Is CSR linked to idiosyncratic risk? Evidence from the copula approach

In this paper, we extend the research on the effect of corporate social responsibility (CSR) on firm risk by analyzing the CSR-idiosyncratic risk nexus and how CSR can be integrated as insurance in a global risk management strategy. First, the causality between CSR and risk was tested. Second, copulas were estimated to strengthen the existing results on the structure of the dependence between the different dimensions of CSR activities and idiosyncratic risk levels. The empirical analysis was conducted on a sample of 254 European-listed firms over the 2018-2020 period. The main results showed a directional causality effect between CSR and idiosyncratic risk, and the dependences were modeled between CSR and realized idiosyncratic risk. This allows a better understanding of the risk implications of CSR for investors, corporate managers, and policy makers.

Inverse density dependence of parity rates in the onchocerciasis vector Simulium damnosum s.l

A correlation between parity rates and an index of adult numbers of Simulium damnosum s.l. (Diptera: Simuliidae) indicates an association, but does not prove causality or show the direction of any causal relationship. The question of whether adult numbers affect parity rates or vice versa is reminiscent of the age-old query of which of the chicken and the egg came first. A method for resolving such issues based on analyses of pairs of time series was proposed by Granger in 1969. When Granger's method was applied to monthly numbers of adult female S. damnosum s.l. caught attempting to bite humans at Asubende, Ghana, and their parity rates, a significant relationship (P = 0.005) emerged, clearly showing that parity rates were dependent on adult numbers. Implications of this inverse density dependence and the results of analyses of other similar time series are presented and discussed.