IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-03789184.html
   My bibliography  Save this paper

Clusters of social impact firms. A complex network approach

Author

Listed:
  • Roy Cerqueti

    (GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement)

  • M. Biasin E. Giacomini
  • N. Marinelli
  • A.G. Quaranta
  • L. Riccetti

Abstract

With increasing interest around social impact investments, there is a pressing need to properly define the universe of social impact targets. This paper aims to identify communities of social impact firms (SIFs) ranked in terms of their compliance with the OECD criteria for impact investing. We include in the analysis the network dimension of the firms. Specifically, we assume that SIFs represent the nodes of a weighted complex network, whose weights grow when the linked nodes show similar behaviors in pursuing social impact targets. To empirically validate our model, we used a novel hand-collected dataset of SIFs across multiple countries. Our results highlight that the economic sector and country of origin do not act as a distinguishing factor among SIF communities. However, firm size seems to matter as firms which are more compliant with the social impact criteria tend to be smaller.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Roy Cerqueti & M. Biasin E. Giacomini & N. Marinelli & A.G. Quaranta & L. Riccetti, 2022. "Clusters of social impact firms. A complex network approach," Post-Print hal-03789184, HAL.
    • Handle: RePEc:hal:journl:hal-03789184
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Cornelia Caseau & Gilles Grolleau, 2020. "Impact Investing: Killing Two Birds with One Stone?," Post-Print hal-03447089, HAL.
    2. Gunnar Friede & Timo Busch & Alexander Bassen, 2015. "ESG and financial performance: aggregated evidence from more than 2000 empirical studies," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 5(4), pages 210-233, October.
    3. Vega-Redondo,Fernando, 2007. "Complex Social Networks," Cambridge Books, Cambridge University Press, number 9780521857406, September.
    4. Halbritter, Gerhard & Dorfleitner, Gregor, 2015. "The wages of social responsibility — where are they? A critical review of ESG investing," Review of Financial Economics, Elsevier, vol. 26(C), pages 25-35.
    5. Li, Jie & Ren, Da & Feng, Xu & Zhang, Yongjie, 2016. "Network of listed companies based on common shareholders and the prediction of market volatility," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 462(C), pages 508-521.
    6. Helen Chiappini, 2017. "Social Impact Funds," Palgrave Studies in Impact Finance, Palgrave Macmillan, number 978-3-319-55260-6, June.
    7. Anna Höchstädter & Barbara Scheck, 2015. "What’s in a Name: An Analysis of Impact Investing Understandings by Academics and Practitioners," Journal of Business Ethics, Springer, vol. 132(2), pages 449-475, December.
    8. Massimo Biasin & Roy Cerqueti & Emanuela Giacomini & Nicoletta Marinelli & Anna Grazia Quaranta & Luca Riccetti, 2019. "Macro Asset Allocation with Social Impact Investments," Sustainability, MDPI, vol. 11(11), pages 1-19, June.
    9. Irina-Eugenia Iamandi & Laura-Gabriela Constantin & Sebastian Madalin Munteanu & Bogdan Cernat-Gruici, 2019. "Mapping the ESG Behavior of European Companies. A Holistic Kohonen Approach," Sustainability, MDPI, vol. 11(12), pages 1-41, June.
    10. Auer, Benjamin R. & Schuhmacher, Frank, 2016. "Do socially (ir)responsible investments pay? New evidence from international ESG data," The Quarterly Review of Economics and Finance, Elsevier, vol. 59(C), pages 51-62.
    11. Han, Ding-Ding & Qian, Jiang-Hai & Liu, Jin-Gao, 2009. "Network topology and correlation features affiliated with European airline companies," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 388(1), pages 71-81.
    12. Geczy, Christopher & Jeffers, Jessica S. & Musto, David K. & Tucker, Anne M., 2021. "Contracts with (Social) benefits: The implementation of impact investing," Journal of Financial Economics, Elsevier, vol. 142(2), pages 697-718.
    13. Mario Torre & Helen Chiappini, 2016. "Microfinance Investment Vehicles: How Far Are They from OECD Social Impact Investment Definition?," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Santiago Carbó Valverde & Pedro Jesús Cuadros Solas & Francisco Rodríguez Fernández (ed.), Bank Funding, Financial Instruments and Decision-Making in the Banking Industry, chapter 7, pages 145-191, Palgrave Macmillan.
    14. Vega-Redondo,Fernando, 2007. "Complex Social Networks," Cambridge Books, Cambridge University Press, number 9780521674096, September.
    15. Dima Jamali & Yusuf Sidani & Khalil El-Asmar, 2009. "A Three Country Comparative Analysis of Managerial CSR Perspectives: Insights From Lebanon, Syria and Jordan," Journal of Business Ethics, Springer, vol. 85(2), pages 173-192, March.
    Full references (including those not matched with items on IDEAS)

