Benefit Corporation Research Articles

Exploring drivers and factors of benefit impact reports quality: Retracing a stakeholder theory approach

AbstractIn the pursuit of global sustainability, firms play an increasingly pivotal role. In this scenario, Benefit Corporations aim to seamlessly integrate profit‐making endeavors with sustainable practices. This corporate model has spread around the world and in Italy; it was adopted through Law No. 208/2015 introducing Italian Benefit Corporations (BCs). Italian BCs must produce a Benefit Impact Report (BIR) alongside their financial statements, as a strategic communication tool for demonstrating the company's commitment to advancing common societal benefits to stakeholders. Leveraging stakeholder theory, this study adopts a mixed methodological approach that incorporates manual content analysis of BIRs from 132 Italian BCs, combined with a regression model exploring the impact of firm characteristics on the quality of BIRs. Findings highlight a positive relationship between firm size, financial leverage, and profitability on the quality of BIRs. This study is the first to explore the quality of BIRs and their determinants, providing academic and practical implications.

Creditworthiness of sustainable firms. An empirical analysis of the Italian Benefit Corporations

Creditworthiness of sustainable firms. An empirical analysis of the Italian Benefit Corporations

The two-way path between Benefit and BC: virtuous behavior or opportunism?

Following the example of selected US states, Italy was among the pioneers in regulating Benefit corporations (BECs), ushering in a new breed of companies committed to integrating positive stakeholder impact into their corporate missions. While obtaining BEC status is not obligatory for acquiring B-corp certification, Italian firms pursuing this certification must adhere to the BEC legal framework to uphold their certified status. This study delves into the BEC landscape, aiming to address the following research questions: i) Does possessing either pure BEC status or B-corp (BC) certification impact (financial) performance? ii) Does being a leader or a follower, characterized by different paths toward BC or BEC status, have an effect on performance?Our comprehensive analysis indicates that holding a B-corp certification positively correlates with economic and financial performance, while standalone BEC status lacks a significant impact on performance. Within the domain of hybrid organizations, certification emerges as a potent mechanism for enhancing performance. This trend can be attributed to the acknowledgment by external stakeholders—including consumers, investors, customers, and suppliers—that external certification, as opposed to mere legal structuring, adds tangible value to the enterprise.

Visibility in the Italian Art World: How Far Along We Are

Even though the concept of “nationality” when we talk about an internationally acclaimed artists is more and more blurred and has little to do with the importance of the artworks, it is evident how small the Italian art presence in great international art manifestations is, sometimes almost negligible. It is then necessary to understand the causes of this situation, to draw a map of the current state of the contemporary Italian scene and state some resolutions from it. The first 2022 Report “How (well) known is Italian art abroad?” by BBS-Lombard Benefit Corporation, together with Arte Generali has investigated how much Italian contemporary artists are (in)visible in the international art market, laying the groundwork for a much more in-depth research of the art system, with the ultimate purpose of giving new solutions to overcome this situation, wandering whether Italian art has a business model with (still) some gray areas - unlike almost all other product sectors – and how building an economy to bridge the gap, having a market strategy and being attractive in the international positioning can be a strategic move. The study was conducted carrying out both qualitative and quantitative analysis throughout more than 20 interviews to Italian curators internationally known that have helped us understand causes, strengths and weaknesses of the Italian art system and a big data collection about the presence of Italian artist in international museums, art manifestations, biennials, such as Biennale di Venezia and documenta, international art galleries and auctions. The global media coverage of Italian artists was analyzed with the help of Artiker and through the artificial intelligence of Wondeur AI, partner of Arte Generali, it was possible to analyze the relationship between art development and cities, considering the city’s overall success rate (percentages of artists showing growth in the city) and the city’s risk propensity (ability to attract artists). The instrument of the Italian Council was also studied, the main MIC project (Italian Ministry for Culture) in support of Italian art and the initiatives of Italian cultural institutes abroad. From the overall analysis some relevant names have emerged: Francesco Vezzoli, Monica Bonvicini, Enrico David, Paola Pivi, Tatiana Trouvè, Roberto Cuoghi, Rosa Barba, Massimiliano Cattelan (above all) and a few others, all united by a time of study or work abroad which allowed them to create valuable relationships with curators, galleries and museums abroad.

