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Article
Publication date: 1 December 1996

C.D. Sinclair, A.A. Lonie, D.M. Power and C.V. Helliar

In the early 1990s growing numbers of investing institutions in the UK financial community crossed a threshold of awareness about the opportunities offered by the emerging…

Abstract

In the early 1990s growing numbers of investing institutions in the UK financial community crossed a threshold of awareness about the opportunities offered by the emerging stock markets of developing countries (ESMs); the returns per unit of risk, formerly considered by most fund managers to be unacceptably low because of the high risk factor, were frequently reappraised and judged to fall within the parameters of acceptability. Investment funds were set up which either invested solely in emerging markets or adopted a policy of investing a fixed percentage of their funds in these markets (Clark, 1991; Bailey and Lim, 1992). Well‐advertised instances of spectacular returns achieved by equities in emerging markets2 apparently persuaded fund managers to overcome their misgivings and to invest in these markets despite the continuing risks associated with such investment.

Details

Managerial Finance, vol. 22 no. 12
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 22 October 2019

David Mutua Mathuva, Mumbi Maria Wachira and Geoffrey Ikavulu Injeni

In this chapter, we examine whether corporate environmental reporting (CER) by listed companies in Kenya improves stock liquidity. The investigation is motivated by the…

Abstract

Purpose

In this chapter, we examine whether corporate environmental reporting (CER) by listed companies in Kenya improves stock liquidity. The investigation is motivated by the growing interest by corporations, investors, and regulators toward embracing ecological protection with a view to creating sustainable societies for the future.

Design/Methodology/Approach

Using a panel dataset comprising of 244 firm-year observations from 50 listed firms in Kenya over a five-year period (2011 to 2015), we perform fixed-effects regressions to discern whether CER is associated with stock liquidity. To examine this, we utilize bid-ask (as well as quoted) spreads measured over month −9 to month +3 relative to a firm’s year end.

Findings

Despite the seemingly low levels of CER across firms in the sample (average: 32.6%), the results depict that CER is positively associated with stock liquidity. The results are robust even when we consider changes in bid-ask spreads and CER together with the other variables. The same results emerge when we study the association between bid-ask spreads and each CER item at a time over the period 2011–2015.

Practical Implications

The results imply that listed companies in Kenya that engage in higher CER seem to be more attractive to investors. The higher CER seems to improve the information environment, hence reducing information asymmetry and therefore attracting investors. The results provide some evidence of positive economic consequences of engaging in additional disclosure over and above the traditional corporate financial reporting.

Originality/Value

The study adds onto the dearth of literature on the economic consequences of embracing additional disclosure frameworks in developing countries where the adoption of alternative reporting frameworks is at infancy.

Details

Environmental Reporting and Management in Africa
Type: Book
ISBN: 978-1-78973-373-0

Keywords

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Book part
Publication date: 22 October 2019

Randolph Nsor-Ambala, Gabriel Sam Ahinful and Jeff Danquah Boakye

This study applies social identity theory (SIT) to explore the perceptual differences among various stakeholder groups regarding the relevance of social and environmental…

Abstract

Purpose

This study applies social identity theory (SIT) to explore the perceptual differences among various stakeholder groups regarding the relevance of social and environmental accounting (SEA), SEA education and mandatory disclosure of SEA.

Methodology

The study adopts a mixed method applying a qualitative and quantitative approach. In total, 325 structured questionnaires were analyzed quantitatively, using ANOVA and group comparison methods. Responses from 18 interviews were analyzed qualitatively to provide complementary evidence for the quantitative study.

Findings

There were significant differences between various stakeholder groups regarding the relevance of SEA practice and SEA education. Regulators were mostly affected by considerations about the external perception of work quality, followed by financiers. Practitioners and shareholders were influenced by the ability of SEA in its current state to affect actual work quality. This possibly indicates that academic qualifications have marginal effects on predicting considerations about SEA compared to social identity.

Originality/Value

This is the first application of SIT to SEA research and contributes to the effort to improve SEA within emerging economies, highlighting that a one-size-fits-all approach may be ineffective.

Details

Environmental Reporting and Management in Africa
Type: Book
ISBN: 978-1-78973-373-0

Keywords

Abstract

Purpose

The research aims to empirically investigate the determinants of the breadth of the corporate social disclosure (CSD).

Design/methodology/approach

The study adopts a multi-perspective approach, referring to different theoretical frameworks on CSD, such as the legitimacy theory, the stakeholder theory, the agency model, the asymmetric information theory, and the institutional perspective.

The empirical research is based on the sustainability reports of 80 companies in which investments were made by European socially responsible funds (SRFs) listed on the Morningstar platform during the years 2009–2008.

The theoretical hypotheses are tested by a univariate and multivariate analysis.

Findings

The breadth of the CSD depends on multiple factors, both external and internal, such as the country of origin, the industry reputation, the firm size, the frequency of the SRFs participation, the corporate social performance.

Research limitations/implications

Limits inherent in this type of research are the comparability of the CSR reports and the systematization of the categories of content to be analyzed.

Practical implications

The chapter identifies several factors that lead to a greater completeness of the CSD, exploiting the capacity of the social reporting to trigger benefits for the firms such as a stronger social legitimacy and the reduction of asymmetric information.

Social implications

The research supports the investigation of the levers of CSD to meet the demand for a broader accountability.

Originality/value

The reference to firms in which SRFs participated allows to focus on companies ascertained as socially responsible in accordance with a “certification function” of these funds. Findings support an approach which is not one-sided, thus enabling to look at the determinants of the CSD through different theoretical perspectives.

