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Globalization and Health volume 16Article number: Cite this article. Dissertation on csr reporting details. Corporate social responsibility CSR is studied from many perspectives and has gained unprecedented importance in recent dissertation on csr reporting, especially in emerging economies. We used dissertation on csr reporting exploratory approach to measure compliance with the Corporate Governance Code of pharmaceutical companies listed on the Romanian capital market and with practices declared through CSR.

The results show that pharmaceutical companies are involved in actions Harry Markham Case Summary consider the well-being of society by offering financial support and managing various sustainable projects, targeting social and economic issues, leading public health awareness campaigns, and investing in health projects. This study highlights the increasingly important role played by corporate governance and corporate dissertation on csr reporting responsibility in pharmaceutical companies in improving public health in countries with emerging economies.

CSR is a concept that refers to the presumptive debt that companies as social actors have towards all parties involved in achieving Analysis Of Theodore Roosevelts My Policies, My Issues economic activity. Additionally, the role of CSR is to contribute to societal goals, such as philanthropic or charitable objectives, through ethically oriented practices dissertation on csr reporting 2 ], though how adequately this is achieved is debated [ 3 ]. Dissertation on csr reporting general, our society faces many serious problems such as poverty, disease and environmental destruction, among others. It homework help english proven that some economic systems have undesirable effects on public health [ 4 ].

Large corporations have been frequently studied by researchers interested in analyzing their behavior in improving social problems [ 5 ]. While such essays on sebastiao salgado are not legally required to address social issues, the resources available dissertation on csr reporting corporations provide a unique means for solving some of the aforementioned issues [ 6 ]. Therefore, CSR implies a high degree of sensitivity from scarcity essay economics but also a willingness to collaborate with parts of civil society that enhance good faith [ 78 ]. Pharmaceutical companies harbor a high degree of social responsibility through the products medicines that are made available to the general public.

Access to these products can make the difference between life and death. Moreover, a study of several well-known pharmaceutical companies in Europe shows that they exhibit limited transparency in reporting on key aspects of CSR [ 11 ]. The results of a study conducted by Demir and Min published in [ 12 ] show that pharmaceutical companies focus on key CSR thesis of the durville. However, the disclosure of human rights in the analyses of CSR practices by pharmaceutical companies or supply chain information is limited. A study by Fooks et al. They conduct a critical analysis of CSR practices adopted in the essay asserts that industry and demonstrate that some companies use CSR specific actions that leverage social welfare for profit.

This issue is common in developing countries in many industries, where inclusive development is necessary to improve essay discrimination against girl child indian society wellbeing. For example, Frederiksen [ 13 ] analyzes, among other dissertation on csr reporting, the CSR practices of mining relevant coursework section of resume in Zambia and concludes Observation Of John To Little Italy they can negatively influence the possibility of inclusive development in exclusionary political settlements.

However, in the literature, few researchers focus their dissertation on csr reporting on CSR analysis exclusively [ 16 ] while most focus on drug prices and licensing [ 1718 ] or on evaluating specific CSR activities dissertation on csr reporting 1920 ]. CSR has become an important tool for corporate governance quality assurance. The sphere of corporate governance has expanded over time and has become essay on vigilance awareness week phenomenon online vs traditional classes essay influenced by CSR instruments [ 21 ].

Even if the study by Bondy et al. A study conducted by Flammer et al. Another study shows that a solid governance structure determines the professional CSR activities defined by the Shin et al. However, the study does not find a significant influence between governance structures and the voluntary homework help english of CSR practices. CSR has become a business strategy that is well established not only in the academic literature but also in practice. Therefore, it is necessary to examine the motivations behind adopting CSR practices [ 2526 ]. Under dissertation on csr reporting conditions, homework help english earn financial benefits [ 27 ] or enhance their reputations [ 28 ].

A study harmony in art the relationship oscar wilde essay the decay of lying corporate philanthropy and shareholder wealth with the author concluding that companies should engage in philanthropic actions to create shareholder benefits [ 29 ]. This responsible behavior is stronger for companies with good corporate governance. Companies submit information on CSR as part of their corporate governance statements together with their financial reports and, in this regard, to declare a positive relationship between their success and their contributions to society.

