco-innovation by firms and to analyse the influence of business' technological and environmental management capabilities in the efficient allocation of these resources to undertake investments in eco-innovation. Resource amounts and their quality, availability and public nature are measured using a novel approach that addresses the study of their different aspects as a whole. A partial least square structural equation model (PLS-SEM) on a sample of Spanish companies shows that different dimensions of financial resources influence the eco-innovative investment and the internal management of eco-innovation.
Sabina Scarpellini; Luz María Marín-Vinuesa; Pilar Portillo-Tarragona; José M. Moneva. Defining and measuring different dimensions of financial resources for business eco-innovation and the influence of the firms' capabilities. Journal of Cleaner Production 2018, 204, 258 -269.
AMA StyleSabina Scarpellini, Luz María Marín-Vinuesa, Pilar Portillo-Tarragona, José M. Moneva. Defining and measuring different dimensions of financial resources for business eco-innovation and the influence of the firms' capabilities. Journal of Cleaner Production. 2018; 204 ():258-269.
Chicago/Turabian StyleSabina Scarpellini; Luz María Marín-Vinuesa; Pilar Portillo-Tarragona; José M. Moneva. 2018. "Defining and measuring different dimensions of financial resources for business eco-innovation and the influence of the firms' capabilities." Journal of Cleaner Production 204, no. : 258-269.
Interest from academics, policy–makers and practitioners in eco-innovation has increased as it enables the optimization of the use of natural resources improving competitiveness and it provides a conceptual framework for corporate sustainability. In this context, this paper provides an in-depth analysis and a wide classification of the specific indicators for the integrated measurement of eco-innovation projects in business from a resource-based view (RBV). The specific metrics were tested to measure the economic-financial and environmental resources and capabilities applied by five Spanish firms to eco-innovation projects, selected as case studies.
Pilar Portillo-Tarragona; Sabina Scarpellini; Jose M. Moneva; Jesus Valero-Gil; Alfonso Aranda-Usón. Classification and Measurement of the Firms’ Resources and Capabilities Applied to Eco-Innovation Projects from a Resource-Based View Perspective. Sustainability 2018, 10, 3161 .
AMA StylePilar Portillo-Tarragona, Sabina Scarpellini, Jose M. Moneva, Jesus Valero-Gil, Alfonso Aranda-Usón. Classification and Measurement of the Firms’ Resources and Capabilities Applied to Eco-Innovation Projects from a Resource-Based View Perspective. Sustainability. 2018; 10 (9):3161.
Chicago/Turabian StylePilar Portillo-Tarragona; Sabina Scarpellini; Jose M. Moneva; Jesus Valero-Gil; Alfonso Aranda-Usón. 2018. "Classification and Measurement of the Firms’ Resources and Capabilities Applied to Eco-Innovation Projects from a Resource-Based View Perspective." Sustainability 10, no. 9: 3161.
Socially responsible companies develop strategies based on ESG criteria. Literature and agents operating in the markets are concerned about knowing whether the Corporate Social Responsibility (CSR) and Corporate Governance (CG) practices have a positive impact on financial performance. Main studies indicate that good CG practices are associated with a commitment to transparency. Our aim is to analyse the impact that CSR disclosure, as a transparency mechanism, and good CG practices have on the financial performance of socially responsible companies. To this aim, a system of simultaneous equations is proposed, in which the CSR disclosure variable has a mediating role, acting as liaison between the CG adopted by the organisation and the financial valuation. The results indicate that companies who wish to rise funding on the financial markets should develop both: a good CG and a high level of CSR disclosure, as part of their CSR strategy.
Francisco José López-Arceiz; Ana José Bellostas-Pérezgrueso; José Moneva; María Pilar Rivera-Torres. The role of corporate governance and transparency in the generation of financial performance in socially responsible companies. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 2017, 47, 44 -80.
AMA StyleFrancisco José López-Arceiz, Ana José Bellostas-Pérezgrueso, José Moneva, María Pilar Rivera-Torres. The role of corporate governance and transparency in the generation of financial performance in socially responsible companies. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad. 2017; 47 (1):44-80.
Chicago/Turabian StyleFrancisco José López-Arceiz; Ana José Bellostas-Pérezgrueso; José Moneva; María Pilar Rivera-Torres. 2017. "The role of corporate governance and transparency in the generation of financial performance in socially responsible companies." Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad 47, no. 1: 44-80.
