Sustainability Accounting, Management and Policy Journal最新文献

{"title":"Main motivations and barriers to pro-environmental behaviour: a study from the employee’s perspective","authors":"Israel Javier Juma Michilena, Maria Eugenia Ruiz Molina, Irene Gil-Saura","doi":"10.1108/sampj-08-2023-0538","DOIUrl":"https://doi.org/10.1108/sampj-08-2023-0538","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>The purpose of this study is to identify groups of employees based on their motivations, detecting the main barriers that may influence their willingness to participate in the pro-environmental initiatives proposed by their employer.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>To identify the different groups of employees, an online survey was conducted, and the Chi-square automatic interaction detection algorithm segmentation technique was used with a sample of 483 employees from 9 Latin American universities.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The results allowed us to identify various segments, in which the main obstacle linked to intrinsic motivation is the university culture and, to a lesser extent, the lack of equipment, while for extrinsic motivation, the lack of infrastructure is the most determining factor. Likewise, the results reflect that, compared to the less motivated employees, those who show greater motivation (both intrinsic and extrinsic) are the ones who encounter the greatest barriers, so that the perceptions of the most motivated, as expert observers, help to identify the main obstacles that organisations must remove to promote pro-environmental behaviours among staff members.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The results obtained help to guide the representatives or organisational leaders on the actions that generate the greatest impact in the mitigation of climate change from a motivational approach of behavioural prediction.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>This study contributes to a more sustainable society by developing an understanding of how employees react to issues related to climate change. Knowing the perceptions of employees can be a turning point so that other members of society can get involved in pro-environmental behaviours.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>Many studies have analysed the intrinsic and extrinsic motivations of employees to engage in pro-environmental behaviours; however, as far as the authors are aware, this has not been analysed from the perspective of barriers to motivation.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":"12 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139647816","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of a firm’s ESG score on its cost of capital: can a high ESG score serve as a substitute for a weaker legal environment","authors":"Randy Priem, Andrea Gabellone","doi":"10.1108/sampj-05-2023-0254","DOIUrl":"https://doi.org/10.1108/sampj-05-2023-0254","url":null,"abstract":"&lt;h3&gt;Purpose&lt;/h3&gt;\u0000&lt;p&gt;This article aims to analyse the relationship between the environmental, social and governance (ESG) score and the cost of capital of 600 large, mid and small capitalization companies across 17 countries that are component of the EURO STOXX 600 Index. By examining whether ESG has an impact on the cost of capital, this article contributes to the solutions to improve the impact of organizations and societies on sustainable development. The article further examines whether the effect is because of the environmental, social and/or governance components. In addition, the article analyses which WACC component (i.e. the cost of equity, the cost of debt, the beta or the leverage ratio) is affected. Furthermore, this article analyses whether a high ESG score can substitute for a weaker legal environment.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Design/methodology/approach&lt;/h3&gt;\u0000&lt;p&gt;The results were obtained by using ordinary least squares panel data modelling to analyse the relationship between the ESG score and the cost of capital. The sample consists of companies that are part of the STOXX Europe 600 Index over the period 2018–2021, which is composed of 600 companies, including large, mid and small capitalization firms listed across 17 countries. The sample finally includes 1,960 firm-year observations.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Findings&lt;/h3&gt;\u0000&lt;p&gt;Companies with a higher ESG score tend to have a lower cost of capital, but this relationship holds only for firms domiciled in countries with a weaker legal environment. In addition, these firms should not only increase their ESG score to create a more sustainable environment but also to reduce their cost of debt. Environmental and social factors have a significantly negative impact on the cost of capital only in countries with a weaker legal environment, while the governance component positively impacts the cost of capital by allowing firms to borrow more.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Research limitations/implications&lt;/h3&gt;\u0000&lt;p&gt;There is not yet a standardized taxonomy to define ESG, making the study dependent on commercial data providers.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Practical implications&lt;/h3&gt;\u0000&lt;p&gt;The new insights can be used by companies domiciled in countries with weaker legal environments to reduce their cost of capital. The results also allow us to know on which components of the ESG score to focus. It can also help policymakers, specifically those in countries with a weaker legal environment, to provide incentives to further stimulate ESG investments and disclosure, thereby contributing to a more sustainable society.&lt;/p&gt;&lt;!