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Article
Publication date: 7 September 2015

Andrea B. Coulson, Carol A. Adams, Michael N. Nugent and Kathryn Haynes

The purpose of this paper is to explore the potential of the metaphor of capital, and to chart the development of the multiple capitals concept in the International…

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Abstract

Purpose

The purpose of this paper is to explore the potential of the metaphor of capital, and to chart the development of the multiple capitals concept in the International < IR > Framework and consider how it might develop and be used. In doing so, the paper discusses the implications of the contributions to this special issue in the further development of the capitals concept.

Design/methodology/approach

The authors draw on documents of the International Integrated Reporting Council (IIRC) and review the literature on capitals to consider the formation of the metaphor of multiple capitals. This is reflected upon while recognising the varied involvement of the authors with the IIRC capitals conception. The challenges of conceiving a multiple capitals framework are critiqued with reference to empirical and theoretical contributions drawn from recognition of planetary boundaries, gendered capitals, power and intersection of capitals and important practical and conceptual insights raised by papers in this special issue.

Findings

The authors find that the agenda of the IIRC is a shift from a “financial capital market system” to an “inclusive capital market system” through recognition of multiple capitals and integrated reporting and thinking. It is emphasised that their vision is not intended as a call for the measurement of these various capitals in monetary terms alone. Through insights from research on planetary boundaries and gendered capitals, the authors critique the potential communsurability of capitals and make visible potential tensions between them. Some of the challenges and opportunities when reporting on multiple capitals are recognised. These include: use of the capitals terminology; analysing connectivity between the capitals; the extent to which value created (and depleted) by each capital should be monetised and highlight possibilities for future research.

Practical implications

Reflecting on the vision of the IIRC, the authors use the critical potential of the metaphor to highlight the IIRC’s vision and understand the role of multiple capitals and potential tensions between them. The authors provide normative insights into the need for engagement on the philosophies of integrated thinking and symbolism of capital and multiple capitals as the way forward.

Originality/value

It is through discussions around multiple capitals – what is in, what is out, how capital is valued – that metaphors will be (re)created. By considering the notion of capital in < IR > and critiquing this with reference to research insights, the authors seek to open up debate on the framing of multiple capitals.

Details

Sustainability Accounting, Management and Policy Journal, vol. 6 no. 3
Type: Research Article
ISSN: 2040-8021

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Article
Publication date: 10 October 2016

Abdifatah Ahmed Haji and Dewan Mahboob Hossain

The purpose of this paper is to examine “how” the adoption of integrated reporting (IR), and the embedded multiple capitals framework, has influenced organisational…

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5363

Abstract

Purpose

The purpose of this paper is to examine “how” the adoption of integrated reporting (IR), and the embedded multiple capitals framework, has influenced organisational reporting practice. In particular, the paper examines how companies report and integrate multiple capitals in various organisational reporting channels following the introduction of an “apply or explain” IR requirement in South Africa.

Design/methodology/approach

Using a qualitative case study approach based on discourse analysis, this paper examines various organisational reports including integrated reports, standalone sustainability reports, websites and other online materials of highly regarded, award-winning, integrated reporters in South Africa over a four-year period (2011-2014), following the introduction of IR requirement. The authors draw five impression management techniques, namely, rhetorical manipulation, thematic manipulation, selectivity, emphasis in visual presentation and performance comparisons to explain disclosure and integration of multiple capitals.

Findings

The authors find that companies are increasingly conforming to reporting language espoused in existing IR guidelines and multiple capital frameworks over time. For instance, it is found that the research cases have increasingly used specific grammars in existing IR guidelines such as “capitals” and “material” issues, with companies acknowledging the “interdependencies” and “trade-offs” between multiple capitals. Companies have also started to recognise that the capitals are subject to “increases, decreases, and transformations” over time. However, the disclosures are generic, rather than company-specific, and lack substance, often framed in synthetic charming aimed to showcase adoption of IR practice. In addition, the current discourse on multiple capital disclosures is one of the defending, even promoting, organisational reputation, rather than recognising how organisational actions, or inactions, impact multiple capitals. The paper concludes that the emerging IR practice, and the embedded multiple capital framework, has not really improved the substance of organisational reports.

Practical implications

The results of this study have a number of implications for regulatory authorities, public and private sector organisations as well as academic researchers. For regulatory authorities, the results inform relevant regulatory authorities how IR practice is taking shape over time, particularly within the context of a regulatory setting. Second, the empirical analyses, which focused on highly regarded, award-wining, integrated reporters, draw the attention of regulatory bodies as well as users of corporate reports to concerns related to a growing number of rating agencies of organisational reports. Finally, for academic researchers, the theoretical implications of this study is that, given the pervasive use of multiple impression management techniques in various organisational reports, the authors support the notion that corporate disclosure practices should be examined through the lens of multiple theoretical perspectives to enhance our understanding of the nature of organisational reporting practice.

Originality/value

This study provides a more focused preliminary empirical account of the implications of IR practice, and the embedded multiple capital frameworks, on the quality of organisational reporting practice following the adoption of mandatory IR requirement in South Africa.