The Kyoto Protocol has opened up an international debate about the appearance of different regulations which focus on carbon accounting and reporting. Specifically, the Kyoto Protocol established that the Conference of the Parties shall define the relevant principles, models, rules and guidelines, in particular for verification, reporting and accountability for carbon allowances. As a consequence, many companies remain confused as to the appropriate carbon accounting model. Due to the existing controversies on the topic, the aim of the present work is twofold. Firstly, and from a macroeconomic point of view, this work attempts to analyse the different carbon accounting regulations existing at the international level. Secondly, and from a firm level, describe the main practical carbon accounting principles and applications in different industries. Main results reveal the existence of different approaches at the corporate level in the international context about carbon accounting and reporting. This has several implications from a company point of view, being one of the most important the impact of the carbon accounting model choice on companies’ financial performance.
Eduardo Ortas; Isabel Gallego-Álvarez; Igor Álvarez; José M. Moneva. Carbon Accounting: A Review of the Existing Models, Principles and Practical Applications. Corporate Carbon and Climate Accounting 2015, 77 -98.
AMA StyleEduardo Ortas, Isabel Gallego-Álvarez, Igor Álvarez, José M. Moneva. Carbon Accounting: A Review of the Existing Models, Principles and Practical Applications. Corporate Carbon and Climate Accounting. 2015; ():77-98.
Chicago/Turabian StyleEduardo Ortas; Isabel Gallego-Álvarez; Igor Álvarez; José M. Moneva. 2015. "Carbon Accounting: A Review of the Existing Models, Principles and Practical Applications." Corporate Carbon and Climate Accounting , no. : 77-98.
This chapter focuses on the analysis of the International Corporate Sustainability Barometer (ICSB) results in Spain, which is the fourteenth largest economy in the world by nominal GDP. A total of 23 Spanish listed companies have participated in the survey, representing about 4.9 % of the total number of companies involved in the ICSB project. Although the results show that Spanish companies carry out similar sustainability practices to those observed on international average, there are three main differences that should be highlighted. Firstly, environmental aspects are the main sustainability issues for Spanish companies. Secondly, a strong link is observed between sustainability issues and the core business of the Spanish companies. Thirdly, the main driver for the corporate social responsibility and sustainability performance of Spanish companies seems to be the legitimation of their activities. Evidence for this can be found with regard to corporate motivation (e.g. the strong influence of society-oriented stakeholders), implementation of sustainability management issues (which is strongly related to stakeholder demands) and use of sustainability reporting tools which are widely implemented by Spanish companies.
José M. Moneva; Eduardo Ortas; Igor Álvarez. Exploring Sustainability in Spanish Companies. Corporate Sustainability in International Comparison 2014, 31, 167 -182.
AMA StyleJosé M. Moneva, Eduardo Ortas, Igor Álvarez. Exploring Sustainability in Spanish Companies. Corporate Sustainability in International Comparison. 2014; 31 ():167-182.
Chicago/Turabian StyleJosé M. Moneva; Eduardo Ortas; Igor Álvarez. 2014. "Exploring Sustainability in Spanish Companies." Corporate Sustainability in International Comparison 31, no. : 167-182.
This work aims to test whether social and environmental screening processes could determine the financial performance of ethical or Socially Responsible Investment (SRI) strategies in the European context. We compare the risk-adjusted returns and systematic risk levels obtained by the two mainstream SRI equity indexes in Europe with those achieved by their official benchmarks. We find that, although these SRI indexes do not underperform their benchmarks in terms of risk-adjusted returns, they experience higher levels of risk. Additionally, the results show that higher screening intensity results in higher risk for the SRI indexes. Furthermore, the underperformance in terms of risk associated with the SRI indexes is worse in periods when there is a market downturn. This may indicate that SRI indexes are more sensitive to changes in the market cycle, because SRI indexes include companies that are more affected by market fluctuations
Eduardo Ortas; José M. Moneva; Manuel Salvador. Do social and environmental screens influence ethical portfolio performance? Evidence from Europe. BRQ Business Research Quarterly 2014, 17, 11 -21.
AMA StyleEduardo Ortas, José M. Moneva, Manuel Salvador. Do social and environmental screens influence ethical portfolio performance? Evidence from Europe. BRQ Business Research Quarterly. 2014; 17 (1):11-21.
