Browsing by Author "Buglea, Alexandru"
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- ItemThe impact of environmental, social and governance policies on companies’ financial and economic performance: A comprehensive approach and new empirical evidence(Technická Univerzita v Liberci, ) Noja, Gratiela Georgiana; Baditoiu, Bianca Raluca; Buglea, Alexandru; Munteanu, Valentin Partenie; Gligor Cimpoieru, Diana Corina; Ekonomická fakultaIn the last decade, the use of integrated reports (IR) comprising information on non-financial indicators from the environment, social, and governance (ESG) category has increased in time. Companies are now focusing not only on financial reporting but are notably including non-financial issues in their public reports. In doing so, they seek to align activities with the expectations of their stakeholders and the society in which they operate, as well as with various regulations, which are increasingly relevant worldwide. This study examines the impact of ESG reporting on company performance. Our research involved analyzing financial and non-financial data from 2,400 companies extracted from the Refinitiv Eikon database. Two methods of quantitative analysis were applied, namely multiple linear regression models processed by the robust regression method and structural equation modelling. Main findings entail that ESG indicators had strong and medium effects on company performance, but these effects varied across different dimensions, requiring a tailored approach to embed ESG factors in corporate strategy to enhance overall performance. Our paper provides a new perspective on the current and the potential impact of ESG reporting, based on systematic theoretical and empirical analyse , with multiple implications for business administration and management.
- ItemInvestors’ reactions on the publication of integrated reports. Evidence from European stock markets(Technická Univerzita v Liberci, ) Raluca Bădițoiu, Bianca; Ioan, Roxana; Partenie Munteanu, Valentin; Buglea, Alexandru; Ekonomická fakultaThe last decades brought to stock market investors’ attention several key issues regarding companies’ activity, besides the financial statements. These issues, such as environmental, social, or corporate governance policies are nowadays included in integrated reports issued by many listed companies worldwide. Although these topics seem to currently attract a high interest in the media, our study’s aim is to determine whether the listed firms’ release of Integrated Reports has any bearing on the issuers’ performance on the capital market as assessed by market value, return, and risk. In this respect, we analysed three different stock market time series’ reactions – daily close prices, daily logarithmic returns, and risk measured by the Expected Shortfall – to the publication of integrated reports, for a sample of 48 companies, listed on various European stock markets. In order to identify any sudden changes in the analysed time series behaviour, immediately after the publication date, we used the Bai-Perron multiple structural breaks test. Our results show that no consistent, significant reactions occur within the analysed time series immediately after the publication of integrated reports, but only isolated, circumstantial reactions seem to appear. Moreover, it seems that the markets show common significant reactions to certain events, marked by major structural breaks, but none of these events could be related to the publication of integrated reports. Within this context, our paper manages to prove that although it currently constitutes a hot topic worldwide, integrated reporting is not a key feature in the investors’ short-term decisionmaking process.