This paper aims to investigate whether there are relationships among corporate disclosure of environmental, social and governance (ESG) and firms’ operational (ROA), financial (ROE) and market performance (Tobin’s Q), and if these relationships are positives or negatives or even neutral.,The study sample covers US S&P 500-listed companies during the period 2009 to 2018. Panel regression analysis was used to examine the study hypotheses and achieve the study aims.,The results showed that ESG disclosure positively affects a firms’ performance measures. However, measuring ESG sub-components separately showed that environmental (EVN) and corporate social responsibility (CSR) disclosure is negatively associated with ROA and ROE. EVN and CSR disclosure is positively related to Tobin’s Q. Further, corporate governance (CG) disclosure is positively related to ROA and Tobin’s Q, and negatively related to ROE. More importantly, ESG, CSR, EVN and CG tend to be higher with firms that have high assets and high financial leverage. Furthermore, the higher level of ESG, EVN, CSR and CG disclosure, the higher the ROA and ROE.,The study limns a vision of the role of ESG on firm performance. This study tries to determine whether there are relationships among all ESG disclosure and FP, and if they are positive, negative or even neutral.

ESG impact on performance of US S&P 500-listed firms

Purpose – The purpose of this paper is to examine the intellectual capital (IC) performance of the Australian Financial Sector for the period 2006‐2008. It also aims to examine the relationship between IC performance and the financial performance of the financial sector.Design/methodology/approach – The value added intellectual coefficient (VAIC) approach developed by Pulic is used to determine the IC performance of the Australian financial sector. The required data to calculate different constituents of IC was obtained from the annual reports of Australian Financial Sector companies.Findings – The value creation capability of financial sector in Australia is highly influenced by human capital. About two thirds of the sample companies have very low levels of intellectual capital efficiency. The performance of various components of VAIC and overall VAIC differs across all subsectors in the financial sector. Investment companies have high value VAIC due to higher a level of human capital efficiency, as comp...

Intellectual capital and financial performance: an evaluation of the Australian financial sector

Determinants of corporate social responsibility disclosures: Evidence from India

Purpose – The purpose of this paper is to study the relationship between intellectual capital (IC) and performance of pharmaceutical firms in India. The secondary objective is to propose and test modified models of Value Added Intellectual Coefficient (VAIC™) method. Design/methodology/approach – Data on 22 large pharmaceutical firms collected for empirical investigation. Return on assets and return on sales are performance variables. IC and its components – human capital, structural capital and relational capital (RC), are predictor variables. Three extended and modified VAIC™ models (e-VAIC™) are proposed. Multiple regression technique is applied on pooled data to draw inferences. Findings – Results show instances of positive relationship between IC and performance variables. RC, the new variable, does not demonstrate statistically significant relationship with performance variables. Research limitations/implications – Due to inadequate reporting of IC and its components, availability of data on various...

Intellectual capital and performance of pharmaceutical firms in India

The current study examines the determinants of profitability of Indian commercial banks. The analysis is conducted over a period of 10 years in which the Indian banking sector has gone under different changes such as demonetization and issues related to banking sector sustainability and banking sector frauds. The analysis is based on balanced panel data over a period ranging from 2008 to 2017 for 69 commercial Indian banks. Profitability of Indian banks is measured by two proxies, namely, return on assets (ROA) and return on equity (ROE), whereas bank size, assets quality, capital adequacy, liquidity, operating efficiency, deposits, leverage, assets management, and the number of branches are used as bank‐specific factors. Further, a set of macroeconomic determinants such as gross domestic product, inflation rate, interest rate, exchange rate, financial crisis, and demonetization are used as independent variables. Stationary test along with pooled, fixed, random effect models and panel correction standard error are used in this study. The results revealed that bank size, the number of branches, assets management ratio, operational efficiency, and leverage ratio are the most important bank‐specific determinants that affect the profitability of Indian commercial banks as measured by ROA. Furthermore, among the bank‐specific determinants, the results revealed that bank size, assets management ratio, assets quality ratio, and liquidity ratio are found to have a significant positive impact on ROE. With regard to the macroeconomic determinants, the results revealed that the inflation rate, exchange rate, the interest rate, and demonization are found to have a significant impact on ROA. However, in the case of ROE, the results show that all macroeconomic determinants except demonization have a significant impact on the bank's profitability as measured by ROE.

