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"DISCLOSURE"
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ESG disclosure and firm performance before and after IR
PurposeThis paper aims to investigate the effect of environmental, social and governance disclosure (ESGD) on firm performance (FP) before and after the introduction of integrated reporting (IR) further to exploring a potential moderation effect of corporate governance mechanisms on this relationship.Design/methodology/approachOrdinary least squares and firm-fixed effects models were estimated based on data related to FTSE 350 between 2009 and 2018. The data has been mainly collected from Bloomberg and Capital IQ. This analysis was supplemented with applying a two-stage least squares (2 SLS) model to address any concerns regarding the expected occurrence of endogeneity problems.FindingsThe results show a positive and significant relationship between ESGD score and FP before and after 2013, among a sample of FTSE 350. Furthermore, the study is suggestive of a moderation effect of corporate governance mechanisms (i.e. ownership concentration, gender diversity and board size) on the ESGD-FP nexus. Additionally, this paper finds that firms voluntarily associated with IR have a tendency to achieve better firm financial performance.Practical implicationsThe findings of the present study have several policy and practitioner implications. For example, managers may engage in ESGD to enhance their firms’ financial performance by the voluntary involvement in IR, which believed to help investors to rationalise their investment decisions. Likewise, the results reiterate the crucial need to integrate more social, environmental and economic regulations to promote sustainability in the UK. The paper also offers a systematic picture for policymakers in the UK as well as future researchers.Social implicationsThe findings of this paper indicate that IR plays a significant role in the relationship between ESGD and FP, where IR firms seemed to be achieving better FP as compared with their non-IR counterparts. This implies that stakeholders may have played a magnificent effort to encourage firms’ voluntary engagement in IR in the UK.Originality/valueTo the best of the authors’ knowledge, this is the first study to explore the potential moderating effect of ownership concentration, gender diversity and board size on the relationship between ESGD and FP and to examine whether firms’ voluntary involvement in IR can lead to better FP after the introduction of IR in 2013 in the UK.
Journal Article
Taking Stock of Carbon Disclosure Research While Looking to the Future: A Systematic Literature Review
Carbon disclosure research has sparked a growing interest due to climate change phenomenon and the impact thereof on the global market in recent years. Despite this trend, there is still a gap in knowledge regarding the role that carbon disclosure plays in the economic activities of corporations. Therefore, the purpose of this study is to systematically review the available literature on corporate carbon reporting by assessing current research trends, theoretical perspectives, and themes discussed in the field. A final sample of 168 studies from the Scopus database that explicitly discussed carbon reporting were included in this investigation. The results indicated an increase in the number of studies, especially in the last five years. In addition, carbon disclosure practices vary between different firm types, sectors, and countries. However, there is a shortage of empirical studies on some contexts that have rarely been considered. Moreover, it was found that the existing literature has only focused on the demographic characteristics of firms as the driving factor of carbon disclosure, while little attention has been paid to the attributes of governance, auditing, top management, and ownership. Nevertheless, there is no academic consensus on some determinants of carbon reporting, including profitability and the effect of the industry. With regard to the reporting quality, there is no evidence that less disclosed information means that reporting is rare in quality. This study provides a comprehensive, systematic analysis of carbon disclosure studies. The implications for future research are also discussed.
Journal Article
The world of PostSecret
A ton of secrets, one postcard at a time. Warren started inviting people to anonymously mail artful secrets in 2004. Here he shares some that he has received in the last five years, and shares his favorite stories.
