دانلود رایگان مقاله لاتین ریسک عملیاتی مسئولیت اجتماعی از سایت الزویر
عنوان فارسی مقاله:
آیا مسئولیت اجتماعی می تواند ریسک عملیاتی را کاهش دهد: تحلیل تجربی شرکت های چینی ذکر شده
عنوان انگلیسی مقاله:
Can social responsibility reduce operational risk: Empirical analysis of Chinese listed companies
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
2. Theoretical analysis and research hypotheses
2.1. Literature review 2.1.1. CSR and stakeholder theory CSR and stakeholder theory have developed as two mutually independent fields. The former discusses the company's responsibility to society and the latter is related to the relationship between various stakeholders and the company. Since the 1990s, these two theories have become fully integrated. On the one hand, stakeholder theory provides a theoretical basis for the study of CSR; on the other hand, research on CSR offers an empirical approach for stakeholder theory. Since the 1990s, many scholars have incorporated CSR into stakeholder theory as the basis for the empirical study of important issues such as the relationships between social responsibility and a firm's financial performance (profitability) and between social responsibility and firm value. Johnson (2003) indicated that within a certain range, social responsibility can increase firm profits and enhance firm value. Socially undesirable and irresponsible behavior has negative effects on financial performance. Margolis et al. (2009) found a small positive correlation between CSR and financial performance, although they did show that this relationship is weak. However, some research has reported the opposite conclusions. Elliott et al. (2013), for example, found that firm value is negatively associated with CSR. Lys et al. (2014) investigated the causality of CSR and financial performance to identify whether CSR is an investment or a signal. They found a positive correlation between CSR and future earnings and cash flows from operations but no statistically significant correlation between CSR and stock returns. They then showed that the positive correlation between CSR and earnings performance is driven by deviations from expected CSR. This finding is consistent with managers increasing CSR to signal their private information about strong expected future financial performance. Much of the recent literature on the consequences of CSR provides evidence of the mechanisms by which CSR performance relates to firm value. Cho et al. (2013) examined the correlation between CSR performance and information asymmetry and found that both negative and positive CSR activities can reduce information asymmetry. This association only exists in firms with fewer institutional investors, suggesting that informed investors act upon information on CSR performance. Clarkson et al. (2013) showed that voluntary environmental disclosure can increase firm value by providing incremental information about the firm's competitiveness and expected future performance. Thus, environmental disclosure can be seen as a signal to investors (see also Lys et al., 2014). Research on CSR and business risk has not been extensive. Dhaliwal et al. (2011, 2012) examined the cost of capital and showed that CSR disclosure can attract more analysts and institutional investors and reduce analyst forecast error, prompting a reduction in the cost of equity capital. However, Clarkson et al. (2013) did not find an association between environmental disclosure and the cost of capital. Similar studies have been conducted in China. Li (2006) used data on 521 companies listed on the Shanghai Stock Exchange to study the relationship between CSR activities and firm value. The results showed that the higher the commitment of enterprises to social responsibility, the lower is firm value; however, in the long-term, social responsibility does not reduce firm value. In sum, several domestic and foreign scholars have empirically examined the impact of social responsibility fulfillment and information disclosure on firm value, the cost of capital, and financial performance. Further, domestic scholars have identified the features that affect and measures that reflect operational risk. However, no domestic research has examined the relationship between listed companies' social responsibility fulfillment and information disclosure and operational risk. This study attempts to provide meaningful empirical results for this proposition.
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کلمات کلیدی:
Particle accelerators at CERN: From the early days to the LHC and ... www.sciencedirect.com/science/article/pii/S0040162516301858 by L Evans - 2016 - Cited by 2 - Related articles Highlights. •. Provides a short history of CERN colliders. •. Examines the contribution of particle accelerators to our understanding of the Standard Model. People also ask What is a particle accelerator used for? What does the LHC actually do? Where is CERN located? How does the Large Hadron Collider work? Feedback CERN accelerators | CERN timelines timeline.web.cern.ch/timelines/CERN-accelerators The 600 MeV Synchrocyclotron (SC), built in 1957, was CERN's first accelerator. It provided beams for CERN's first experiments in particle and nuclear physics. All about accelerators - LHC@home - CERN lhcathome.web.cern.ch/projects/sixtrack/all-about-accelerators The Large Hadron Collider (LHC) is a particle accelerator based at CERN, the European Organization for Nuclear Research, the world's largest particle physics ... CERN - Wikipedia https://en.wikipedia.org/wiki/CERN Jump to Large Hadron Collider - The European Organization for Nuclear Research known as CERN is a .... The initial particle beams were injected into the LHC August 2008. The first beam was circulated through the entire LHC on 10 ... Large Hadron Collider - Wikipedia https://en.wikipedia.org/wiki/Large_Hadron_Collider Jump to Safety of particle collisions - ... Collider sparked fears that the particle collisions might ... Two CERN-commissioned safety reviews examined these ...