Personalized Marketing: Segmentation of Consumer Groups Based on MBTI -- Taking Starbucks as an Example

This paper studies the internal logic of the major brands represented by Starbucks adopting this marketing method, and explores how the brands transform the hot topics on the Internet into hot consumption spots and attract consumers through personalized marketing strategies. At the same time, this paper will also focus on the possible problems in the process of personalized marketing, and put forward relevant suggestions. In fact, due to the rapid development of modern information technology and increasingly fierce market competition, enterprises should implement precision marketing, select clear market segments as target markets on the basis of market segmentation, gain in-depth insight into consumer psychology, and tap consumer demand. With the help of MBTI personality test, enterprises can accurately and quickly locate consumer groups, identify the market, and maximize corporate benefits. At the same time, as the social consumption decision-making currency in the new network era, it is closely related to the individual needs of consumers. When enterprises grasp the personality characteristics of consumers and formulate marketing strategies, consumers' loyalty to the brand is greatly enhanced, and the marketing efficiency of enterprises is also greatly improved. Therefore, the segmentation of consumer groups based on MBTI has far-reaching research significance, and this marketing strategy will play an important role in the future corporate marketing.

Important of knowledge management capacity on the competitive advantage of advertising companies in Sulaymaniyah

Knowledge management plays a crucial role in the long-term success of the companies. Therefore, this thesis pursues to delve into the relationship between Knowledge Management Capability (KMC) and the competitive benefit of corporations in Sulaymaniyah. Additionally, the study will investigate the role of management support in facilitating this connection. To achieve these objectives, a survey questionnaire will be developed based on existing research. Data will be collected from at least 250 advertising companies. This data will then be analysed using correlation and regression techniques. The research seeks to provide valuable insights into how KMC influences competitive advantage. Furthermore, it aims to offer recommendations for improving organizational performance and strategic management support. By uncovering these insights, this study endeavors to assist companies in Sulaymaniyah's advertising industry in achieving sustainable success.

The Wrong Winners: Anti-Corporate Animus and Attitudes Towards Trade

Abstract Globalization creates winners and losers, and recent research emphasizes that large corporations are among the biggest beneficiaries of trade while smaller firms may be harmed. How do these redistributive effects impact trade attitudes? Because a growing share of Americans hold highly unfavourable views of big corporations, we argue that the belief that large firms win from trade will provoke hostility towards trade and globalization. To test this theory, we show experimentally that informing people that large corporations benefit from trade makes them markedly more hostile towards trade compared to a treatment emphasizing that firms in exporting industries benefit. Using subgroup and mediation analysis, we find that anti-corporate sentiment drives this effect, particularly concern about corporations’ power in society. Our findings illustrate how distributive consequences and attitudes towards the winners and losers from policy change interact to shape public opinion on economic policy.

Do corporations benefit from divesting to private equity acquirers? An empirical investigation

AbstractResearch SummaryFrom the perspective of the divesting firm, do divestitures to private equity (PE) acquirers perform differently from divestitures to corporate acquirers? If so, why? This question‐based, empirical study shows that on average, divestitures to PE acquirers correlate with lower divesting firms' shareholder returns than divestitures to corporate acquirers. The study explores whether these lower returns when divesting to PE acquirers are explained by the differences in PE acquirers' distinct value creation strategies when it comes to target selection, ownership, or transaction timing. The results reveal that divesting firms' lower shareholder returns when divesting to PE acquirers are more likely correlated with differences in value creation by PE acquirers due to their distinct ownership and transaction timing strategies, but not their selection strategies.Managerial SummaryPrivate equity (PE) firms are prominent buyers of corporate divestitures, and PE firms' strategies for creating value when acquiring divested businesses tend to differ from those of corporate buyers. Yet the performance implications, from the perspective of the divesting firm, of divesting a business to a PE acquirer versus a corporate acquirer are not clear. In this study, I explore the differences in returns to firms divesting to PE acquirers versus those divesting to corporate acquirers. First, on average, divesting firms' returns are lower when divesting to PE acquirers. Second, these lower returns are more likely to occur when the PE acquirer may be expecting to create less value, or when firms choose to divest at a suboptimal time.

Benefit corporation certification and financial performance: Capital structure matters

AbstractWe are examining the impact of benefit corporation certification on the profitability of UK companies, taking into account their capital structure. We contribute to the literature that scrutinizes the financial ramifications of Benefit Corporation Certification. Analyzing UK Certified Benefit Corporations (CBCs) and their noncertified counterparts using a difference‐in‐differences analysis, we find that the performance of CBCs with a capital structure heavily weighted towards debt declines in comparison to non‐CBCs, using Return on Assets as a measure of financial performance. Conversely, the performance of CBCs with a capital structure primarily composed of equity is comparable to that of non‐CBCs.

