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This study aims to examine the potential disparities in environmental, social and governance (ESG) reporting among emerging Chinese enterprises (ECEs). ECEs are subject to a set of internationally oriented ESG requirements imposed by the regulator of a global financial center that is exposed to diverse stakeholders. The authors also consider ECEs’ underlying institutional ownership, which exhibits influence over governance as a salient component of ESG.

This study is based on a random sample of 500 ECEs listed on the Stock Exchange of Hong Kong (SEHK) – the global financial center of China. ESG reporting is measured by using the key performance indicators of the SEHK’s ESG Reporting Guide. The data are collected from annual reports that contain ESG disclosures or standalone ESG/sustainability reports published during the 2018–2019 fiscal year. The authors adopt binary logistic regressions and Chi-square tests to test the proposed hypotheses.

The authors find that ECEs’ heterogeneous institutional ownership and the extent of overseas development are associated with their disclosures on climate change. ECEs with international institutional ownership are found to be a significant factor for reporting aligned with the United Nations sustainable development goals (SDGs), using external assurance and stakeholder engagement, rather than state-owned enterprises (SOEs) and private companies. The authors also document that the presence of independent nonexecutive directors (INEDs) is significantly associated with reporting on meeting the SDGs and its use of external assurance, while the presence of female directors is a significant factor influencing disclosure emphasis on energy-saving initiatives.

The authors provide an empirical study of ECEs beyond the focus on SOEs that are expected to produce comprehensive ESG reporting in addressing a broader international community of stakeholders apart from the regime of their home country. The authors document the pertinence of ECEs’ institutional ownership and governance diversity to ESG reporting. In particular, international stakeholders need to recognize such underlying differences among ECEs rather than viewing them as a homogeneous group.

The authors suggest that policymakers and practitioners in Asian countries consider increasing the presence of INEDs and gender diversity on ECE boards to enhance ESG reporting, which reinforces the findings of prior international studies suggesting such governance practices.

This study contributes to the existing body of knowledge about ESG reporting by documenting the underlying heterogeneity within ECEs, which are subject to a set of internationally oriented standards, as evidenced by their disparities in ESG reporting.

This paper aims to reflect on the special issue that has collected studies by the research community in China pertinent to the country’s recent developments in sustainability accounting, management and policy, as well as to suggest possible future avenues of studies.

This paper articulates the current status of researching sustainability accounting, management and policy in China that is instigated by the country’s regulatory initiatives under its political economy. It highlights the papers accepted for the special issue, their areas of focus and the underlying characteristics.

It points out that the accepted research papers concentrate on issues related to corporate social responsibility disclosures, sustainability reporting and environmental management in China from the perspectives of the domestic stakeholders.

Future studies are likely to be increasingly interdisciplinary in nature and requires academia, policymakers and practitioners to make better collaborative efforts in researching about China’s sustainability and the efficacy of their engagement with stakeholders.

Studies on alignment between China’s further developments and UN’s sustainable development goals (SDGs) are particularly considered desirable as the country continues its globalization initiatives. Education about sustainability accounting for the working professionals and their next generation is much needed for China in support of developing a more sustainable economy aligned with UN's SDGs.

Scholars in China actively developing their research interests in this field reflect critical thinking about the country’s pursuit of sustainable development within a social-political economy that is dissimilar to the West. In the meantime, the country continues to develop into a significant stakeholder of the world’s sustainability implying expectation of transparency in sustainability performance.

With reference to the review exercise conducted for the special issue, it suggests that there are surging interests in researching accountability for sustainability across the local and international communities to facilitate much needed knowledge exchange. The country and indigenous culture of China, as well as its institutions in relation to sustainability, would require much further exploration in our world under globalization.

This paper aims to explore how the regulator of a global financial centre (GFC) under an international trend of adopting emerging technologies for financial services (Fintech) articulates such opportunities and risks strategically.

With a literature review on the global regulatory environment and the underlying risks related to Fintech, it looks into the formulation and implementation of complementary regulatory policies in the case of Hong Kong as a GFC. Relevant policy documents disclosed by the financial regulator on cybersecurity and pertinent issues are examined.

