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The purpose of this paper is to study the evolution of the non-financial information reporting in Spain and evaluate if it is related to the financial evolution of the companies.

Sustainability reporting has been studied based on the Global Reporting Initiative (GRI) standards. The sample gathers Spanish large firms listed on the IBEX 35 in 2010. The period of the analysis covers six years, from 2010 to 2015.

The main results are that almost every company applies the GRI standards to the reports. The common is to apply limited or moderated assurances to the reports and ask for the insurance of the “big four.” The reporting is evolving from specific corporate social responsibility reports to the integrated reports which join financial and non-financial performances. The evolution of the earning per share and dividend per share (DPS) of the companies is moderately related with the sustainable reporting and highlights the positive relationship between the last GRI version, the combination level of assurance and the use of engineering firms with the financial evolution, mainly DPS.

The most important contribution of this paper is to add some extra information to the relationship between non-financial information and financial features of the companies, and in the case of Spain, where there are not so many previous studies and it is an important benchmark in Europe.

Agency Theory is normally used to explain the relationship between the managers of a corporation and its owners, or shareholders, and to legitimate the payment of share options, and other remuneration mechanisms, to those managers on the basis that this will align the interests of the managers of a corporation with those of its owners. The paper aims to argue that this outworn legitimation is not just based on a bankrupt theory but is actually deleterious to corporate performance, managerial behaviour and the relationship between managers, shareholders and other stakeholders.

The approach is to examine the behaviour of the managers of The Royal Dutch/Shell Group of Companies (“Shell”) as they have continued to reinterpret accounting regulations, reclassify oil reserves and re‐report past and probable/possible future performance of the company.

The argument is predicated in the assertion that in the relationship between owners and managers of such a corporation there are actually no principals and therefore there can be no agents. Furthermore, the rewards structure developed from the theory provides a motivation for managerial misrepresentation leading to a situation in which principles are defunct. The Social Contract between all stakeholders to a corporation has been reinvigorated as a basis for sustainable performance, with consequent implications for the behaviour of all parties to the contract.

The paper illustrates that evidence abounds showing that corporations do not have any sense of social responsibility and do not feel constrained by any kind of ethical code, no matter what their corporate literature states, but that there are an increasing number of stakeholders to organisations who are demanding accountability – and forcing corporations to respond accordingly.

Financial analysis at international level has to overcome a lot of obstacles that increase the uncertainty which the financial analyst is used to handling. It is commonly argued by accounting regulators, academics, and so on, that different accounting standards are one of these handicaps. For this reason European listed companies will be required in year 2005 to elaborate consolidated financial statements according to International Accounting Standards. Will it be a solution for the handicaps that face financial analysts? The objective of this study is to see how accounting diversity can be resolved and what are the conclusions of financial analysts in capital markets. The prior hypotheses will be: first, that accounting diversity is not what introduces the most important uncertainty in the international financial analysis, and second, that accounting diversity is avoided instead of being corrected. It is evidenced that the most important factors of diversity are strategies of the company and that analysts try to reduce the impact of accounting diversity, for example, using less biased ratios such as Enterprise Value/EBITDA.

This paper aims to develop a theoretical framework to understand the role of leadership and organizational learning in intra-organizational digital business strategizing, to contribute to our understanding of how digital business strategies emerge.

Based on a theoretical analysis of relevant literature to connect leadership and organizational learning to intra-organizational digital business strategizing, a co-creation model was developed.

The model demonstrates that digital business strategy emerge through the mediating role of leadership and organizational learning processes, facilitated by the moderating effect of contextual factors, which includes; strategic alignment, information technology competence, institutional trust and organizational change readiness.

Two major limitations of this paper that warrant further research are as follows: the paper’s focus on intra-organizational digital business strategizing which excludes collaborative inter-organizational digital business strategizing among network organizations in Industry 4.0; and the need for empirical examination of the model to evaluate and validate it.

This paper offers a framework that will ensure that digital business strategizing maintains a fit between organizational strategy, structure, knowledge, culture, systems and processes that must align together to achieve the desired strategy.

To the best of the authors’ knowledge, this is the first study to explore the extendibility of leadership and organizational learning to digital business strategizing and to propose how digital business strategies emerge.

The objective of this study is to rank some factors as handicaps that create diversity and incertitude in international financial analysis. It is an important subject when discussing the adoption of International Accounting Standards as one unique set of standards in capital markets around the world. Although it is necessary to reach homogeneity in the field of accounting standards because of the costs, barriers and lack of comparability that they create, the handicap imposed by accounting diversity is not the most important. This assertion has been proved through statistical methodology: Dual Scaling. The most important factors creating differences between net income and shareholders’ funds prepared according to domestic (Spanish, German, and British) and US‐GAAPS are the industry in which the company operates, the country from where the company comes and finally differences due to different accounting standards used in the calculation of net income and shareholders’ funds.