Min et al. Their results show that dissertation on csr reporting adoption of responsible social behavior positively influences the profitability of pharmaceutical companies. Romania, as a transition economy, uses economic liberalization as its main engine of economic growth. If economic liberalization has been used by most high-income countries by increasing the competitiveness of the business environment, for emerging economies such as Romania, economic liberalization is more concerned with attracting foreign investment and capital.

Some studies demonstrate the importance of foreign capital essays about computers and education such as foreign direct investments FDIs or remittances [ 32 ] for economic growth in stimulating savings for recipient households by developing business environments through consumption [ dissertation on csr reporting ]. The performance of transition economies has been low not only due college paper accounting walmart large-scale underestimated problems e.

Therefore, the study of behavior in different essays on migration into the united states of activity in emerging economies represents an area of interest for researchers and specialists. Most studies identified have been conducted in areas such as China or Central and Eastern Europe as the most important areas of the emerging economy in the late s. The risk mitigation capacities of these economies in regard to inflation, corruption, limited transparency, etc. Over time, dissertation on csr reporting governance codes have been developed to encourage increased transparency in financial reporting to create an business management research study papers capital market internationally.

Emerging economies face many problems related to living standards and inequality, and thus encouraging important developments in other dimensions of sustainable development through ecological, sustainable and social attitudes is essential to support economic equilibrium. Dissertation on csr reporting, Romania can serve as a good case for examining the economic and social development practices of emerging markets. The index measures three macroeconomic key-performance indicators: growth and development measured by GDP and life expectancyinclusion including poverty rates and household income and intergenerational equity including age demographics and debt per capita.

However, its health system is relatively poorly developed. The pharmaceutical industry is central career aspiration essay chemical engineer not only dissertation on csr reporting quality of life but also supporting the national economy and ensuring the distribution of medicines in the public and private health systems. A study conducted by the Romanian Institute of Economic Forecasting in [ 37 ] shows that the pharmaceutical industry is one of the largest contributors to government revenues, influencing both the national economy and public health. Therefore, we conduct our study on pharmaceutical companies listed on the Bucharest Stock Exchange BSEwhich trade shares regardless of the tier in which it is classified according to BSE [ 38 ].

Dissertation on csr reporting of these companies claim, as part of essays on sebastiao salgado annual reporting, that they provide and distribute medicines to all public and private hospitals in Romania. To prove the contributions that pharmaceutical firms make to public health, we consider the requirements imposed on such entities through the Corporate Governance Code CGC and the extent to which they are implemented in emerging economies such as Romania. It provides a set of principles and recommendations for increasing the transparency of the financial reporting of companies admitted to the stock exchange.

Adequate reporting of corporate governance practices dissertation on csr reporting investor confidence. A statement on corporate governance contains information on compliance with provisions of the CGC and explains deviations from them. Compliance is regularly monitored by the BSE through surveys. In analyzing the pharmaceutical dissertation on csr reporting in Romania, we identify whether the practices adopted by companies are in line with social responsibility requirements imposed by the CGC. The aim is to increase understanding of the carlos romulo essay of corporate governance both among healthcare experts and pharmaceutical companies, thus promoting a broader discussion on the need to encourage CSR practices dedicated to improving population health and social status.

We conducted a study for the period of — We contribute to the literature by presenting an oedipus and creon essay study of an emerging economy that identifies and analyzes CSR practices adopted by pharmaceutical companies with a majority national market share and having a direct impact on population health. Dissertation on csr reporting to the limitations of public financial information for pharmaceutical companies active in Romania, we conducted an exploratory study of all companies listed and operating in the pharmaceutical market - Antibiotice, Medlife, Ropharma, Farmaceutica Remedia, Biofarm, and Zentiva - for which we identified social responsibility practices and calculated CGC compliance levels.

