The impact of corporate social performance on financial risk and utility: a longitudinal analysis

This study focuses on the wealth-protective effects of socially responsible firm behavior by examining the association between corporate social performance (CSP) and financial risk for an extensive panel data sample of S&P 500 companies between the years 1992 and 2009. In addition, the link between CSP and investor utility is investigated. The main findings are that corporate social responsibility is negatively but weakly related to systematic firm risk and that corporate social irresponsibility is positively and strongly related to financial risk. The fact that both conventional and downside risk measures lead to the same conclusions adds convergent validity to the analysis. However, the risk-return trade-off appears to be such that no clear utility gain or loss can be realized by investing in firms characterized by different levels of social and environmental performance. Overall volatility conditions of the financial markets are shown to play a moderating role in the nature and strength of the CSP-risk relationship.

Green noise or green value? Measuring the price effects of environmental certification in commercial buildings

This paper investigates the price effects of environmental certification on commercial real estate assets. It is argued that there are likely to be three main drivers of price differences between certified and non-certified buildings. First, certified buildings offer a bundle of benefits to occupiers relating to business productivity, image and occupancy costs. Second, due to these occupier benefits, certified buildings can result in higher rents and lower holding costs for investors. Third, certified buildings may require a lower risk premium. Drawing upon the CoStar database of US commercial real estate assets, hedonic regression analysis is used to measure the effect of certification on both rent and price. We first estimate the rental regression for a sample of 110 LEED and 433 Energy Star as well as several thousand benchmark buildings to compare the sample to. The results suggest that, compared to buildings in the same metropolitan region, certified buildings have a rental premium and that the more highly rated that buildings are in terms of their environmental impact, the greater the rental premium. Furthermore, based on a sample of transaction prices for 292 Energy Star and 30 LEED-certified buildings, we find price premia of 10% and 31% respectively compared to non-certified buildings in the same metropolitan area

The effect of environmental change on human migration

The influence of the environment and environmental change is largely unrepresented in standard theories of migration, whilst recent debates on climate change and migration focus almost entirely on displacement and perceive migration to be a problem. Drawing on an increasing evidence base that has assessed elements of the influence of the environment on migration, this paper presents a new framework for understanding the effect of environmental change on migration. The framework identifies five families of drivers which affect migration decisions: economic, political, social, demographic and environmental drivers. The environment drives migration through mechanisms characterised as the availability and reliability of ecosystem services and exposure to hazard. Individual migration decisions and flows are affected by these drivers operating in combination, and the effect of the environment is therefore highly dependent on economic, political, social and demographic context. Environmental change has the potential to affect directly the hazardousness of place. Environmental change also affects migration indirectly, in particular through economic drivers, by changing livelihoods for example, and political drivers, through affecting conflicts over resources, for example. The proposed framework, applicable to both international and internal migration, emphasises the role of human agency in migration decisions, in particular the linked role of family and household characteristics on the one hand, and barriers and facilitators to movement on the other in translating drivers into actions. The framework can be used to guide new research, assist with the evaluation of policy options, and provide a context for the development of scenarios representing a range of plausible migration futures.

Pedosedimentary, cultural and environmental significance of palaeosols within Pre-Hispanic agricultural terraces in the southern Peruvian Andes

Paleosols were exposed in sections through four abandoned pre-Hispanic agricultural terraces surrounding an infilled mire basin in the southern Peruvian Andes. The two paleosols beneath the Tocotoccasa terrace represent the original ‘natural’ solum and a later soil formed after construction of the agricultural terrace, probably during the early Middle Horizon cultural period (615–695 AD). The soil at the current surface developed subsequent to the building up and reconstruction of the terrace, possibly during the late Late Intermediate period (1200–1400 AD). Micromorphology revealed an unexpected abundance of clay coatings within the upper terrace paleosol and surface terrace soil, a phenonemon attributed to the migration and/or accumulation of neoformed clay produced from the weathering of very unstable volcanic clasts, perhaps fuelled by arid/humid climatic oscillations and/or seasonal input of irrigation waters. The paleosols at Tocotoccasa could not be correlated with any degree of confidence with those beneath the other three terraces due to differences in pedosedimentary properties and uncertainties over chronological controls. Thus, it seems likely that either the terraces were (re)constructed and utilised over different cultural periods or that there is significant variation in the extent of weathering of material used for reconstruction of the terraces. Unfortunately, it cannot be ascertained from the data available whether the terraces were abandoned for any significant period of time prior to reconstruction and, if so, whether this was a regional phenomenon related to climate, social, or economic changes.

