Search results
1 – 10 of 11Hanen Khaireddine, Isabelle Lacombe and Anis Jarboui
Although the association between sustainability assurance (SA) quality and firm value has been examined in previous studies, the moderating relationship is novel in this study and…
Abstract
Purpose
Although the association between sustainability assurance (SA) quality and firm value has been examined in previous studies, the moderating relationship is novel in this study and highlights the effect of corporate environmental sustainability performance (CESP) on the relationship between SA quality and firm value. This study aims to examine whether such an effect is strengthened or weakened by eco-efficiency, as measured by ISO 14001 certification, aggregate CESP score and each individual dimension of CESP (emission reduction [ER], resource reduction [RR] and product innovation [PI]).
Design/methodology/approach
The sample includes 40 companies in Euronext Paris with the largest market capitalisations (the Cotation Assistée en Continu 40 [CAC 40] index) from 2010 to 2020. The authors apply the feasible generalised least squares regression technique to estimate all the regression models. Because observed associations may be biased by reverse causation or self-selection, the authors use the instrumental variable approach and Heckman two-stage estimation.
Findings
The results show that SA quality had a positive and significant effect on firm value. Second, the authors demonstrate that CESP, as assessed by ISO 14001 certification, has a stronger interaction with assurance quality and acting as a moderator variable. Using the ASSET4 scores, an alternative proxy for CESP, the authors find inconsistent evidence regarding the impact of CESP attributes. The CESP and ER scores are homogeneous and have a positive effect on firm value. However, the PI and RR CESP attributes are not homogenous and do not have the same interactive effect on firm value. The results are robust to the use of an instrumental variable approach and the Heckman two-stage estimation procedure.
Research limitations/implications
Policy implications: Regulators may be interested in the findings when considering current and future assurance requirements for sustainability reporting, and shareholders when considering SA as an investment choice criterion. The insights into and enhanced understanding of the incentives for obtaining high SA quality can help policymakers develop effective policies and initiatives for SA. Considering the possible improvements in sustainability performance when obtaining a high level of sustainability verification, governments need to consider mandating SA.
Practical implications
Firms receive clear confirmation of the importance of investing in SA quality. Financial markets do not evaluate SA dichotomously but reward companies with higher SA quality because of the greater credibility it provides. Firms should allocate a significant percentage of their annual budgets and other relevant resources to environmental training and development programmes to improve and maintain environmental performance. If they care about environmental issues, they must announce this by issuing sustainability reports and seeking assurance of the information disclosed. High-quality assurance not only has a significant effect on investors’ investment reliability judgements but also the perceived credibility of environmental performance fully moderates the effect of assurance on these judgements.
Social implications
This study has social implications; the authors find that the French market rewards firms that provide a high-quality assurance to guarantee the integrity of their sustainability reports. Therefore, by incorporating environmental sustainability into their financial goals, a better assurance ultimately will urge firms to move from green washing to strategic goals, which is beneficial for society. Further, firms that focus on sustainability as part of their business strategy may attract employees who engage in green behaviours at work and create a friendlier and productive environment because it gives meaning to the work they do and keeps them engaged to the level needed to perform their jobs capably.
Originality/value
This study contributes to the literature by re-examining the relationship between SA quality and firm value. It also provides new evidence on the moderating effect of CESP on the SA quality–firm value nexus. Specifically, it explores the joint effect of credibility and eco-efficiency on market confidence in sustainability information.
Details
Keywords
Hanene Kheireddine, Isabelle Lacombe and Anis Jarboui
This study elucidates the interactive relationship of sustainability assurance (SA) quality with corporate environmental sustainability performance (CESP) and firm value and…
Abstract
Purpose
This study elucidates the interactive relationship of sustainability assurance (SA) quality with corporate environmental sustainability performance (CESP) and firm value and explores the moderating impact of CESP on the SA quality–firm value relationship.
Design/methodology/approach
The sample comprises 320 firm-year observations of 40 companies listed on the Cotation Assistée en Continu (CAC 40) from 2010 to 2019. The authors use the simultaneous equations model to capture the CESP and SA quality–firm value relationship and apply the three-stage regression and generalised method of moments approaches to address possible endogeneity.
Findings
The results show that CESP, as assessed by International Organisation for Standardisation (ISO) 14001 certification, has a significant positive effect on firm value, the relevance of which implies that in the case of good environmental performance, society's perception of a firm is much more favourable; consequently, the firm is likely to be rewarded with a premium value in capital markets. In addition, environmental performance has a stronger interaction with SA quality, acting as a moderator variable; thus, greater SA quality signals credibility owing to increased eco-efficiency. The authors interpret their findings within a multi-theoretical framework that draws insights from legitimacy, stakeholders and signalling theoretical perspectives.