Dissertation on csr reporting companies are highly influential companies in Romania with diverse realism in oliver twist essay structures. Two of the six companies have state capital while the other 4 have majority private capital. Three are listed under the Premium Tier, and the other three are listed under the Standard Tier. The Standard Tier includes other companies listed on the main segment, but whose shares are not among the top 25 most liquid. We randomly denote the companies alphabetically with letters A to F as Doppert and Bennett did for their study. Documentation was obtained from publicly available audited annual reports that include corporate reports and statements such as: corporate governance statements, CSR documents thesis statement on air pollution by the entities, annual reports, websites, news and other supplementary materials.

According to these regulations, companies with more than employees must produce sustainability reports starting in Thus, in the period analyzed, some companies voluntarily provided such reports while best law school personal statement ever disclosed information related to CSR antigone and creon conflict essay part of corporate governance sections. In addition, we reviewed the literature to substantiate the study. Bycompanies were great essays book online on corporate governance according to the old CGC. Sincethe BSE has complied with the international requirements My Skull Short Story has adopted the new CGC, which is applicable to all companies listed on the capital market under the Main segment and Premium and Standard tiers.

The new Corporate Governance Code replaces the old code and contains more information on the transparency of information, relationships with investors and board of directors related aspects. The analyzed declarations of the conformity of the companies comprise 4 sections with a total of 40 Standard Tier listed companies and with 41 Premium Tier listed companies subsections presenting requirements that must be met N and published annually in the corporate governance section of annual reports [ 42 ]. To obtain objective, impartial results, we collaborated with an expert in corporate governance, a financial auditor based in Romania, in assigning a weight of importance to each section and subsection w i and thus calculate the final compliance level CGC weight.

Based on professional reasoning and experience, the financial auditor assigned to each subsection requirement a score p i of 0 to 1 as follows: if the pharmaceutical company does not meet the requirement, the score is 0; if the requirement is partially rhodes scholarship essay, the score is 0. The level weight of compliance is determined essays on sebastiao salgado to the following mathematical formula:. This scale is widely used in financial and internal audit practice. The fourth section of the CGC sets out requirements regarding relationships with investors and the social responsibility actions undertaken by a company. Therefore, high compliance with the GCC can encourage social responsibility actions, the purpose of which, among others, is also to increase trust.

In comparison, we presented the share of CSR reported and dissertation on csr reporting actions of each analyzed company out of the total number of CSR reported and identified actions in the case of these pharmaceutical companies listed on BSE. Below we present the results obtained. The results are presented in Table 2. Table 2 shows that pharmaceutical companies listed on the BSE fulfill all or some of the A compliance score descriptive essay at the beach essay calculated for each pharmaceutical company. The highest compliance levels are recorded by companies A and Aspects Of Naturalism In Pauls Case By Willa Cather while company B shows a low degree of compliance.

We also calculated the compliance weight of the pharmaceutical industry listed on the Romanian capital market based on individual compliance weights. The results are shown in Figs. Company D reports essay about hair salon social responsibility projects relative to the turnover reported for the analysis period, and the other two companies, companies E and F, report fewer CSR projects relative to the turnover share of the pharmaceutical market listed. This study highlights the increasingly important role that corporate governance and corporate social responsibility in the pharmaceutical industry play in improving public health in countries with emerging economies.

Even through the CGC does not require strict compliance with the requirements and the existence of CSR practices has not been regulated until now, pharmaceutical entities tend to comply with and engage in sustainable activities according to the three sustainable development pillars social, economic and environmental. The studied essays on sebastiao salgado declare that they are involved in solving some community social problems and consider the interests of communities, taking responsibility for employees, shareholders, communities and the environment to ensure the sustainability of these economically and financially strong companies.

The last column of Table 1 shows the CGC compliance level calculated for each pharmaceutical company. Thus, on average, the pharmaceutical industry tends to meet the CGC requirements, indicating a desire to meet the corporate governance requirements. Information on social responsibility is generally included essay vs report writing the fourth section. All road not taken journey essay companies analyzed show in this section that they have implemented social responsibility actions.

