Teaching Documents by Costanza Consolandi
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Papers by Costanza Consolandi
Journal of Sustainable Finance & Investment
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SSRN Electronic Journal
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SSRN Electronic Journal
At the end of 2018, the Sustainability Accounting Standards Board (SASB) released the codified ve... more At the end of 2018, the Sustainability Accounting Standards Board (SASB) released the codified version of its standard that established measurement and reporting criteria for companies’ material environment, social, and governance (ESG) issues. By introducing the concept of financial relevance of materiality, we present an analysis of the quality of reporting of the companies that adopted SASB’s framework in their 2019 non-financial reports. While the number of companies reporting according to SASB’s standards is still small, our results are encouraging, showing, on average, good to very good quality of reporting.
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Organization & Environment
The 17 UN Sustainable Development Goals (SDGs) have created a framework for environmental and soc... more The 17 UN Sustainable Development Goals (SDGs) have created a framework for environmental and social impacts, which institutional investors and corporations are using to guide resource allocation or highlight SDG-aligned investments already in place. We argue that the SDGs have clarified certain elements predominantly missing or implicit in many environmental, social, and governance (ESG) standards, specifically focusing on companies’ E and S externalities. Methodologically, we analyze how health care companies contribute to SDG 3 on health and well-being as a case, mapping the goal’s targets to the Sustainability Accounting Standard Board’s (SASB’s) 30 generic ESG issues and considering both financially material and immaterial ESG issues, based on SASB. Using an innovative data set, we highlight where private sector firms contribute to SDG impacts and where their financial priorities might lie. Where firms are either not contributing or perhaps unable to, we point to the need for p...
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SSRN Electronic Journal
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Sustainability
In recent years, the global financial and economic crisis are rewriting the relationship between ... more In recent years, the global financial and economic crisis are rewriting the relationship between business and society, focusing, among other things, on the role of the process of financialization, not only in the economy as a whole but also within non-financial companies. Shareholder value maximization, together with the commoditization of business, has led to a general short-term approach at the expense of capital accumulation and core business activity, to the detriment of not only firms’ competitiveness and productivity but also of human capital, strategic innovation, business ethics, and long-term growth. Within this framework, this study investigates the role of corporate sustainability, analyzing the nexus between financialization, accumulation of real capital, and corporate social performance, an issue that has been neglected so far. Using a sample of US manufacturing firms from 2002 to 2017, we found that, while financialization was negatively correlated with corporate real ...
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SSRN Electronic Journal
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efmaefm.org
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This paper presents a survey on the risk management function and the usage of hedging instruments... more This paper presents a survey on the risk management function and the usage of hedging instruments by Italian non-financial firms. The objective is to measure how firms manage the following risks: Exchange-foreign, Interest rate, Energetic, Commodity, Equity, Counter-party, Operational, Country. The survey was conducted both for listed and non-listed firms, suggest that Italian firms are less likely to use derivatives than US firms. The percentage of firms using derivatives or insurance instruments has not changed noticeably in the last 10 years. The use of derivatives is more significant among large firms in every risk typology. The reasons to explain the limited practice in derivative markets are the insufficient exposure to risk area to warrant management, the exposure more effectively managed by other means and the difficulties in monitoring/measuring contract effectiveness.
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Sustainability
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European Financial Management
Abstract This paper surveys risk management practices among Italian non-financial firms. This pap... more Abstract This paper surveys risk management practices among Italian non-financial firms. This paper’s contribution lies in investigating derivative usage particular to Italian businesses, a group whose public disclosure of derivative instruments is not routine. Italy is characterized by a high percentage of small and medium sized family run firms. The survey examines determinants of currency and interest rate derivative use with respect currency and to firm size, geographical location, rating, industry, access to capital markets and educated management. The results from the logistic regressions suggest that Italian non-financial firms’ use of derivative contracts is strongly influenced by these characteristics. JEL: F30; G15; G32 Keywords: risk management; derivatives; hedging; corporate finance
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Research in Economics, 2009
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Journal of Business Ethics, 2009
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Intereconomics, 2014
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efmaefm.org
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Economia & management: la rivista della Scuola di Direzione Aziendale dell'Università L. Bocconi, 2012
Información del artículo The Derivative usage by listed and non-listed italian firms for corporat... more Información del artículo The Derivative usage by listed and non-listed italian firms for corporate risk management.
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CAREFIN Research Paper, Nov 21, 2008
Abstract: This paper presents a survey on the risk management function and the usage of hedging i... more Abstract: This paper presents a survey on the risk management function and the usage of hedging instruments by Italian non-financial firms. The objective is to measure how firms manage the following risks: Exchange-foreign, Interest rate, Energetic, Commodity, Equity, Counter-party, Operational, Country. The survey was conducted both for listed and non-listed firms, suggest that Italian firms are less likely to use derivatives than US firms. The percentage of firms using derivatives or insurance instruments has not changed ...
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Abstract This paper surveys risk management practices among Italian non-financial firms. This pap... more Abstract This paper surveys risk management practices among Italian non-financial firms. This paper's contribution lies in investigating derivative usage particular to Italian businesses, a group whose public disclosure of derivative instruments is not routine. Italy is characterised by a high percentage of small and medium sized family run firms. The survey examines determinants of currency and interest rate derivative use with respect currency and to firm size, geographical location, rating, industry, access to capital markets and ...
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