Implementation of Beneficial Ownership in Corporations to Prevent the Crime of Money Laundering in Accordance with Law Number 8 of 2010

The era of globalization influences the development of the world economy and one of them is the existence of many forms of business associations, in this case called corporations. Corporations are organized groups and/or assets, whether they are legal entities or non-legal entities. Corporations are often used as a place or business turnover for the proceeds of crime which is called money laundering. Crimes that are often committed by corporations are crimes related to money laundering. To prevent and eradicate the crime of money laundering, corporations must register their beneficial owners. A beneficial owner is an individual who can appoint or dismiss directors, commissioners, administrators, managers or supervisors of a corporation, has the ability to control the Corporation, is entitled to and/or receive benefits from the Corporation either directly or indirectly, is the actual owner of the funds or shares of the Corporation and/or fulfill the criteria as intended in the Presidential Regulation. The method used in this research is normative juridical, which is research using statutory regulations as study material. The data collection technique used by researchers in this research is a library study technique where data is obtained from scientific writings and research in articles and other journals. In order to prevent and eradicate the crime of money laundering, Law Number 8 of 2010 concerning the Prevention and Eradication of the Crime of Money Laundering was issued, as well as Presidential Decree Number 13 of 2018 concerning the Application of the Principle of Recognizing the Benefits of Corporations in the Context of Preventing and Eradicating the Crime of Money Laundering and Terrorism Financing Crime. When establishing a corporation, the beneficial owners of the corporation must be registered. The hope of this regulation is to prevent and eradicate criminal acts of money laundering carried out by corporations under the pretext or business reasons of corporate businesses.

Exploring Effective Ways to Achieve the "Dual-Carbon" Goals

Climate change and green and low-carbon development have always been global, large-scale issues, cross-regional and cross-sectoral, particularly complex, involving all aspects of the economy and society, especially now that we are not only facing a climate crisis, but also superimposed on the energy crisis, food security, and all aspects of the ecological environment, the synergistic consensus among the countries of the world is even more important. How can we tackle global warming? What are the opportunities and socio-economic benefits of adopting low-carbon development? The process of achieving the low-carbon goal is the replacement of old and new industries and the rise of new industries, which will bring about a new technological revolution, and seizing the opportunity will bring considerable economic benefits. Therefore, the search for technologically advanced, effective and sustainable methods is a matter of wisdom and ability. Help "double carbon" goal, biomass energy particles can be said to be in the right place, and never missing! It realizes the mechanism of symbiotic development of industry and ecology, is an important and indispensable part of the construction of ecological civilization, and is bound to become the mainstream energy in the future. Biomass energy companies can also use advanced "Internet +" digital technology in the process, products and services, build data models and analysis, to tap the value of biomass enterprise data, bringing higher social and corporate benefits.

THE ROLE OF GREEN INVESTMENT AND ENVIRONMENTAL PERFORMANCE ON FINANCIAL PERFORMANCE WITH MODERATION OF COMPANY SIZE

The study aims to test the impact of green investment and environmental performance on corporate performance with moderation of corporate size. The method of moderate regression analysis with panel data is used in this study. Companies listed in SRI KEHATI, PROPER, and BEI rankings during the 2018-2022 survey period. Research results show that green investment and environmental performance benefit corporate financial performance, but corporate size does not.

It’s Time for Impact: An Analysis of the Prosocial Signals in Social Enterprises

This paper investigates the likelihood and timing of social enterprises’ (SEs) adoption of prosocial signals, such as certifications or specific legal statuses. We framed prosocial signals into governance- and market-oriented, indicating internal prosocial practices and processes, and communicating externally prosocial efforts, respectively. We test and confirm the hypothesis that the prior adoption of governance-oriented signals increases the likelihood and speed of a SE embracing market-oriented signals. The maturity (e.g. age of the firm) and the managerialization (e.g. number of managers) of SEs positively moderates this relationship. To conduct this study, we hand collected data from 184 Italian SEs, of which 56 took the legal status of Benefit Corporation and the B Corp certification, representing governance- and market-oriented signals, respectively, and 128 that did not. This work provides academics and practitioners implications on the sequence and complementarity of prosocial signals.

Shifting urban design paradigms in the development of two New York projects: Battery Park City and Hudson Yards

Two major property developments in Manhattan, New York City illustrate the evolution of urban design paradigms since World War Two. Both projects evolved over time beginning in the mid-1950s. The first, Battery Park City in Lower Manhattan, was finally built according to a 1979 master plan prepared for and controlled by a public benefit corporation while the second, Hudson Yards, is following a 2008 master plan prepared for a public agency but controlled by a private company. The first was built out by 2012 while the first phase of the second was completed in 2019. The former was a public sector project strongly promoted by private interests; the latter was and remains the largest private development in the history of the United States. Both schemes were beset with political and financial travails that are manifested in the series of urban design proposals made for their sites. The implemented schemes represent two diametrically radically different urban design paradigms. Battery Park City is a neo-traditional urban design that set out to be New York in character; Hudson Yards is an international hypermodern design that reflects the global neo-liberal competitive spirit of the early twenty-first century. The two paradigms represent different socio-economic attitudes and ideas of what makes a good inner-city environment.

