Category Archives: Impact Investing

An Authoritative Textbook on Responsible Management for Business Students

Springer Nature’s “Corporate Sustainability, Social Responsibility and Environmental Management” was one of the top 25% most downloaded eBooks in 2017.

This book can be ordered/downloaded directly from its home pa ge.Alternatively,  it is available in the following online shop(s):


This publication provides a concise and authoritative guide on corporate social responsibility (CSR) and related paradigms, including environmental responsibility, corporate sustainability and responsibility, creating shared value, strategic CSR, stakeholder engagement, corporate citizenship, business ethics and corporate governance, among others. It is primarily intended for advanced undergraduate and / or graduate students. Moreover, it is highly relevant for future entrepreneurs, small business owners, non-profit organisations and charitable foundations, as it addresses the core aspects of contemporary strategies, public policies and practices. It also features case studies on international policies and principles, exploring corporate businesses’ environmental, social and governance reporting.

“Mark Camilleri’s new book provides an excellent overview of the eclectic academic literature in this area, and presents a lucid description of how savvy companies can embed themselves in circular systems that reduce system-wide externalities, increase economic value, and build reputation. A valuable contribution.”
Charles J. Fombrun, Founder of Reputation Institute and a former Professor of Management at New York University and The Wharton School, University of Pennsylvania, USA

“I am pleased to recommend Dr. Camilleri’s latest book, Corporate Sustainability, Social Responsibility, and Environmental Management. The book is a rich source of thought for everyone who wants to get deeper insights into this important topic. The accompanying five detailed case studies on a wide array of corporate sustainable and responsible initiatives are helpful in demonstrating how theoretical frameworks have been implemented into practical initiatives. This book is a critical companion for academics, students, and practitioners.”
Adam Lindgreen, Professor and Head of Department of Marketing, Copenhagen Business School, Denmark

“This book is an essential resource for students, practitioners, and scholars. Dr. Mark Camilleri skillfully delivers a robust summary of research on the business and society relationship and insightfully points to new understandings of and opportunities for responsible business conduct. I highly recommend Corporate Sustainability, Social Responsibility, and Environmental Management: An Introduction to Theory and Practice with Case Studies.”
Diane L. Swanson, Professor and Chair of Distinction in Business Administration and Ethics Education at Kansas State University, KS, USA

“Mark’s latest book is lucid, insightful, and highly useful in the classroom. I strongly recommend it.”
Donald Siegel, Dean of the School of Business and Professor of Management at the University at Albany, State University of New York, NY, USA

“The theory and practice of corporate sustainability, social responsibility and environmental management is complex and dynamic. This book will help scholars to navigate through the maze. Dr Camilleri builds on the foundations of leading academics, and shows how the subject continues to evolve. The book also acknowledges the importance of CSR 2.0 – or transformative corporate sustainability and responsibility – as a necessary vision of the future.”
Wayne Visser, Senior Associate at Cambridge University, UK. He is the author of CSR 2.0: Transforming Corporate Sustainability & Responsibility and Sustainable Frontiers: Unlocking Change Through Business, Leadership and Innovation

“Corporate Sustainability, Social Responsibility and Environmental Management: An Introduction to Theory and Practice with Case Studies” provides a useful theoretical and practical overview of CSR and the importance of practicing corporate sustainability.”
Geoffrey P. Lantos, Professor of Business Administration, Stonehill College. Easton, Massachusetts, USA

“This book offers a truly comprehensive guide to current concepts and debates in the area of corporate responsibility and sustainability. It gives helpful guidance to all those committed to mainstreaming responsible business practices in an academically reflected, yet practically relevant, way.”
Andreas Rasche, Professor of Business in Society, Copenhagen Business School, Denmark

“A very useful resource with helpful insights and supported by an enriching set of case studies.”
Albert Caruana, Professor of Marketing at the University of Malta, Malta and at the University of Bologna, Italy

“A good overview of the latest thinking about Corporate Social Responsibility and Sustainable Management based on a sound literature review as well as useful case studies. Another step forward in establishing a new business paradigm.”
René Schmidpeter, Professor of International Business Ethics and CSR at Cologne Business School (CBS), Germany

“Dr. Camilleri’s book is a testimony to the continuous need around the inquiry and advocacy of the kind of responsibility that firms have towards societal tenets. Understanding how CSR can become a modern manifestation of deep engagement into socio-economic undercurrents of our firms, is the book’s leading contribution to an important debate, that is more relevant today than ever before.”
Mark Esposito, Professor of Business and Economics at Harvard University, MA, USA