The determinants of profitability of Indian commercial banks: A panel data approach

Purpose – The purpose of this paper is to measure the intellectual capital performance of Indian banks and established a relationship between intellectual capital and return on assets (ROA). The paper also compared the intellectual capital performance of public sector and private sector banks. Design/methodology/approach – This study is based on secondary data from the top 20 Indian banks. Ten banks were selected from each of the public and private sectors on the basis of paid-up equity capital. The analysis was made using the value added intellectual coefficient, the coefficient of variation, exponential growth rates, trend analysis, Yule’s coefficient, the coefficient of correlation, the F-test and the t-test. Findings – The study revealed that private sectors have performed relatively better regarding the creation of total information coefficient (IC). However, the ROA was still below the international benchmark of > 1 percent. The major cause of the lower IC and the reduced ROA is disproportionate to ...

Measuring intellectual capital performance of Indian banks: A public and private sector comparison

Purpose – This paper aims to: design a comprehensive, review‐based and statistically tested corporate social responsibility disclosure (CSRD) index; measure item‐wise and theme‐wise the social performance of the top 82 companies in India; and investigate item‐wise and theme‐wise the variations in CSRD.Design/methodology/approach – The paper presents an empirical study of CSRD in 2009‐2010, using content analysis, Cronbach's α, the Kolmogorov‐Smirnov and Shapiro‐Wilk tests of normality and a six point scale (0‐5), mean, skewness, kurtosis, and Levene's, Kruskal‐Wallis's and Mood's median tests for analysis and interpretation.Findings – CSRD shows less satisfactory social performance, mainly narrative, and varies significantly among items and themes. Community development, with a mean score of 14.30, is the most disclosed theme, followed by HR, with a score of 11.20. The human element is the center of social performance in India. More than equal focus should be given to the environment and to emissions, whi...

Measurement of corporate social performance: an Indian perspective

Efficient management of working capital helps to avoid financial crises, thereby, increasing the profitability and enhances the firm value. The present study analyses the working capital performance of 164 manufacturing BSE 200 companies classified into 19 industries over the period of 2000-2010 based on working capital score calculated by using normalised values of Cash Conversion Efficiency, Days Operating Cycle and Days Working Capital. The study explores abundant scope to increase the efficiency of 145 companies by improving the parameters of analysis. The improvements are bound to generate increased profits and profitability of leading corporate of India. The study tests the relationship between the working capital score and profitability measured by Income to Current Assets and Income to Average Total Assets. The results of the study support earlier studies revealing that efficient management of working capital significantly affects profitability.

Managing Efficiency and Profitability Through Working Capital: an Empirical Analysis of BSE 200 Companies

Efficient management of working capital is an important indicator of sound health of an organization. It means management of various components of working capital in such a way that an adequate amo...

Managing Working Capital Efficiency in Capital Goods Sector in India

Purpose: The paper seeks to empirically investigate the relationship between investment and financing policies profitability and risk. Design/methodology/approach: The analysis is based on 164 companies classified into 19 Industrial Sectors(as per BSE 200 index) in India in respect of whom data from 2000-2010 has been taken from CMIE database. The regression analysis has been used. Findings: The pooled data of all the industrial sectors found a negative relationship between the profitability measures of firms and degree of aggressiveness of working capital investment but a positive relationship between profitability and aggressiveness of working capital financing policies. Also, there is a positive relationship between degree of aggressiveness of investment policy as well as financing policy and risk of variation of sales. There is similar positive relationship between degree of aggressiveness of investment as well as financing policy & the risk of variation of profitability as measured by return on assets & return on equity. Practical implications: The findings suggest that managers can increase profitability by efficiently managing current assets and current liabilities.

Impact of investment and financing policies on profitability and risk

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