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Book part
Publication date: 10 December 2013

Anna Pistoni and Lucrezia Songini

This chapter intends to contribute to the debate on the determinants of corporate social responsibility (CSR) and their impact on performance measurement and communication…

Abstract

Purpose

This chapter intends to contribute to the debate on the determinants of corporate social responsibility (CSR) and their impact on performance measurement and communication systems. It aims at analyzing the relationship between the reasons why firms adopt CSR and the importance given to voluntary CSR disclosure.

Methodology

Two main categories of CSR determinants have been identified: the external ones, coming from the environment outside the firm, and the internal determinants, which are linked to some specific characteristics of the enterprise and to the objectives it pursues.

The analyzed sample consists of 120 large Italian manufacturing and nonmanufacturing enterprises. The research hypotheses concerning the relationship between external and internal determinants of CSR and CSR disclosure were verified using an independent sample t-test, evaluating the equal variances of clusters using the Levene’s test.

Findings

Main results point out that in companies giving importance to CSR disclosure, the internal drivers are more relevant than the external ones in determining the attitude toward CSR. Among the internal determinants, drivers related to company and management values and ethics are quite relevant.

Research limitations

This study is subject to the limitations that generally apply to cross-sectional survey-based research.

Originality/Value of chapter

Our research findings show that legitimacy theory represents the most relevant theory in explaining CSR disclosure practices of Italian large firms, as well as the operational implementation of stakeholder theory, such as stakeholder management. On the contrary, institutional theory only partially explains CSR disclosure, with respect to the pressures coming from financial markets.

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Book part
Publication date: 11 August 2021

Kristen D. Beach and Samantha A. Gesel

Assessment is at the core of high-quality education. When educators purposefully engage in assessment, the learning experiences and outcomes of all students, especially of…

Abstract

Assessment is at the core of high-quality education. When educators purposefully engage in assessment, the learning experiences and outcomes of all students, especially of students diagnosed with specific learning disabilities (SLDs), are improved. In this chapter, we discuss assessment as unfolding within a framework that includes purposes, processes, and tools of assessment existing in the educational context. We open the chapter with an explanation of this framework. Then, in Part 1, we review the construct of SLD and detail how assessment is used within prominent approaches to diagnosis. In Part 2, we discuss how assessment is used to inform instruction before and after diagnosis. We ground our discussion in a vignette that follows Tess, a student who, at the beginning of third grade, has undiagnosed SLD in the area of reading. We show how educators at Tess's school collaborate in the purposeful use of assessment to inform instruction before and after Tess's diagnosis of SLD, highlighting traditional and innovative assessment techniques along the way.

Details

Traditional and Innovative Assessment Techniques for Students with Disabilities
Type: Book
ISBN: 978-1-83909-890-1

Keywords

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Book part
Publication date: 4 October 2018

Belverd E. Needles, Marian Powers, Mark L. Frigo and Anton Shigaev

This study establishes a baseline evaluation of sustainability reporting (SR) and integrated reporting (IR) practices among groups of companies globally using a combined…

Abstract

This study establishes a baseline evaluation of sustainability reporting (SR) and integrated reporting (IR) practices among groups of companies globally using a combined evaluation matrix. We evaluate a sample of high performance companies (HPC), global reporting initiative (GRI) companies, international integrated reporting committee (IIRC) companies, and a control group of companies that do not belong to any of these groups. We test for high performance and compliance with a 30-point evaluation matrix for financial reporting, corporate governance, integrated disclosure, SR, and assurance developed from the standards set by GRI and IIRC. This chapter provides evidence as to the current IR and SR states, and shows that considerable variation exists even among companies that have pledged to improve reporting in this arena. The analysis also shows that companies that belong to no special group do in fact score on a level that shows that SR and IR standards are being implemented by many companies in the world, not just those in special groups like the HPC, GRI, and IIRC. Finally, this study provides direction for global regulators and professional associations, and to the management of companies that aspire to HPC status while meeting the IR and SR standards.

Details

Performance Measurement and Management Control: The Relevance of Performance Measurement and Management Control Research
Type: Book
ISBN: 978-1-78756-469-5

Keywords

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Book part
Publication date: 3 September 2014

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…

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.

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Article
Publication date: 1 March 1999

Majed Al‐Mashari and Mohamed Zairi

This paper provides a holistic view of the Business Process Re‐engineering (BPR) implementation process. It reviews the literature relating to the hard and soft factors…

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Abstract

This paper provides a holistic view of the Business Process Re‐engineering (BPR) implementation process. It reviews the literature relating to the hard and soft factors that cause success and failure for BPR implementation, classifies these factors into subgroups, and identifies key factors of success and failure. Finally, it explains how these factors influence the process of BPR implementation.

Details

Business Process Management Journal, vol. 5 no. 1
Type: Research Article
ISSN: 1463-7154

Keywords

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Book part
Publication date: 9 July 2018

Alain Neher, Alexander Jungmeister, Calvin Wang and Oliver Burmeister

This paper explored the relationship between the embeddedness of a firm’s managerial values and corporate financial performance in Swiss small and medium-sized enterprises…

Abstract

This paper explored the relationship between the embeddedness of a firm’s managerial values and corporate financial performance in Swiss small and medium-sized enterprises (SMEs) by developing a conceptual maturity model of managerial values (MM-MV). The MM-MV articulates the extent to which managerial values are embedded within organizations, allowing the analysis of the interrelationship between the degree of values-embeddedness and financial performance in SMEs. The findings suggested that as managerial values become more embedded, financial performance increases; therefore, SMEs exhibiting highly embedded managerial values such as customer-minded, team spirit, innovation-driven reliability, persistency, competency, and engagement tend to financially outperform SMEs that have not fully embedded managerial values throughout the firm.

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