The Value Relevance Of Environmental And Social Disclosures Evidence From The Uk Stock Market

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The Value Relevance of Environmental and Social Disclosures - Evidence from the UK Stock Market

Author : Cristiana Bernardi
Publisher :
ISBN 13 :
Total Pages : 51 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Value Relevance of Environmental and Social Disclosures - Evidence from the UK Stock Market by : Cristiana Bernardi

Download or read book The Value Relevance of Environmental and Social Disclosures - Evidence from the UK Stock Market written by Cristiana Bernardi and published by . This book was released on 2017 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Motivated by the requirements of the UK Companies Act 2006 and the subsequent Directive 2014/95/EU of the European Parliament and of the Council, we investigate the relationship between environmental and social disclosures (analyst following) and analyst following (environmental and social disclosures). We do so to investigate the value relevance of information about environmental and social performance, in a context where corporate managers have to gauge the level of disclosures necessary to satisfy the requirements of the Act. Our analysis provides support for the requirements of the UK and EU with respect to disclosures concerning environmental and social performance - the evidence is consistent with their value relevance and an associated demand for such disclosures from informed market participants. It further is consistent with the assumption that corporate managers take into account the demand for such value relevant, environmental and social disclosures in gauging the appropriate amount of such disclosures. Stepping outside the policy dimension to our work, we can also argue that our results also suggest positive links between analyst following and the quality of environmental and social disclosure.

Value Relevance of Environmental, Social, and Governance Disclosure

Author : Zuraida Zuraida
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Value Relevance of Environmental, Social, and Governance Disclosure by : Zuraida Zuraida

Download or read book Value Relevance of Environmental, Social, and Governance Disclosure written by Zuraida Zuraida and published by . This book was released on 2017 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the impact of Environmental, Social, and Governance (ESG) disclosure by companies around the world on market value. Using a large sample of non-financial companies listed in 38 countries during the period 2008-2012, we test for value relevance by employing the modified version of the Ohlson (1995) model developed by Collins, Maydew, and Weiss (1997). We find support for the value relevance of disclosure of ESG both in aggregate form and for its individual components. These findings support the expectation of disclosure theory that disclosure of relevant information (such as ESG) has a positive impact on value. The results are robust to several alternative specifications. Consistent with the finance literature on the impact of legal origin (La Porta, Lopez de Silanes, & Shleifer, 2006; La Porta, Lopez de Silanes, Shleifer, & Vishny, 1998, 2000, 2002), the results for ESG disclosure are stronger in common-law countries. Our results provide new evidence for researchers, investors, and policy makers of the value relevance of ESG disclosure in a broad international setting. The evidence shows that globally investors benefit from the disclosure of both aggregate ESG and the individual factors and this supports regulators in pushing companies to provide additional ESG information.

Economics of Corporate Social Responsibility

Author : Abagail McWilliams
Publisher : Edward Elgar Publishing
ISBN 13 : 9781783471430
Total Pages : 0 pages
Book Rating : 4.4/5 (714 download)

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Book Synopsis Economics of Corporate Social Responsibility by : Abagail McWilliams

Download or read book Economics of Corporate Social Responsibility written by Abagail McWilliams and published by Edward Elgar Publishing. This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, increasing numbers of articles and studies have emerged across the disciplines of economics, accounting, finance and management to examine the importance of considering both the private and social economic benefits of Corporate Social Responsibility (CSR). As stakeholders and their concerns have multiplied, and empirical evidence has accumulated, CSR has become a critical area of interest. This authoritative collection examines the five related and most significant elements of this subject - theoretical perspectives, firm financial performance, socially responsible investing, environmental performance and strategic CSR - to provide a comprehensive exploration of the literature on Corporate Social Responsibility and its economic consequences.

