Diskurser kan ses som samhälleliga diskussioner där sociala fenomen definieras. I kontexten hållbarhetsrapportering innebär detta att diskurser formar bilden av hur sociala aktörer uppfattar vad som är ett hållbart företag. Därmed blir det betydelsefullt hur ett globalt företag konstruerar bilden av sig själv som ett hållbart företag. Hållbarhetsfrågorna har hamnat alltmer i fokus. Hållbarhetsrapportering är ett sätt för företag att kommunicera sitt hållbarhetsarbete till intressenter. Detaljhandelsföretag kännetecknas av att produktionen är främst förlagd till utvecklingsländer och hålls ofta ansvariga för hur deras leverantörer agerar. Syftet med denna studie är att visa vilka diskurser ett globalt detaljhandelsföretag använder i sina hållbarhetsrapporter för att konstruera bilden av sig själv som ett hållbart företag samt hur dessa diskurser förändrats över tid. Studien har en kvalitativ ansats med fallstudie som undersökningsform. Det empiriska materialet består av H&M:s hållbarhetsrapporter för år 2002 och 2018. Diskursanalys är studiens analysmetod. Resultatet av studien visar att H&M:s sätt att framställa sig som ett hållbart företag har förändrats över tid. Ambitionen att leda modebranschen i hållbarhetsarbetet samt att lämna ett positivt bidrag till världens miljö- och socioekonomiska utmaningar kan stå för den tydligaste diskursförändringen. Studiens bidrag är att visa hur H&M framställer sig som ett hållbart företag över tid. Eftersom diskurser i företags hållbarhetsrapporter konstruerar bilden av vad sociala aktörer uppfattar som ett hållbart företag, har det betydelse vilka diskurser detaljhandelsjätten H&M använder. / Discourses are societal discussions where social phenomena are being defined. In the context of sustainability reporting it means that discourses shape the image of what people percieve as a sustainable company. Consequently it is important how a global company constructs the image of a sustainable company. Issues of sustainability get increasingly more attention. Sustainability reporting is a tool for companies to communicate their sustainability performance to their stakeholders. Retail companies with production outsourced to developing countries are often held responsible for the actions of their suppliers. The aim of this study is to show the discourses used by a global retail company in the sustainability reports in order to construct the image of a sustainable company, as well as to show how these discourses change over time. The study has a qualitative approach designed as a case study. The empirical material consists of H&M’s sustainability reports covering 2002 and 2018. The method is discourse analysis. The result of the study shows that H&M’s way to construct the image of a sustainable company has changed over time. The most distinct discourse change is the ambition to lead the fashion industry to sustainability and to give a positive contribution to the environmental and socio-economical challenges the planet faces. The study provides knowledge of how H&M constructs the image of a sustainable company over time. Discourses in sustainability reports shape the image of a sustainable company and thereby influence the way people percieve what a sustainable company is. That is why it is important to analyse the discourses the global retail company H&M uses.

Abstract Background: Sustainability reporting is an important communication channel for corporations to increase legitimacy in the public eye and handle different stakeholder demands (Blanc et al., 2017). In order to manage different stakeholder demands scholars have developed different theories to detect any inconsistencies between a corporation’s communication and actions, namely organizational façades and organizational hypocrisy. Purpose: The purpose of this master thesis is to understand in which way RBS are misleading, in form of communication, their customers in their sustainability reports. This phenomenon is investigated between 2008-2013. It is under this period the FCA (2016) investigation concluded that the bank had misled their customers. Method: This thesis adopts the qualitative content analysis when conducting the research. This method aids to categorize the text data which helps to make a large sample of text more attainable and easier to analyse and find connections within the data. In this thesis the textual data is coded into one of the three following codes: (i.) Rational façades - the organization meet fundamental norms of rationality. (ii.) Progressive façades - the organization do not only show rationality but also progress. (iii.) Reputational façades - statements that are disclosed in order to meet demands of the most critical stakeholders (Abrahamson, & Baumard, 2008) Conclusion: The results show that the most frequently apparent façades in the sustainability reports are progressive façades, followed by reputational façades and lastly rational façades. Moreover, the findings of this thesis uncovered clear sub-categories fitting under each façade. The sub-categories discovered were eight folded. Lastly, the results show that RBS shows signs of organizational hypocrisy, since their sustainability report disclosures and their actions are not in line, during the investigation period.