“Mark’s book is a great addition to the literature on CSR and EM; it will fill one of the gaps that have continued to exist in business and management schools, since there are insufficient cases for teaching and learning in CSR and Environmental Management in Business Schools around the globe.”
Samuel O. Idowu, Senior Lecturer in Accounting at London Metropolitan University, UK; Professor of CSR at Nanjing University of Finance and Economics, China and a Deputy CEO, Global Corporate Governance Institute, USA

“Corporate Social Responsibility has grown from ‘nice to have’ for big companies to a necessity for all companies. Dr Mark Camilleri sketches with this excellent book the current debate in CSR and CSR communication and with his cases adds valuable insights in the ongoing development and institutionalization of CSR in nowadays business.”
Wim J.L. Elving, Professor at the University of Amsterdam, Netherlands

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Filed under Circular Economy, Corporate Governance, Corporate Social Responsibility, Corporate Sustainability and Responsibility, CSR, ESG Reporting, Impact Investing, Integrated Reporting, Shared Value, Social Cohesion, Socially Responsible Investment, SRI, Stakeholder Engagement, sustainable development

About Mark Anthony Camilleri, the Author of Springer’s Corporate Sustainability, Social Responsibility and Environmental Management

The University of Malta’s promising academic, Dr Mark Anthony CAMILLERI lectures in an international masters programme run by the University of Malta in collaboration with King’s College, University of London. Mark specialises in strategic management, marketing, research and evaluation. He successfully finalised his PhD (Management) in three years time at the University of Edinburgh in Scotland – where he was also nominated for his “Excellence in Teaching”. During the past years, Mark taught business subjects at under-graduate, vocational and post-graduate levels in Hong Kong, Malta and the UK.

Dr Camilleri has published his research in reputable peer-reviewed journals. He is a member on the editorial board of Springer’s International Journal of Corporate Social Responsibility and Inderscience’s International Journal of Responsible Management in Emerging Economies. He is a frequent speaker and reviewer at the American Marketing Association’s (AMA) Marketing & Public Policy conference, in the Academy of International Business (AIB) and in the Academy of Management’s (AoM) annual gatherings. Mark is also a member of the academic advisory committee in the Global Corporate Governance Institute (USA).

Dr Camilleri’s first book, entitled; “Creating Shared Value through Strategic CSR in Tourism” (2013) was published in Germany. This year Springer will publish his latest book; “Corporate Sustainability, Social Responsibility and Environmental Management: An Introduction to Theory and Practice with Case Studies” (2017). Moreover, he edited a U.S. publication, entitled; “CSR 2.0 and the New Era of Corporate Citizenship” (2017). His short contributions are often featured in popular media outlets such as the Times of Malta, Business2Community, Social Media Today, Triple Pundit, CSRwire and the Shared Value Initiative.

Mark’s professional experience spans from project management, strategic management, business planning (including market research), management information systems (MIS), customer relationship and database marketing to public relations, marketing communications, branding and reputation management (using both conventional tools and digital marketing).

His latest book can be purchased from https://www.amazon.co.uk/Corporate-Sustainability-Responsibility-Environmental-Management/dp/3319468480 or http://www.springer.com/gb/book/9783319468488

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Filed under Business, Circular Economy, Corporate Governance, Corporate Social Responsibility, Corporate Sustainability and Responsibility, CSR, digital media, Impact Investing, Marketing, Shared Value, Socially Responsible Investment, SRI, Stakeholder Engagement, sustainable development

Responsible Investing: Making a Positive Impact

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Impact investing is one of the fastest growing and promising areas of innovative development finance (Thornley, Wood, Grace & Sullivant, 2011; Freireich & Fulton, 2009). This form of socially-responsible investment (SRI) also has its roots in the venture capital community where investors unlock a substantial volume of private and public capital into companies, organisations and funds – with the intention to generate social and environmental impact alongside a financial return.

The stakeholders or actors in the impact investing industry can be divided into four broad categories: asset owners who actually own capital; asset managers who deploy capital; demand-side actors who receive and utilise the capital; and service providers who help make this market work.

Impact investments can be made in both emerging and developed markets, and target a range of returns from below market to market rate; depending on the investors’ strategic goals. Bugg-Levine and Emerson (2011) argued that impact investing aligns the businesses’ investments and purchase decisions with their values. Defining exactly what is (and what is not) an impact investment has become increasingly important as it appears that the term has taken off among academia and practitioners.

The impact investments are usually characterised by market organisations that are driven by a core group of proponents including foundations, high-net worth individuals, family offices, investment banks and development finance institutions. Responsible entities are mobilising capital for ‘investments that are intended to create social impact beyond financial returns’ (Jackson, 2013; Freireich & Fulton 2009). Specific examples of impact investments may include; micro-finance, community development finance, sustainable agriculture, renewable energy, conservation, micro-finance and affordable and accessible basic services, including; housing, healthcare, education and clean technology among others.

