A longitudinal comparison of capital structure between young for-profit social and commercial enterprises

Siqueira, Ana Cristina O.; Guenster, Nadja; Vanacker, Tom; Crucke, Saskia

doi:10.1016/j.jbusvent.2017.12.006

Cited by 65 publications

(63 citation statements)

References 115 publications

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“…Access to finance is also important for green investments [23] because of the risk from the uncertainty of customer demand response [86]. In the case of for-profit social firms, they tend to have lower leverage [87]. Therefore, we created a dummy variable (Credit) equal to 1 if the firm stated having problems of credit access.…”

Section: Methodsmentioning

confidence: 99%

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Environmental vs. Social Responsibility in the Firm. Evidence from Italy

Ferri

Pini²

2019

Sustainability

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Sustainable behavior should necessarily benefit both the environment and society. However, we cannot take for granted that socially responsible firms are also environmentally responsible—e.g., a firm might benefit its stakeholders while degrading the environment—and the reverse applies too—e.g., an environmentally responsible firm might disrespect its employees. Consequently, our purpose is checking whether social responsibility and green investments—proxying for a firm’s environmental responsibility—are complements, substitutes, or unrelated choices. Using a representative sample of Italian manufacturing firms, our econometric estimates uncover the empirical relationship between social responsibility and green investments at firm level. We find evidence of complementarity, since socially responsible firms: (i) Are systematically more likely to make green investments; (ii) identify green investments as a voluntary choice promoting business competitiveness much more than other firms. Finding complementarity between social and environmental responsibility has important implications. Policies favoring the transition to sustainable development should adopt a systemic approach considering the positive spillovers of Corporate Social Responsibility (CSR) on environmental responsibility. Our evidence also suggests that firms indeed tend to behave in ways consistent with the holistic approach of the 2030 UN Agenda for sustainable development. Additional research should study how governance affects the CSR–environmental responsibility nexus.

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Section: Methodsmentioning

confidence: 99%

“…We also accounted for a firm's performance considering the relationship between innovation and business cycles [86][87][88][89][90]. Regarding green innovation, Horbach [25] analyzed both past performances and expected trends.…”

Section: Methodsmentioning

confidence: 99%

Environmental vs. Social Responsibility in the Firm. Evidence from Italy

Ferri

Pini²

2019

Sustainability

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“…In this sense, despite contemporary practices of sustainable entrepreneurship having many similarities with regular business, significant differences still exist [19], leading researchers to question whether sustainable entrepreneurships require specific theories or not [20]. There is a need to empirically investigate this phenomenon beyond the venture development [3].…”

Section: Introductionmentioning

confidence: 99%

Sustainable Entrepreneurial Process: From Idea Generation to Impact Measurement

et al. 2019

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In order to promote sustainable entrepreneurship, it is necessary to understand the sustainable entrepreneurial process. To address this gap in the literature, this study aims to investigate how entrepreneurs generate ideas, as well as recognize, develop, and exploit opportunities in the context of sustainable development. A case study was carried out with eleven organizations in six different countries, from different sectors, including not-for-profit and for-profit businesses. The findings address a series of mechanisms that occur prior to the process of generating an idea and are relevant to the positive impact of these businesses on society. Entrepreneurs' previous experiences and skills, as well as the knowledge of similar initiatives, strongly relate to motivation and idea generation. In the analyzed cases, prior experience seemed to be related to a sensitivity towards a social or environmental problem. Previous experience in entrepreneurship was not determinant. The quality of the initial idea was relevant, once little changes occurred throughout the entire process. In most situations both dimensions of sustainability were integrated at the same time and before venture launch. Despite this, the focus of the entrepreneurs was on only one dimension. The inclusion of positive impact measurement on society, as part of the sustainable entrepreneurial process model, is another relevant finding. First, it is necessary to differentiate the sustainable entrepreneur from the regular and the social entrepreneur. Secondly, in some situations, the dimensions of sustainability are not integrated at the same time and before venture launch, and therefore considering that the process is finished in the phase of venture launch can lead to misclassifications. The results also led to the recognition of triggers that can stimulate sustainable entrepreneurship, such as educational practices more aligned with sustainability problems faced by local communities, stronger dissemination of successful business cases related to sustainability in other countries and contexts, integration between universities and businesses, and the inclusion of practice-based learning in curricula. A contribution to the literature was achieved by providing a systemic perspective on sustainable entrepreneurial process. This study also contributes by presenting empirical evidence of the phenomenon of sustainable entrepreneurship. The holistic knowledge of this process provides new information that supports academics, policy makers, government, and individuals with a more appropriate understanding of the conditions that help to stimulate new business activities dealing with economic, social, and environmental problems faced in society, helping to achieve the United Nations Sustainable Development Goals.

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“…Langkah tersebut diambil mengingat terja dinya perubahan tren belanja di masyarakat yang beralih ke e-commerce dan menjaga agar korporasi mampu bertahan dalam persaingan bisnis baik dengan sesama korporasi ritel maupun e-commerce. Hasil temuan sejalan dengan hasil penemuan dari Naveed, Ramakrishnan, Anuar, Mirzaei (2015), Merino (2013), dan Siqueira, Guenster, Vanacker, & Crucke (2018).…”

Section: Hasil Dan Pembahasanunclassified

Manfaat Laba Untuk Menambah Utang Dan Mengurangi Pajak

Hidayah

Rahmawati

2019

jamal

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Manfaat Laba untuk Menambah Utang dan Mengurangi Pajak. Penelitian ini bertujuan menemukan dampak serentak dan parsial pada likuiditas, struktur aset serta laba korporasi atas struktur modal. Regresi linear berganda digunakan sebagai metode terhadap 25 korporasi ritel sejak tahun 2011-2017. Hasil temuan mengindikasikan korporasi ritel cenderung memaksimalkan pemanfaatan pembiayaan internal dari pada laba ditahan. Laba ditahan digunakan untuk membiayai aktivitas operasional serta ekspansi bisnisnya sehingga tingkat utang mengalami penurunan. Namun laba korporasi tidak dimanfaatkan manajemen untuk menarik kreditur baru sehingga pembayaran pajak menjadi lebih tinggi. Oleh sebab itu, manajemen harus memanfaatkan laba untuk menambah utang korporasi sebagai pengurang biaya pajak.

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A longitudinal comparison of capital structure between young for-profit social and commercial enterprises

Cited by 65 publications

References 115 publications

Environmental vs. Social Responsibility in the Firm. Evidence from Italy

Environmental vs. Social Responsibility in the Firm. Evidence from Italy

Sustainable Entrepreneurial Process: From Idea Generation to Impact Measurement

Manfaat Laba Untuk Menambah Utang Dan Mengurangi Pajak

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