Due to the fact that corporate environmental reporting (CER) is largely voluntary and unregulated, practice has evolved in the absence of a meaningful conceptual framework. This lack of a normative theory stating what should be the content of CER as well as the methods for measuring reported information being largely volumetric or content based, is advanced as a major limitation in the existing literature. In this study, the wellestablished conceptual frameworks for financial reporting are adapted as the basis for a CER conceptual framework in which four characteristics of CER indicate its quality. Empirical methods for the measurement of such characteristics are also adapted from the financial reporting literature. The main aim of this research is to use the adapted framework to examine the extent of variation in the quality of CER and then to test its applicability to the key motivational theories. The empirical work involves a panel of US and UK firms over a two-year period. This allows cross-sectional comparison to be made between different financial accounting regimes (rules- vs. principles-based) as well as permits examination of the development of CER over time. Further, the empirical work is extended to investigate the interrelationship between the financial and environmental performance of a firm. Evidence in support of the legitimacy and institutional theory explanations for disclosure motivations is comprehensively found through the measures of the qualitative characteristics identified. That is, the use of a novel CER framework based on financial reporting quality here enables a more robust understanding of the reporting behaviours than previous work. Moreover, evidence for CER variation owing to the differences in financial reporting regimes is found and thus, it is reasonable to assert that the culture of financial reporting, to some extent, informs the nature of voluntary non-financial reporting. However, perhaps owing to the short time frame of the investigation, evidence of financial rewards from being environmentally effective or through providing CER is not found. The findings from this research will be of interest to preparers and users of corporate environmental reports as well as to policymakers, particularly in terms of enabling them to assess the quality of reporting and its level of fit with their expectations. Moreover, they also shed light on the link between environmental performance, as manifested in carbon emissions, and what is reported.

Submitted by Silvana Teresinha Dornelles Studzinski (sstudzinski) on 2015-06-26T17:36:06Z No. of bitstreams: 1 DaianePiasMachado.pdf: 618795 bytes, checksum: 840ea95531275a994aca53621fb3d09c (MD5) / Made available in DSpace on 2015-06-26T17:36:06Z (GMT). No. of bitstreams: 1 DaianePiasMachado.pdf: 618795 bytes, checksum: 840ea95531275a994aca53621fb3d09c (MD5) Previous issue date: 2014-02-25 / Nenhuma / Esse estudo analisa como as empresas brasileiras de capital aberto utilizam a evidenciação ambiental para gerenciar sua legitimidade social, verificando o objetivo da evidenciação, se é ganhar, manter ou recuperar a legitimidade; a forma como isso ocorre se de maneira pragmática, moral ou cognitiva e as estratégias utilizadas para esse fim. Para isso, são examinadas as informações ambientais divulgadas nos relatórios de sustentabilidade das empresas que compõem a carteira do Índice de Sustentabilidade Empresarial (ISE) da Bolsa de Valores de São Paulo (BM&FBOVESPA), adotando-se como unidade de numeração os parágrafos evidenciados. A amostra é composta por 30 empresas pertencentes a diversos setores da economia. Quanto à natureza, trata-se de uma pesquisa aplicada, com objetivo descritivo, abordagem quantitativa do problema e procedimento técnico documental. Os dados obtidos no estudo permitem concluir que as empresas da amostra utilizam a evidenciação ambiental como instrumento para gerenciar sua legitimidade social, fazendo isso de várias formas e utilizando diversas estratégias. Evidenciam suas informações ambientais com o intuito, preferencialmente, de ganhar legitimidade, empregando equilibradamente a forma pragmática, moral e cognitiva em sua evidenciação, relatando ações que visem popularizar seus modelos, fazer adeptos à sua forma de gestão, cooptar integrantes para desenvolver ações ambientais, mostrar que produzem resultados ambientalmente adequados, entre outras. / This study examines how brazilian companies use environmental disclosure to manage its social legitimacy, verifying the purpose of disclosure, if it’s to gain, maintain or repair legitimacy; how this occurs, if it´s a pragmatic, moral or cognitive mode and the strategies used for this purpose. To do this, we examine environmental disclosures in sustainability reports of the companies listed at the Managerial Sustainability Index (ISE) from São Paulo’s Stock Exchange (BM&FBOVESPA), adopting as unit numbering the highlighted paragraphs. The sample consists of 30 companies belonging to various sectors of the economy. It is an applied research with descriptive objective, quantitative approach to the problem and a documentary research as a technical procedure. The data obtained in this study allow us to conclude that the sample companies use environmental disclosure as a tool to manage their social legitimacy, making it in many ways and using different strategies. Demonstrate their environmental information in order, preferably, to gain legitimacy, employing a balanced pragmatic, moral and cognitive in its disclosure, reporting actions aimed to popularize their models, making adherents to its way of management, co-opt members to develop environmental initiatives, show that produce environmentally adequate results, among others.

