Moderation impact of national culture on international firm’s environmental,social, governance and financial performance

We examine whether country-level national culture dimensions might moderate an international firm’s environmental, social, governance performance to strengthen or weaken its financial performance based on the Institutional Difference Hypothesis. We find that low power distance, high individualism, high masculinity, high uncertainty avoidance, long-term orientation, and indulgent national culture would moderate a firm’s environmental, social, governance performance to strengthen its financial performance further. On the contrary, high power distance, collectivism (low individualism), feminine, low uncertainty avoidance, short-term orientation, and restraint dimensions would be expected to weaken a firm’s financial performance by discouraging firms from undertaking superior environmental, social, governance performance. GLOBE’s findings such as low power distance, collectivistic institutional and in-group national culture, high uncertainty avoidance, future orientation, all report a significant positive moderation impact on a firm’s environmental, social, governance performance to strengthen its financial performance further. However, high gender-egalitarian national culture and high assertiveness would negatively moderate firm’s financial performance and environmental, social, governance performance. Overall, we think that our findings would further propagate the institutional difference hypothesis as we observe that each of our studied national culture dimensions would moderate firm’s environmental, social, governance performance and financial performance associations significantly.     

机构投资者网络团体如何影响企业ESG表现？

近年来,证券市场中的机构投资者扮演着越来越重要的角色,它们可能通过共同持股关系形成网络团体,采取一致行动。基于中国2010—2020年A股上市公司数据,构建了机构投资者网络团体,结合社会网络理论与代理理论,探究网络团体持股对企业ESG表现的影响。研究结果表明：网络团体持股可以有效提升企业ESG表现;网络团体持股能够缓解2类代理问题,通过提升信息透明度以及抑制大股东私利促进了企业ESG表现;在缓解了内生性问题,并进行了稳健性检验后,网络团体持股提升企业ESG表现的结论仍成立。进一步研究的结果表明,网络团体的特征会影响企业的ESG表现,即团体数量更多、规模越大、背景越丰富,持股越稳定,相对力量越强,企业ESG表现越好。研究结论既丰富了机构投资者网络团体的后果研究和企业ESG表现影响因素的研究,也为上市公司、机构投资者和政府提供了一定的实践启示。     

On the role of impact evaluation of quality assurance from the strategic perspective of quality assurance agencies in the European higher education area

In this paper the current national legislations, the quality assurance approaches and the activities of impact analysis of three quality assurance agencies from Romania, Spain and Germany are described from a strategic perspective. The analysis shows that the general methodologies (comprising, for example, self-evaluation reports, peer reviews, on-site visits, assessment reports, follow-up measures) and main subjects of quality assurance in higher education (such as study programmes and institutional structures and processes) are very similar in the sample cases. However, up to now, impact evaluation of quality assurance has not been implemented systematically in the sample agencies (as in many others). This is the more relevant since the European standards of quality assurance in higher education oblige quality assurance agencies to analyse their general findings and observe the effects of their activities. Against that background, it is argued that methodologically sound impact analyses of quality assurance interventions in higher education institutions should be seen as an integral part of the agencies’ own quality assurance because it would make their work more transparent and easier to improve systematically. The paper identifies some professionalisation needs required for impact evaluation competences: staff and peers who are qualified by methodological knowledge but also by ‘soft’ skills such as project and conflict management.     

Quality assurance and its impact from higher education institutions’ perspectives: methodological approaches,experiences and expectations

This paper reports on methodological approaches, experiences and expectations referring to impact analysis of quality assurance from the perspective of three higher education institutions (students, teaching staff, quality managers) from Germany, Finland and Romania. The presentations of the three sample institutions focus on discussing the core characteristics of quality assurance procedures applied and their expected and observed impacts, and how intended and non-intended undesirable ones are measured. It turns out that all sample institutions have already some instruments and sub-procedures in place for impact analysis of quality assurance and all of them are striving for further improvement by applying internal and external quality assurance procedures and impact analyses. Finally, a closer look at the recently revised Standards and Guidelines for Quality Assurance in the European Higher Education Area shows that the European sample institutions are on their way towards coherent quality assurance policies, while there is also room left for further improvement and investigation (for example, in implementing systematic methodologies of impact evaluation and quality policies in general).     