Originality/value
This study contributes to the literature by re-examining the relationship between SA quality and firm value. It also provides new evidence of the moderating effect of CESP on the SA quality–firm value nexus. Specifically, this study explores the joint effects of credibility and eco-efficiency on market confidence in sustainability information. The authors use a simultaneous equation model to capture the reciprocal association between SA quality and firm value, whereas prior studies on SA quality and market performance have frequently used single-equation regression. The authors also find that CESP positively moderates the relationship between SA quality and firm value. Including CESP and exploring the moderating impact of eco-efficiency on the SA quality–firm value relationship is a novel approach.
Details
Keywords
Kian Aun Chang, Sheryl Wee Min Low, Yih Herng Chia, Andrey Setyadi, Yun Ping Neo and Lye Yee Chew
The circularity of food waste is gathering considerable pace globally. The present study aimed to explore the awareness, attitude and behaviour of Malaysian young adults towards…
Abstract
Purpose
The circularity of food waste is gathering considerable pace globally. The present study aimed to explore the awareness, attitude and behaviour of Malaysian young adults towards food waste as a food ingredient. The physicochemical characteristics and sensory acceptance of chicken eggshell powder (CESP)-fortified madeleine cake were also investigated.
Design/methodology/approach
A survey on awareness, attitude and behaviour was conducted online amongst young adults (n = 384) in the Klang Valley region. The control and fortified madeleine cakes were subjected to nutritional constituent analyses according to the methods of Association of Official Analytical Chemists (AOAC) for moisture, protein, ash and calcium. Fat was determined via Soxhlet method whilst carbohydrate was estimated by difference. Physical analyses such as texture and water activity were assessed using instrumental techniques. Sensory acceptance test was conducted amongst another group of young adults (n = 105) using a nine-point hedonic scale.
Findings
The survey revealed that most young adults demonstrated a positive attitude and behaviour in trying food products made using food waste. Taste and texture were deemed important determinants that influenced the young adults' acceptability. Texture profiles of fortified madeleine cakes exhibited no significant differences (p > 0.05) in most attributes compared to the control whilst significant differences (p < 0.05) were observed for fat, carbohydrate, ash and calcium contents with increasing CESP fortification levels.
Research limitations/implications
The survey on awareness, attitude and behaviour was conducted amongst young adults from universities in the Klang Valley, Selangor region Malaysia through self-reports about food waste and the findings might not be applicable to the whole nation.
Practical implications
Knowledge of young adults' perceptions towards waste-to-value food products can contribute to the development of pragmatic framework for effective valorisation of food wastes, which aligns with United Nation Sustainable Development Goals (SDGs) to improve the targets and indicators for agriculture and food security.
Social implications
Sustainable management of food waste will minimise the impact of the industry on our environment and contributes to a circular economy. Further, increased awareness of the food waste's potential as a novel food ingredient allows a positive shift in its role to achieve food sustainability.
Originality/value
This innovative study incorporates the element of exploratory research to gain an understanding of young adults' perceptions towards repurposing food waste. This is followed by the practical application of food waste (i.e. CESP) into the end application (i.e. madeleine cake) to gain a holistic view of young adults’ perceptions aligning with the actual acceptance. The results obtained from this study can be considered as a first perspective that provides indications of the plausibility of food products made from food waste in Malaysia.
Details
Keywords
William Swan, Les Ruddock, Luke Smith and Richard Fitton
The study was designed to assess the knowledge, adoption and perceived effectiveness of sustainable retrofit technologies within the UK social housing sector.
Abstract
Purpose
The study was designed to assess the knowledge, adoption and perceived effectiveness of sustainable retrofit technologies within the UK social housing sector.
Design/methodology/approach
The study was undertaken using a structured questionnaire that was completed by 130 providers of social housing.
Findings
The study showed that social housing providers were evenly split in their reliance on internal or external information for sustainable retrofit knowledge. In terms of adoption identified that this was strongly driven by government‐funded programmes, leading to widespread adoption of low technology solutions. The respondents identified that many leading edge technologies were perceived to be less effective.
Research limitations/implications
The study represents a snap‐shot of adoption and effectiveness issues, therefore does not show the trajectory of adoption which should be addressed in a follow‐up study.
Practical implications
The social housing sector has been viewed as a market maker for some of the newer technologies. It indicates that some of the newer technologies, such as heat pumps are viewed as less effective than more established technologies.
Social implications
The study has implications for the adoption of technology to address fuel poverty and climate change, as well as informing future policy such as Green Deal.
