Religion and returns in Europe

Drawing on social identity and social impact theory, this paper is the first to investigate the impact of religious preferences on share prices and expected returns at the country level. Using data from 12 European countries, our findings suggest that religion has a significant effect on the share price of companies whose activities are considered unethical, i.e., tobacco manufacturers and alcohol producers. The share price of these companies (called sin stocks) is depressed when they are located in a predominantly Protestant environment (relative to a Catholic environment). With investors in Protestant countries being more sin averse than in Catholic countries, they insist upon higher expected returns on sin stocks. Conversely, religious preferences do not have the same impact on the performance of other companies, e.g. socially responsible companies. Our results are robust to various methodologies and controlling for several firm-specific, industry-specific and country-specific characteristics.

Labour and Low Energy Buildings: the energy performance gap as Social Practice

Buildings are responsible for approximately 30% of EU end-use emissions (Bettgenhäuser , et al, 2009) and are at the forefront of efforts to meet emissions targets arising from their design, construction and operation. For the first time in its history, construction industry outputs must meet specific energy targets if planned reductions in greenhouse gas emissions are to be achieved through nearly zero energy buildings (nZEB) (EC, 2010) supported by on-site renewable heat and power. Where individual UK dwellings have been tested before occupation to assess whether they meet energy design criteria, the results indicate what is described as an ‘energy performance gap’, that is, energy use is almost always more than that specified. This leads to the conclusion that the performance gap is, inter alia, a function of the labour process and thus a function of social practice. Social practice theory, based on Schatzki’s model (2002), is utilised to explore the performance gap as a result of the changes demanded in the social practice of building initiated by new energy efficiency rules. The paper aims to open a discussion where failure in technical performance is addressed as a social phenomenon.

Linking the ecosystem service approach to social preferences and needs in integrated coastal land use management - a planning approach

Coastal zones with their natural and societal subsystems are exposed to rapid changes and pressures on resources. Scarcity of space and impacts of climate change are prominent drivers of land use and adaptation management today. Necessary modifications to present land use management strategies and schemes influence both the structures of coastal communities and the ecosystems involved. Approaches to identify the impacts and account for (i) the linkages between social references and needs and (ii) ecosystem services in coastal zones have been largely absent. The presented method focuses on improving the inclusion of ecosystem services in planning processes and clarifies the linkages with social impacts. In this study, fourteen stakeholders in decisionmaking on land use planning in the region of Krummhörn (northwestern Germany, southern North Sea coastal region) conducted a regional participative and informal process for local planning capable to adapt to climate driven changes. It is argued that scientific and practical implications of this integrated assessment focus on multifunctional options and contribute to more sustainable practices in future land use planning. The method operationalizes the ecosystem service approach and social impact analysis and demonstrates that social demands and provision of ecosystem services are inherently connected.