Research Handbook on Sustainability Reporting

Author : Gunnar Rimmel
Publisher : Edward Elgar Publishing
ISBN 13 : 1035316269
Total Pages : 563 pages
Book Rating : 4.0/5 (353 download)

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Book Synopsis Research Handbook on Sustainability Reporting by : Gunnar Rimmel

Download or read book Research Handbook on Sustainability Reporting written by Gunnar Rimmel and published by Edward Elgar Publishing. This book was released on 2024-09-06 with total page 563 pages. Available in PDF, EPUB and Kindle. Book excerpt: This insightful Research Handbook provides an overview of the complex and multifaceted nature of sustainability reporting. Bringing together over 50 researchers from across the globe, it summarises the current state of knowledge, identifies key methodological approaches and research gaps, and encourages researchers to make further meaningful contributions to this dynamic field.

Mandatory Non-financial Risk-Related Disclosure

Author : Stefania Veltri
Publisher : Springer Nature
ISBN 13 : 3030479218
Total Pages : 176 pages
Book Rating : 4.0/5 (34 download)

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Book Synopsis Mandatory Non-financial Risk-Related Disclosure by : Stefania Veltri

Download or read book Mandatory Non-financial Risk-Related Disclosure written by Stefania Veltri and published by Springer Nature. This book was released on 2020-07-31 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the impact of the disclosure of non-financial risk, which could be seen as the most relevant non-financial information (NFI), in the aftermath of the 2014/95/EU Directive. The author analyses whether the switch from voluntary to mandatory NFI enhance the quality of disclosed NF risk-related information and the usefulness of the risk disclosure for investors. The book focuses specifically on the mandatory disclosure of non-financial (NF) risks as required by the EU Directive for listed Italian companies, investigating both the state of art of its disclosure and its usefulness for investors. In doing so, the book contributes to fill two relevant gaps in risk literature. The first research gap is related to the insufficient investigation of the disclosure of NF risks. Companies mandated to disclose risk-related information focused mainly on financial risks, in spite of the width of the definition of risk, conceived as information about any opportunity, danger, threat, or exposure that has or could impact the company in the future. The second gap is that empirical evidence about the effects of corporate risk disclosures is still limited, and the potential benefits of the disclosure of information on risks have not been fully explored. In particular, the relationship between risk disclosures and firm value is under researched, as the risk literature mainly focuses on the incentives question, related to the motives for which companies decide to disclose. The research in this book focuses on Italy, a country that provides a unique opportunity to examine the impact of mandatory NF risk disclosure on firm market value, being one of the biggest industrial European countries that had not mandatory legislation for NFI disclosure, and also one of the leading countries in voluntary corporate social responsibility (CSR) reporting at an international level. It has been carried out in the fiscal year 2017, the first year of the application of the mandatory NF disclosure for obliged Italian listed PIEs. The book contributes both to the measurement literature, as it presents a self-constructed quality NF risks and to the value relevance analysis literature, providing evidence of the usefulness of financial and non-financial risk-related disclosures in the Italian context.

The Value Relevance of Environmental Performance

Author : Lars G. Hassel
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Value Relevance of Environmental Performance by : Lars G. Hassel

Download or read book The Value Relevance of Environmental Performance written by Lars G. Hassel and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides insight into how environmental information is reflected in the market value of listed Swedish companies. Using the residual income valuation model, we express market value of equity as a function of book value of equity, accounting earnings, and environmental performance, where the last variable is used as a proxy for other value-relevant information. Our research is motivated by the recommendation of the Swedish Society of Financial Analysts regarding environmental reporting. This recommendation assumes that environmental information has value relevance, since it is likely to affect the expected future earnings of listed companies. We contribute empirical findings to current debate on the relationship between environmental performance and shareholder value. The cost-concerned school argues that environmental investments represent only increased costs, resulting in decreased earnings and lower market values. The value creation school regards environmental efforts as a way to increase competitive advantage and improve financial returns to the investors. The current research finds support for the cost-concerned school, because the results indicate that environmental performance has a negative influence on the market value of firms.

