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This study investigates whether carbon media legitimacy is influenced by carbon performance and/or carbon disclosure using a direct measure of carbon media legitimacy in UK context.

To test this study's hypotheses, the authors employ Tobit regression analysis of 95 UK companies listed in FTSE350. The authors use balanced panel data (475 observations in total) to reduces the noise introduced by unit heterogeneity.

The authors find that while corporate carbon performance is not reflected in carbon media legitimacy, carbon media legitimacy is positively and significantly affected by voluntary carbon disclosure (irrespective of its quality). Thus, voluntary carbon disclosure is shown to be an effective tool in legitimising corporate activities.

The results show a certain degree of naivety on the part of the media in assessing corporate carbon behaviour, since it values carbon disclosure (irrespective of its quality) more than carbon performance. Such media behaviour may hinder future improvement in carbon performance of firms.

This study's results indicate that the existing UK carbon disclosure policy does not address the heart of climate change and global warming. Thus, tougher regulations should be considered by policy-makers in relation to voluntary carbon disclosure in the UK.

To the best of the authors' knowledge, this is the first study to examine whether carbon media legitimacy is associated with both carbon performance and carbon disclosure using a direct measure of carbon media legitimacy, and to use the UK context when addressing this association. It also examines the effectiveness of quality of carbon disclosure as legitimation tool.

The study investigates how firm-level governance (FL_G) affects the disclosure of voluntary risk information. Likewise, it explores the influence of FL_G on the informativeness of voluntary risk disclosure (VRD). Specifically, it examines how FL_G shapes the nexus between VRD and firm value.

It uses a sample of non-financial firms from the FTSE350 index listed on the London Stock Exchange between 2010 and 2018. The authors utilise an automated textual analysis technique to code the VRD in the annual reports of these firms. The firm value, adjusted for the industry median, is a proxy for investor response to VRD.

The results suggest that UK firms with significant board independence and larger audit committees disclose more risk information voluntarily. Nevertheless, firms with larger boards of directors and higher managerial ownership disseminate less voluntary risk information. Besides, VRD contains relevant information that enhances investors' valuation of UK firms. These results are more pronounced in firms with higher independent directors, lower managerial ownership and large audit committees.

The study rationalises the ongoing debate on the effect of FL_G on VRD. The findings are helpful to UK policy-setters in reconsidering the guidelines that regulate UK VRD and to the UK investors in considering risk disclosure in their price decisions and thus enhancing their corporate valuations.

It contributes to the risk reporting literature in the UK by presenting the first evidence on the effect of a comprehensive set of FL_G on VRD. Besides, it enriches the existing research by shedding light on the role of FL_G on the informativeness of discretionary risk information in the UK.

This study aims to examine the reaction of stakeholders (i.e. capital providers) to climate-related corporate reporting. Climate-related corporate reporting is captured by the level of voluntary carbon disclosure, while the recognition and appreciation of capital providers are captured through the cost of equity capital (COE).

This study uses a sample including the 350 largest companies by market capitalization on the London Stock Exchange, UK (FTSE350) from 2015 to 2019. The authors use fixed-effects regression models to examine the effect of climate-related corporate reporting on the COE.

This study finds that voluntary carbon disclosure proxied by carbon disclosure score is negatively associated with COE. This suggests that firms’ superior quality disclosure of carbon information could contribute to a lower COE. This implies that the market and stakeholders positively appreciate the involvement in climate-related reporting by businesses.

The finding provides insights to regulators, investors and other stakeholders in terms of the positive economic implication of actively engaging in reducing climate change impact through voluntary carbon disclosure. These findings also motivate corporates to be proactively involved in climate-related reporting by extending the quality of carbon information disclosure.

The purpose of this paper is to examine the determinants of the volume of environmental disclosures and their quality, with particular focus on the role of audit committees (ACs) and the effects of the Smith report recommendations for the UK Corporate Governance Code.

Quantitative large sample analysis of UK FTSE350 companies for the period 2007-2011.

Firms with higher quality ACs make higher quality disclosures. Larger firms with block shareholders have greater volume of disclosures, whilst AC quality does not increase disclosure volume.

Findings are based on evidence from single country and imply further international comparative research.

ACs mitigate the requirement for prescriptive legislation on narrative accounting disclosures relating to environmental issues.

The paper contributes to research that has examined the relationship between corporate governance mechanisms, specifically ACs, and the quality of financial reporting by considering voluntary narrative disclosures on environmental matters.

This paper aims to provide an exploratory analysis of male and female directors, comparing the case of UK FTSE 350 boards of directors for 2010–2018, with Norwegian boards from 2002 to 2018, to examine patterns of busy female directors. This paper considers the differences between the effects of interest groups’ actions and those of quotas on the emergence of busy female directors.