--/ Abstract__block --&gt;\u0000&lt;h3&gt;Social implications&lt;/h3&gt;\u0000&lt;p&gt;To achieve the sustainable development goals put forward by the United Nations, it is important for firms to invest in ESG projects. It is nevertheless insightful to know whether these ESG investments, which are currently observed as a cost, also provide benefits to firms and in which countries. If firms clear","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":"324 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2024-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139580474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sustainability reporting, institutional pressures and universities: evidence from the Spanish setting","authors":"Javier Andrades, Domingo Martinez-Martinez, Manuel Larrán","doi":"10.1108/sampj-07-2023-0455","DOIUrl":"https://doi.org/10.1108/sampj-07-2023-0455","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Relying on institutional theory and Oliver’s (1991) strategic responses framework, the purpose of this paper is to investigate the different strategies adopted by Spanish public universities to respond to institutional pressures for sustainability reporting.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Data were collected from a variety of sources, such as a series of email-structured interviews with key personnel from universities, a qualitative analysis of sustainability reports and a consultation of the website of each Spanish public university.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The findings reveal that Spanish public universities have responded to institutional pressures for sustainability reporting by adopting acquiescence, compromise, avoidance and defiance strategies. The variety of strategic responses adopted by Spanish public universities suggests that these organizations have not fully adhered to institutional pressures.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The results of this paper would be useful for practitioners since it tries to demonstrate whether universities, which are facing increasing institutional pressures and demands from stakeholders, have been developing sustainability reporting practices.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>Universities have a remarkable social impact that could be used to promote sustainability practices. This paper investigates how these organizations can contribute to sustainability reporting as they should reproduce social norms.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The sustainability reporting context is in a phase of change. This paper tries to contribute to the accounting research by analyzing the extent to which universities are engaged in sustainability reporting. Relying on these premises, Oliver’s (1991) framework might be an insightful theoretical perspective to examine the responses provided by universities to institutional pressures.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":"64 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2024-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139580476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Navigating the green maze: insights for businesses on consumer decision-making and the mediating role of their environmental concerns","authors":"João M.M. Lopes, Sofia Gomes, Tiago Trancoso","doi":"10.1108/sampj-07-2023-0492","DOIUrl":"https://doi.org/10.1108/sampj-07-2023-0492","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Green consumption is fundamental to sustainable development, as it involves adopting practices and technologies that reduce the environmental impact of human activities. This study aims to analyze the influence of consumers’ green orientation on their environmental concerns and green purchase decisions. Furthermore, the study investigates the mediating role of consumers’ environmental concerns in the relationship between pro-sustainable orientation and green purchase decisions.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This study uses a quantitative methodology, applying the partial least squares method to a sample of 927 Portuguese consumers of green products. The sample was collected through an online survey.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>Perceived benefits and perceived quality of products play a positive and significant role in influencing green behavior, especially when consumers are endowed with greater environmental concerns. In addition, consumers’ awareness of the prices of green products and their expectations regarding the future benefits of sustainable consumption positively impact green consumption behavior, further intensifying their environmental concerns.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>According to the present findings, companies should adopt a holistic and integrated approach to promote green consumption. This means creating premium eco-friendly products, communicating their benefits, addressing the cost factor, emphasizing the future impact of eco-friendly options and raising consumers’ environmental awareness.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>It is critical that environmental education is a priority in schools and that there are political incentives for green behaviors. In addition, media campaigns can be an important tool to raise awareness in society.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The results of this study provide important insights for companies on consumer engagement in the circular economy. Deepening knowledge of the antecedents of consumers’ environmental concerns contributes to a deeper understanding of green purchasing decision behavior, allowing companies to support new business strategies.