Discerning policy and drivers for sustainable facilities management practice

Due to the changing nature of the facilities management (FM) profession, facilities managers are increasingly engaged with the evolving sustainability agenda in the UK and the development or uptake of sustainability policies within their organisations. This study investigates how facilities managers are engaging with the sustainability agenda and the drivers, policy issues and information they use to improve their sustainability performance management. A web based self-administered questionnaire survey of facilities managers in the UK was conducted to identify drivers and issues that influence and support good sustainable practices. A total of 268 facilities managers responded. The results indicate that legislation is the most important driver for the implementation of sustainable practices. Corporate image and Organisational ethos are also recognised. However demand for efficient monitoring, management and reporting on environmental impact is not highly rated even though the top three issues of sustainability managed by facilities managers are energy management, waste and recycling management and carbon footprint. In addition, facilities managers are expected to take ownership of activities assigned to the reduction of carbon emission. Government industries and organisation with high turnover are more likely to have a sustainability policy. Financial constraints are the main barriers while legislations are the main driver for implementing sustainability. For non-profit organisations and the charitable sector, financial constraints are no hindrance to implementing a sustainability policy. The conclusion drawn is that sustainability agendas continue to be influenced by regulated environmental issues rather than a balanced approach which takes into consideration the wider social and economic aspects of sustainability. While this scenario is far from ideal, the expectation is that the organisation will trust FM to take a vital role in delivering a comprehensive sustainability policy due to the rising tide of legislation, public scrutiny, as well as the needed business case for genuinely embracing sustainability. However, as the integration of sustainability with core business strategies is continuously evolving the emphasis on different drivers will vary from organisation to organisation as well as the responsibilities of facilities managers.

Community-based climate change adaptation strategies for integrated prawn-fish-rice farming in Bangladesh to promote social-ecological resilience

Farming freshwater prawns with fish in rice fields is widespread in coastal regions of southwest Bangladesh because of favourable resources and ecological conditions. This article provides an overview of an ecosystem-based approach to integrated prawn-fish-rice farming in southwest Bangladesh. The practice of prawn and fish farming in rice fields is a form of integrated aquaculture-agriculture, which provides a wide range of social, economic and environmental benefits. Integrated prawn-fish-rice farming plays an important role in the economy of Bangladesh, earning foreign exchange and increasing food production. However, this unique farming system in coastal Bangladesh is particularly vulnerable to climatechange. We suggest that community-based adaptation strategies must be developed to cope with the challenges. We propose that integrated prawn-fish-rice farming could be relocated from the coastal region to less vulnerable upland areas, but caution that this will require appropriate adaptation strategies and an enabling institutional environment.

A Web Map Service implementation for the visualization of multidimensional gridded environmental data

We describe ncWMS, an implementation of the Open Geospatial Consortium’s Web Map Service (WMS) specification for multidimensional gridded environmental data. ncWMS can read data in a large number of common scientific data formats – notably the NetCDF format with the Climate and Forecast conventions – then efficiently generate map imagery in thousands of different coordinate reference systems. It is designed to require minimal configuration from the system administrator and, when used in conjunction with a suitable client tool, provides end users with an interactive means for visualizing data without the need to download large files or interpret complex metadata. It is also used as a “bridging” tool providing interoperability between the environmental science community and users of geographic information systems. ncWMS implements a number of extensions to the WMS standard in order to fulfil some common scientific requirements, including the ability to generate plots representing timeseries and vertical sections. We discuss these extensions and their impact upon present and future interoperability. We discuss the conceptual mapping between the WMS data model and the data models used by gridded data formats, highlighting areas in which the mapping is incomplete or ambiguous. We discuss the architecture of the system and particular technical innovations of note, including the algorithms used for fast data reading and image generation. ncWMS has been widely adopted within the environmental data community and we discuss some of the ways in which the software is integrated within data infrastructures and portals.

Altitude acts as an environmental filter on phylogenetic composition, traits and diversity in bee communities.

Knowledge about the phylogeny and ecology of communities along environmental gradients helps to disentangle the role of competition-driven processes and environmental filtering for community assembly. In this study, we evaluated patterns in species richness, phylogenetic structure and life-history traits of bee communities along altitudinal gradients in the Alps, Germany. We found a linear decline in species richness and abundance but increasing phylogenetic clustering in communities with increasing altitude. The proportion of social- and ground-nesting species, as well as mean body size and altitudinal range of bee communities, increased with increasing altitude, whereas the mean geographical distribution decreased. Our results suggest that community assembly at high altitudes is dominated by environmental filtering effects, whereas the relative importance of competition increases at low altitudes. We conclude that inherent phylogenetic and ecological species attributes at high altitudes pose a threat for less competitive alpine specialists with ongoing climate change.

