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Effect of Financial Reporting Quality on Sustainability Information Disclosure
1 Abstract
Interest in corporate social responsibility (CSR) information has increased in recent years. This has led companies to set aside the classic economic view and to adopt the lsquo;triple bottom linersquo;, reporting social, environmental, and financial information, in order to satisfy their stakeholdersrsquo; needs. Companies that provide high quality financial information tend to be more conservative in their accounting and less inclined to carry out unethical practices such as earnings management. Accordingly, they are more socially responsible. The aim of this paper is to analyze the relationship between financial reporting quality and the quality of CSR information. To do so, we studied a sample composed of 747 international listed non-financial companies for the period 2002–2010. The results obtained from a Tobit method for panel data show that conservative companies, with a high level of accruals quality and/or those that carry out earnings management practices to a lesser extent, report high quality financial information and, moreover, high quality CSR information. With rapid development of economy, environmental pollution becomes increasingly serious, which not only affects quality of our life but also threatens our living conditions. Since the 1990s, the percentage that Chinese listed companiesrsquo; voluntary environmental information disclosure has increased to a larger extent and the content disclosed by many enterprises has gone beyond scope required by laws. Under this background, this paper combines with current status of environment information disclosure of Chinese listed companies, takes listed companies of non-ferrous metal industry in Shanghai and Shenzhen from 2006 to 2011 as samples, and studies impacts of environmental information disclosure system and environmental regulation intensity on environmental information disclosure. In addition, it carries out empirical tests on sample data of companies and implements robustness tests on regression results to exclude influence of differences between new and old criterion on comparability of accounting data. By virtue of positive analysis, it is found that corporate features like scale of company, financial risk, growth ability and profitability have great influence on environment information disclosure, and implementation of environment information disclosure and environmental regulation intensity have significant impacts on environment information disclosure.
Environmental Management Accounting (EMA) is a broader concept of accounting which uses accounting tools and practices to support company-internal management decision making on environmental issues and its impact on company performance. Research on EMA can be divided into two broad categories: theoretical and empirical studies. The theoretical studies based on framework that aim to explain the nature of the relationship between economic and environmental performance and the adoption of Environmental Management Accounting in a business environment. The empirical studies follow two lines of research, instrumental studies aim to empirically test the relationships hypothesized in theoretical studies; descriptive studies are intended to examine the factors that encourage the adoption of EMA. This review paper examined the role of MFCA in identifying non-product output (waste) and its impact on an organizations profitability. Various case studies are examined in this article that demonstrates MFCA to an important environmental management tool to ensure future sustainability of an organization.
2 Introduction
Many companies have been criticized for the problems caused by their social and environmental impact, despite the economic and technological progress also achieved (Reverte, 2009). In response, environmental policies and quality controls such as ISO 14000 or EMAS (ECO Management and Audit Scheme) have been adopted (Moneva and Llena, 2000). Thus, society has paid increasing attention to environmental and social issues, and the frequency of information disclosure in this respect has increased substantially since the late 1970s (Patten, 2002). As reported by Moneva and Llena (2000), a significant number of relevant agencies worldwide have recommended the inclusion of environmental and social reporting in the annual company report (Institute of Chartered Accountants in England and Wales (ICAEW), 1992; International Standards of Accounting and Reporting (ISAR), 1994), as evidenced in the research of da Silva Monteiro and Aibar-Guzmaacute;n (2010) for their study for the environmental aspect for Portuguese companies.
The financial report shows the economic and financial situation of the company, in order to inform managers and shareholders (Mathews and Perera, 1991; Moneva and Llena, 2000), and is of crucial importance in decision making, when the interests of both shareholders and creditors must be taken into account (American Accounting Association (AAA), 1977). However, the financial report has a weakness in that it does not provide information about certain questions that are currently arousing great concern, namely the social and environmental aspects of company activities. To overcome this limitation, companies inform in their annual report or in complementary reports on issues such as corporate governance, intellectual capital, and corporate social responsibility (CSR).
Social and environmental information may be useful for financial stakeholders (;Blacconiere and Northcut, 1997; Richardson and Welker, 2001; Reverte, 2009), and the CSR report is the main channel for communicating the social and environmental impact made by the company. Specifically, it communicates information to its stakeholders regarding not only the magnitudes and trends of profits but also how they were obtained (Gray et al., 1995; Brady and Honey, 20
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