RESUMO
The pharmaceutical industry, concerned about the impact of its activity, has integrated responsible principles and practices with a view to improving its sustainable and financial performance. This study analyzes the relationship between environmental, social, governance, and controversy indicators and financial performance, measured through return on equity (ROA), return on assets (ROE), and Tobin's Q, which are applied to the listed companies in the Nasdaq US Smart Pharmaceuticals Index. This index is composed of 30 international companies with a presence at the global level. All the data have been extracted from the Thomson Reuters database. The analysis was performed using structural equation modeling implemented with partial least squares. The results confirm the positive relationship between the construct composed of environmental, social, and governance (ESG) indicators and the aforementioned financial ratios. Additionally, a positive relationship of the controversy indicator with Tobin's Q is supported. This suggests that the pharmaceutical multinationals focus their investments in sustainability on ESG and pay attention to controversies to boost the visibility of the company and thus increase its value. These conclusions confirm that investing in ESG is a profitable strategy. It is also relevant for managers as it increases the profits and the market value of multinational pharmaceutical companies.
Assuntos
Investimentos em Saúde , Preparações Farmacêuticas , Indústria FarmacêuticaRESUMO
Resumen: Depositarías de la confianza de la ciudadanía y del Estado, las instituciones de educación superior han desarrollado su misión de formación e investigación dentro de un contexto acotado. En la actualidad, hay una demanda de parte del Estado y la ciudadanía de una mayor participación y supervisión del sistema de educación superior, para la mejora de la calidad de la educación impartida, de una parte, y, de otra, para dar cuenta de los recursos públicos invertidos en educación superior. En este contexto, este trabajo propone un modelo integral de rendición de cuentas para la educación superior en Chile. Su objetivo es proponer dicho modelo como herramienta de evaluación de las políticas públicas en educación superior, para que esta contribuya productivamente a las actividades económicas del país. Como pondremos de manifiesto en el trabajo, la rendición de cuentas no sólo se limita al aspecto financiero, sino que incorpora muchas otros aspectos tales como la autoridad y gobierno, la responsabilidad social, la democracia y la participación, la probidad y la transparencia informativa, la política y la ética, entre otras.
Abstract: Depositary trust of citizens and the state, higher education institu tions have developed their mission training and research within a limited context. At present, there is a demand from the state and citizens of increased participation and supervision system of higher education, to improve the quality of education provided in one hand and another to account for public funds invested in higher educa tion. In this context, this paper proposes a comprehensive model of accountability for higher education in Chile. Its purpose is to propose such a model as a tool for assessing public policies in higher educa tion, for higher education to contribute productively to the eco nomic activities of the country. As we will show at work, account ability is not only limited to the financial aspect, but incorporates many other aspects such as the authority and governance, social responsibility, democracy and participation, probity and transpar ency of information, politics and ethics, among others.
Assuntos
Prestação de Contas Financeiras em Saúde , Política Pública , Chile , Administração FinanceiraRESUMO
Those responsible for developing sustainable solid waste management programmes must consider the impacts of programme elements on everyone involved. This paper focuses on identifying the effects of waste management activities and assessing their overall impact on stakeholders. Collaborating with four focus groups and 36 experts, 19 effects were identified and nine questionnaires were designed to evaluate them, one for each stakeholder group. All told, 1805 people took part in the survey. The results show that the effects most important to the survey participants are: (a) recycling solid urban waste, (b) pollution and (c) corporate social responsibility.