创新驱动战略下ESG、研发投入与企业价值的联动效应

创新是实现重污染行业可持续发展的重要手段。要保持创新的持续韧性,使ESG理念融入企业运营,需关注创新驱动价值的持续生成机制。基于重污染行业2011-2020年上市公司数据,采用PVAR模型研究研发投入、ESG与企业价值的联动效应。研究发现：(1)研发投入驱动企业价值、ESG单向联动,ESG与研发投入的互为引致效应主要来自公司治理的贡献,ESG与企业价值的双向互动效应主要来自社会责任的贡献。(2)研发投入的价值回报滞后与持续韧性不足并存,与环境责任相关的研发投入严重不足。(3)小企业、高成长企业ESG、研发投入向企业价值的转化和互动不足。     

The importance and degree of implementation of the European standards and guidelines for internal quality assurance in universities: the views of Portuguese academics

Abstract

The article aims at critically discussing the role and position of a buffer agency from the point of view of some of its different tasks, viz. accreditation, quality audit, support of academic leadership and internal quality enhancement The contribution seeks to illuminate the conflicting roles of a buffer orgamsation in the light of these tasks and pressures from the government and higher education institutions. It concludes that the different roles can support and complement each other, and that change is best accomplished by emphasising support in the early stages of the establishment of a national quality assurance system.     

Russian Higher Education and European Standards of Quality Assurance

This article considers the relevance and implementation of European approaches to quality assurance in the context of the Russian educational system. It covers the issues of transformation of the higher education system during the post-Soviet period, specific features of the state accreditation system, the impact of the European Standards and Guidelines (ESG) ( http://www.enqa.eu/files/ESG_3edition%20(2).pdf )on Russian Quality Assurance system and trends in quality assurance of higher education.     

企业ESG表现与全要素生产率的关系——基于上市公司的实证检验

文章以2011-2020年沪深A股上市公司为研究样本,实证检验了企业ESG表现对全要素生产率的影响,结果显示：(1)企业ESG表现越好,全要素生产率越高;(2)机制检验结果表明,企业ESG表现通过增加技术创新投入以及提高资源配置效率的方式促进全要素生产率的提高;(3)异质性检验表明,对于处于市场化程度低的地区的国有企业而言,ESG表现对全要素生产率的促进作用更加明显。因此,政府应对企业ESG实践给予相应的要求和支持,企业应将ESG表现植入发展目标和战略中,以实现全要素生产率提升的目的。     

企业ESG信息披露与股价波动性

随着高质量发展和“双碳”实践的深入,ESG信息披露对股票市场乃至整个资本市场的健康稳定至关重要。文章以2009-2021年中国资本市场A股上市公司年度数据为样本,实证检验ESG信息披露对股价波动性的影响及其作用机理。结果表明：(1)ESG信息披露显著降低了股价波动性;(2)ESG信息披露通过信息效应、内部治理效应和外部声誉效应降低股价波动性,即ESG信息披露通过提高信息透明度、内部控制质量和机构投资者持股比例抑制股价波动性;(3)在市场环境和法治环境较好的地区,ESG信息披露对股价波动性的抑制作用更显著;(4)ESG信息披露对股价波动性的抑制作用有助于企业高质量发展。     

重污染企业数字化转型对ESG表现的影响研究

企业数字化转型是促进我国数字经济和企业高质量发展的必由之路。践行ESG理念亦是“绿水青山”政策下促进我国重污染企业绿色低碳发展的重要举措。基于此现实背景下采用沪深A股2009-2021年数据,利用Python爬虫技术构建不同的企业数字化转型指标,实证研究了重污染企业数字化转型对其ESG表现的积极作用。研究发现：重污染企业数字化转型将会提升企业ESG表现,重污染企业数字化转型通过促进其绿色技术创新和提高信息披露水平,促使企业保护生态环境、履行社会责任、提高治理能力,最终提升ESG表现。进一步研究发现在融资约束更高、中西部和北方等自然资源丰富地区、民营企业中企业数字化转型对ESG的影响会更为显著;在采用工具变量、固定效应、更换自变量和更换行业划分后结论仍然成立。研究结论从微观层面进一步验证了国家制定“双碳”目标和数字经济政策的必要性和有效性,也为我国企业在数字经济发展浪潮下实现可持续发展和绿色低碳转型提供一定的理论参考。