Corruption and Growth

Business and its Environment.

Stories about corporate social responsibility have become very frequent over the past decade, and managers can no longer ignore their impact on firm value. In this paper, we investigate the extent and the determinants of the stock market’s reaction following ordinary news related to environmental, social and governance issues—the so-called ESG factors. To that purpose, we use an original database provided by Covalence EthicalQuote. Our empirical analysis is based on about 33,000 ESG news (positive or negative), targeting one hundred listed companies over the period 2002–2010. On average, firms facing negative events experience a drop in their market value of 0.1%, whereas companies gain nothing on average from positive announcements. We find also that market participants are responsive to the media, but they do not react to firms’ press releases or to NGOs’ disclosures. Moreover, our results indicate that sector’s reputation mitigates the loss (the goodwill hypothesis) and that cultural proximity and lexical contents of ESG disclosures play a significant role in the magnitude of the impact.

Every Little Helps? ESG News and Stock Market Reaction

A comprehensive literature review on, and the construction of a framework for, environmental legitimacy, accountability and proactivity

Sunlight creates oxygenated species in water-soluble fractions of Deepwater Horizon oil.

This study examines the environmental and economic damages caused by British Petroleum’s Deepwater Horizon oil spill in the spring and summer of 2010. The process of oil exploration and production is extremely challenging, offering significant rewards that are offset by equally significant risks. The world’s demand for energy is constantly growing, thereby leading to extraordinary efforts and gigantic investments by energy companies to find new supplies of oil. The $365 million Deepwater Horizon was an offshore drilling unit designed to operate in waters as deep as 8,000 feet and to drill down 30,000 feet. The Horizon was drilling an exploratory well about 41 miles off the coast of Louisiana, when on April 20 an explosion killed 11 workers and began the release of massive amounts of oil into the Gulf. The well was eventually capped on July 15. Total damages to BP, the environment, and the US gulf coast economy are estimated to be $36.9 billion. The damages are attributed to three major factors: (1) human error and equipment failure at BP’s Deepwater Horizon offshore drilling unit, (2) failure of the US government to assign, and in some cases to permit, resources to assist with the containment of the oil spill, and (3) misinformation disseminated by the news media regarding the amount and location of oil pollution in the water and on the beaches of the Gulf of Mexico.

Analysis of Environmental and Economic Damages from British Petroleum’s Deepwater Horizon Oil Spill

This study examines the environmental and economic damages caused by British Petroleum's CBP") Deepwater Horizon oil spill in the spring and summer of 2010. (1) The process of oil exploration and production is extremely challenging, offering significant rewards that are offset by equally significant risks. The world's demand for energy is constantly growing, thereby leading to extraordinary efforts and gigantic investments by energy companies to find new supplies of oil. The $365 million Deepwater Horizon was an offshore drilling unit designed to operate in waters as deep as 8000 feet, and to drill down 30,000 feet. (2) The Deepwater Horizon was drilling an exploratory well about forty-one miles off the coast of Louisiana, when on April 20, 2010, an explosion killed eleven workers and began the release of massive amounts of oil into the Gulf. (3) The well was eventually capped on July 15. (4) Total damages to BP, the environment, and the U.S. Gulf Coast economy are estimated to be $36.9 billion. (5) The damages are attributed to three major factors: (1) human error and equipment failure at BP's Deepwater Horizon offshore drilling unit; (2) failure of the U.S. government to assign, and in some cases to permit, resources to assist with the containment of the oil spill; and (3) misinformation disseminated by the news media regarding the amount and location of oil pollution in the water and on the beaches of the Gulf of Mexico. ANALYSIS OF ENVIRONMENTAL AND ECONOMIC DAMAGES FROM BP's DEEPWATER HORIZON OIL SPILL A. Introduction In the spring and summer of 2010, the BP Deepwater Horizon oil spill dominated the world news. The event was hailed as an environmental and economic disaster. World energy needs are constantly growing, resulting in extraordinary efforts and gigantic investments by energy companies to find new supplies of oil. Oil exploration and production is well known for its tremendous challenges, working in harsh environments, and using the latest and most complex technologies. Successful operations can lead to significant rewards, but these are offset by equally significant risks. The purpose of this paper is to examine the environmental and economic damages caused by BP's Deepwater Horizon oil spill in the spring and summer of 2010. The Deepwater Horizon was an offshore drilling rig, licensed to BP by Transocean Ltd. (6) The Deepwater Horizon was a fifth-generation dynamic positioned semi-submersible oil rig. (7) The Deepwater Horizon cost $365 million to build, and was designed to operate in waters as deep as 8000 feet, and to drill down 30,000 feet. (8) The Deepwater Horizon was drilling an exploratory well about forty-one miles off the coast of Louisiana, when on April 20, 2010, an explosion and fire killed eleven workers and began the release of massive amounts of oil into the Gulf of Mexico. (9) The oil spill was ultimately contained when the well was capped on July 15, 2010. (10) Damages to BP, the environment, and the U.S. Gulf Coast economy are estimated to be $36.9 billion, as will be described in this paper. (11) The damages are ascribed to three major factors: (1) human error and equipment failure at BP's Deepwater Horizon offshore drilling unit; (2) failure of the U.S. government to assign, and in some cases to permit, resources to assist with the containment of the oil spill; and (3) misinformation disseminated by the news media regarding the amount and location of oil pollution in the water and on the beaches of the Gulf of Mexico. B. Background and Past Research People's concern for the environment can be traced back to ancient times. (12) Directions for proper care of the natural environment are found in ancient literature, such as the Bible and Qur'an. The Prophet Moses, known mostly for providing the Ten Commandments, also gave the ancient Israelites guidance regarding land management and care of animals. (13) The Prophet Mohammed offered instructions concerning water conservation in the Holy Qur'an. …

