Financial markets are the driving force behind the world; they determine the actions of companies and the wealth of billions. Each day they go up and down dependant on numerous factors, however, whether social, environmental or sustainability issues (hereafter all will be referred to generically as social issues) are included in those factors is still unclear. This paper looks to examine whether financial markets are concerned with these issues and why we should care if they do or not. “If certain actions (classified as socially responsible) tend to be negatively correlated with financial performance of firms, then managers might be advised to be cautious in this area. If, on the other hand, a positive relationship can be shown to exist, then management might be encouraged to pursue such activities with increased vigour or to investigate the underlying cause of the relationship” (Cochran & Wood, 1984). Firstly we will look at some evidence concerning the link between the markets and these issues and from it we come to the conclusion that markets in fact do not care, or respond, to social issues. We will then discuss why we may be concerned with these results; why should we care the markets do not react to these issues? Finally we will look at how we might get the markets to respond to these issues, one such way may be Elkington’s Triple Bottom Line.
There have been several different arguments concerning whether financial markets are affected by social issues. Some claim a negative relationship; their arguments state that the added costs of being responsible put them at a disadvantage to other comparable firms who have not been as socially responsible as them (Bragdon & Marlin, 1972; Vance, 1975). Contrasting this are those arguing a positive relationship (Anderson & Frankle, 1980; Bowman & Haire, 1975); Soloman & Hansen (1985) state that it can result in increased employee and customer goodwill. Others state that it can aid relationships with key institutions and people (banks, investors and the government for example) bringing with it economic benefits (Moussavi & Evans, 1986). One other argument for a positive relationship is that of Cornell & Shapiro (1987); their discussions on stakeholder theory lead to a conclusion that firms with an image of higher social responsibility have a better financial performance. Some simply conclude that it doesn’t matter either way; “economic performance is not directly linked, in either a positive or negative fashion, to social responsiveness” (Arlow & Gannon, 1982).
With so many conflicting arguments and varying methods of research done, it can be hard to find the real truth to discuss. Primarily for simplicity we have selected the conclusions of Murray et al. (2006) as the basis of this discussion. Their methods take into account and build upon the research done before them; this gives them a greater degree of accuracy in their results. They also undertake a longitudinal examination of the trend as a result of the arguments by Gray et al. (2001) that a relationship is more likely to be seen over time rather than at one point in time. The specific link this study focussed on was that between the behaviour of the stock market (the share price returns for the company) and social disclosure (the data reported by that company). The data sets used were subjected to several statistical tests and the Pearson Correlation (used to test for a linear association) and the Chi-Squared test (used to test for a non-linear association) resulted in the conclusion “no relationship, either linear or non-linear, however, emerges from an analysis of the findings” (Murray et al., 2006). It would appear from their findings that markets do not appear to care about social issues; of the many different factors that change the market they are not one of them. So why is it a concern to us whether the markets care about these issues? Well, if it could be shown that these disclosures can start to affect the markets then a viable case can be included with the moral case that “substantive social and environmental disclosure needs to become a regular, significant and regulated part of corporate disclosure” (Murray et al., 2006). From this we can consider, like Schmidheiny & Zorraquin (1996), that financial markets may be a key driver for global sustainability.
Considering some evidence, this conclusion may not seem too unexpected. Traditionally, investors are still assumed to be concerned with nothing but maximising their risk-adjusted returns (Benston (1982); Skogsvik (1998); Rivoli (1995)). “Under such an assumption, there is no immediate or obvious reason for shareholders to have any interest in the social and/or environmental aspects of their investment – except insofar as those aspects represent a potential risk to the investment or whose disclosure can be taken as signals about the competence of management (Neu et al., 1998; Hufsted, 2000; Orlitzky and Benjamin, 2001; Milne and Patten, 2002)” (Murray et al., 2006).
Considering that the markets, in fact, do not care about these social issues, why is it that companies dedicate so much to producing these social disclosures. As Murray et al. (2006) suggests; it appears simply wasteful of the management to produce these reports considering that they do not affect the share price (the financial markets). They comment that this wastefulness “would fly directly in the face of ‘conventional’ market wisdom” (see, Friedman’s (1962, 1970) comments concerning this) without it being proven that these reports can affect share price and the markets. They put forth some musings on how these reports may be deemed useful; “Could such data represent signals to the investor? Could the signal suggest that, for example, the company is aware of potential social or environmental costs and has taken steps to manage them? Could it be that it is aware of the actions of pressure groups and has responded to avoid potential problems? Perhaps it signals awareness of growing liabilities on which the company is acting accordingly or suggests that the company is managing and exploiting its high level of reputation with niche consumer groups” (Murray et al., 2006). The market needs to be changed to take into account these factors.
