Publications by category
Journal articles
Gregory A, Tharyan R, Whittaker J (2014). Corporate Social Responsibility and Firm Value:
Disaggregating the effects on cash flow, risk and growth.
Journal of Business Ethics,
124(4), 633-657.
Abstract:
Corporate Social Responsibility and Firm Value:
Disaggregating the effects on cash flow, risk and growth
This paper examines how the stock market values corporate social responsibility (CSR). We consider the multidimensionality of CSR and make a distinction between strengths and concerns. We disaggregate the effect on value by considering differences between forecasted profitability, long term growth and the cost of capital. For individual dimensions, in general strengths are valued positively, but weaknesses do not always detract from value. However, when an overall measure of CSR performance is employed, the result is a significant negative valuation of CSR concerns. These valuation effects are principally driven by CSR performance associated with better long run growth prospects, with a minor contribution made by a lower cost of equity capital.
Abstract.
Full text.
Gregory A, Whittaker J (2013). Exploring the Valuation of Corporate Social Responsibility-A Comparison of Research Methods.
Journal of Business Ethics,
116(1), 1-20.
Abstract:
Exploring the Valuation of Corporate Social Responsibility-A Comparison of Research Methods
This paper argues the case that tests of how investors value corporate social performance (CSP) based upon realised stock market returns are liable to be weak tests if markets are efficient and firms change CSP policies infrequently. We provide a theoretical explanation of why this will be the case using examples to illustrate. Subsequently, we set out an alternative theoretical framework for the purposes of investigating whether markets place a positive, or a negative, valuation on CSP, and show why this is superior to tests based upon Tobin's Q. Using US KLD data, we demonstrate that, as theorised, markets place a positive value on CSP that is not detected by conventional returns-based tests. Our conclusion is that researchers who are interested in the question of whether engagement with a corporate social responsibility agenda is a value-enhancing activity for a company (as argued by some stakeholder theorists) or value destructive (as argued by Friedman, the social responsibility of business is to increase its profits, the New York Times Magazine, 1970), need to look beyond returns-based tests to answer the research question posed. © 2012 Springer Science+Business Media B.V.
Abstract.
Gregory A, Whittaker J (2012). Exploring the Valuation of Corporate Social Responsibility-A Comparison of Research Methods. Journal of Business Ethics, 1-20.
Whittaker J (2011). The evolution of environmentally responsible investment: an Adam Smith perspective.
Ecological Economics,
71, 33-41.
Abstract:
The evolution of environmentally responsible investment: an Adam Smith perspective
This paper demonstrates that Adam Smith has common ground with contemporary social scientists who study the management of the common pool resources from an evolutionary perspective. Contrary to the caricature of Smith, presented by neoliberals, as a promoter of self-interest, he recognized the value of other-regarding behavior. Specifically focus is given to how such behavior can contribute to constructing institutional arrangements that can help to avoid damaging market excesses. A study of the development of a process to encourage investment behavior that is environmentally responsible, establishes that Smith's work has relevance for addressing environmental issues in our contemporary complex market system.
Abstract.
Whittaker JM, Gregory A (2007). Performance and Performance Persistence of Ethical Unit Trusts in the UK.
Journal of Business Finance and Accounting,
34(7-8), 1327-1344.
Full text.
Shankar A, Whittaker JM, Fitchett J (2006). Heaven Knows I'm Miserable Now. Marketing Theory, 6(4), 485-505.
Whittaker J (2005). Environmental issues and social welfare. Environmental Values, 14(2), 276-278.
Whittaker JM, Hutchcroft I, Turner M, Warren M (2004). Accountability and rural development partnerships: a study of Objective 5b EAGGF funding in South West England.
Journal of Rural Studies,
20(2), 181-192.
Full text.
Whittaker JM, Guermat C, Hadri K (2003). Estimating Farm Efficiency in the Presence of Double Heteroscedasticity Using Panel Data. Journal of Applied Economics, 6(2), 255-268.
Whittaker JM, Guermat C, Hadri K (2003). Estimation of Technical Inefficiency Effects Using Panel Data and Doubly Heteroscedastic Stochastic Production Frontiers. Empirical Economics, 28(1), 203-222.
Hutchcroft, I. (2002). The role of ‘Future Search’ in Rural Regeneration: Process, Context and Practice. Systems Research and Behavioral Science, 19(4), 339-345.
Midmore P, Whittaker JM (2000). Economics for Sustainable Rural Systems. Ecological Economics, 35(2), 173-189.
Whittaker J (1997). Natural and reproducible capital and the sustainability of lad use in the UK: a comment. Journal of Agricultural Economics, 48(1-3), 451-453.
Whittaker J (1995). The economics of the environment. Manchester School of Economics and Social Studies, 63(2), 227-227.
Rayner AJ, Whittaker JM, Ingersent KA (1986). Productivity growth in agriculture (revisited): a measurement framework and some empirical results.
Journal of Agricultural Economics,
37(2), 127-150.
Abstract:
Productivity growth in agriculture (revisited): a measurement framework and some empirical results.
Explores the methodology of sectoral productivity growth measurement within the framework of input-output analysis. Method ensures that sectoral productivity growth rates are consistent with productivity growth rates for the economy as a whole (as well as allowing for external trade) is suggested. New estimates are presented on total factor productivity in UK agriculture using a Tornqvist index procedure. In addition, new estimates of agricultural labour productivity growth are presented, taking into account not only labour employed in agriculture but also of labour employed in ancilliary industries on the supply side. The empirical results confirm that part of the labour previously employed on farms has shifted 'upstream' to industries providing agriculture with fertilisers, machinery and other inputs.-Authors
Abstract.