Micro-finance institutions in developing countries and affordable housing schemes in developed countries have been the favorite vehicles for these responsible investments, though impact investors are also beginning to diversify across a wider range of sectors (see Saltuk, Bouri, & Leung 2011; Harji & Jackson 2012). Nevertheless, micro-finance has represented an estimated 50% of European impact investing assets (EUROSIF, 2014). This form of investing has grown to an estimated €20 billion market in Europe alone (EUROSIF, 2014). The Netherlands and Switzerland were key markets for this investment strategy, as they represented an estimated two thirds of these assets. These markets were followed by Italy, the United Kingdom and Germany.

Generally, the investors’ intent is to ensure that they achieve positive impacts in society. Therefore, they would in turn expect tangible evidence of positive outcomes (and impacts) of their capital. Arguably, the evaluation capacity of impact investing could increase opportunities for dialogue and exchange. Therefore, practitioners are encouraged to collaborate, exchange perspectives and tools to strengthen their practices in ways that could advance impact investing. The process behind on-going encounters and growing partnerships could surely be facilitated through conferences, workshops, online communities and pilot projects. Moreover, audit and assurance ought to be continuously improved as institutions and investors need to be equipped with the best knowledge about evaluation methods. Hence, it is imperative that University and college courses are designed, tested and refined to improve the quality of education as well as  professional training and development in evaluating responsible investments.

For evaluation to be conducted with ever more precision and utility, it must be informed by mobilising research and analytics. Some impact investing funds and intermediaries are already using detailed research and analysis on investment portfolios and target sectors. At the industry-wide level, the work of the Global Impact Investing Network (GIIN) and IRIS (a catalogue of generally accepted Environmental, Social and Governance – ESG performance metrics) is generating large datasets as well as a series of case studies on collaborative impact investments. Similarly, the Global Impact Investing Rating System (GIIRS) also issues quarterly analytics reports on companies and their respective funds in industry metrics (Camilleri, 2015).

For the most part, those responsible businesses often convert positive impact-investment outcomes into tangible benefits for the poor and the marginalised people (Garriga & Melé, 2004). Such outcomes may include increased greater food security, improved housing, higher incomes, better access to affordable services (e.g. water, energy, health, education, finance), environmental protection, and the like (Jackson, 2013).

Interestingly, high sustainability companies significantly outperform their counterparts over the long-term, both in terms of stock market and accounting performance (Eccles, Ioannou & Serafeim, 2012). This out-performance is stronger in sectors where the customers are individual consumers, rather than companies (Eccles et al., 2012).

It may be complicated and time-consuming to quantify how enterprises create various forms of humanitarian and environmental value, yet some approaches and analytical tools can help to address today’s societal challenges, including the return on impact investments in social and sustainability projects.

References

Bugg-Levine, A., & Emerson, J. (2011). Impact investing: Transforming how we make money while making a difference. innovations, 6(3), 9-18.
Camilleri, M. A. (2015). Environmental, social and governance disclosures in Europe. Sustainability Accounting, Management and Policy Journal, 6(2), 224-242.

Eccles, R. G., Ioannou, I., & Serafeim, G. (2012). The impact of a corporate culture of sustainability on corporate behavior and performance (No. W17950). National Bureau of Economic Research.

EUROSIF (2014). Press Release: 6th Sustainable and Responsible Investment Study 2014. Europe-based national Sustainable Investment Forums. http://www.eurosif.org/wp-content/uploads/2014/09/Press-Release-European-SRI-Study-2014-English-version.pdf (Accessed 14 May 2016).

Freireich, J., & Fulton, K. (2009). Investing for social and environmental impact: A design for catalyzing an emerging industry. Monitor Institute, January.

Garriga, E., & Melé, D. (2004). Corporate social responsibility theories: Mapping the territory. Journal of business ethics, 53(1-2), 51-71.

Harji, K., & Jackson, E. T. (2012). Accelerating impact: Achievements, challenges and what’s next in building the impact investing industry. New York, NY: The Rockefeller Foundation.

Jackson, E. T. (2013). Interrogating the theory of change: evaluating impact investing where it matters most. Journal of Sustainable Finance & Investment, 3(2), 95-110.

Saltuk, Y., Bouri, A., & Leung, G. (2011). Insight into the impact investment market: An in-depth analysis of investor perspectives and over 2,200 transactions. New York, NY: J.P. Morgan.

Thornley, B., Wood, D., Grace, K., & Sullivant, S. (2011). Impact Investing a Framework for Policy Design and Analysis. InSight at Pacific Community Ventures & The Initiative for Responsible Investment at Harvard University.

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Filed under Analytics, Big Data, Corporate Governance, Corporate Social Responsibility, Corporate Sustainability and Responsibility, Impact Investing, Marketing, Socially Responsible Investment