One way we may affect change of market behaviour is by educating the financial markets. Through various methods (new law, change of regulation etc.) the markets can be taught to take into account these social issues. “Corporate social responsibility (CSR) can only take root when it is rewarded by the financial markets” (Frankental, 2001).
One possible way of doing this is through a change in the accounting system. As the current system stands companies are mainly evaluated on financial indicators (profits etc.) and, as we have seen, not on any social indicators. Were they to be audited on these social indicators as well as the financial then the market would take notice of this and respond to it. John Elkington (1997) proposed that companies be judged on what he called the Triple Bottom Line. The bottom line is normally known simply as a company’s net profit or loss. What Elkington suggested was that as well as this financial bottom line there should also be an environmental and social bottom line. “The idea behind the [triple bottom line] paradigm is that a corporation’s ultimate success or health can and should be measured not just by the traditional financial bottom line, but also by its social/ethical and environmental performance” (Norman & MacDonald, 2003). Through these additional bottom lines the markets take into account more than the financials of a company. “The significance of the triple bottom line is that if companies are audited according to their environmental and social impact, and penalised if they do not perform, along the principle of ‘the polluter pays’, then financial markets will begin to judge companies according to their wider impact on society. Share prices will then positively reflect the ethical dimensions of a company’s operations” (Frankental, 2001).
Elkington discusses 7 revolutions in his book, the first of these concerns the markets. He states “Revolution I has been building for many years. It focuses on the use of market mechanisms, rather than traditional command-and-control measures, to deliver improved performance against environmental and broader sustainability targets” (Elkington, 1997). According to him we now recognize that to get to a sustainable economy we need to depend on the “motivation, ambitions, and performance of corporations —and on the restructuring of the markets which they serve” (Elkington, 1997).
Elkingtons way is just one of several that could be considered to make markets pay attention to social issues. It is not necessarily the best option, just the example chosen, and has, as does most things, its criticisms. One being how exactly these additional bottom lines are to be measured. How can the various factors that are said to contribute to these bottom lines be given a number. The traditional bottom line is found by subtracting the costs from the earnings; the bad from the good. Who is to determine which parts of the social and environmental accounts are bad and good? Losing the life of an employee in simple terms is bad. When compared with others in the same sector, however, it may in fact be good; every other firm in the sector may be have lost 50 lives in which case one seems almost good. One other issue of the triple bottom line is that of a common unit of currency. The financial bottom line has a common unit of currency; monetary. What common unit of currency could be used to compare each of the different aspects involved in the other two bottom lines? What unit can be used that is comparable with both pollution levels and charitable giving, for example? These are just some issues that need to be resolved if the triple bottom line is to be fully considered as the answer to the problem of making markets listen.
According to Murray et al. (2006) the financial markets simply do not care about the current social issues and according to Frankental (2001) companies will only care about the social issues when the markets care about social issues. It is a problem that has been discussed researched and debated for years. A solution needs to be found to correct this in order to affect change in society. Ideas have been proposed to make the markets aware of the social issues and not just the financial, the triple bottom line being our example, but they aren’t perfect and still have a considerable way to come before being considered viable solutions. A lot more needs to be done.
Bibliography
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Elkington, J. (1997). Cannibals with Forks; The Triple Bottom Line of 21st Century Business. Capstone: Oxford.
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Vance, S. (1975). Are Socially Resonsible Firms Good Investment Risks? Management Review, 64, 18-24.
Written by MatthewSmith
Lilly Allen is in the doghouse with her record label. It seems the singer gave a copy of a cover song to a radio show host to play on his weekly New York show. The reason EMI is unhappy is because the played song is a cover of the Britney Spears track, Womanizer, and listeners stole the Lilly Allen version and put it all over the internet. Whoops, is right. Gossip around town points that J-Lo and hubbie Marc Anthony are having marital issues. Jennifer got spotted without her wedding ring, Marc hit the town in Vegas alone AND their 8.5-million-dollar Bel Air is up for grabs. However, on the record, the couple’s publicist commented that they are doing great. Whitney Houston’s stepmother is suing the singer over the wishes of Houston’s deceased father. According to reports, the stepmom, Barbara Houston, is claiming that the singer erroneously kept the money from her dad’s 1-million-dollar insurance policy instead of using it to pay-off the more than 700-thousand-dollar mortgage on his condo. Barbara currently resides in the residence and neither sides lawyers have commented on the case.
