Publikacja:

Demutualization, Corporatization, and Sustainability Initiatives: Evidence from the European Stock Exchange Industry

Data

2022
Artykuł
Przeszukaj czasopismo Uproszczony widok Pełne metadane Statystyki
 
cris.legacyid7064
cris.virtual.journalance#PLACEHOLDER_PARENT_METADATA_VALUE#
cris.virtualsource.journalancedc92c553-0411-4522-97d5-b7ef33169392
dc.abstract.plPurpose: The article analyzes the consequences of transformation in governance structures of stock exchanges on their CSR initiatives, in particular relations between their organizational forms and the number and nature of CSR initiatives as well as their influence on stock exchanges’ performance. Methodology: In our study covering 40 European stock exchanges, we identified 527 sustainability practices implemented between 1992 and 2019. We divided these practices into two categories: internal, applying to the stock exchange itself, and external, targeted at listed companies. Moreover, we proposed a synthetic indicator of stock exchange development to measure its economic performance. Findings: We found that publicly traded stock exchanges undertake a greater number of CSR initiatives and have a higher proportion of internal practices, than stock exchanges organized as non-public entities. Our study also indicates that a large number of implemented CSR practices positively affects the economic performance of stock exchanges, and furthermore, that internal practices have a greater impact than external ones. Research limitations: The surveyed European stock exchanges may differ from stock exchanges in other regions regarding their CSR policies. Originality: Our study proved that the corporatization of stock exchanges affect their CSR practices. It also showed that some types of sustainability activities affect performance in a more significant way than others.
dc.contributor.affiliationWarsaw School of Economics
dc.contributor.affiliationWarsaw School of Economics
dc.contributor.affiliationUniversity of Wroclaw
dc.contributor.affiliationUniversity of Wroclaw
dc.contributor.affiliationWarsaw School of Economics
dc.contributor.authorAgata Adamska
dc.contributor.authorTomasz J. Dąbrowski
dc.contributor.authorMagdalena Homa
dc.contributor.authorMonika Mościbrodzka
dc.contributor.authorJacek Tomaszewski
dc.date.accessioned2025-07-25T16:03:10Z
dc.date.available2025-07-25T16:03:10Z
dc.date.issued2022
dc.date.published9/2022
dc.description.issue3
dc.description.physical2–35
dc.description.volume30
dc.identifier.doi10.7206/cemj.2658-0845.80
dc.identifier.issn2658-0845
dc.identifier.urihttps://repozytorium.kozminski.edu.pl/handle/item/1707
dc.languageen
dc.relation.ispartofCentral European Management Journal
dc.relation.pages2–35
dc.rightsCC-BY-4.0
dc.subjectstock exchange
dc.subjectcorporate social responsibility (CSR)
dc.subjectcorporatization
dc.subjectdemutualization
dc.subjectequity market performance
dc.subtypeOriginal
dc.title

Demutualization, Corporatization, and Sustainability Initiatives: Evidence from the European Stock Exchange Industry

dc.typeArticle
dspace.entity.typePublication