Drawing on servant leadership theory, this study aims to investigate whether the presence of royal family members on boards of directors impacts corporate social responsibility (CSR) reporting.

CSR scores from a Bloomberg database are used and royal family data are collected from annual reports. The required analyses to test the hypotheses of this study have been performed.

The findings demonstrate a positive relationship between the presence of royal family directors and CSR reporting.

This study seeks to contribute to the literature on servant leadership theory and CSR by highlighting the impact of royal family directors on CSR reporting. This study may also contribute to an understanding of royal family leadership as a predictor of CSR reporting.

This paper examines the adoption of internationally accepted accounting standards by European companies listed on the New York Stock Exchange. The study focuses on the evolution of the use of different generally accepted accounting principles (GAAP), and on the features of those companies that have adopted these non‐local GAAP.

The sample was obtained from 336 Forms 20‐F for the period 1997‐2000. Using the information included in contingency tables and Pearson chi‐square statistic, proves whether there are any relationships between GAAP choice and other explanatory factors, i.e. country, size, industry, time listed and profitability.

The majority of the analysed companies keep using domestic‐GAAP. IAS firms are mainly non‐financial entities based in Switzerland and more profitable than US‐GAAP companies, which are mainly financial entities or companies engaged in SIC code 7 (services) based in Germany and less profitable than IAS firms.

The most important limitation of the paper is the period of the study. It is admitted that a deeper analysis would imply obtaining data from the most recent years.

Bearing in mind the next adoption in Europe of International Financial Reporting Standards issued by the IASB, the results of the paper give a clue about the type of European multinationals which tend to adopt non‐local GAAP, and which kind of internationally accepted accounting standards they preferentially adopt.

This paper aims to optimize feed moisture contents, barrel temperatures, blending ratios of maize and lupine for processing of protein-rich best quality extruded product using a twin-screw extruder.

A three-factor three-level response surface methodology by Box-Behnken Design was applied to evaluate the effect of selected processing conditions of blending ratios of lupine (10-20 per cent), barrel temperatures (120°C-150°C) and feed moisture content (14-18 per cent) on functional, nutritional and sensory characteristics of produced snack food.

The results of functional properties such as radial expansion ratio, bulk density, water absorption index, water solubility index observed as 0.71-1.2, 0.33-0.92 g/cc, 4.4-6.4 per cent and 10.2-15.1 per cent, respectively. The snack food showed the moisture 5.6-7.2 per cent, protein 8.1-18.1 per cent, fiber 1.6-2.7 per cent, ash 1.6-2.2 per cent and carbohydrate 64.8-81.4 per cent. The independent variables (lupine blending ratio, barrel temperature and feed moisture content) posed significant effects on expansion ration (p = 0.0030), bulk density (p = 0.0026), water absorption index (p = 0.0075) and water-solubility index (p = 0.0116). Higher blending ratio of lupine was increase in the bulk density and water solubility index, but decrease in expansion ratio and water absorption index of snack food. Higher feed moisture content was led to a reduction in expansion ratio and water-soluble index of snack food. Whereas, higher feed moisture contents was lead to rise in bulk density and water absorption index. Fiber (p = 0.0145), ash (p = 0.0343) and carbohydrate (p = 0.0001) contents were significantly depended on blending ratio. Blending of lupine 15.06 per cent, barrel temperature of 150 °C and feed moisture content of 14.0 per cent produced the snack food with desirability value of 72.8 per cent.

Protein malnutrition is one of the major problems in child development in under developed countries including Ethiopia. Maize is a top producer in the country but least appreciated for cost. Lupine is one of the undervalued produce consumed in Ethiopia after boiling. Still data on the utilization of maize and lupine in the extruded snack preparation was very limited. Optimization of moisture and barrel temperatures for this snack was not reported clearly yet.

The purpose of this paper is to evaluate the implementation of the integrated reporting (IR) framework in a group of Colombian enterprises.

This is a multiple-case study in six enterprises that use the IR framework. The selected enterprises, all of which were located in either Bogota or Medellin, were Argos, EEB, EPM, ISA, Nutresa and Ocensa. The authors conducted individual interviews of reporters and performed a documentary analysis.

The few Colombian firms that use the IR framework all have ambitious expansion goals in the medium term. The main reason for the adoption of the IR framework in these firms is that it facilitates access to resources from new foreign investors.

Since the framework was published recently, only a few Colombian firms follow it, and several of them do not apply all of its components. In the future, there will be more reports and a higher level of framework application.

In the firms studied, the IR framework is an important tool to support the search strategies of new sources of financial capital.

If the use of the International Integrated Reporting Council (IIRC) framework were to diminish the application of the GRI, firms would be less likely to evaluate the impact of their activities on numerous stakeholders (other than shareholders).

This is the first Colombian study of IR to include both documentary analysis and personal interviews.