Book
Corporate governance and voluntary disclosure of sustainability performance: the case of Jordan
Non-financial information is subject to development based on the expectations of stakeholders. As the financial information alone no longer satisfies their desires, this has contributed to improving the phenomenon of disclosure for many countries, especially in issues related to sustainability. In Jordan, disclosure practices are still emerging and voluntary. This study, therefore, investigates the level of environmental, social, and governance (ESG) disclosure in the published annual reports of industrial companies listed on the Amman Stock Exchange and examines several factors related to corporate governance mechanisms and their impact on the level of disclosure. The current study used content analysis to determine the level of disclosure. The results showed that the level of disclosure on ESG performance is still weak. Still, it is developing over time in response to the pressure of stakeholders. The results also revealed a significant impact of the board size and board meetings on the ESG performance. In contrast, the results were disappointing concerning the rest of the proposed factors (non-executive directors, audit committee, auditor type, and board compensation). It did not play any role in explaining the practices of companies in the disclosure of ESG. The case study results help shed light on the interaction of the Jordanian industrial companies listed on sustainability issues. They are considered of interest to various stakeholders, regulators, and relevant government agencies and provide recent evidence of disclosure literature in emerging countries.
Journal Article
\When they are all grown, I will tell them”: Experience and perceptions of parental self-disclosure of HIV status to children in Nairobi, Kenya
Background
There is mixed evidence on the influence of self-disclosure of one’s HIV status on mental health, health behaviours and clinical outcomes. We studied the patterns of self-disclosure among parents living with HIV, and factors that influence parental disclosure.
Methods
This mixed-methods study was among adults in HIV care participating in a study assessing the uptake of pediatric index-case testing. They completed a survey to provide demographic and HIV-related health information, and assess self-disclosure to partners, children and others. We ran generalized linear models to determine factors associated with disclosure and reported prevalence ratios (PR). Eighteen participants also participated in in-depth interviews to explore perceived barriers and facilitators of self-disclosure to one’s child. A content analysis approach was used to analyze interview transcripts.
Results
Of 493 caregivers, 238 (48%) had a child ≥ 6 years old who could potentially be disclosed to about their parent's HIV status. Of 238 participants, 205 (86%) were female, median age was 35 years, and 132 (55%) were in a stable relationship. Among those in a stable relationship, 96 (73%) knew their partner’s HIV status, with 79 (60%) reporting that their partner was living with HIV. Caregivers had known their HIV status for a median 2 years, and the median age of their oldest child was 11 years old. Older caregiver age and older first born child’s age were each associated with 10% higher likelihood of having disclosed to a child (PR: 1.10 [1.06–1.13] and PR: 1.10 [1.06–1.15], per year of age, respectively).
The child’s age or perceived maturity and fear of causing anxiety to the child inhibited disclosure. Child’s sexual activity was a motivator for disclosure, as well as the belief that disclosing was the “right thing to do”. Caregivers advocated for peer and counseling support to gain insight on appropriate ways to disclose their status.
Conclusions
Child’s age is a key consideration for parents to disclose their own HIV status to their children. While parents were open to disclosing their HIV status to their children, there is a need to address barriers including anticipated stigma, and fear that disclosure will cause distress to their children.
Journal Article
Corporate disclosures, 1553 to 2007 AD : the origin of financial and business reporting
With partial reference to corporate disclosures in India.
Book
Environmental Legitimacy, Green Innovation, and Corporate Carbon Disclosure: Evidence from CDP China 100
Firms worldwide are increasingly required to disclose (and make efforts to reduce) their carbon emissions due to the environmental damage associated with climate change. Because there has been no previous literature focusing on the determinants of corporate carbon disclosure integrating environmental legitimacy and green innovation, the present study attempted to develop an original framework to fill the research gap. This study explored the influence of environmental legitimacy (an external informal mechanism) on corporate carbon disclosure, and investigated the role of green innovation (an internal formal mechanism) as a mediator. With the samples of Carbon Disclosure Project (CDP) in China from 2008 to 2012, the results demonstrate that environmental legitimacy significantly negatively influences the likelihood of corporate carbon disclosure, and that green process innovation mediates the relationship, while green product innovation has no significant mediating effect. It means that environmental legitimacy not only directly affects the likelihood of corporate carbon disclosure, but also indirectly affects it via green process innovation. Hence, companies must increase both informal and formal mechanisms, i.e., external environmental legitimacy and internal green process innovation, to engage in carbon information disclosure and ensure sustainability.
Journal Article