Chicago/Turabian StyleEduardo Ortas; José M. Moneva; Manuel Salvador. 2014. "Do social and environmental screens influence ethical portfolio performance? Evidence from Europe." BRQ Business Research Quarterly 17, no. 1: 11-21.
The growth of Socially Responsible Investment (SRI) has been impressive during the last two decades. Such growth has stimulated financing of developments and improvements in cleaner production methods, consumption patterns of responsible corporations and, in general, changed behaviour towards corporate sustainability. However, cleaner production investments vary across different regions in the world for several reasons such as: capital availability, the stage of development of banking systems, the existence of appropriate finance mechanisms, available corporate know-how and technology risks. This research aimed to provide relevant information about the outcomes of integrating environmental, social and governance issues for cleaner production into investment strategies in the Asia Pacific region for managers, practitioners, academics, institutions and investors. Research focused on analysing the performance of the Dow Jones Sustainability Asia Pacific index (DJSI-AP) because the index applies a ‘Best in Class’ investment screening method, being more relevant to fostering cleaner production. Results indicate that the social and environmental screening process neither represents a burden of cost generation for companies, nor an additional burden on their SRI financial performance. Finally, the research results emphasize that investors can support businesses committed to increasing their environmental performance through improvements in cleaner production processes.
Eduardo Ortas; Roger L. Burritt; José M. Moneva. Socially Responsible Investment and cleaner production in the Asia Pacific: does it pay to be good? Journal of Cleaner Production 2013, 52, 272 -280.
AMA StyleEduardo Ortas, Roger L. Burritt, José M. Moneva. Socially Responsible Investment and cleaner production in the Asia Pacific: does it pay to be good? Journal of Cleaner Production. 2013; 52 ():272-280.
Chicago/Turabian StyleEduardo Ortas; Roger L. Burritt; José M. Moneva. 2013. "Socially Responsible Investment and cleaner production in the Asia Pacific: does it pay to be good?" Journal of Cleaner Production 52, no. : 272-280.
Previous literature on the analysis of the relationship between environmental reporting and financial performance shows mixed results, due to the use of a broad variety of research methods and the lack of objective environmental performance measures. This paper adopts a new approach to explore this relationship, analysing the value relevance of different types of financial and non-financial environmental disclosures. Furthermore, the analysis includes two different types of environmental reporting: compulsory and voluntary. This study examines a sample of listed Spanish companies, using a regression model based on the Ohlson equity-valuation framework. Results suggest a significant market valuation of financial environmental disclosures (investments, costs and contingencies), but not of non-financial. Furthermore, our evidence corroborates the increase of the value relevance of compulsory environmental information.
José M. Moneva; Beatriz Cuellar. The Value Relevance of Financial and Non-Financial Environmental Reporting. Environmental and Resource Economics 2009, 44, 441 -456.
AMA StyleJosé M. Moneva, Beatriz Cuellar. The Value Relevance of Financial and Non-Financial Environmental Reporting. Environmental and Resource Economics. 2009; 44 (3):441-456.
Chicago/Turabian StyleJosé M. Moneva; Beatriz Cuellar. 2009. "The Value Relevance of Financial and Non-Financial Environmental Reporting." Environmental and Resource Economics 44, no. 3: 441-456.
The emergence of ethical investment is a sign of the increasing interest of shareholders in the impact of corporate activities on sustainable development. The objective of this article is to analyse the relationship between the sustainable performance of a company and its financial performance measured by stock market value. Belonging to the Dow Jones Sustainability Index, disclosing a Global Reporting Initiative Sustainability Report and Sustainable Ratings are used as proxies for sustainability. This article is based on sustainability as a multivariate issue, and exploratory factor analysis is used to model the sustainability performance of a sample of European companies.
Jose M. Moneva; Eduardo Ortas. Are stock markets influenced by sustainability matter? Evidence from European companies. International Journal of Sustainable Economy 2008, 1, 1 .
AMA StyleJose M. Moneva, Eduardo Ortas. Are stock markets influenced by sustainability matter? Evidence from European companies. International Journal of Sustainable Economy. 2008; 1 (1):1.
Chicago/Turabian StyleJose M. Moneva; Eduardo Ortas. 2008. "Are stock markets influenced by sustainability matter? Evidence from European companies." International Journal of Sustainable Economy 1, no. 1: 1.