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":"53 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2024-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139561208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Stakeholder value creation system: understanding the process","authors":"Silvia Ferraz Nogueira De Tommaso, Felipe Mendes Borini","doi":"10.1108/sampj-09-2023-0701","DOIUrl":"https://doi.org/10.1108/sampj-09-2023-0701","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>Understanding how firms manage multiple stakeholders is an academic and business call. This paper aims to describe a firm’s processes to implement a stakeholder value creation system, defined as the firm’s processes to create appropriate value with multiple stakeholders.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>The authors based their investigation on a conceptual framework extracted from a previous literature review. From there, the authors conducted qualitative empirical research designed as a multiple-case study. In-depth interviews with 47 people from 11 different firms are the key source of this study.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>This paper proposes a framework demonstrating how a firm can implement a stakeholder value creation system. Results pointed to three processes: value creation, distribution and capture. Value distribution mechanisms are drivers for both value creation and capture processes. The system is a set of multiple flow relationships between the firm and its stakeholders.</p><!--/ Abstract__block -->\u0000<h3>Research limitations/implications</h3>\u0000<p>This research is limited to the Brazilian context.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The stakeholder value creation system is composed of seven elements: walk-the-talk organizational behavior, stakeholder business model, societal non-attended need, stakeholder preference matrix, stakeholder bargaining power, retention of rents and governance mechanism. Managers may design their firm’s unique processes using these elements as drivers.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>The present investigation demonstrates that societal issues matter for firms to formulate strategies that positively impact their economic, social and environmental results.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>The authors investigated competitive strategy concepts of value creation and appropriation from a combination of resource-based and stakeholder theories and a system perspective. The framework of this study consolidated both theories’ ideas from a complementary perspective. The authors suggest managers and academics should adopt the power of the “AND” position instead of the “OR” trade-off position.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":"11 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2024-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139476896","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Carbon management and the global value chain: have carbon emissions been reduced?","authors":"Lipeng Pan, Yongqing Li, Xiao Fu, Chyi Lin Lee","doi":"10.1108/sampj-11-2022-0585","DOIUrl":"https://doi.org/10.1108/sampj-11-2022-0585","url":null,"abstract":"\u0000Purpose\u0000This paper aims to explore the pathways of carbon transfer in 200 US corporations along with the motivations that drive such transfers. The particular focus is on each firm’s embeddedness in the global value chain (GVC) and the influence of environmental law, operational costs and corporate social responsibility (CSR). The insights gleaned bridge a gap in the literature surrounding GVCs and corporate carbon transfer.\u0000\u0000\u0000Design/methodology/approach\u0000The methodology comprised a two-step research approach. First, the authors used a two-sided fixed regression to analyse the relationship between each firm’s embeddedness in the GVC and its carbon transfers. The sample consisted of 217 US firms. Next, the authors examined the influence of environmental law, operational costs and CSR on carbon transfers using a quantitative comparison analysis. These results were interpreted through the theoretical frameworks of the GVC and legitimacy theory.\u0000\u0000\u0000Findings\u0000The empirical results indicate positive relationships between carbon transfers and GVC embeddedness in terms of both a firm’s position and its degree. From the quantitative comparison, the authors find that the pressure of environmental law and operational costs motivate these transfers through the value chain. Furthermore, CSR does not help to mitigate transfers.\u0000\u0000\u0000Practical implications\u0000The findings offer insights for policymakers, industry and academia to understand that, with globalised production and greater value creation, transferring carbon to different parts of the GVC – largely to developing countries – will only become more common. The underdeveloped nature of environmental technology in these countries means that global emissions will likely rise instead of fall, further exacerbating global warming. Transferring carbon is not conducive to a sustainable global economy. Hence, firms should be closely regulated and given economic incentives to reduce emissions, not simply shunt them off to the developing world.\u0000\u0000\u0000Social implications\u0000Carbon transfer is a major obstacle to effectively reducing carbon emissions. The responsibilities of carbon transfer via GVCs are difficult to define despite firms being a major consideration in such transfers. Understanding how and why corporations engage in carbon transfers can facilitate global cooperation among communities. This knowledge could pave the way to establishing a global carbon transfer monitoring network aimed at preventing corporate carbon transfer and, instead, encouraging emissions reduction.\u0000\u0000\u0000Originality/value\u0000This study extends the literature by investigating carbon transfers and the GVC at the firm level. The authors used two-step research approach including panel data and quantitative comparison analysis to address this important question. The authors are the primary study to explore the motivation and pathways by which firms transfer carbon through the GVC.