Suchergebnisse

PurposeThe aim of this research paper is to analyze the connection between ESG performance and financial performance within the real estate sector. By focusing on ESG ratings and pillar scores as proxies for ESG performance, the study investigates how these factors impact both profitability and market indicators.Design/methodology/approachWith data sourced from over 680 publicly listed real estate companies, the research employs a fixed effects regression model to analyze the findings. By utilizing this method, the study can assess the impact of governance, environmental and social factors on both the accounting and market performance of real estate companies.FindingsThe outcomes of this study underscore a link between sustainability, particularly environmental aspects and financial performance. However, the study also reveals a contrasting result: governance factors are associated with adverse financial outcomes. Nevertheless, it is important to highlight the limitations as the results present a mixed picture with limited significant findings.Practical implicationsCompanies should prioritize improvements in environment to boost profitability, while they should carefully consider the costs and benefits associated with enhancing their governance structure.Originality/valueBy focusing on this industry and adopting a global perspective, the study addresses a gap in the literature. The research's innovative approach to utilizing ESG ratings and pillar scores as proxies for ESG performance enhances its originality. Furthermore, the research's identification of the differing impacts of environmental and governance factors on financial outcomes add novel perspectives to the discourse.

AbstractThis article critically evaluates the effectiveness of the European Union's recent Directive on restructuring and insolvency law, specifically within the context of France, aimed at facilitating the restructuring of financially distressed firms within the Eurozone. Specifically, through the Kaplan–Meyer estimator and the log‐rank test, this research rigorously examines whether preventive restructurings surpass standard bankruptcy procedures in efficiency. The dataset under analysis is distinctly tailored, focusing on companies undergoing both types of restructuring procedures within the French jurisdiction. The study reveals that companies successfully undergoing a preventive restructuring procedure showcase higher survival rates, albeit coupled with weaker financial performances when compared to their counterparts undergoing the traditional bankruptcy process. This outcome challenges the prevalent assumption linking early‐stage restructuring with uniformly elevated survival rates and improved financial performance. A noteworthy concern stems from this observed trend, suggesting that the existence of discrete preventive restructuring procedures might inadvertently prolong the operational lifespan of financially inviable firms. This underscores the necessity for policymakers to meticulously craft preventive restructuring procedures, prioritizing debtor protection while proactively addressing the moral hazard predicament.

The purpose of this report is to evaluate the effectiveness of EU policies and measures in the energy field in light of the needs and interests of local bottom-up actors in Egypt. The report firstly aims to provide an overview of the Egyptian energy sector, by revising the most relevant literature and institutional documentation to define current and future trends and identify major challenges. This part also assesses current national energy policies, as well as the framework of EU energy policies in Egypt. In the second part, the report builds on the recursive multi-stakeholder consultations held by the researchers in the field, and presents the perspectives of relevant stakeholders at the local level by addressing the major research questions posed by MEDRESET: What issues do local stakeholders deem most relevant? How do they perceive and assess European policy in the region and in their specific policy area? And what are the main policy recommendations? A conclusion summarizes the core findings.

The purpose of this report is to evaluate the effectiveness of EU policies and measures in the energy field in light of the needs and interests of local bottom-up actors in Morocco. The report firstly provides an overview of the Moroccan energy sector. It reviews the most relevant literature to define current and future trends, to identify the major challenges, analyse current national energy policies and assess their social impacts; then it describes the framework of EU energy policies in Morocco. In the second part, the report discusses the needs and interests of local bottom-up actors in the energy field mainly drawing on the recursive multi-stakeholder consultations held by the researchers in the field. In line with MEDRESET research questions, it highlights the most relevant issues brought up by the local respondents and a few EU stakeholders, evaluating their perception of current Moroccan and EU energy policies in the country and reporting their suggestions for improvements.