The Evolution of Environmental Reporting in Europe: The Role of Financial and Non-Financial Regulation

IF 2 Q2 BUSINESS, FINANCE
E. Barbu, Liliana Ionescu-Feleagă, Yann Ferrat
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引用次数: 4

Abstract

Synopsis The research problem We observed the impact of European, international, and national mandatory financial and non-financial regulations on the corporate environmental disclosure of listed companies in the Euronext 100 between 2002 and 2017. Motivation Our study was motivated by the perfect European context created by the implementation of the IASs/IFRSs, mandatory since 2005, to enhance financial statement comparability across European companies, and by the national transposition of the 2014/95/EU Non-Financial Reporting Directive requiring European listed and large corporations to disclose information relative to their environmental footprint starting January 1, 2017. The test hypotheses [Formula: see text]: Financial legislation through the IASs/IFRSs implementation improves the level of environmental disclosure in Europe. [Formula: see text]: Non-financial legislation through the Non-Financial Reporting Directive improves the level of environmental disclosure in Europe. Target population The paper is useful for: (1) researchers wanting to observe the evolution of environmental disclosure in Europe and the main factors influencing it; (2) CEOs and managers who seek to improve their own financial and non-financial reporting; (3) policymakers to know the impact of national and international regulations on environmental disclosure and practices; and (4) users of annual financial statements. Adopted methodology We hand collected data using the financial environmental grid proposed by Barbu et al. [( 2014a ). Mandatory environmental disclosures by companies complying with IAS/IFRS: The case of France, Germany and UK. The International Journal of Accounting, 49(2), 231–247] for both descriptive and monetary items from the annual financial statements of all French, Dutch, Belgian, and Portuguese companies included in the Euronext 100 index. We used descriptive statistics and regression models to analyze this data. Analyses The results are interpreted through the lenses of neo-institutional theory, legitimacy theory, and homogeneity theory. Findings The results show that mandatory financial and non-financial regulations improved the level of environmental disclosure of European companies from different countries over time, but the level of reporting was still very low. The force of coercive isomorphism is not strong enough to cause companies to be more environmentally responsible and to report more, but normative and mimetic isomorphism, and gaining legitimacy, could have a positive influence on the environmental reporting practices of European companies. Taken as a whole, the policy of “one size fits all” is not appropriate for environmental regulation in Europe and needs to be adapted because each country has a specific culture, tradition, and education regarding environmental values. These values should be improved to promote a better environmental conscience, better individual responsibility, and a tangible feeling of truth and transparency in disclosures, with all these generating real environmental practices and reliable reporting without any trace of greenwashing.
欧洲环境报告的演变:金融和非金融监管的作用
我们观察了2002年至2017年欧洲、国际和国家强制性金融和非金融法规对泛欧100指数上市公司环境信息披露的影响。我们的研究的动机是由国际会计准则/国际财务报告准则的实施所创造的完美的欧洲背景,自2005年以来强制性的,以提高欧洲公司的财务报表可比性,以及2014/95/EU非财务报告指令的国家转换,要求欧洲上市公司和大型公司从2017年1月1日开始披露与其环境足迹相关的信息。检验假设[公式:见文本]:通过实施国际会计准则/国际财务报告准则的金融立法提高了欧洲的环境披露水平。[公式:见正文]:通过非财务报告指令的非财务立法提高了欧洲环境披露的水平。本文的研究有助于:(1)观察欧洲环境信息披露的演变及其主要影响因素;(2)寻求改善自身财务和非财务报告的首席执行官和管理人员;(3)决策者了解国家和国际法规对环境信息披露和实践的影响;(四)年度财务报表的使用者。采用的方法我们使用Barbu等人提出的金融环境网格手工收集数据[(2014a)]。遵守国际会计准则/国际财务报告准则的公司的强制性环境披露:法国、德国和英国的案例。国际会计杂志,49(2),231-247]从所有法国、荷兰、比利时和葡萄牙公司的年度财务报表中获得描述性和货币性项目,包括在Euronext 100指数中。我们使用描述性统计和回归模型来分析这些数据。分析结果通过新制度理论、合法性理论和同质性理论进行解释。研究结果表明,随着时间的推移,强制性财务和非财务监管提高了欧洲不同国家公司的环境披露水平,但报告水平仍然很低。强制同构的力量不足以使公司对环境更负责,报告更多,但规范和模仿同构,并获得合法性,可以对欧洲公司的环境报告实践产生积极影响。作为一个整体,“一刀切”的政策并不适合欧洲的环境监管,需要进行调整,因为每个国家在环境价值方面都有特定的文化、传统和教育。这些价值观应该得到改善,以促进更好的环境意识,更好的个人责任,以及在披露中切实感受到真相和透明度,所有这些都能产生真正的环境实践和可靠的报告,而不会有任何“漂绿”的痕迹。
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来源期刊
CiteScore
1.20
自引率
0.00%
发文量
19
期刊介绍: The aim of The International Journal of Accounting is to advance the academic and professional understanding of accounting theory, policies and practice from the international perspective and viewpoint. The Journal editorial recognizes that international accounting is influenced by a variety of forces, e.g., governmental, political and economic. Thus, the primary criterion for manuscript evaluation is the incremental contribution to international accounting literature and the forces that impact the field. The Journal aims at understanding the present and potential ability of accounting to aid in analyzing and interpreting international economic transactions and the economic consequences of such reporting. These transactions may be within a profit or non-profit environment. The Journal encourages a broad view of the origins and development of accounting with an emphasis on its functions in an increasingly interdependent global economy. The Journal also welcomes manuscripts that help explain current international accounting practices, with related theoretical justifications, and identify criticisms of current policies and practice. Other than occasional commissioned papers or special issues, all the manuscripts published in the Journal are selected by the editors after the normal double-blind refereeing process.
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