Details

Qualitative Research in Accounting & Management, vol. 13 no. 4
Type: Research Article
ISSN: 1176-6093

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Article
Publication date: 11 February 2019

Federica Doni, Mikkel Larsen, Silvio Bianchi Martini and Antonio Corvino

The purpose of this paper is to investigate the engagement with integrated reporting (IR) of the Development Bank of Singapore (DBS), as one of the banks that pioneered…

Abstract

Purpose

The purpose of this paper is to investigate the engagement with integrated reporting (IR) of the Development Bank of Singapore (DBS), as one of the banks that pioneered IR. Banking industry members face critical sector-specific issues regarding the use of capitals, especially the disclosure of relational and natural capital-related information, and reporting of the outcomes of capitals. This study examines an innovative approach to accounting for multiple capitals adopted by DBS during its journey toward IR.

Design/methodology/approach

This empirical research follows the case study method, using semi-structured interviews with DBS’s managers, and analyzing reports and other documentation.

Findings

The authors find that DBS re-conceptualizes, re-categorizes and measures multiple capitals as a form of non-financial value using the balance sheet approach to make visible the interactions and potential tensions (trade-offs) among capitals.

Research limitations/implications

Case studies are best used to understand a specific context, so the findings of this study cannot be generalized statistically. However, the study does provide insights into the banking industry that may be applicable to other organizations.

Practical implications

The categorization and reporting of multiple capitals using the balance sheet approach and the integration of the balanced scorecard are innovative operationalizations of the International <IR> Framework.

Originality/value

This study provides an innovative approach to the categorization and measurement of multiple capitals. It represents a step toward reducing the gap between research and practice on IR.

Details

Journal of Intellectual Capital, vol. 20 no. 1
Type: Research Article
ISSN: 1469-1930

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Article
Publication date: 28 October 2013

Zheng Hong and YiHai Zhou

Faced with the financing problem of small-medium enterprises (SMEs), China has attempted to establish as many as third party's collateral institutions. The paper aims to…

Abstract

Purpose

Faced with the financing problem of small-medium enterprises (SMEs), China has attempted to establish as many as third party's collateral institutions. The paper aims to study the design of collateral arrangements including collateral fee rates, risk sharing, collateral capital requirements, types of collateral institutions and recollateral institution, etc.

Design/methodology/approach

The paper extends the model of Holmstrom and Tirole to develop the analytic framework of the theory of financing collateral. From the perspective of contract design, the paper establishes a moral hazard model focusing on the minimum capital requirement of the borrower under the condition of risk neutral and limited liability, while considering the structure of lender-collateral institution-borrower.

Findings

According to the research, only under certain conditions can third party's collateral arrangements tackle the financing problems of SMEs. Diversification, anti-collateral and linked-transactions are three means to improve financing conditions, but the most important way is efficient monitoring by collateral institutions, especially when it has relative advantage over the lender. In order to improve financing conditions of SMEs, China should rely more on efficient monitoring by banks not on excess development of collateral institutions, meanwhile relax rigid collateral supervision policies. Collateral institutions should be industry-specific, association or transaction-related type.

Originality/value

First, from the perspective of contract design, the paper analyzes the comprehensive institutional arrangements of third party's collateral considering mutual relationships of component elements and develops the analytic framework of the theory of third party's collateral, especially points out necessary conditions of its efficient arrangements. Second, the paper studies various efficient financing mechanisms under the institutional arrangements of third party's collateral and focusing on the role of monitoring and monitors, and the paper also has important policy implications, i.e. the paper should develop specific collateral institutions and promote monitoring role of credit institutions.

Details

China Finance Review International, vol. 3 no. 4
Type: Research Article
ISSN: 2044-1398

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Article
Publication date: 13 June 2019

Xiaoqiang Ma, Jiaqi Wang, Ling Zhao and Jinmian Han

The purpose of this paper is to investigate empirically the effects of different dimensions of social capital on the well-being of farmers in China’s undeveloped…

Abstract

Purpose

The purpose of this paper is to investigate empirically the effects of different dimensions of social capital on the well-being of farmers in China’s undeveloped poverty-stricken areas, and study the equivalent multiple of social capital and income compensation.

Design/methodology/approach

The paper opted for an exploratory study using the open-ended approach of grounded theory, including 1,176 interviews with rural households in poverty-stricken areas in China. The data were complemented by documentary analysis. Then an econometric model of social capital and farmers’ well-being was applied to the data.

Findings

The results show that the number frequently visiting relatives, reciprocity, participation and trust level are significantly positively related to the well-being of the farmers, and the level of participation in social capital requires the most income compensation, while the level of trust comes second.

Originality/value

This paper can serve as a template for developing a useful tool that can be fitted to national or regional data for studying the effects of social capital on the well-being of farmers in poor areas or countries and for calculating the concrete equivalent multiple of social capital and income compensation.