Made available in DSpace on 2016-04-25T18:39:54Z (GMT). No. of bitstreams: 1 Moises Avila da Silva.pdf: 1614116 bytes, checksum: be9b6746f1f46bc76c08ed255ece8d74 (MD5) Previous issue date: 2013-06-03 / According to ISE (Corporate Sustainability Index), applications denominated socially responsible investment considers that sustainable companies create long term value to shareholders because they are more prepared to face environmental, social and economic risks. This demand has been strengthening over time and today is extensively attended by many financial instruments in the local and international market. In this context, this study analyzed the inclusion of companies, from 2011 to 2013, to socially responsible company s portfolio (Corporate Sustainability Index), evaluated a set of indicators of stock prices before and after the inclusion in the ISE, compared stock markets performance before and after the announcement of the inclusion. The objective, through the events study, was to evaluate if the investor had value aggregated to its equity by decision of the company s managers to enter the ISE. Inside this context, it also evaluated if the market announcement that they are socially correct companies was able to imply this perception and if stockholders had above average return because of this event. The results observed in this paper (in average) show indication that the market positively evaluates the sustainability efforts and is willing to repay for that. However, this reality doesn t hold for long. For 2013, a new fact that hadn t occurred before can be observed: the indication of a turnaround in the markets perception regarding sustainability efforts by companies. This year, the abnormal returns (WEG companies) continued after the announcement of entering the index. This fact can indicate that the announcement could have been able to increase the stockholder wealth / Segundo responsáveis pelo ISE (Índice de Sustentabilidade Empresarial), as aplicações denominadas investimentos socialmente responsáveis, consideram que empresas sustentáveis geram valor para o acionista no longo prazo, pois estão mais preparadas para enfrentar riscos econômicos, sociais e ambientais. Essa demanda veio se fortalecendo ao longo do tempo e hoje é amplamente atendida por vários instrumentos financeiros no mercado nacional e internacional. Nesse contexto, este trabalho analisou a entrada das empresas, de 2011 a 2013, na carteira de empresas responsáveis socialmente (Índice de Sustentabilidade Empresarial). Avaliou o conjunto de indicativos de preço das ações antes e depois de entrada no ISE. Comparou o desempenho do mercado de ações diretamente com período anterior e um posterior ao anúncio de entrada nesse índice. O objetivo, através do estudo de eventos, foi avaliar se o investidor agregou valor ou não ao seu patrimônio por decisão dos gestores das companhias quando da entrada no índice de sustentabilidade. Dentro desse contexto, avaliou também se o fato de comunicar ao mercado que são empresas socialmente corretas foi capaz de fazer valer essa percepção e se os acionistas dessas empresas tiverem retorno acima do normal por esse evento. Os resultados observados neste trabalho (na média) trazem indícios de que o mercado avalia positivamente os esforços de sustentabilidade e está disposto a remunerar melhor por isso, porém esse patamar não se mantém no tempo. Já para o ano de 2013 observa-se um fato novo, não ocorrido até o momento, que são indícios de uma virada na percepção do mercado quanto aos esforços de sustentabilidade das empresas. Nesse ano, os retornos anormais (para empresa WEG) continuaram após o momento do anúncio da entrada no índice. Esse fato pode indicar que o fato público teria sido capaz de maximizar a riqueza do acionista

Världsekonomin har gått från att vara industribaserad till att bli mer och mer kunskapsbaserad. Nya kunskapsbaserade företag som Google och Spotify har växt fram utan stora materiella tillgångar och med helt andra framgångsfaktorer än tidigare. Detta har skapat ett växande gap mellan företags bokförda värde och marknadsvärde. Det värde som utgör skillnaden mellan marknadsvärde och bokfört värde kan kallas intellektuellt kapital. Definitionen av intellektuellt kapital har förändrats utvecklats och anpassats genom år av tidigare forskning. Med växande börsvärden och osynliga tillgångar har en global efterfrågan på ökad transparens i företags redovisning uppkommit. Av flertalet internationella initiativ för harmonisering av redovisning, anses standardiserad redovisning av intellektuellt kapital vara en del i lösningen på bristande information i den traditionella balansräkningen. Med växande gap mellan redovisat värde och börsvärde följer ett antagande om ett växande gap mellan tillgång och efterfrågan på information. Tidigare studier som undersökt redovisning av intellektuellt kapital i Sverige har dock givit resultat som inte är helt förenliga med det antagandet.Studiens syfte är att synligöra det intellektuella kapitalets förändring i svenska företag och därigenom förklara tillgång och efterfrågan på ytterligare information i den existerande redovisningen för att spegla företags marknadsvärde. Studien använder en modifierad version av Karl Erik Sveibys analysmodell för identifiering