Ethics and Taxation

Author : Robert F. van Brederode
Publisher : Springer Nature
ISBN 13 : 9811500894
Total Pages : 412 pages
Book Rating : 4.8/5 (115 download)

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Book Synopsis Ethics and Taxation by : Robert F. van Brederode

Download or read book Ethics and Taxation written by Robert F. van Brederode and published by Springer Nature. This book was released on 2019-11-02 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book does not present a single philosophical approach to taxation and ethics, but instead demonstrates the divergence in opinions and approaches using a framework consisting of three broad categories: tax policy and design of tax law; ethical standards for tax advisors and taxpayers; and tax law enforcement. In turn, the book addresses a number of moral questions in connection with taxes, concerning such topics as: • the nature of government • the relation between government (the state) and its subjects or citizens • the moral justification of taxes• the link between property and taxation• tax planning, evasion and avoidance • corporate social responsibility• the use of coercive power in collecting taxes and enforcing tax laws • ethical standards for tax advisors • tax payer rights • the balance between individual rights to liberty and privacy, and government compliance and information requirements • the moral justification underlying the efforts of legislators and policymakers to restructure society and steer individual and corporate behavior.

Applied Economic Research and Trends

Author : Nicholas Tsounis
Publisher : Springer Nature
ISBN 13 : 303149105X
Total Pages : 1229 pages
Book Rating : 4.0/5 (314 download)

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Book Synopsis Applied Economic Research and Trends by : Nicholas Tsounis

Download or read book Applied Economic Research and Trends written by Nicholas Tsounis and published by Springer Nature. This book was released on with total page 1229 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Theory and Measurement of Business Income

Author : Edgar O. Edwards
Publisher : Univ of California Press
ISBN 13 :
Total Pages : 344 pages
Book Rating : 4./5 ( download)

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Book Synopsis The Theory and Measurement of Business Income by : Edgar O. Edwards

Download or read book The Theory and Measurement of Business Income written by Edgar O. Edwards and published by Univ of California Press. This book was released on 1973 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Do Markets Value Companies?

Author : Alan Murray
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (757 download)

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Book Synopsis Do Markets Value Companies? by : Alan Murray

Download or read book Do Markets Value Companies? written by Alan Murray and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In the context of a changing world, and faced with a scientific analysis that unequivocally links corporate activity with climactic changes which might threaten humankind, any study of financial reporting needs to be placed in perspective. If the science is correct, then it is the contention of this thesis that capital market activity is complicit in the destruction of the Earth?s biosphere and that accounting, in terms of the rules that govern corporate activity and the financial reporting, is an essential link in this chain. Previous research has sought to demonstrate links among social disclosure, social performance and financial performance and this thesis seeks to extend that literature by conducting two further studies, not to aid investors in their quest for further abnormal returns, but to understand the potential for financial markets to contribute to responsible business practice and the quest for sustainable development. The first study was a statistical examination of the relationships between social and environmental disclosures and market performance of the UK?s largest companies. It utilised longitudinal and cross-sectional data over a 10 year period and was tested for linear and non-linear relationships. As expected, no direct relationship between share returns and social disclosure was detected but, on further examination, the longitudinal data revealed a relationship between consistently high (or low) returns and a predisposition to high (or low) disclosure. The second study was a qualitative, interview based inquiry into what companies report in terms of social and environmental information and how markets gather and utilise that information. Senior executives from twelve FTSE companies were interviewed to gain an understanding of why this practice had grown so significantly over the last two decades, who their intended audience might be and the place such information had in their interactions with capital markets. Thereafter, senior executives from three Mutual Assurance Companies were interviewed to seek an understanding of the nature of information they required, and upon which their investment decisions were based. The findings of this study confirmed that social and environmental issues are of limited interest to markets except where they can be identified as relevant in terms of risk or governance. It also confirmed that there is a strong PR motivation in releasing social and environmental reports, which has little to do with improving social performance. On the market side there was confirmation that financial returns, even in ethical funds, were the main driver behind portfolio selection. The rather depressing conclusion from these studies is that serious moral and ethical issues are eschewed by companies and markets alike, where the focus remains on short-term performance measures.