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With all the hype around the perks that Google employees get, it’s natural that a lot of people want to work there. In order to stand out among all the other applicants, Matthew Epstein, a product marketer, created an entire online campaign to get his dream job. To put it mildly, his campaign was interesting. However, he did get Google’s attention. Although the search giant did not hire him, he believes his campaign was a success. He was interviewed by Microsoft, Amazon, and Salesforce, and, in the end, was offered his dream job from an investment company called SigFig. Epstein told us that we could expect “interesting things” from SigFig in terms of marketing campaigns going forward.
AS the world economic has become steady and China market has come back to life, what precious development opportunities will the China electronics manufacturers meet? Meanwhile, what hot can we expect on the china electronics market in 2010?
According to the latest information from the Topology industry research institute, the price of the Smart phone will keep running down. And the smart phones will gradually enter into the multifunctional mobile phones’ market. The offtake of Smartphone in 2010 will increase by 29%.
The 3G mobile phones will enter into the emerged markets in leading cities. The WCDMA/HSDPA/LTE communication technology has become mature. Now the Mainland China has taken the place of TAIWAN to become the top place of designing mobile phone. The mobile phone manufacturers will gain the direct benefits from the staggering growth of the Smartphone and 3G mobile phone on the market.
The main hot spots on the mobile phone market in 2010 are as follows: 3G+Android Smartphone, 2G/3G+Window Mobile 6.5 Smartphone and EVDO+GSM Dual Cards Dual Standby Smartphones and featured phones. The Wi-Fi/WAPI and the CMMB will be the standard products for the Smartphone and TD-SCDMA respectively.
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At present, the main notebook has turned to be Windows Intel. The notebook will be on the up with the greater coverage and better coverage quality of the 3G network in 2010. And accordingly the ARM+Android or ARM+Linux smart book/MID will also begin to be popular.
The sales of MP3/MP4 have dropped off after their reaching the peak in 2007 as they suffered from the replacing of mobile phone and awful economic environment. But the derivative products of the MP3/MP4 such as mini MP3 speakers and car cigarette lighter will appear on the market popularly in 2010.
It will be an age of CRT TV replacement. Suppose the radix of the CRT TV is 0.5billion with the replacing rate of 10%, it will be 50million in total. Particularly in China, the replacement fever will be strengthened by the 2010 World Cup football match, Shanghai Expo along with the worldwide hi-definition content.
The 1080P/720P hi-definition, internet connection and LED backlight will be hot in the digital TV market. These hot spot applications will lead the hi-definition set-top box and TV-Box which can acquire the hi-definition DVD with lower cost to be the hot products. Applying the LED backlight to the LCD TV is also to be a focus in public.
LED illumination industry will play a more and more important role as the countries attach importance to environment issue. LED is mainly applicable to the high-power products such as indoor and outdoor illumination and streetlights. The outdoor illumination approximately covers 12%, and there’s greater space to grow. Furthermore, with the decrease of the LED price, LED will begin to replace the traditional filament lamp. Also LED has become the backlight of the TV and computer LCD indicator. In the future 3-5 years, LCD TV backlight will be the driving force of the large needs of LED.
With the tendency of the worldwide source shortage, environmental protection and emission-abatement, the HEV and EV will gain great development opportunities. The electronization and intelligentization of cars will bring much more opportunities to the car electronic system manufacturers.
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Researchers at University of Florence who carried out the study stated, “Physical exercise may be the best way to keep the brain sharp in old age.” In order to investigate the link between physical activity and risk of cognitive decline in non-demented subjects, the researchers conducted a systematic meta-analysis of all the available data.
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Surgeon Lemuel Gulliver, a softhearted colonial, is washed ashore an island called Sumatra (The Land of Lilliput), after a shipwreck. To his shock, Gulliver sees that the people are in inches, what he is in feet. Yet for their six-inch height, these little people are not short of problems that arise in the civilized world. A lunatic magician and a slimy minister influence the Emperor of Lilliput to go to war with the neighboring kingdom of Blefscu. Gulliver needs a ship to go BACK and the Lilliputians need his help to win the war.
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Building opt in list and affiliate marketing have become synonymous to online success as an effective internet marketing strategy. For many online sites, building opt in list and affiliate marketing have proven quite profitable. Primarily because most online users are not exposed to any unscrupulous internet marketing strategies prevalent on the World Wide Web. As an effective Internet marketing strategy, users are given the option to signup for information or service provided by a particular site. Building opt in list and affiliate marketing reduces the risk of spamming since the recipient voluntarily chooses to receive emails from a website. Plus, building opt in list and affiliate marketing provides a direct link to the subscriber that will help shape a formidable customer relationship that will keep on going. The basics of building opt in list and affiliate marketing Different websites have different ways of building opt in list and affiliate marketing.
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