och kategorisering av intellektuellt kapital i de tre huvudkategorierna internt-, externt- och humant kapital. En kvantitativ innehållsanalys på årsredovisningar åren 2007, 2009 och 2011 från Sveriges fem största företag, utförs för att besvara frågan: Hur har redovisning av intellektuellt kapital förändrats i Sverige?Resultatet visar inte på någon markant bestående förändring i mängden redovisat intellektuellt kapital. Detta kan indikera att befintlig tillgång på information i redovisning möter efterfrågan och ger skäl att ifrågasätta och debattera en standardiserad redovisning av intellektuellt kapital baserat på en global efterfrågan. För vidare forskning föreslås studier med större antal företag samt empiriska studier av efterfrågan på information om intellektuellt kapital i redovisningen. / Program: Civilekonomprogrammet

This thesis explores the factors that influence the extent to which the World Wide Web (henceforth web) is utilised by corporations in an environmentally sensitive industry to communicate with their stakeholders in relation to environmental issues. The study initially establishes, in theory, the communication potential of the web and possible factors which can impact on the extent to which this potential is utilised for environmental communication. Subsequently, it examines the use of the web by specific companies in the Australian minerals industry for communicating environmental issues to their stakeholders over time. Explanations for current practices are established through an analysis of the impact of the factors established in theory on web based environmental communication in the Australian minerals industry.¶ A model was established to guide the research process for this study. Drawing upon media richness theory (Daft & Lengel, 1984, 1986; Sproull, 1991; Valacich et al., 1993), the Media Richness Framework was developed to provide criteria for assessing the communication potential of the web. It was also posited that the extent to which this potential is utilised in practice is dependent on management’s web based communication needs. These needs incorporate timeliness, accessibility, presentation and organisation, and interaction. Contextual factors, which include limitations of web based technologies, economic, internal organisational and external stakeholder issues, influence these needs.¶ Case study research (Hagg & Hedlund, 1979; Yin, 2003a, 2003b; Scapens, 2004) was used as the methodological approach for this thesis in order to obtain an in-depth understanding of current web based environmental communication practices. An evaluation of the websites of mining companies was used as the basis for selecting three companies as cases. These cases involved a triangulation of approaches towards data collection: monitoring corporate websites on a regular basis; interviewing appropriate personnel in these organisations; and evaluating documents related to the companies’ environmental communication practice. Data gathered from interviews, websites and documents were analysed for individual cases and then through cross-case comparisons. The intention was to confirm the research model and to potentially extend it through a consideration of other factors not identified in theory but evident in current practices.¶ The findings of this research indicate that even though the web has the potential to enhance environmental communication in an environmentally sensitive industry that is subject to extensive stakeholder pressures, there is variation in its use by companies in the Australian minerals industry. An evaluation of the practices of the three chosen companies highlighted that while the web is used extensively by these companies in comparison with other corporations in the industry, the case study companies were at different stages of web based environmental communication.¶ Management’s web based environmental communication needs and the influence of contextual factors on these needs explained the variation in web based environmental communication across all three companies. Moreover, two other factors emerged from the field; these are referred to as the double-edged sword and change in management philosophy. These findings from the field highlight that the need for communication through the web could have unintended consequences while a change in management could alter the current approach towards web based environmental communication.¶ This study into the use of the web in the Australian minerals industry highlights that the medium has an impact on environmental communication practice. Further research could assess the communication potential of the various media used for environmental communication in order to extend the explanatory power of the current study. This study also outlines arguments in support of extending theorisation in environmental communication. Existing theories for social and environmental accounting, such as stakeholder and legitimacy theory (Roberts, 1992; Lindblom, 1993; Deegan, 2002) need to be accompanied by other theoretical perspectives in order to capture a range of potential factors that could impact environmental communication practices. Such insights could provide a comprehensive understanding of environmental communication in different contexts.