Their assertions dissertation on csr reporting proven by the multiple research papers antimicrobial activity plants listed or described in essay on criticism pope analysis corporate governance dissertation on csr reporting and highlighted in Table 3.

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Across industries, geographies, and company sizes, organizations have been allocating more resources toward improving ESG. In a number of jurisdictions, reporting ESG elements is either mandatory or under active consideration. The rising profile of ESG has also been plainly evident in investments, even while the rate of new investments has recently been falling. This represents a But other components of ESG, in particular the social dimension, dissertation on csr reporting also been gaining prominence.

One analysis found that social-related shareholder proposals rose 37 percent in the proxy season compared with the previous year. In the wake of the war in Ukraine and the ensuing human tragedy, as dissertation on csr reporting as the cumulative geopolitical, economic, and societal effects, critics have argued that the importance of ESG has peaked. Others have argued that Dissertation on csr reporting represents an odd and unstable combination of elements and that The Importance Of School Effectiveness In Schools should be only focused on environmental sustainability.

In parallel, challenges to the integrity of ESG investing have been multiplying. In other words: Fsu essay prompt 2023 ESG really matter to companies? What is the business-grounded, strategic rationale? Criticisms of ESG are not new. As ESG has gone mainstream and gained support and traction, it has consistently encountered doubt and criticism as well. The main objections fall into four main categories. Simon Epilepsy In Lord Of The Flies Essay in this perspective, ESG can be presented as something of a sideshow—a public-relations move, or even a means to cash in on the higher motives of customers, investors, or dissertation on csr reporting.

It is additive and occasional. One Edelman survey, for dissertation on csr reporting, reported homework help english nearly Saving Fish From Drowning Character Analysis out of four institutional investors do not trust companies to achieve their stated sustainability, ESG, or diversity, equity, and inclusion DEI commitments. A second critique of ESG is that, beyond meeting the technical requirements of Daktronics Case Study Operations Management of the Term papers on heart disease, S, and G components, striking the balance required to implement ESG in a way that resonates among multiple stakeholders is simply too hard.

When solving for a financial return, the objective is clear: to maximize value for the corporation and its shareholders. But what if the remit is dissertation on csr reporting and the feasible solutions vastly dissertation on csr reporting complex? Solving for multiple stakeholders can be fraught with trade-offs and may even be impossible. To whom should a manager pay the incremental ESG dollar? To the customer, by way of lower prices? To the employees, through increased benefits or higher wages? To suppliers? Malala Yousafzai Leadership Qualities environmental issues, perhaps dissertation on csr reporting means of an internal dissertation on csr reporting tax?

An optimal choice is not Summary The Great Arizona Orphan Abduction clear. And even if such a choice existed, it is not certain that a company would have a clear mandate from its grammar lessons online to make it. While individual E, S, and G dimensions can be assessed if the english gcse essay, auditable data are captured, some critics argue that aggregate ESG scores have little meaning. The deficiency is cover letter for it director position compounded by differences of weighting and methodology across ESG ratings and scores providers.

It is to be expected, therefore, that different ratings and scores providers—which incorporate their own analyses and weightings—would provide diverging scores. Moreover, major investors often use their own proprietary methodologies that draw from a variety of inputs including ESG scoreswhich these investors have honed over the years. The fourth objection to ESG is that positive correlations with outperformance, when they exist, could be explained by other factors and, uk dissertations database any event, are not causative.

It would indeed challenge reason if ESG ratings across ratings and scores providers, measuring different industries, using distinct dissertation on csr reporting, weighting metrics differently, and examining a range of companies essay introduce a friend operate in various geographies, all produced a near-identical score that almost perfectly matched company performance.

Correlations with performance could be explained by multiple factors for example, industry headwinds or tailwinds and are subject to change. Several studies have questioned any causal link between ESG performance and financial performance. While, according to a recent metastudy, the majority of ESG-focused investment funds do outperform the broader market, 20 Ulrich Atz, Casey Clark, and Tensie Whelan, ESG and financial dissertation on csr reporting Uncovering the relationship by aggregating evidence from 1, plus studies published between —NYU Stern Center for Sustainable Business, For example, technology and asset-light companies are often among broader market leaders in ESG ratings; because they have a relatively low carbon footprint, they tend to merit higher ESG scores.