The Economics and Politics of Accounting

Author : Christian Leuz
Publisher : OUP Oxford
ISBN 13 : 0191536830
Total Pages : 434 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis The Economics and Politics of Accounting by : Christian Leuz

Download or read book The Economics and Politics of Accounting written by Christian Leuz and published by OUP Oxford. This book was released on 2005-09-15 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: Accounting and the role of accountants has permeated the modern societies. For the most part we have accepted the impartiality and objectivity of accounting and not recognized how accounting systems are embedded in a country's economic and legal framework, much of which is in turn shaped by political processes. This web of interactions results in complex economic and political questions which require accounting researchers to focus on several related trends: information economics, regulatory economics, sociology, and political science. Although considerable progress has been made in the field of accounting, many fundamental questions are still subject to debate. In this book leading international scholars address a number of important questions: · What is the role of accounting in security valuation, decision making and contracting? · What can we learn from economics-based research in accounting? · What is the role of auditing and how can accounting standards be enforced? · What are the cost and benefits of accounting and disclosure regulation? · What is the role of accounting in society? · How does lobbying affect the political process of standard setting? · What are the consequences of the internationalization of standard setting? This seminal book will be of interest to academics, researchers, and graduate students of Accounting, Finance, Business Studies, Sociology, and Political Economy.

Research Handbook of Finance and Sustainability

Author : Sabri Boubaker
Publisher : Edward Elgar Publishing
ISBN 13 : 1786432633
Total Pages : 681 pages
Book Rating : 4.7/5 (864 download)

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Book Synopsis Research Handbook of Finance and Sustainability by : Sabri Boubaker

Download or read book Research Handbook of Finance and Sustainability written by Sabri Boubaker and published by Edward Elgar Publishing. This book was released on 2018 with total page 681 pages. Available in PDF, EPUB and Kindle. Book excerpt: The severe consequences of the global financial crisis 2008-2009 and numerous accounting frauds and financial scandals over the last fifteen years have let to calls for more ethical and responsible actions in all economic activities including consumption, investing, governance and regulation. Despite the fact that ethics in business and corporate social responsibility rules have been adopted in various countries, more efforts have to be devoted to motivate and empower more actors to integrate ethical behavior and rules in making business and managerial decisions. The Research Handbook of Finance and Sustainability will provide the readers but particularly investors, managers, and policymakers with comprehensive coverage of the issues at the crossroads of finance, ethics and sustainable development as well as proposed solutions, while focusing on three different levels: corporations, investment funds, and financial markets.

Research and Highlights

Author : Argonne National Laboratory
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (3 download)

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Book Synopsis Research and Highlights by : Argonne National Laboratory

Download or read book Research and Highlights written by Argonne National Laboratory and published by . This book was released on 1991 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Association Between Accounting Information and Stock Prices

Author : Mikael Runsten
Publisher : Stockholm School of Economics Efi Economic Research Institut
ISBN 13 : 9789172584891
Total Pages : 363 pages
Book Rating : 4.5/5 (848 download)

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Book Synopsis The Association Between Accounting Information and Stock Prices by : Mikael Runsten

Download or read book The Association Between Accounting Information and Stock Prices written by Mikael Runsten and published by Stockholm School of Economics Efi Economic Research Institut. This book was released on 1998-01-01 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Value Relevance of Corporate Voluntary Disclosure

Author : Rupjyoti Saha
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis The Value Relevance of Corporate Voluntary Disclosure by : Rupjyoti Saha

Download or read book The Value Relevance of Corporate Voluntary Disclosure written by Rupjyoti Saha and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this study is to examine whether or not voluntary disclosure made by Indian listed companies are value-relevant in the capital market. The sample consists of top 100 non-financial, non-utility companies based on market capitalization listed on the Bombay Stock Exchange (BSE) over the period 2014-2017. Data regarding voluntary disclosure level has been collected by analyzing the contents of annual reports. In order to investigate the impact of voluntary disclosure on firm value, fixed-effect panel data regression model is employed. Furthermore, Two Stage Least Squares (2SLS) regression model with instrumental variables is used as a robustness test to alleviate the endogeneity issue. The findings of the study reveal that voluntary disclosure is value-relevant, i.e., impacts the firm value. The more the voluntary disclosure made by the companies, the higher the value they have in terms of market capitalization. Therefore, this finding provides impetus to managers to disclose more information voluntarily to meet the information needs of the stakeholders. By evaluating the value relevance of overall voluntary disclosure, the study contributes to the relevant literature, as there is paucity of studies regarding how the market participants perceive voluntary disclosure in an emerging market such as India, which is subjected to market imperfections.