Satanic Mills? An illustration of Victorian external environmental accounting

The paper evaluates a Victorian environmental account of the pollution of the River Wandle. This account was produced during a period of social and environmental crisis, when there were no significant industrial environmental regulations. This problematising external environmental account provides valuable insights into the historical development of social and environmental accounting. Our analysis located this account within an institutional reform programme to create systems of governance to mitigate the damage arising from unfettered industrial growth. We argue that problematising external environmental accounting has a longer tradition than previously recognised in the literature and predates corporate social and environmental reporting.

Artisanal mining's democratizing directions and deviations

Artisanal miners have tended to be portrayed in the literature and media as people who work hard and play hard, not infrequently depicted as ‘rough diamonds’ likely to cross the boundaries of appropriate behaviour through pursuit of wealth and flamboyant living, often at the cost of local environmental damage. A popular alternative image is that of marginalised labourers, driven by poverty to toil in harsh conditions and pursuing mining livelihoods in the face of national governments and large-scale mining companies’ subversion of their land and mineral rights. Both views reflect partial realities, but are inclined to exaggerate the position of miners as mischief-making rogues or victims. Through documentation of the multi-faceted nature of Tanzanian artisanal miners’ work and home lives during the country’s on-going economic mineralisation, we endeavour to convey a balanced rendering of their aspirations, occupational identity and social ties. Our emphasis is on their working lives as artisans, how they organise themselves and contend with the risks of their occupation, including their engagement with government policy and large-scale mining interests.

Good and bad increases in ecological awareness: environmental differentiation revisited

We analyze a vertically differentiated market, assuming that conventional and green firms' products have different impacts on the environment. Heterogeneous consumers choose to be supplied by a conventional or a green firm, depending on their extra willingness to pay for a green product and the relative prices of the products in the market. We show that environmental awareness campaigns may have a negative impact on total welfare. This possibility is shown to exist without consumer misperceptions about the quality of green products and ruling out changes in the coverage and the structure of the market. Surprisingly, both conventional and green firms may benefit from heterogeneity-enhancing awareness campaigns, while social welfare is more likely to be enhanced by heterogeneity-reducing ones.

Flood inundation dynamics and socioeconomic vulnerability under environmental change

Floods are a major threat to human existence and historically have both caused the collapse of civilizations and forced the emergence of new cultures. The physical processes of flooding are complex. Increased population, climate variability, change in catchment and channel management, modified landuse and land cover, and natural change of floodplains and river channels all lead to changes in flood dynamics, and as a direct or indirect consequence, social welfare of humans. Section 5.16.1 explores the risks and benefits brought about by floods and reviews the responses of floods and floodplains to climate and landuse change. Section 5.08.2 reviews the existing modeling tools, and the top–down and bottom–up modeling frameworks that are used to assess impacts on future floods. Section 5.08.3 discusses changing flood risk and socioeconomic vulnerability based on current trends in emerging or developing countries and presents an alternative paradigm as a pathway to resilience. Section 5.08.4 concludes the chapter by stating a portfolio of integrated concepts, measures, and avant-garde thinking that would be required to sustainably manage future flood risk.

Models of human behaviour in social-ecological systems

Environmental change research often relies on simplistic, static models of human behaviour in social-ecological systems. This limits understanding of how social-ecological change occurs. Integrative, process-based behavioural models, which include feedbacks between action, and social and ecological system structures and dynamics, can inform dynamic policy assessment in which decision making is internalised in the model. These models focus on dynamics rather than states. They stimulate new questions and foster interdisciplinarity between and within the natural and social sciences.

The neolithisation of Liguria (NW Italy): an environmental archaeological and palaeoenvironmental perspective

The archaeological evidence compiled for Liguria has enabled the formulation of a comprehensive model of Neolithic social, technological and economic development (∼7800–5700 cal yrs BP). The model indicates that during the Early and Middle Neolithic (∼7800–6300 cal yrs BP; ‘Impressed Ware’ and ‘Square Mouthed’ pottery cultures) human activity mainly focussed on low (coastal) and mid-altitude areas. By the Late Neolithic (∼6300–5700 cal yrs BP; ‘Chassey’ culture) farming practices were taking place over a wider range of altitudes and involved transhumant pastoralism. Complementary environmental archaeological and palaeoecological records from caves, open-air sites, lakes and mires indicate that human activities had a more significant impact on the environment than previously thought. This included clearance, especially Abies, Ulmus, Fraxinus and Tilia, and woodland utilisation and management (e.g. leaf foddering), as well as cereal cultivation and animal husbandry. The influence of Middle Holocene climatic changes, especially from ∼7800 cal yrs BP, on the direction of vegetation changes and socio-economic developments during the Neolithic remain uncertain.