Details

China Agricultural Economic Review, vol. 12 no. 1
Type: Research Article
ISSN: 1756-137X

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Article
Publication date: 21 December 2017

Mark R. Mallon, Stephen E. Lanivich and Ryan L. Klinger

Sustainable Family Business Theory states that human, social, and financial capital are important for new family venture growth, yet there may be multiple combinations…

Abstract

Purpose

Sustainable Family Business Theory states that human, social, and financial capital are important for new family venture growth, yet there may be multiple combinations that could be beneficial. The purpose of this paper is to examine whether all three types of resources are always needed for growth.

Design/methodology/approach

Fuzzy-set Qualitative Comparative Analysis, a configurational method, is used to investigate which combinations of human, social, and financial capital consistently lead to new family venture growth.

Findings

Multiple distinct combinations of resources – usually containing some form of human capital along with either social or financial capital – were sufficient for new family ventures to grow.

Research limitations/implications

The findings contribute to a more accurate Sustainable Family Business Theory in terms of the resource bundles needed to achieve growth. Not all three primary resources are needed at founding for the venture to grow. Results suggest a need for renewed focus on human capital in family venture research, as well as further investigations of the resource configurations uncovered here and their effects on family firm outcomes.

Practical implications

Given the costs associated with acquiring resources, the findings can inform family entrepreneurs and other stakeholders purposed with assisting new family ventures regarding optimal avenues of achieving growth.

Originality/value

This study advances theory by demonstrating which combinations of primary resources lead to new family venture growth. The findings shed light on how human, social, and financial capital may substitute for each other, as well as how the value of each depends on the presence or absence of the others.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 24 no. 2
Type: Research Article
ISSN: 1355-2554

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Article
Publication date: 13 November 2019

Leena Afroz Mostofa Chowdhury, Tarek Rana and Mohammad Istiaq Azim

The purpose of this paper is to, the first of its kind, investigate the relationship between the intellectual capital efficiency and organisational performance of the…

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1051

Abstract

Purpose

The purpose of this paper is to, the first of its kind, investigate the relationship between the intellectual capital efficiency and organisational performance of the pharmaceutical sector in Bangladesh, an emerging economy that enjoys Trade-Related Aspects of Intellectual Property Rights (TRIPS) relaxation.

Design/methodology/approach

The study used hand-picked data from annual reports for five years. The relationship between efficient use of intellectual capital and corporate performance was examined through the practical use of human capital, structural capital and capital employed. Multiple regressions were used to assess their impact on financial performance – specifically, return on assets, return on equity, asset turnover and market-to-book value.

Findings

Value-added intellectual coefficient components (i.e. human capital, structural capital and capital employed) significantly explained asset turnover and return on assets but failed to predict the return on equity outcome. Additionally, asset turnover was negatively influenced by structural capital and positively influenced by capital employed. The return on assets was mostly affected by variation in human capital. Intellectual capital did not predict market-to-book value or investment decisions.

Practical implications

This paper provides useful resources for evaluating the financial performance and value creation of companies in emerging economies that enjoy TRIPS exemptions; this research could also be extended using cross-industry comparisons. The findings have theoretical and practical implications, particularly for the pharmaceutical industry in emerging economy contexts, and for managers globally.

Originality/value

This study is among only a few that have reported on the relationship between intellectual capital efficiency and value creation in emerging economy contexts.

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Article
Publication date: 1 April 2002

C. West and P. Surtees

This article comprises an attempt to find a practical method of applying the decision in the case of the Commissioner for the South African Revenue Service v Woulidge (63…

Abstract

This article comprises an attempt to find a practical method of applying the decision in the case of the Commissioner for the South African Revenue Service v Woulidge (63 SATC 483) (‘Woulidge’) to limit the application of section 7(3) of the Income Tax Act (‘the Act’). It is proposed in this article that Woulidge would also apply to the provisions of section 7(5) and paragraphs 69 and 70 of the Eighth Schedule to the Act. The approach proposed is illustrated by means of examples. The approach adopted by the Commissioner for the South African Revenue Service is also discussed. A conclusion is drawn regarding the practicality of applying Woulidge in the light of the examples.

Details

Meditari Accountancy Research, vol. 10 no. 1
Type: Research Article
ISSN: 1022-2529

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Book part
Publication date: 19 March 2019

Jovina Ang

Abstract

Details

The Game Plan of Successful Career Sponsorship
Type: Book
ISBN: 978-1-78756-296-7

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Article
Publication date: 1 July 1994

C.S. Agnes Cheng, D. Kite and R. Radtke

Capital budgeting plays an essential role in a firm's long‐term viability and survival. The capital budgeting process includes: identification of potential projects…

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3499

Abstract

Capital budgeting plays an essential role in a firm's long‐term viability and survival. The capital budgeting process includes: identification of potential projects, prediction of possible outcomes, project selection, financing and implementation of the chosen project, and monitoring project performance (Mukherjee and Henderson, 1987). Although economic considerations should govern the capital budgeting decision, individual opinions and preferences often become primary factors affecting project selection.

Details

Managerial Finance, vol. 20 no. 7
Type: Research Article
ISSN: 0307-4358

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