    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. Monica Billio & Michele Costola & Iva Hristova & Carmelo Latino & Loriana Pelizzon, 2021. "Inside the ESG ratings: (Dis)agreement and performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(5), pages 1426-1445, September.
    2. Shirley Kempeneer & Michaël Peeters & Tine Compernolle, 2021. "Bringing the User Back in the Building: An Analysis of ESG in Real Estate and a Behavioral Framework to Guide Future Research," Sustainability, MDPI, vol. 13(6), pages 1-12, March.
    3. Gregor Dorfleitner & Christian Kreuzer & Christian Sparrer, 2020. "ESG controversies and controversial ESG: about silent saints and small sinners," Journal of Asset Management, Palgrave Macmillan, vol. 21(5), pages 393-412, September.
    4. Migliavacca, Milena & Patel, Ritesh & Paltrinieri, Andrea & Goodell, John W., 2022. "Mapping impact investing: A bibliometric analysis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    5. Mario La Torre & Helen Chiappini (ed.), 2020. "Contemporary Issues in Sustainable Finance," Palgrave Studies in Impact Finance, Palgrave Macmillan, number 978-3-030-40248-8, June.
    6. De Masi, G. & Giovannetti, G. & Ricchiuti, G., 2013. "Network analysis to detect common strategies in Italian foreign direct investment," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(5), pages 1202-1214.
    7. Andrea Galeotti & Brian W. Rogers, 2013. "Strategic Immunization and Group Structure," American Economic Journal: Microeconomics, American Economic Association, vol. 5(2), pages 1-32, May.
    8. Bargigli, Leonardo & Gallegati, Mauro, 2011. "Random digraphs with given expected degree sequences: A model for economic networks," Journal of Economic Behavior & Organization, Elsevier, vol. 78(3), pages 396-411, May.
    9. Konno, Tomohiko, 2013. "An imperfect competition on scale-free networks," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(21), pages 5453-5460.
    10. Arcaute, E. & Dyagilev, K. & Johari, R. & Mannor, S., 2013. "Dynamics in tree formation games," Games and Economic Behavior, Elsevier, vol. 79(C), pages 1-29.
    11. Halit Gonenc & Bert Scholtens, 2019. "Responsibility and Performance Relationship in the Banking Industry," Sustainability, MDPI, vol. 11(12), pages 1-49, June.
    12. Cabrales, Antonio & Calvó-Armengol, Antoni & Zenou, Yves, 2011. "Social interactions and spillovers," Games and Economic Behavior, Elsevier, vol. 72(2), pages 339-360, June.
    13. Danny Zhao‐Xiang Huang, 2022. "An integrated theory of the firm approach to environmental, social and governance performance," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(S1), pages 1567-1598, April.
    14. Chakrabarti, Anindya S., 2015. "Stochastic Lotka-Volterra equations: A model of lagged diffusion of technology in an interconnected world," IIMA Working Papers WP2015-08-05, Indian Institute of Management Ahmedabad, Research and Publication Department.
    15. Guillermo Badía & Luis Ferruz & Maria Céu Cortez, 2021. "The performance of social responsible investing from retail investors' perspective: international evidence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(4), pages 6074-6088, October.
    16. Dunbar, Kwamie & Treku, Daniel & Sarnie, Robert & Hoover, Jack, 2023. "What does ESG risk premia tell us about mutual fund sustainability levels: A difference-in-differences analysis," Finance Research Letters, Elsevier, vol. 57(C).
    17. Arbex, Marcelo & Caetano, Sidney & O’Dea, Dennis, 2016. "The implications of labor market network for business cycles," Economics Letters, Elsevier, vol. 144(C), pages 37-40.
    18. Zenou, Yves, 2007. "Social Interactions and Labour Market Outcomes in Cities," CEPR Discussion Papers 6129, C.E.P.R. Discussion Papers.
    19. Bravard, Christophe & Charroin, Liza & Touati, Corinne, 2017. "Optimal design and defense of networks under link attacks," Journal of Mathematical Economics, Elsevier, vol. 68(C), pages 62-79.
    20. Florian Blöchl & Fabian J. Theis & Fernando Vega-Redondo & Eric O'N. Fisher, 2010. "Which Sectors of a Modern Economy are most Central?," CESifo Working Paper Series 3175, CESifo.

    More about this item

    Statistics

    Access and download statistics

    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:hal:journl:hal-03789184. 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: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    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.