Adopting a strategic approach that seizes opportunities associated with Fintech, the financial regulator harnesses comprehensive risk-based mechanisms to embrace exposures to cyber risks while promoting institutionalization of cybersecurity among the regulated firms with strategic controls. This study suggests a pathway for the evolution of a profession with both technical and ethical competence for mitigating the emerging risks arising from Fintech. However, such an approach is yet to be tested with respect to efficacy for the unexplored territories of fraud exposures, resulting from swift Fintech developments across borders.

As Fintech has only emerged rapidly in the recent years, it is not conclusive in this review of performance and effectiveness of the financial regulator in its strategic approach. Further studies may utilize a longitudinal method to analyze and examine the regulatory measures undertaken by financial regulators in various GFCs.

This study reveals a strategic approach adopted by an emerged GFC in embracing Fintech innovation that however brings about unidentified risks and potential frauds to its financial services sector. Pertinent anti-fraud and cybersecurity measures are highlighted.

This study explores the interrelationship between regulatory risks and strategic controls within the financial supervision architecture of an emergent global financial centre of China that embraces innovation as part of its strategic objectives.

This paper employs a longitudinal case study approach to examine the institutional dynamics of the key financial regulators in connection with the regulated financial institutions in Hong Kong before and after the financial tsunami of 2008.

First, this study reveals an organic development of a specialised financial regulatory architecture that resists transforming itself structurally despite the significant impact of externalities. Second, in this post-financial crisis analysis, regulated financial institutions swiftly respond by strengthening their risk controls through compliance with the guidelines imposed by the regulator. Institutional dynamics in influencing the implementation of risk controls through a top-down interactive mechanism are observed. Such dynamic and pertinent rapid responses induce the pursuit of optimal risk management within a regulatory framework.

This paper provides a longitudinal case study to reveal regulatory risks and strategic controls of the global financial centre of China. It unveils mitigating risk control measures in the aftermath of the global financial crisis. The study demonstrates how regulatory institutions strive to take precautionary, coercive measures such that the regulated institutions mimic and implement prudent mechanisms.

Entrepreneurial ventures in the emerging renewable energy sector in China represent a variety of dynamic growth strategies that are stimulated by the domestic energy policy and the evolution of the value chain driven by technological advancements. This paper aims to examine the underlying real options among these first movers to proceed with their further strategic development and finance means.

A literature review is launched to look into the emerging renewable energy sector unveiling challenges in the growth and development of renewable energy ventures (REVs) in China. Three main types of REVs are differentiated based on their technology intensity.

The prospect of international technology transfer through mergers and acquisitions (M&As) in the next phase of evolution within the sector is articulated. A theoretical framework on complementary developments in the value chain is revealed with four propositions.

This paper enables the stakeholders in the renewable energy sector to critically reexamine the pathways of strategic development and finance of REVs over an evolving technological landscape.

This study integrates the theoretical real options into technology management issues pertinent to REVs under the contemporary tactics via cross‐border M&As.

This article attempts to devise an integrated performance measurement framework to assess the Hong Kong Hospital Authority (HA) management system by harnessing previous performance measurement systems.

An integrated evaluative framework based on the balanced score card (BSC) was developed and applied using the case study method and longitudinal data to evaluate the HA's performance management system.

The authors unveil evolving HA performance indicators (PI). Despite the HA staff's explicit quality emphasis, cost control remains the primary focus in their performance measurements.

Data used in this study are from secondary sources, disclosed mostly by HA staff.

This study shows public sector staff often attach too much importance to cost control and easily measurable activities at the expense of quality and other less easily measurable attributes'.

A balanced performance measurement system, linked to health targets, with a complementary budgeting process that supports pertinent resource allocation is yet to be implemented in Hong Kong's public hospitals.

The purpose of this paper is to reveal the problems associated with unsatisfactory delivery of services in the current healthcare system of China as experienced by patients of diverse social‐economic backgrounds, including service quality, accessibility and affordability.

Summarizing the developmental problems of China's contemporary healthcare system, this article is principally a literature review to investigate interdisciplinary issues, including the role of social medical insurance agency, continuous quality improvement and performance measurement system.