<p>Syfte: Avsikten med studien är att undersöka relationen mellan CSR och corporate governance, från teori och praktik.  </p><p> </p><p>Metod: Med bakgrund av forskningsfrågorna tillämpas den induktiva vägen eftersom vi ser på praktiken, men tolkar teorin utifrån den teorietiska referensramen tillsammans med empirisk data från två företag som undersökningsobjekt, vilket även leder till abduktion. En kvalitativ datainsamling bestående av främst sekundär-, men även primärdata har även genomförts.</p><p> </p><p>Teori: Utgångspunkten ligger i teorierna CSR och corporate governance. För att öka förståelsen för dessa begrepp har teoriavsnittet utökats med angränsande teorier, som till exempel intressentteorin, legitimitetsteorin och triple bottom line.</p><p> </p><p>Empiri: I empirin presenteras Swedbanks och Sveaskogs perspektiv och arbetssätt med CSR tillsammans med en djupintervju med en respondent från Sveaskog, vilket visar på ett välutvecklat engagemang med CSR där etik och miljö är framstående områden.   </p><p> </p><p>Slutsatser: Vår studie visar att det föreligger samband mellan CSR och corporate governance, vilket kan tolkas ur flera olika perspektiv. En av dessa kopplingar återfinns i de två fenomens etiska ansvarstagande, när det gäller integritet i affärer och styrelsers implementering av etiska standards. Sambandet mellan CSR och den svenska koden ligger inte i Kodens riktlinjer, utan i dess syfte och mål.  Andra relationer återfinns i förtroendet och det är inom de båda ägarstrukturerna viktigt att visa upp ett starkt CSR-engagemang, eftersom detta bidrar till att skapa en positiv bild av företaget, stärka varumärket samt ge företaget legitimitet inför sina intressenter. Ett vidare intressentperspektiv är tydligt i statligt ägda bolag på grund av statens ägarpolicy, där CSR är en central del för ett föredömligt agerande. När det gäller börsnoterade bolag kan CSR istället användas som ett medel för att övertyga samhället och kapitalmarknaden om det tagna ansvaret för ökad tilltro. </p><p> </p> / <p>Purpose: The thesis aspires to explore the relationship between CSR and corporate governance from a theoretical towards an experiential approach.</p><p> </p><p>Methodology: With background of the research questions we applied the inductive approach when it comes to the experiential approach, but since we interpreters the theory on the basis of the theoretical perspectives along with two companies, we also used abduction. We have implemented a qualitative survey which is based on both reports and an interview.</p><p> </p><p>Theoretical perspectives: The theoretical perspectives uses CSR and corporate governance as a starting point and is complemented with other related theories such as the stakeholder theory, the legitimacy theory and triple bottom line. </p><p> </p><p>Empirical foundation: Swedbanks and Sveaskogs perspectives and approaches on their CSR-implementation are presented in the empirical foundation along with an interview with one respondent from Sveaskog. </p><p> </p><p>Conclusions: Our study shows that it exist connections between CSR and corporate governance, which can be interpreted from several different perspectives and a number of conclusions can be made. One of these relationships is found in the ethical responsibility, when concerning the integrity in business and implementation of ethical standards. Other relationships are found in the issue of trust and it is, within both ownership structures, important to present an involvement in CSR. This is because it provides stakeholders with a positive image of the company and its trademark, which leads to legitimacy.  A wider stakeholder perspective is found in State owned companies because of the State's ownership policy where CSR is a central part. When it comes to the listed companies CSR can instead be used as a means in order to convince the society and the capital market about the taken responsibility for increased trust. A final conclusion is that the connection between CSR and the Swedish Code of Corporate Governance can not found within its regulations, but rather in its purpose and aspiration.</p>