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":"3 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2024-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139437901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Nonlinear effects of enterprise digital transformation on environmental, social and governance (ESG) performance: evidence from China","authors":"Xiuyun Yang, Qiaowen Han","doi":"10.1108/sampj-08-2023-0553","DOIUrl":"https://doi.org/10.1108/sampj-08-2023-0553","url":null,"abstract":"\u0000Purpose\u0000The purpose of this study is to investigate whether the corporate environmental, social and governance (ESG) performance of enterprise is influenced by the enterprise digital transformation. In addition, this study explains how enterprise digital transformation affects ESG performance.\u0000\u0000\u0000Design/methodology/approach\u0000The sample covers 4,646 nonfinancial companies listed on China’s A-share market from 2009 to 2021. The study adopts the fixed-effects multiple linear regression to perform the data analysis.\u0000\u0000\u0000Findings\u0000The study finds that enterprise digital transformation has a significant inverted U-shaped impact on ESG performance. Moderate digital transformation can improve enterprise ESG performance, whereas excessive digital transformation will bring new organizational conflicts and increase enterprise costs, which is detrimental to ESG performance. This inverted U-shaped effect is more pronounced in industrial cities, manufacturing industries and enterprises with less financing constraints and executives with financial backgrounds. Enterprise digital transformation mainly affects ESG performance by affecting the level of internal information communication and disclosure, the level of internal control and the principal-agent cost.\u0000\u0000\u0000Practical implications\u0000The government should take multiple measures to encourage enterprises to choose appropriate digital transformation based on their own production behaviors and development strategies, encourage them to innovate and upgrade their organizational management and development models in conjunction with digital transformation and guide them to use digital technology to improve ESG performance.\u0000\u0000\u0000Social implications\u0000This study shows that irrational digital transformation cannot effectively improve the ESG performance of enterprises and promote the sustainable development of the country. Enterprises should carry out reasonable digital transformation according to their own development needs and finally improve the green and sustainable development ability of enterprises and promote the sustainable development of society.\u0000\u0000\u0000Originality/value\u0000This study examines the relationship between enterprise digital transformation and ESG performance. Different from the linear relationship between the two in previous major studies, this study proves the inverse U-shaped relationship between enterprise digital transformation and ESG performance through mathematical theoretical model derivation and empirical test. This study also explores in detail how corporate digital transformation affects ESG performance, as well as discusses heterogeneity at the city, industry and firm levels. It is proposed that enterprises should take into account their own characteristics and carry out reasonable digital transformation according to their development needs.\u0000","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":"49 3","pages":""},"PeriodicalIF":4.5,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139380033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Do sustainability reporting standards affect analysts’ forecast accuracy?","authors":"Simone Pizzi, Fabio Caputo, Elbano de Nuccio","doi":"10.1108/sampj-04-2023-0227","DOIUrl":"https://doi.org/10.1108/sampj-04-2023-0227","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to contribute to the emerging debate about materiality with novel insights about the signaling effects related to the disclosure of environmental, social and governance (ESG) information using the guidelines released by the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB).</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>An empirical assessment using panel data analysis was built to evaluate the relationship between sustainability reporting standards and analysts’ forecast accuracy.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The analysis revealed that the proliferation of sustainability reports prepared on mandatory or voluntary basis mitigated the signaling effects related to the disclosure of ESG information by companies. Furthermore, the additional analysis conducted considering sustainability reporting quality and ESG performance revealed the existence of mixed effects on analysts’ forecasts accuracy. Therefore, the insights highlighted the need to consider a cautionary approach in evaluating the contribution of ESG data to financial evaluations.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The practical implications consist of identifying criticisms related to disclosing ESG information by listed companies. In detail, the analysis underlines the need to enhance reporting standards’ interoperability to support the development of more accurate analysis by investors and financial experts.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>The analysis reveals increasing attention investors pay to socially responsible initiatives, confirming that financial markets consider sustainability reporting as a strategic driver to engage with stakeholders and investors.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This research represents one of the first attempts to explore differences between GRI and SASB using an empirical approach.