The problems associated with unsatisfactory results of the output from the current healthcare system include the level of quality of services, accessibility and affordability, experienced by the patients of various social economic backgrounds. Developing an integrated system to provide adequate performance measurement complementary with the existing compliance emphasis is suggested, in order to uphold a continuous improvement initiative.

This article is based on interdisciplinary literature review, examining current problems in China's healthcare system and qualitative analysis of the phenomenon. No data are collected to examine the problems identified. In‐depth, ethnographic studies would enable further understanding about the hurdles in the development of a quality healthcare system.

Provides a practical framework for stakeholders to develop an integrated performance measurement system to rationalize resource allocation process that enhances continuous quality improvement.

This paper suggests the adoption of an approach of management science in dealing with China's healthcare system problems and that some fundamental issues found to be critical in developed countries' experience, when striving for performance improvement are not attained under China's current healthcare system. Explores the fundamental issues pertinent to China's current healthcare system and the possible use of performance measurement system for dealing with existing deficiencies.

Audit committees (ACs) have been perceived as an important means of corporate governance, safeguarding the interests of shareholders by monitoring internal control and risk management. This study aims to examine specific structural and operational characteristics of ACs for firms in Hong Kong, where regulators have strived to adhere to international compliance standards.

This study is based on a cross‐sectional examination of disclosures on ACs by 223 listed companies in Hong Kong.

The independence and financial expertise of AC members do not enhance the value of the respective firms, despite maintaining satisfactory compliance. The discrepancy in the value relevance of ACs in prior studies is explained by the possible inadequacy of the resources available to ACs.

The data in this study are entirely from secondary sources of disclosures by listed companies for the year immediately following the implementation of the code of best practices of corporate governance. No in‐depth case studies are supplemented.

A key implication of this study to the regulators is that the proper allocation of resources to an AC should be considered beyond the independence and financial expertise of AC members to ensure the effectiveness of an AC.

This paper is an empirical study about the practices and compliance of ACs among listed companies in a global financial centre.

China's emerging multinationals (CEMs) have gained attention for their increasing activities in mergers and acquisitions (M&As) within the global arena. Harnessing previous studies about the significance of their cultural baggage and an underlying strategic intent in reverse technology transfer through cross‐border M&As, the purpose of this paper is to explore the dynamics of CEMs in their process of cross‐border M&As through the perspectives of intellectual capital.

Building on an interdisciplinary literature review, a theoretical framework is devised to exemplify such dynamics within a CEM during the course of reverse technology transfer and swift transformation into a global enterprise for technological innovation through M&As. A longitudinal case study is adopted to examine how two technology‐based CEMs continue to modify and reconfigure their respective committed intellectual capital resources while undergoing cross‐border M&A transactions.

The study suggests the relevance of a conceptual framework and unveils a causal development of dynamic capabilities that is evidenced by resource reconfiguration and post‐merger performance. It further reveals a reinforced dynamic capability development process that would enhance reverse technology transfer for domestic rather than overseas market development while pursuing equilibrium of knowledge.

This is an original paper that explores the cultural dynamics of CEMs and what influences their intellectual capital development during their cross‐border M&As. This paper articulates that CEMs need to create their own unique intellectual capital that contributes constructively to their international operations throughout their post‐merger integrations.

The paper seeks to explore the development of an intellectual capital flow statement based on a framework that harnesses contemporary research on intellectual capital.

Case studies of wireless technology companies based in Canada are adopted to examine the interrelationship between intellectual capital components with a resource‐based view as well as deficiencies in their current financial reporting with respect to intellectual capital. An intellectual capital flow statement is proposed in order to capture the necessary characteristics.

This study confirms the inter‐relationship between components of intellectual capital and business growth performance among the selected cases of wireless technology companies. It suggests an “add‐on” disclosure of intellectual capital flow that would enhance the usefulness and predictability of performance.

This study is based on case studies of six wireless technology companies and may not be generalisable to other technology‐based companies.

The paper suggests a disclosure method for intellectual capital that mitigates problems with information asymmetry in technology‐based companies while maintaining harmony with current financial reporting practice.

This paper integrates prior studies and concepts in intellectual capital, technology management and financial accounting theory, aiming to develop an integrated framework for the disclosure of intellectual capital.