Publications by year
2014
Gregory A, Tharyan R, Whittaker J (2014). Corporate Social Responsibility and Firm Value:
Disaggregating the effects on cash flow, risk and growth.
Journal of Business Ethics,
124(4), 633-657.
Abstract:
Corporate Social Responsibility and Firm Value:
Disaggregating the effects on cash flow, risk and growth
This paper examines how the stock market values corporate social responsibility (CSR). We consider the multidimensionality of CSR and make a distinction between strengths and concerns. We disaggregate the effect on value by considering differences between forecasted profitability, long term growth and the cost of capital. For individual dimensions, in general strengths are valued positively, but weaknesses do not always detract from value. However, when an overall measure of CSR performance is employed, the result is a significant negative valuation of CSR concerns. These valuation effects are principally driven by CSR performance associated with better long run growth prospects, with a minor contribution made by a lower cost of equity capital.
Abstract.
Full text.
2013
Gregory A, Whittaker J (2013). Exploring the Valuation of Corporate Social Responsibility-A Comparison of Research Methods.
Journal of Business Ethics,
116(1), 1-20.
Abstract:
Exploring the Valuation of Corporate Social Responsibility-A Comparison of Research Methods
This paper argues the case that tests of how investors value corporate social performance (CSP) based upon realised stock market returns are liable to be weak tests if markets are efficient and firms change CSP policies infrequently. We provide a theoretical explanation of why this will be the case using examples to illustrate. Subsequently, we set out an alternative theoretical framework for the purposes of investigating whether markets place a positive, or a negative, valuation on CSP, and show why this is superior to tests based upon Tobin's Q. Using US KLD data, we demonstrate that, as theorised, markets place a positive value on CSP that is not detected by conventional returns-based tests. Our conclusion is that researchers who are interested in the question of whether engagement with a corporate social responsibility agenda is a value-enhancing activity for a company (as argued by some stakeholder theorists) or value destructive (as argued by Friedman, the social responsibility of business is to increase its profits, the New York Times Magazine, 1970), need to look beyond returns-based tests to answer the research question posed. © 2012 Springer Science+Business Media B.V.
Abstract.
2012
Gregory A, Whittaker J (2012). Exploring the Valuation of Corporate Social Responsibility-A Comparison of Research Methods. Journal of Business Ethics, 1-20.
2011
Whittaker J (2011). The evolution of environmentally responsible investment: an Adam Smith perspective.
Ecological Economics,
71, 33-41.
Abstract:
The evolution of environmentally responsible investment: an Adam Smith perspective
This paper demonstrates that Adam Smith has common ground with contemporary social scientists who study the management of the common pool resources from an evolutionary perspective. Contrary to the caricature of Smith, presented by neoliberals, as a promoter of self-interest, he recognized the value of other-regarding behavior. Specifically focus is given to how such behavior can contribute to constructing institutional arrangements that can help to avoid damaging market excesses. A study of the development of a process to encourage investment behavior that is environmentally responsible, establishes that Smith's work has relevance for addressing environmental issues in our contemporary complex market system.
Abstract.
2007
Whittaker JM, Gregory A (2007). Performance and Performance Persistence of Ethical Unit Trusts in the UK.
Journal of Business Finance and Accounting,
34(7-8), 1327-1344.
Full text.
2006
Shankar A, Whittaker JM, Fitchett J (2006). Heaven Knows I'm Miserable Now. Marketing Theory, 6(4), 485-505.
2005
Whittaker J (2005). Environmental issues and social welfare. Environmental Values, 14(2), 276-278.
2004
Whittaker JM, Hutchcroft I, Turner M, Warren M (2004). Accountability and rural development partnerships: a study of Objective 5b EAGGF funding in South West England.
Journal of Rural Studies,
20(2), 181-192.
Full text.
2003
Whittaker JM, Guermat C, Hadri K (2003). Estimating Farm Efficiency in the Presence of Double Heteroscedasticity Using Panel Data. Journal of Applied Economics, 6(2), 255-268.
Whittaker JM, Guermat C, Hadri K (2003). Estimation of Technical Inefficiency Effects Using Panel Data and Doubly Heteroscedastic Stochastic Production Frontiers. Empirical Economics, 28(1), 203-222.
2002
Hutchcroft, I. (2002). The role of ‘Future Search’ in Rural Regeneration: Process, Context and Practice. Systems Research and Behavioral Science, 19(4), 339-345.
2000
Midmore P, Whittaker JM (2000). Economics for Sustainable Rural Systems. Ecological Economics, 35(2), 173-189.
1997
Whittaker J (1997). Natural and reproducible capital and the sustainability of lad use in the UK: a comment. Journal of Agricultural Economics, 48(1-3), 451-453.
1995
Whittaker J (1995). The economics of the environment. Manchester School of Economics and Social Studies, 63(2), 227-227.
1986
Rayner AJ, Whittaker JM, Ingersent KA (1986). Productivity growth in agriculture (revisited): a measurement framework and some empirical results.
Journal of Agricultural Economics,
37(2), 127-150.
Abstract:
Productivity growth in agriculture (revisited): a measurement framework and some empirical results.
Explores the methodology of sectoral productivity growth measurement within the framework of input-output analysis. Method ensures that sectoral productivity growth rates are consistent with productivity growth rates for the economy as a whole (as well as allowing for external trade) is suggested. New estimates are presented on total factor productivity in UK agriculture using a Tornqvist index procedure. In addition, new estimates of agricultural labour productivity growth are presented, taking into account not only labour employed in agriculture but also of labour employed in ancilliary industries on the supply side. The empirical results confirm that part of the labour previously employed on farms has shifted 'upstream' to industries providing agriculture with fertilisers, machinery and other inputs.-Authors
Abstract.
