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The United Nations Global Compact International Yearbook 2013

image of The United Nations Global Compact International Yearbook 2013
The aim of the Global Compact International Yearbook is to create a global overview of the achievements of the UN Global Compact (UNGC). The book offers proactive and in-depth information on key sustainability issues to stakeholders around the world and promotes unique and comprehensive knowledge exchange and learning in the spirit of the Global Compact principles. Thus the publication helps to advance transparency, promotes the sharing of best-practices, and, perhaps most significantly, gives a strong voice to the regional and global actors that are at the heart of the initiative. Core issues of the 2013 edition include Stakeholder Management, Integrated Reporting, CSR in Africa, and Climate Chance.

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When does it pay? Linking carbon and financial performance

Starting from very fundamental investigations, John Spicer was one of the first authors to conduct an econometric study that investigates the economic consequences of ecological and social efforts. Ever since then, a substantial body of more recent management research has sought to address this question and investigate the relationship between corporate sustainability performance (CSP) and corporate financial performance (CFP) from different angles. However, there continues to be much confusion within this debate. At the 2010 Academy of Management conference in Montreal, papers presented in a session entitled “Examining the corporate social performance–corporate financial performance relationship” offered various results: no relationship, a positive relationship, or even a curvilinear relationship. These results are reflected by scholars’ attempts to detect an outperformance of mutual funds or specialized indexes that invest in firms with enhanced CSP: Empirical studies suggest that sustainable investments may either outperform the market, underperform the market, or make no difference in terms of their risk-adjusted financial returns.

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