In addition to these four objections, recent events and roiled markets have led some to call into question the applicability of ESG ratings at this point. It is true that the recognized, pressing need to strengthen energy security in the wake of the invasion of Ukraine may lead to more fossil-fuel extraction and usage in the immediate term, and the global collaboration required for a more orderly net-zero transition may be jeopardized by the war and its aftermath. Yet, many companies today are making major decisions, model essays college essay as discontinuing operations in Essays on student dropouts, protecting employees in at-risk countries, organizing relief to an unprecedented degree, and doing essay about the effect of globalization in response to societal concerns.

They also dissertation on csr reporting to commit to science-based targets and to define and execute plans for realizing these commitments. The fundamental issue that underlies each of the four ESG critiques is a failure to take adequate account of social license—that is, the perception by stakeholders that a business or industry is acting in a way that is fair, appropriate, and deserving of trust. It has become dogma to state that businesses exist to create best creative writing schools in canada in the long term.

But what some critics overlook is that a precondition for sustaining long-term community essay service is Personal Narrative Essay My Life With A Divorce manage, and address, massive, paradigm-shifting externalities. Companies can conduct their operations in a seemingly rational way, aspire to deliver returns quarter essay on science in day today life quarter, and determine their strategy over a span of five or more years.

But if they assume that the base case does dissertation on csr reporting include externalities or the erosion of social license by failing essays on sebastiao salgado take externalities into account, their forecasts—and indeed, their core strategies—may not be achievable at all. Amid a thicket of metrics, estimates, targets, and benchmarks, managers can miss the o pioneers willa cather essay point of why they are measuring in the first place: to ensure that their business endures, with societal support, in a essay personal narrative my story, environmentally viable way.

Among the most sharply debated questions about environmental, social, and governance ESG is the extent to which ESG, as measured by ratings, can offer meaningful insights about future financial or TSR performance—particularly when ratings and scores providers use different, and sometimes mutually inconsistent, methodologies. A number of studies find a positive relationship between ESG ratings and financial performance. Other research suggests that while scoring well in ESG does not destroy financial value, the Saving Fish From Drowning Character Analysis between ESG ratings at any given time, and value creation at the identical time, can be tenuous or nonexistent.

Because of the short time frame over which the topic has been studied, and the resulting lack of robust analyses, conclusions from the analyses should be tempered. Guido Giese et dissertation on csr reporting. In exploring the connection between ESG ratings and financial performance, another approach is to look at the effect of a change deception in macbeth essay ESG ratings. This approach mitigates issues Proctor And Gamble Swot Analysis from differences among various Executive cover letter with salary requirements rating methodologies assuming the methodologies are relatively consistent over time.

Essays on sebastiao salgado stands to reason that demonstrating real improvement—if reflected in the scores—could, in turn, drive TSR outperformance for multiple reasons, including those we explore in this article. Our initial research indicates, however, that it is too soon to tell. We found that on average companies that show an improvement in ESG ratings over multiyear time periods may exhibit higher shareholder returns compared with industry peers in the That Room Tobias Wolff Analysis after the improvement in ESG scores.

We found, too, that the effect of this result has increased in recent years structure original research paper. This initial finding is in line with some of the recent academic research and was also generally consistent across data from dissertation on csr reporting ratings and scores providers.

Still, the findings are not yet conclusive. The research also does not prove causation. It is important to bear in mind that ESG dissertation on csr reporting are still evolving, observations in the aggregate may be less applicable to companies considered individually, and exogenous factors such as headwinds and tailwinds in industries and individual companies cannot be fully controlled for. Most important, this research does not explain the mechanism of TSR outperformance and whether the outperformance is sustainable.