Publicly Traded Public Benefit Corporations: An Empirical Investigation

Publicly Traded Public Benefit Corporations: An Empirical Investigation

Benefit Corporation Certification and Financial Performance: Capital Structure Matters

Benefit Corporation Certification and Financial Performance: Capital Structure Matters

Product Quality and Suppliers’ Collaboration Incentives: The Evidence from Benefit Corporation Laws

Product Quality and Suppliers’ Collaboration Incentives: The Evidence from Benefit Corporation Laws

Exploring environmental and social performances of circular start‐ups: An orientation and certification assessment

AbstractThe circular economy (CE) aims to deeply transform the current linear model of economy and society into a business model capable to extend the lifetime of resources and decrease environmental impacts. For this to happen, changes in societal systems and production sectors, from micro to macro, are required.The present research, based on a multiple case‐study explorative approach of circular start‐ups (CSUs), investigates their adoption of environmental impact assessment methods, environmental and social certifications and contribution to a better integration of the social dimension in the CE model. Results indicate that three out of six CSUs carefully measure and certify their environmental and social impacts. Life Cycle Assessment resulted the most adopted environmental assessment method, while two CSUs are also certified benefit corporations. CSUs are mainly oriented toward the use of quantitative methods for the measurement of environmental and social impacts. Additional efforts are still needed toward the implementation of qualitative methods to properly highlight the achievement of social benefits (environmental and social awareness, employees' engagement, work time and free time balance, consumers health and safety, among others) for their stakeholders (workers, local community, consumers). Nevertheless, CSUs case studies highlight their potential of supporting the transition toward a fair CE while at the same time facilitating the integration of social dimension aspects into the CE model. Finally, by developing appropriate business to consumer models, CSUs can strongly affect consumption behaviors and habits, making them also more aware and responsible of their environmental and social life cycle impacts and improvement potential.

The Influence of Human Resource Management on Enterprise Benefits

In the global business environment, enterprises are facing increasingly fierce competition. To flourish in this challenging setting, an enterprise's human resource management (HRM) strategy is paramount. This study aims to delve into the ramifications of HRM on corporate benefits and how businesses can elevate their competitiveness via innovative HR strategies. Through an in-depth case study analysis of three representative enterprises — Alibaba, Tesla, and IKEA — this research elucidates their distinct HRM strategies and the specific repercussions on enterprise benefits. The findings indicate that companies that strategically align their HRM practices with their business goals tend to have better employee satisfaction, efficiency, and market positioning. To achieve enduring success, contemporary enterprises need to perpetually refine their HRM approaches, ensuring alignment with company objectives and adaptability to a fluctuating market landscape. Conclusively, exceptional HRM does not just amplify employee contentment and efficiency; it carves a decisive edge for enterprises in the cutthroat market arena.

Defining the objectives and roles of Indonesian production forest governance through the multi-business forestry policy narrative

Omnibus law of the Republic of Indonesia No.11 of 2020 on Job Creation has changed many regulations in the forestry sector. The policy narrative being discussed regarding these changes is Multi-business Forestry (Mb-F). Set against a timber-oriented governance background that has been practiced for almost 5 decades, ambiguity about what objectives and roles of Mb-F are debated. Through the use of content and institutional analysis, this study aims to define its. Content is sourced from 30 national news and journals as well as audio data from in-depth interviews with 36 experts transferred to text form. Text data was processed using NVivo software after highlighting, condensing, coding, categorizing, and theming. This process defines the objectives, which are then further analysed to define the alliances and roles using Mactor software. This research found three main themes, namely performance & governance, forest land-use & productivity, and social-economy impact & environmental concern. These three themes are rooted in 10 objectives, namely land-use, timber, food, NTFP, employment, state revenue, corporate benefit, biodiversity, climate change, and soil/water conservation. The key stakeholders that have the highest influence and independence in implementing Mb-F are the Ministry of Environment and Forestry, which is relayed by Experts, Regions Forestry, Environmental, and Food & Horticulture Services, as well as the Business World. Employment is the objective that gets the highest weighting, and timber gets lowest. This indicates that the Mb-F Policy narrative will encourage a change in the orientation of Indonesia’s forest governance harshly.