IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v15y2022i2p94-d754502.html
   My bibliography  Save this article

The Bucharest Stock Exchange: A Starting Point in Structuring a Valuable CSR Index

Author

Listed:
  • Mirela Clementina Panait

    (Department of Cybernetics, Economic Informatics, Finance and Accounting, Petroleum-Gas University of Ploiesti, 100680 Ploiesti, Romania
    Institute of National Economy, Romanian Academy, 010374 Bucharest, Romania)

  • Marian Catalin Voica

    (Department of Cybernetics, Economic Informatics, Finance and Accounting, Petroleum-Gas University of Ploiesti, 100680 Ploiesti, Romania)

  • Eglantina Hysa

    (Department of Economics, Epoka University, 1032 Tirana, Albania)

  • Alfonso Siano

    (Department of Political and Communication Sciences, University of Salerno, 84084 Fisciano, Italy)

  • Maria Palazzo

    (Department of Political and Communication Sciences, University of Salerno, 84084 Fisciano, Italy)

Abstract

The aim of this article was to identify the role and specific mechanisms of the stock exchange in promoting corporate social responsibility (CSR) and CSR communications among companies listed on the Romanian capital market given country membership of the European Union. Taking into account the quality of the Bucharest Stock Exchange (BSE) as a member of the Sustainable Stock Exchanges, as well as BSE’s concerns about promoting CSR, a CSR index was built to capture the specific actions of companies listed on this market. The public companies were considered representative for the promotion of CSR based on their size and other relevant features. The index can be seen by companies that can further develop it, test its validity, and employ it as a tool to reassure investors who will decide to spend their money to buy shares and stocks of organizations ranked in the BSE.