ISO 26000

Author : Lars Moratis
Publisher : Routledge
ISBN 13 : 1351278827
Total Pages : 184 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis ISO 26000 by : Lars Moratis

Download or read book ISO 26000 written by Lars Moratis and published by Routledge. This book was released on 2017-09-08 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last ten years, Corporate Social Responsibility (CSR) has grown from being criticised as a management fad to being endorsed as good business practice by the majority of the world's leading companies. It has also become ever more complex; and the majority of companies are now in need of clarity and guidance to actively engage with CSR in practice, to develop strategies that reflect the unique context in which each company operates and to embed CSR within their values. ISO, the International Organization for Standardization, began developing an International Standard providing guidelines for social responsibility (SR) in 2005. This long-awaited guidance standard was finally published in November, 2010 as ISO 26000. Developed by stakeholders from industry, government, labour, consumers, non-governmental organizations and others, ISO 26000 will almost certainly become the single most authoritative worldwide standard for SR. In only a few years' time, many thousands of organizations around the world are likely to be using ISO 26000 as a foundation for their SR policies. ISO 26000 is voluntary, and includes no specific requirements; therefore it is not a certification standard. Nonetheless, business users in particular are anxious to measure against the new ISO guideline their current efforts at implementing SR issues within their overall business strategy. Furthermore, many organizations have indicated that they may reformulate current strategies or develop new initiatives based on the content of ISO 26000. This book, written by international experts who have closely followed the development of ISO 26000, is the first to provide potential users with a comprehensive roadmap to the new standard and a compass to identify where they stand in relation to it now. ISO 26000 defines all of the key terminology of SR, provides advice about the ways in which organizations can identify their social responsibilities and how SR can be integrated not only into companies, but into all types of organizations. It is not another code or norm, but an overarching blueprint for social responsibility. This book covers all the key content of ISO 26000, examining the development of the standard, the topics covered and how key themes such as stakeholders are dealt with. It is rich in tools and benchmarking exercises, illustrative material, case examples, and help for companies looking to base their CSR policy on ISO 26000. It also contains an overview of the actions and expectations of organizations that wish to work in accordance with ISO 26000. Timely, detailed and practical, ISO 26000: The Business Guide to the New Standard on Social Responsibility will be an essential resource for the thousands of organizations that need an expert view on how the new standard works, where they stand in relation to it, and how they can work towards developing their CSR efforts in line with its content.

Accounting, Cash Flow and Value Relevance

Author : Francesco Paolone
Publisher : Springer Nature
ISBN 13 : 3030506886
Total Pages : 116 pages
Book Rating : 4.0/5 (35 download)

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Book Synopsis Accounting, Cash Flow and Value Relevance by : Francesco Paolone

Download or read book Accounting, Cash Flow and Value Relevance written by Francesco Paolone and published by Springer Nature. This book was released on 2020-07-29 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the concept “Cash is King” is today widely recognized, the cash flow statement was rather neglected until the EU accounting regulators discovered its relevance in explaining the real value of the business. This book investigates the value relevance of the operating cash flow as reported under the International Financial Reporting Standards (IAS/IFRS) for the largest European listed companies and US listed companies in the past recent years. Using the model based on the valuation theory developed by Ohlson, which measures the market value of equity as a function of accounting variables, the author concludes that operating cash flow represents a significant variable in determining the value relevance of the largest European and US listed companies. These findings provide siginificant implications for standard setters and support the continued requirements for disclosure of cash flow information under IAS 7.