Publications

Publications

The impact of ESG scores on both firm profitability and value in the automotive sector (2002-2016)

Cespic Working Paper 2019/01

Carlo Bellavite Pellegrini, Raul Caruso, Rocco Cifone

Abstract: This study analyses the impact of ESG scores on firms’ profitability in the automotive sector between 2002 and 2016. In particular, we exploit a novel dataset of European and North American listed firms. Results show that the environmental component of the ESG scores is positively associated with firms’ profitability. Among the components of overall ESG, the environmental score is the only that exhibits the most robust association. Eventually when considering firm value proxied by means of Tobin’s Q, results show a negative association between the Tobin’s Q and the environmental component of ESG. Further estimations have highlighted a more nuanced evidence in particular with regard to profitability namely: (i) there is a an inverse U-shaped relationship between the governance score of ESG and ROA of firms; (ii) when considering interactions, it comes out that as the firm size increases both environmental and social score are negatively associated with ROA; (iii) when considering non-linearities results show that when governance score is small ROA of firms slightly decreases but as the governance scores increases it eventually increases.

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GLOBAL PATTERNS OF CONVERGENCE AND DIVERGENCE IN DEFENCE BURDENS: 1950-2015. A BIRD’S EYE VIEW

Cespic Working Paper 2018/03

Paschalis Arvanitidis, Christos Kollias

Abstract: Military spending as a share of GDP, represents the resources used in the implementation of national defence policy. A convergence in terms of defence burdens would be an indication of a defence policy convergence in terms of inputs. This theme is examined here using SIPRI’s new consistent database that covers both the Cold War era as well as the post-bipolar period. The results reported herein point to a process of convergence only in the post-bipolar period possibly reflecting the emergence of defence policies that share similar characteristics at least in terms of the allocation of resources. However, this convergence pattern seems to be reversing in recent years.

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HOW MIGRATION POLICIES MODERATE THE DIFFISION OF TERRORISM

 Cespic Working Paper 2018/02
 
Tobias Böhmelt, Vincenzo Bove


Abstract: There is an ongoing debate among practitioners and scholars about the security consequences of transnational migration.  The measures states can implement to mitigate these effects are not fully taken into account by the existing literature, hence we lack reliable evidences for the effectiveness of such instruments. This research addresses both shortcomings: it provides new insights on the implication of population movement on state security; and it increases knowledges on the effectiveness of states’ policies addressing migration challenges.

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Military Expenditures and Income Inequality from a Panel of Transition Countries (1990-2015).

 Cespic Working Paper 2018/01
 
Raul Caruso, Antonella Biscione

Abstract: By using a panel of transition economies, which covers the period 1990-2015, this work contributes to the literature on military spending by analyzing its relationship with income inequality. There is a strong theoretical argument that explains the way an increase in military expenditure affects income inequality; the military expenditure diverts public resources from other public interventions which could reduce inequality. Our results confirm this argument, as we found a positive relationship between military expenditure and income inequality.

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