Denna studie fokuserar på företagsstorleks inverkan på sambandet mellan Corporate Social Responsibility (CSR) och Corporate Financial Performance (CFP). Huvudsyftet är att mäta om effekten av CSR på CFP skiljer sig mellan små och stora företag noterade på Nasdaq OMX Nordic Stockholm. Perioden som studeras är åren 2006-2009 samt år 2011. För att utröna om företagsstorlek har inverkan på sambandet tillämpas modererande regressionsanalys som går ut på att fastställa huruvida någon interaktionseffekt förekommer eller ej. Vi kontrollerar även för variablerna bransch och tid. Efter exkluderingar och bortfall består urvalet av 286 företag listade på Small-Cap, Mid-Cap och Large-Cap under den studerade tidsperioden. Resultaten visar att företagsstorlek påverkar sambandet mellan CSR och CFP, även om det är oklart på vilket sätt. Olika mått på CFP påvisar skilda riktningar av interaktionseffekten. / This study focuses on the interaction effect of firm-size on the relationship between Corporate Social Responsibility (CSR) and Corporate Financial Performance (CFP). The main purpose is to determine if the effect of CSR on CFP differ between small and large firms listed on Nasdaq OMX Nordic Stockholm. The studied period is the years between 2006 and 2009 plus 2011. In order to investigate if firm-size moderates the relationship between CSR and CFP, we apply moderated regression analysis which is used to determine whether or not an interaction effect is present. We also control for other variables such as industry and time. We consider a final sample of 286 firms listed on Small-Cap, Mid-Cap and Large-Cap during the observed time period. The results show that firm-size does have an interaction effect on the relationship between CSR and CFP, even though it is not clear in which way. Diverse measurements of CFP yield different direction of the interaction effect.

Slopandet av revisionsplikten har lett till att små bolag står mellan valet att anlita revisor eller inte. Studiens syfte har varit att utforska hur den upplevda nyttan med revision påverkar valet att anlita revisor eller inte för etablerade och nyetablerade bolag. Undersökningen genomfördes genom en kvalitativ undersökningsmetod vars syfte var att få en djupgående förståelse för vilka faktorer som påverkar valet att anlita eller inte anlita en revisor i etablerade samt nyetablerade bolag.  Genom intervjuer har studien undersökt vilka faktorer ägarna i både etablerade och nyetablerade anser påverkar valet att anlita revisor. Studiens teoretiska referensram är baserad på agentteorin, legitimitetsteorin, institutionellateorin samt intressentteorin. Referensramen ligger sedan till grund för insamlingen av empiri och genomförande av analysen. Den upplevda revisionsnyttan kunde analyseras genom att vi identifierade olika faktorer som anses påverka valet av att anlita revisor. Enligt studien kan vi inte påvisa någon åtskillnad angående revisionens upplevda nytta mellan etablerade och nyetablerade bolag. Studien visar indikationer på att faktorer som kunskapstillförsel, förbättring, försäkring, tradition, trygghet och legitimitet förklarar vad ägarna anser vara nyttan med revision. Vidare är dessa faktorer bidragande orsaker till att etablerade och nyetablerade bolag väljer att anlita en revisor. / The removal of the auditor requirement has led to the fact that a small company stands between hiring an auditor or not. The purpose of the study was to explore how the perceived usefulness of auditing affects the choice of hiring an auditor or not, for established and new established companies. The survey was conducted through a qualitative research method whose purpose was to gain an in-depth understanding of the factors that influence the above mentioned choice regarding established and new established companies. Through interviews, the study examined the factors the owners in both established and new established companies consider to affect the choice to hire auditor. The theoretical framework is based on agent theory, legitimacy theory, institutional theory and stakeholder theory. The framework is the basis for the collection of empirical data and the analysis. The perceived usefulness of hiring an auditor could be analyzed in that we identified various factors considered to influence the choice of hiring an auditor. According to the study, we can not show any distinction regarding auditing perceived benefit between established and newly established companies. The study shows indications that factors such as the supply of knowledge, improvement, insurance, tradition, security and legitimacy explains what the owners consider to be the benefits of auditing. Furthermore, these factors are contributing causes in why established and newly established companies choose to hire an auditor.