Originality/value
The study includes 130 responses from the social housing stock and gives a perspective of current views on adoption and effectiveness of retrofit technologies within the social housing sector. This is useful for both other social housing providers and policy makers.
Details
Keywords
William Swan, Les Ruddock and Luke Smith
– The study was designed to assess the attitudes, strategic readiness and drivers and barriers to the adoption of sustainable retrofit within the UK social housing sector.
Abstract
Purpose
The study was designed to assess the attitudes, strategic readiness and drivers and barriers to the adoption of sustainable retrofit within the UK social housing sector.
Design/methodology/approach
The study was undertaken using a structured questionnaire that was completed by 130 providers of social housing.
Findings
The study showed that social housing providers were aware of the sustainable retrofit agenda, but with varying levels of strategic readiness. Immediate benefits to residents were seen as important drivers, as opposed to more remote issues such as climate change. The emerging nature of the sustainable retrofit market was seen as a major potential risk for residents.
Research limitations/implications
The study represents a snap-shot of adoption and effectiveness issues, therefore does not show the trajectory of adoption which should be addressed in a follow-up study.
Practical implications
The social housing sector has been viewed as a market maker for the sustainable retrofit market. The study shows the attitudes of the sector to this role.
Social implications
The study has implications for the understanding social housing providers’ engagement with the sustainable retrofit market to address fuel poverty and climate change. Social housing's role as market maker has implications for policies such as Green Deal and Energy Company Obligation.
Originality/value
The study covers approximately 20 per cent of the social housing stock under management and gives a robust perspective of current views on adoption and effectiveness of retrofit technologies within the social housing sector. This is useful for both other social housing providers and policy makers.
Details
Keywords
Rodrigo de Souza Gonçalves, Otávio Ribeiro de Medeiros, Elionor Farah Jreige Weffort and Jorge Katsumi Niyama
This study is aimed at developing and validating an index designed to measure the level of social disclosure of external social programs of firms listed on the Brazilian stock…
Abstract
Purpose
This study is aimed at developing and validating an index designed to measure the level of social disclosure of external social programs of firms listed on the Brazilian stock market.
Methodology/Approach
The index of social disclosure is composed of 13 items distributed in three dimensions: past information, prospective actions, and accessibility. Its validation involved: (a) pre-test, (b) analysis by referees, (c) exploratory factor analysis, (d) Cronbach’s alpha test, and (e) final validation. The sample is composed of 83 Brazilian firms listed on the Brazilian Stock Exchange from 2005 to 2009.
Findings
The index presented robustness in all validation stages. It was found that size, industry sector, internationalization, auditing, and listing on social responsible investment funds are decisive factors for increasing the level of social disclosure.
Research Limitations
The index of social disclosure evaluates external social programs only. Hence, some types of social information are not captured, such environmental ones. Besides, the sources of information for the index are restricted to annual and sustainability reports, so that information from other sources, such as official announcements and company websites, are not captured.
Social Implications
The social disclosure index developed can be useful to analysts and investors assessing listed firms, as well as to financial-market regulators defining policies applicable to the disclosure of corporate social information.
Originality/Value
(a) Construction of a social disclosure index validated and tested in Brazilian firms, which is liable to replication; (b) Utilization of a representative sample of firms listed on an important emerging stock market.
Details
Keywords
W. James Jacob, Huiyuan Ye, Miranda L. Hogsett, Annette T. Han, Midori Hasegawa, Lili Jia, Lin Jiang and Shangmou Xu
In this chapter, the authors provide a historical overview of the development of comparative and international education societies throughout the earth. In most cases, these…
Abstract
In this chapter, the authors provide a historical overview of the development of comparative and international education societies throughout the earth. In most cases, these societies have gradually grown and continue to thrive; in other cases, some comparative education societies have become dormant and a few no longer exist. A historical analysis that outlines the rise and fall of comparative education societies is provided. An overview of the World Council of Comparative Education Societies is also discussed, including its lead organizational role in serving as a historical hub to help comparative education societies preserve and disseminate their respective histories. The chapter concludes with suggestions on how anyone can get involved to help contribute to the history preservation of comparative education at the individual, national, regional, and global levels.
Details
Keywords
Aparna Bhatia and Binny Makkar
This paper aims to examine and compare the nature and extent of corporate social responsibility (CSR) reporting practices of companies in developing (BRICS [Brazil, Russia, India…
Abstract
Purpose
This paper aims to examine and compare the nature and extent of corporate social responsibility (CSR) reporting practices of companies in developing (BRICS [Brazil, Russia, India, China and South Africa]) and developed (the USA and the UK) countries.