Suggested Citation

  • Mirela Clementina Panait & Marian Catalin Voica & Eglantina Hysa & Alfonso Siano & Maria Palazzo, 2022. "The Bucharest Stock Exchange: A Starting Point in Structuring a Valuable CSR Index," JRFM, MDPI, vol. 15(2), pages 1-14, February.
    • Handle: RePEc:gam:jjrfmx:v:15:y:2022:i:2:p:94-:d:754502
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/15/2/94/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1911-8074/15/2/94/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Stanciu Anca Cristina & Condrea Elena & Constandache Mihaela, 2017. "Quality and Social Responsibility," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 320-323, December.
    2. Fatbardha Morina & Eglantina Hysa & Uğur Ergün & Mirela Panait & Marian Catalin Voica, 2020. "The Effect of Exchange Rate Volatility on Economic Growth: Case of the CEE Countries," JRFM, MDPI, vol. 13(8), pages 1-13, August.
    3. Daniela-Ioana Manea & Emilia Titan & Mihaela Mihai & Simona-Andreea Apostu & Valentina Vasile, 2020. "Good Practices on Air Quality, Pollution and Health Impact at EU Level," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 22(53), pages 256-256, February.
    4. Miwa Nakai & Keiko Yamaguchi & Kenji Takeuchi, 2013. "Sustainability membership and stock price: an empirical study using the Morningstar-SRI Index," Applied Financial Economics, Taylor & Francis Journals, vol. 23(1), pages 71-77, January.
    5. Alamo Alexandre da Silva Batista & Antonio Carlos de Francisco, 2018. "Organizational Sustainability Practices: A Study of the Firms Listed by the Corporate Sustainability Index," Sustainability, MDPI, vol. 10(1), pages 1-13, January.
    6. Alfonso Siano & Lukman Raimi & Maria Palazzo & Mirela Clementina Panait, 2020. "Mobile Banking: An Innovative Solution for Increasing Financial Inclusion in Sub-Saharan African Countries: Evidence from Nigeria," Sustainability, MDPI, vol. 12(23), pages 1-24, December.
    7. Sułkowski, Łukasz & Dobrowolski, Zbysław, 2021. "The role of supreme audit institutions in energy accountability in EU countries," Energy Policy, Elsevier, vol. 156(C).
    8. Gabriela ANGHELACHE & Mirela PANAIT, 2016. "Characteristics of the Romanian capital market," Romanian Statistical Review Supplement, Romanian Statistical Review, vol. 64(11), pages 79-89, November.
    9. Avshalom Adam & Tal Shavit, 2008. "How Can a Ratings-based Method for Assessing Corporate Social Responsibility (CSR) Provide an Incentive to Firms Excluded from Socially Responsible Investment Indices to Invest in CSR?," Journal of Business Ethics, Springer, vol. 82(4), pages 899-905, November.
    10. Simona Frone & Victor Platon & Andreea Constantinescu, 2020. "Links And Synergies Of Sustainable Development Goals," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 5, pages 53-61, October.
    11. Corina ENE & Mirela PANAIT, 2017. "The financial education - part of corporate social responsibility for employees and customers," Romanian Journal of Economics, Institute of National Economy, vol. 44(1(53)), pages 145-154, June.
    12. Ramiz ur Rehman & Muhammad Zain ul Abidin & Rizwan Ali & Safwan Mohd Nor & Muhammad Akram Naseem & Mudassar Hasan & Muhammad Ishfaq Ahmad, 2021. "The Integration of Conventional Equity Indices with Environmental, Social, and Governance Indices: Evidence from Emerging Economies," Sustainability, MDPI, vol. 13(2), pages 1-27, January.
    13. Daniela Coluccia & Stefano Fontana & Silvia Solimene, 2018. "Does Institutional Context Affect CSR Disclosure? A Study on Eurostoxx 50," Sustainability, MDPI, vol. 10(8), pages 1-20, August.
    14. Lukman Raimi & Innocent Akhuemonkhan & Olakunle Dare Ogunjirin, 2015. "Corporate Social Responsibility and Entrepreneurship (CSRE): antidotes to poverty, insecurity and underdevelopment in Nigeria," Social Responsibility Journal, Emerald Group Publishing Limited, vol. 11(1), pages 56-81, March.
    15. Iza Gigauri, 2021. "Corporate Social Responsibility and COVID-19 Pandemic Crisis: Evidence From Georgia," International Journal of Sustainable Entrepreneurship and Corporate Social Responsibility (IJSECSR), IGI Global, vol. 6(1), pages 30-47, January.
    16. Myeongju Lee & Hyunok Kim, 2017. "Exploring the Organizational Culture’s Moderating Role of Effects of Corporate Social Responsibility (CSR) on Firm Performance: Focused on Corporate Contributions in Korea," Sustainability, MDPI, vol. 9(10), pages 1-18, October.
    17. Otilia Manta & Eglantina Hysa & Alba Kruja, 2021. "Finances and National Economy: Frugal Economy as a Forced Approach of the COVID Pandemic," Sustainability, MDPI, vol. 13(11), pages 1-25, June.
    18. Gabriela Anghelache, 2007. "The Capital Market in the Context of the Integration within the European Union," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 9(9(514)), pages 21-28, September.
    19. Iván Arribas & María Dolores Espinós-Vañó & Fernando García & Paula Beatriz Morales-Bañuelos, 2019. "The Inclusion of Socially Irresponsible Companies in Sustainable Stock Indices," Sustainability, MDPI, vol. 11(7), pages 1-14, April.