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":"3 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139374063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Analysis of double materiality in early adopters. Are companies walking the talk?","authors":"Diego Andrés Correa-Mejía, Jaime Andrés Correa-García, María Antonia García-Benau","doi":"10.1108/sampj-07-2023-0469","DOIUrl":"https://doi.org/10.1108/sampj-07-2023-0469","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This study aims to analyse the consistency between what companies say (talk) and what they do (walk) regarding the application of double materiality in their sustainability reports.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>Sustainability reports of 76 European companies that reported the application of double materiality and are listed in the Dow Jones Sustainability Index were studied through content analysis.</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>In total, 67% of the companies studied claim to apply double materiality but do not comply with the guidelines in this respect proposed by the European Financial Reporting Advisory Group. Therefore, these companies should be considered label adopters.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>This study presents evidence of the existence of label adopters when double materiality is adopted at an early stage, meaning that regulators should seek to control compliance with the minimum requirements established for double materiality. This finding also has implications for assurers, who should consider the degree of real compliance with double materiality requirements when expressing their opinion.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>The existence of label adopters in the application of double materiality endangers the sustainable development pursued through agreements such as the Green Deal and through the Sustainable Finance policy proposed in Europe.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>This work contributes to the emerging literature on double materiality. Unlike previous works, empirical evidence is provided on the changes that companies present in their material issues with the application of double materiality. Moreover, it confirms the existence of label adopters in the application of double materiality.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":"1 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373907","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A comparison of analysts’ and investors’ information efficiency of corporate social responsibility activities","authors":"Grace Il Joo Kang, Kyongsun Heo, Sungmin Jeon","doi":"10.1108/sampj-02-2023-0079","DOIUrl":"https://doi.org/10.1108/sampj-02-2023-0079","url":null,"abstract":"<h3>Purpose</h3>\u0000<p>This paper aims to examine the extent to which sell-side analysts efficiently incorporate firms’ corporate social responsibility (CSR) activities into their earnings forecasts. In addition, this paper also investigate the CSR information efficiency of analysts <em>vis-à-vis</em> that of investors.</p><!--/ Abstract__block -->\u0000<h3>Design/methodology/approach</h3>\u0000<p>This paper measures CSR activities by using CSR strength and CSR concern scores from the Morgan Stanley Capital International Environmental, Social and Governance database. This paper uses analysts’ earnings forecast errors and dispersion as proxies for their information efficiency. To compare the CSR information efficiency of analysts to that of investors, this paper uses the Vt/Pt ratio, which is the equity value estimates inferred from analysts’ earnings forecasts (a proxy for analysts’ CSR information efficiency) to the stock price of the focal company (a proxy for investors’ CSR information efficiency).</p><!--/ Abstract__block -->\u0000<h3>Findings</h3>\u0000<p>The regression analysis indicates that analysts’ earnings forecasts are optimistically biased and more dispersed for firms with positive CSR activities. The paper also finds that analysts’ forecasts are more optimistically biased than investors in interpreting CSR activities.</p><!--/ Abstract__block -->\u0000<h3>Practical implications</h3>\u0000<p>The lack of standardized protocols in CSR reporting and activities has raised the risk of mispricing by analysts, threatening the stability of sustainable investments. This paper suggests that regulators and standard-setters should establish a uniform framework governing firms’ CSR activities, along with their reporting and measurement, to ensure more consistent and reliable evaluations of CSR practices.</p><!--/ Abstract__block -->\u0000<h3>Social implications</h3>\u0000<p>Analysts’ mispricing of CSR activities may distort sustainable investing, as it can overly focus on the positive impacts of stakeholder theory, overlooking agency theory’s warnings about managerial self-interest. Investors need to assess CSR efforts with a dual perspective, acknowledging their societal value but also examining their alignment with shareholder interests.</p><!--/ Abstract__block -->\u0000<h3>Originality/value</h3>\u0000<p>To the best of the authors’ knowledge, this research is the first to assess the efficiency of analysts versus investors in processing CSR information amidst growing sustainable investment interests. Furthermore, building on Dhaliwal <em>et al.</em> (2012), which found that voluntary CSR disclosures correlate with more accurate analyst forecasts, this research provides fresh perspectives on the evolving nature of how analysts assimilate CSR information over time.</p><!--/ Abstract__block -->","PeriodicalId":22143,"journal":{"name":"Sustainability Accounting, Management and Policy Journal","volume":"89 1","pages":""},"PeriodicalIF":4.5,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373769","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}