This paper uses a longitudinal approach, providing an examination of both non-busy directors and busy directors sitting on the boards of UK and Norwegian firms, with a focus on female directors. Drawing on methods from social network analysis, several trends and patterns are mapped for the two corporate systems. The paper tests whether the proportion of busy male directors is significantly different from the proportion of busy female directors in the two institutional settings.

The results show there has been an increase in the proportion of busy female directors, whereas the level of busy male directors is slightly decreasing in the UK from 2010 to 2018. In Norway, following the introduction of gender quotas on corporate boards, there has been an increase in overboarded directors, especially female directors, along with the rise of so-called “golden skirt” directors. However, when compared to the UK case, the proportion of busy male and female directors is higher, suggesting that the emergence of the golden skirts in Norway is not a result of quotas alone.

The topic of busy directors has received increased attention in recent years, yet the gender of these directors is often neglected. This paper provides an overview of the characteristics of busy female directors for large UK and Norwegian firms, presenting avenues for future research.

This paper aims to examine the relationship between abnormal audit fees and accrual-based and real-based earnings management by using a sample of 1,055 UK firm-year observations from 2006 to 2015.

Linear regression was used to test the hypothetical relation between abnormal audit fees and accrual and real earnings management. Following prior research, several proxies have been used to measure abnormal audit fees, accrual earnings management and real earnings management.

Abnormal audit fees were negatively associated with real earnings management. A higher level of abnormal audit fees was the major driver of enhanced audit quality, in turn reducing managers’ flexibility to use real earnings management and to manipulate reported earnings. Abnormal audit fees were found to be negatively associated with abnormal discretionary expenses, abnormal production costs and the aggregated measure of real earnings management.

This paper outlines the importance of considering any abnormal audit fees paid to audit firms. It is expected that the abnormal audit fees might compromise auditor independence and lead to a higher level of earnings management. However, the findings of this paper provide a new insight to many interested parties, e.g. regulators, audit firms, investors and creditors, that abnormal audit fees are associated with higher audit quality and higher financial reporting quality in the UK. Regulators in the meanwhile should reform the audit market by, e.g. revising the types of non-audit services that are provided for the same client, setting a cap on the maximum fees that can charged by auditors and monitoring earnings management practices. Audit firms should take into consideration that any charged abnormal level of audit fees may have a direct impact on audit quality.

This is the first study to examine the impact of abnormal audit fees on accruals and real earnings management after major regulatory changes that took place in the UK. These major changes are the adoption of the International Financial Reporting Standards in 2005 and the new legislation concerning the ethical standards issued by the UK Audit Practice Board in 2004. These two major changes are expected to have a direct impact on both earnings management and audit fees, notably for the largest public listed firms. This study also focuses on one of the very developed and attractive stock markets in the world, the UK FTSE 350 stock index, that incorporates that largest 350 public firms.

Socially responsible property investment (SRPI) has taken on increased significance in recent years, as property investors have given an increased priority to environmental, social and governance issues in their property investment decision making. The purpose of this paper is to establish SRPI performance indices for UK property companies and empirically benchmark their risk‐adjusted performance and portfolio diversification benefits over recent years.

Using five socially responsible investment (SRI) performance eligibility criteria, the UK property companies contributing to these SRI measures are identified. These UK property companies are used to establish a number of SRPI market cap‐weighted performance indices over 2003‐2008. These SRPI performance indices are used to assess the risk‐adjusted performance and portfolio diversification benefits of UK SRPI property companies.

This paper objectively identifies the UK property companies actively involved in SRPI and finds that the UK SRPI property companies delivered superior risk‐adjusted returns than the overall UK property companies sector, with this performance being achieved with no loss of portfolio diversification benefits.

Much of the previous SRPI research has focused on the broad concept of SRPI with no empirical analysis. This paper is the first attempt to rigorously and empirically assess the risk‐adjusted performance of UK SRPI property companies by establishing SRPI performance indices for UK property companies. Given the increasing significance of SRPI, this research enables empirically validated, more informed and practical investment decision making regarding the performance‐based supporting of the SRPI agenda by property investors.

In the swiftly evolving business landscape, environmental, social and governance (ESG) considerations have gained exceptional prominence, as stakeholders increasingly emphasize accountability and sustainability. This study aims to meticulously probe the intricate interplay between ESG factors, financial performance and the distinct corporate governance landscape that characterizes the Nordic region's crucible of proactive societal and environmental commitment.

The authors begin with a data set of 899 Nordic firms across Sweden, Norway, Denmark, Finland and Iceland. Using the Thomson Reuters database, they refine this data set by excluding non-regional headquarters and entities without ESG scores or year-long financial data. This resulted in a focused data set of 1,360 firm-years spanning a decade, forming the foundation for investigating the link between ESG factors and financial performance in Nordic firms.