Design/methodology/approach
Content analysis is conducted on the annual reports and websites of 325 companies listed on stock exchanges of developing markets and of developed markets (Brazil – IBrX 100, 46 companies; Russia – Broad Market Index, 50 companies; India – BSE 100, 50 companies; China – SSE 180, 29 companies; South Africa – FTSE/JSE All Share index, 50 companies; the USA – NYSE 100, 50 companies; the UK – FTSE 100, 50 companies). Descriptives are used to calculate company wise and item wise scores. T-test analysis is applied to check for significant differences between mean scores of developing and developed countries.
Findings
The findings of the study reflect that developed countries have higher CSR disclosure scores than developing countries. Overall, mean CSR disclosure score of developed countries is 53.5%, followed by that of the developing countries at 49.4%. Developed countries take lead in CSR disclosure for all the five categories, namely, human resources, community, environment, customer and product and others. The results of independent sample T-test suggest that mean disclosure score of developing nations is significantly different from developed nations.
Practical implications
As suggested by the results, the gap in the CSR disclosure scores between developing and developed group of countries is not an alarming one. However, developing countries should practice CSR in spirit and not just in letter. Focus should not be on just filling the pages in black and white, rather the essence of CSR should be attained for balanced development of the country. For instance, though developing country like India has high score of CSR disclosure in contrast to each of the developed country taken in the sample, yet the country is still battling with several issues such as poverty, over-population, corruption, poor standard of working conditions for the employees and environmental conservation. Sustenance should focus upon renewable sources of energy; efforts of employees should be acknowledged offering flexible working hours; consumer trust should be built by communicating authentic and accurate information about the product. As developing countries encounter several social and environmental problems, companies must endeavor to build a healthy nation keeping in mind the welfare of all stakeholders by practicing CSR.
Originality/value
This study overcomes the limitations of prior cross-country studies by taking a better representative sample with greater number of countries belonging to identifiable group of “developing” and “developed” nations and thus attempts to improve generalization and authenticity of results.
Details
Keywords
This paper aims to investigate and compare the sustainability reporting practices of companies in developing nations (BRIC) with those in the developed economies (the UK and USA…
Abstract
Purpose
This paper aims to investigate and compare the sustainability reporting practices of companies in developing nations (BRIC) with those in the developed economies (the UK and USA) as per GRI framework.
Design/methodology/approach
Content analysis has been applied on a sample of 232 companies listed on the Stock Exchanges of developing and developed countries (Brazil – BOVESPA index, 39 companies; Russia – RTS index, 21 companies; India – SENSEX, 17 companies; China – SSE 50, 19 companies; the USA – NASDAQ 100 and Amex major market index, 58 companies and the UK – FTSE100, 78 companies). It uses descriptive statistics and independent sample t-test to identify significant comparisons.
Findings
The findings of this paper suggest that developing nations are providing more information on sustainability practices as compared to the companies in the developed nations. Overall mean disclosure score of developing countries is 59.04 per cent followed by that of the developed countries at 36.47 per cent. The result of independent sample t-test shows these differences significant at 1 per cent level.
Practical implications
The results of the current paper implicate that the corporate managers of the developing nations should prefer rational and purposive reporting. They should work on the quality of reporting rather than just filling pages because social and environmental issues are more gross in the developing nations as compared to the developed countries.
Originality/value
Developing and developed nations jointly use the scarce resources and provide output to the world, thereby raising sustenance issues. However, not even a single study was found while reviewing the literature that studied and compared the sustainability reporting practices of these countries.
Details
Keywords
Seth B. Hunter and Luis A. Rodriguez
Recent teacher evaluation reforms around the globe substantially increased the number of teacher observations, consequently raising observers' (typically school administrators'…
Abstract
Purpose
Recent teacher evaluation reforms around the globe substantially increased the number of teacher observations, consequently raising observers' (typically school administrators') observational loads. The purpose of this study is to examine associations between observational loads and school administrator turnover, reported time use and strain.
Design/methodology/approach
The study uses education administrative data from the state of Tennessee to examine the link between observational loads and school administrator outcomes of interest. The results present credible regression estimates that isolate variation in observational loads within schools over time and within observers over time.
Findings
The evidence suggests individual school administrators allocate a set amount of time to observations that is insensitive to observational load and seemingly assign observations to colleagues strategically. School administrator reports do not suggest observational loads are associated with negative unintended consequences on administrator strain or observer turnover.
Originality/value
The study contributes to the literature on teacher evaluation by shedding light on how the constraints posed by an evaluation system may affect the work of school administrators. It also extends the job demands-resources theory that describes worker responses to new job demands.
Details