    20. Dragota, Victor & Stoian, Andreea & Pele, Daniel Traian & Mitrica, Eugen & Bensafta, Malik, 2009. "The Development of the Romanian Capital Market: Evidences on Information Efficiency," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 6(2), pages 147-160, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Catalin Popescu & Eglantina Hysa & Mirela Panait & Arjona Çela, 2023. "Past, Present, and Future of Critical Issues in Energy: Poverty, Transition and Security—A Systematic Review," Energies, MDPI, vol. 16(14), pages 1-25, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mirela Panait & Irina Radulescu & Alina Brezoi, 2020. "Financial Markets – Under the Sign of CSR. Some Evidences Regarding Financial Education," Book chapters-LUMEN Proceedings, in: Adriana Grigorescu & Valentin Radu (ed.), 1st International Conference Global Ethics - Key of Sustainability (GEKoS), edition 1, volume 11, chapter 11, pages 96-106, Editura Lumen.
    2. Mustafa K. Yilmaz & Mine Aksoy & Ekrem Tatoglu, 2020. "Does the Stock Market Value Inclusion in a Sustainability Index? Evidence from Borsa Istanbul," Sustainability, MDPI, vol. 12(2), pages 1-22, January.
    3. Lukman Raimi & Mirela Panait & Adriana Grigorescu & Valentina Vasile, 2022. "Corporate Social Responsibility in the Telecommunication Industry—Driver of Entrepreneurship," Resources, MDPI, vol. 11(9), pages 1-23, September.
    4. Zbysław Dobrowolski & Grzegorz Drozdowski & Mirela Panait & Arkadiusz Babczuk, 2022. "Can the Economic Value Added Be Used as the Universal Financial Metric?," Sustainability, MDPI, vol. 14(5), pages 1-14, March.
    5. Catalin Drob, 2014. "Recent Evolution Of The Capital Markets In Romania," Studies and Scientific Researches. Economics Edition, "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences, issue 20.
    6. Jamil, Abd Rahim Md. & Law, Siong Hook & Mohamad Khair-Afham, M.S. & Trinugroho, Irwan, 2023. "Financial inclusion and economic uncertainty in developing countries: The role of digitalisation," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 786-806.
    7. Nematollah Shiri & Vahid Jafari‐Sadeghi, 2023. "Corporate social responsibility and green behaviour: Towards sustainable food‐business development," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(2), pages 605-620, March.
    8. Feng, Xinzhen & Zhou, Dequn & Hussain, Tufail, 2024. "An investigation of fintech governance, natural resources and government stability on sustainability: Policy suggestions under the SDGs theme," Resources Policy, Elsevier, vol. 96(C).
    9. Makomborero Bure & Robertson K. Tengeh, 2019. "Implementation of internal controls and the sustainability of SMEs in Harare in Zimbabwe," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 7(1), pages 201-218, September.
    10. Alina MECA & Valentin-Marian ANTOHI & Romeo-Victor IONESCU & Dragos Sebastian CRISTEA & Laurentiu-Nicolae PRICOPE & Monica Laura ZLATI, 2023. "The Development of the Social Economy in Europe in the Context of the Global Economic Crisis," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 47-53.
    11. Clementino, Ester & Perkins, Richard, 2020. "How do companies respond to environmental, social and governance (ESG) ratings? Evidence from Italy," LSE Research Online Documents on Economics 103046, London School of Economics and Political Science, LSE Library.
    12. Egla Mansi & Eglantina Hysa & Mirela Panait & Marian Catalin Voica, 2020. "Poverty—A Challenge for Economic Development? Evidences from Western Balkan Countries and the European Union," Sustainability, MDPI, vol. 12(18), pages 1-24, September.
    13. Zbysław Dobrowolski & Łukasz Sułkowski, 2021. "Business Model Canvas and Energy Enterprises," Energies, MDPI, vol. 14(21), pages 1-10, November.
    14. Weisong Qiu & Tieqi Wu & Peng Xue, 2022. "Can Mobile Payment Increase Household Income and Mitigate the Lower Income Condition Caused by Health Risks? Evidence from Rural China," IJERPH, MDPI, vol. 19(18), pages 1-15, September.
    15. Xiao-Guang Yue & Yan Han & Deimante Teresiene & Justina Merkyte & Wei Liu, 2020. "Sustainable Funds’ Performance Evaluation," Sustainability, MDPI, vol. 12(19), pages 1-20, September.
    16. Ioana-Andreea Boboc & Mihai-Cristian Dinică, 2013. "An Algorithm for Testing the Efficient Market Hypothesis," PLOS ONE, Public Library of Science, vol. 8(10), pages 1-11, October.
    17. Mirela PANAIT & Irina RADULESCU & Catalin VOICA, 2018. "Financial Inclusion and Vulnerabilities Generated by the International Crisis," Romanian Journal of Economics, Institute of National Economy, vol. 47(2(56)), pages 71-81, Decembre.
    18. Lei Wang & Sana Ullah & Muhammad Tayyab Sohail, 2024. "Exchange rate volatility and green growth in China: does nonlinearity matter?," Economic Change and Restructuring, Springer, vol. 57(6), pages 1-26, December.
    19. Fabricio Carlos Schmidt & Roselaine Ruviaro Zanini & André Luis Korzenowski & Reno Schmidt Junior & Karl Benchimol Xavier do Nascimento, 2018. "Evaluation of Sustainability Practices in Small and Medium-Sized Manufacturing Enterprises in Southern Brazil," Sustainability, MDPI, vol. 10(7), pages 1-11, July.
    20. Nadežda Jankelová & Zuzana Skorková & Zuzana Joniaková & Ildikó Némethová, 2021. "A Diverse Organizational Culture and Its Impact on Innovative Work Behavior of Municipal Employees," Sustainability, MDPI, vol. 13(6), pages 1-16, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jjrfmx:v:15:y:2022:i:2:p:94-:d:754502. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.