http://www.albanylawreview.org/Articles/Vol74_1/74.1.0015_SMITH.pdf

Analysis of Environmental and Economic Damages from British Petroleum's Deepwater Horizon Oil Spill

The relationship between corruption and economic activity is a complex one The purpose of this study is to examine the relationship in selected countries between level of corruption and economic activity, using data obtained from the Organization of Economic Cooperation and Development (OECD) and Transparency International (TI) Transparency International publishes annually a ranking of countries according to the Corruption Perceptions Index (CPI) Examples of corruption activities include: (1) bribery, (2) corporate fraud, (3) cartels, and (4) corruption in supply chains and transnational transactions Corruption is associated with a variety of problems, such as impeding economic development Effective corporate governance that restricts corruption benefits not only the business firm but also economic activity in host countries Results of this study offer insights into the consequences of corruption on economic activity Generally lower-corruption countries have experienced significantly less unemployment than higher-corruption countries In addition, gross fixed capital formation and foreign direct investment were more favorable (though not significantly different) for the lower-corruption countries

A Multinational Analysis of Corruption and Economic Activity

The relationship between taxes, particularly the income tax, and economic activity is a factor in the economic progress and development of a national economy This study examines the relationship between the corporate income tax rate and economic activity in 30 countries, the members of the Organization of Economic Cooperation and Development Results indicate that lower tax rates are associated with more favorable economic activity, including growth in GDP, lower unemployment, and higher savings These findings suggest that at the micro-level, corporate managers should consider tax rates when deciding to locate or not locate business operations within a given country, especially if the goal is to locate where the economy is dynamic At the macro-level, before making changes to tax law, policy makers should carefully consider how tax rates affect economic activity For example, policy makers in the US Congress, at the time of this writing, are considering whether to allow the Bush tax cuts to expire in 2010 If the Congress allows that to happen, the outcome would effectively be the largest tax increase in US history

https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=1636010

A Multinational Analysis of Tax Rates and Economic Activity

1. Computer Basics. 2. Making a Worksheet. 3. Formulas, Functions, and Formatting. 4. Charts. 5. Worksheet Manipulation. 6. Database Tools. 7. Macro Commands. 8. Guidelines for Worksheet Design. 9. Step-by-Step Excel Example. Spreadsheet Assignments. Solutions to Selected Assignments. Index.

Lawrence C. Smith

Papers

Analysis of Environmental and Economic Damages from British Petroleum’s Deepwater Horizon Oil Spill

Analysis of Environmental and Economic Damages from British Petroleum's Deepwater Horizon Oil Spill

A Multinational Analysis of Corruption and Economic Activity

A Multinational Analysis of Tax Rates and Economic Activity

Microsoft Excel for Accounting : Managerial and Cost