Drawing upon empirical data, the authors systematically dissect the correlation between specified financial ratios and ESG scores on the bedrock of sustainability evaluation. The findings underscore a partially significant, yet robust relationship between ESG endeavors and financial performance metrics. Furthermore, the intricate interplay of corporate governance dimensions’ reveals intriguing correlations with financial indicators among the surveyed Nordic enterprises. However, the findings also reveal an intricate weave that underscores the ESG and financial performance nexus.

This study addresses stakeholders’ theory and unique positions and contributes to the current discussion on sustainability reporting literature by providing empirical evidence of ESG influences on firm profitability through board characteristics in the specific context of the Nordic region. The sample for this study encompasses firms listed in Nordic countries; thus, the results may not be generalizable to unlisted firms and other countries or regions.

This study suggests that Nordic firms are advanced in reporting ESG in response to diverse stakeholder demands as part of their regular activities. This study provides valuable insights for diverse stakeholders including researchers and regulatory bodies.

This study provides an understanding of stakeholders about the association of ESG and sustainability practices with firm profitability, which might lead to making the world a better place.

While illuminating the multifaceted ESG-financial performance nexus, this study reveals its intricate nature. This complexity accentuates the compelling need for further exploration to decode the exact outcomes and myriad factors contributing to the array of correlations observed. Through this comprehensive inquiry, this research advances the understanding and underscores the pivotal role of a focused investigation. This study seeks to harmonize ESG practices and financial performance seamlessly within the Nordic business realm.

This study aims to investigate the extent and characteristics of corporate internet disclosure via companies’ websites as well via social media and networks sites in the four leading English-speaking stock markets, namely, Australia, Canada, the UK and the USA.

A disclosure index comprising a set of items that encompasses two facets of online disclosure, namely, company websites and social media sites, is used. This paper adopts a data science approach to investigate corporate internet disclosure practices among top listed firms in Australia, Canada, the UK and the USA.

The results reveal the underlying relations between the determining factors of corporate disclosure, i.e. profitability, leverage, liquidity and firm size. Profitability in its own has no great effect on the degree of corporate internet disclosure whether via company websites or social media sites. Liquidity has an impact on the degree of disclosure. Firm size and leverage appear to be the most important factors driving better disclosure via social media. American companies tend to be on the cutting edge of technology when it comes to corporate disclosure.

This paper provides new insights into corporate internet disclosure that will benefit all stakeholders with an interest in corporate reporting. Social media is an influential means of communication that can enable corporate office to get instant feedback enhancing their decision-making process.

To the best of the authors’ knowledge, this study is amongst few studies of corporate disclosure via social media platforms. This study has adopted disclosure index incorporating social media as well as applying data science approach in disclosure in an attempt to unfold how accounting could benefit from data science techniques.

The study aims at reviewing a synthesis of disclosure, transparency, and International Financial Reporting Standards (IFRS) implementation in an attempt to provide directions for future research. Prior research overwhelmingly supports that the IFRS adoption or effective implementation of IFRS will enhance high-quality financial reporting, transparency, enhance the country’s investment environment, and foreign direct investment (FDI) (Dayanandan, Donker, Ivanof, & Karahan, 2016; Gláserová, 2013; Muniandy & Ali, 2012). However, some researchers provide conflicting evidence that developing countries implementing IFRS are probably not going to encounter higher FDI inflows (Gheorghe, 2009; Lasmin, 2012). It has also been argued that the IFRS adoption decreases the management earnings in countries with high levels of financial disclosure. In general, the study indicates that the adoption of IFRS has improved the financial reporting quality. The common law countries have strong rules to protect investors, strict legal enforcement, and high levels of transparency of financial information. From the extensive structured review of literature using the Scopus database tool, the study reviewed 105 articles, and in particular, the topic-related 94 articles were analysed. All 94 articles were retrieved from a range of 59 journals. Most of the articles (77 of 94) were published 2010–2018. The top five journals based on the citations are Journal of Accounting Research (187 citations), Abacus (125 citations), European Accounting Review (107 citations), Journal of Accounting and Economics (78 citations), and Accounting and Business Research (66 citations). The most-cited authors are Daske, Hail, Leuz, and Verdi (2013); Daske and Gebhardt (2006); and Brüggemann, Hitz, and Sellhorn (2013). Surprisingly, 65 of 94 articles did not utilise the theory. In particular, four theories have been used frequently: agency theory (15), economic theory (5), signalling theory (2), and accounting theory (2). The study calls for future research on the theoretical implications and policy-related research on disclosure and transparency which may inform the local and international standard setters.