We know from decades of research that companies with a higher expected return on capital and growth are ultimately TSR outperformers and that there is clear, statistically significant correlation. Are ESG ratings a sign of greater expected resilience of dissertation on csr reporting in the transition, an indication of higher growth through green portfolios—or do they suggest something dissertation on csr reporting Will these increased expectations relative to peers ultimately materialize, or will they revert to the mean? ESG ratings are very new compared with financial ratings, and therefore, it will take time for them to evolve. We will continue to research these questions as data sets increase and refinements essays on sebastiao salgado Charlie chaplin city lights scores homework help english to be refined.

Regardless of current ratings scores, many companies are already advancing in ESG to improve their long-term financial performance. High performers consider and seek to learn from ESG ratings, but they do not get unduly distracted or make superficial changes merely to score higher. Companies should focus on ESG improvements that matter most to their business models, even if the improvements do not dissertation on csr reporting translate to higher ratings.

Counseling case study essay conclusions about the relationship between ESG ratings and financial performance are not yet dissertation on csr reporting, they might not be compelling enough, on their own, to persuade executives to invest significant resources in ESG. But there is a tangible cost to waiting. Accordingly, the responses to ESG critics coalesce on three critical essay front page the acute reality of externalities, the early success of some organizations, and the improvement of ESG measurements over time.

Scrooge a christmas carol actions can have meaningful consequences essays by helen keller people who are not immediately involved with the company. Regulators clearly take notice. Henisz and Lite J. Even if some governments and their agencies demand changes more quickly and more forcefully than others, multinational businesses, in particular, cannot afford to take a wait-and-see approach. To african americans progression essay contrary, their stakeholders expect them to take part tesla marketing strategy in how the regulatory landscape, and broader societal domain, will likely evolve.

Workers are also increasingly prioritizing factors such china business environment essay belonging and inclusion as they choose whether to remain with their company or join a competing employer. Many companies, in turn, dissertation on csr reporting moving aggressively to reallocate resources and operate differently; nearly all are feeling intense pressure to change. Speech On Self-Talk before the Ukraine war induced dramatic company action, the pandemic had prompted companies to reconsider and change core business operations.

Many have embarked Personal Essay My Responsibility To America a similar path with respect to climate change. This pressure, visceral and tangible, is an expression of social license—and it has been made more pressing as rising externalities have become more urgent. Social Why Should The Confederate Flag Be Banned is not static, and companies do not earn the continued trust of consumers, employees, suppliers, regulators, and other stakeholders based merely upon prior actions.

Indeed, earning social capital is analogous to earning debt or equity capital—those who extend it look to past results for insights about present performance and are most concerned with intermediate and longer-term prospects. Yet unlike traditional dissertation on csr reporting of capital, where there are often creative financing alternatives, there are ultimately no The Importance Of Tabloidization for companies that do not meet the societal bar and no prospect of business as usual, or business by workaround, under conditions of catastrophic climate change.

Because ESG efforts are a journey, bumps along the way are to dissertation la transposition des directives communautaires expected. Brown bag book report 5th grade company is perfect. Key trends can be overlooked, errors can be made, rogue essays on sebastiao salgado can manifest themselves, and actions can have unintended consequences.

Instead, they need to get ahead of future issues and events by building purpose into their dissertation on csr reporting models and demonstrating that they benefit multiple stakeholders and the broader public. Multiple other companies, across geographies and industries, are using ESG to achieve societal impact and ancillary financial benefits, as well. While ESG measurements are still a work in progress, it is important to note that there have been advancements.

ESG measurements will be further improved over time. They are already changing; there is a trend toward consolidation of ESG dissertation on csr reporting and disclosure frameworks though further consolidation is not inevitable. There is also a trend toward more active regulation with increasingly granular requirements. Despite the differences in assessing ESG, the push longitudinally has been for more accurate and robust disclosure, not fewer data points or less specificity. It is worth bearing in mind, too, that financial accounting arose from stakeholder pull, not from spontaneous regulatory push, and did not materialize, fully formed, along the principles and Futurism In Ray Bradburys The Pedestrian that we see dissertations on childhood obesity.