本研究應用社會政治理論之概念性架構，探討民國96年至98年化工業及電子業之上市公司年報中有關環境資訊揭露程度。其中自願性環境資訊揭露影響之因素有公司規模、經營績效、ISO14001認證、環境支出預算、罰款與賠償以及國際化程度。 實證結果顯示，自願性環境資訊揭露與公司規模大小、是否取得ISO14001認證、環境支出預算、罰款與賠償以及國際化程度皆存在顯著正向的關係，其中又以是否取得ISO14001認證這個因素影響程度最大。至於化工業和電子業公司自願性環境資訊揭露受到何種因素較大，實證結果顯示化工業公司規模、經營績效以及環境支出預算愈高時，其環境資訊揭露正相關程度將大於電子業；而電子業若取得ISO14001認證及罰款與賠償金額愈高時，其環境資訊揭露正相關程度將大於化工業；此外，環境資訊揭露與國際化程度亦呈正相關。 / This study applies society political theory to explain the voluntary environmental disclosure in annual reports. The sample consists of firms in chemical and electronic industries in Taiwan during 2007 and 2009. The determinants of voluntary environmental information disclosure include firm size, economic performance, ISO 14001 certification, environmental expenditure budgets, penalty, and the extent of internationalization. The empirical results indicate that the firm size, economic performance, ISO 14001 certification, environmental expenditure budgets, penalty, the extent of internationalization are significant determinants of voluntary environmental disclosure while ISO 14001 certification is the most significant determinant. Moreover, the firm size, economic performance, and environmental expenditure budgets are more influential in chemical industry than in electronic industry as determinants of voluntary environmental disclosure. On the contrary, ISO 14001 certification and penalty are more significant for electronic industry. Finally, the extent of internationalization shows positive relation with voluntary environmental disclosure.

<p>The awareness of environmental issues has increased among the public the last decades. An environmental movement is occurring and companies are beginning to adapt themselves and their business activities to the changing view of environmental issues. Greater attention are turning to companies around the world due to the view that they have a responsibility concerning environmental and sustainability matters in their business operations. The development of environmental guidelines such as the Global Reporting Initiative and the presenting of separate Corporate Social Responsibility (CSR) reports illustrate the emerged demand of an environmental awareness from various stakeholders. Government regulations and inter-continental agreements of carbon taxes, emission trade rights and various environmental targets are influencing the operations and the environmental approach for the companies.</p><p>An important link in the information chain is the financial analysts and their role as information intermediaries. The characteristics of their profession combined with their expertise knowledge of evaluating companies are reasons behind their function in the investment value chain. Traditionally, the valuation of companies has been based on financial figures and the models derive from typical tangible assets such growth numbers, estimated future earnings and cash flow. Environmental issues have throughout the years been considered of secondary importance due to the specific kind of information it represents.</p><p>This study examines factors influencing the amount of environmental information presented in financial analyst reports. The amount of environmental information presented in annual reports, CSR reports and an environmental risk profile developed by GES Investment Services have been selected as predictor variables to determine the amount of environmental information in the financial analysts’ reports.</p><p>40 companies from the industrial sector have been included in the study and the results reveal that no or very little environmental information can be found in the financial analyst reports. The financial analysts’ seem to prioritize other kinds of information when evaluating companies and creating analyst reports. The study also reveals that companies with separate CSR reports seem to have a higher amount of environmental information presented in annual reports as well as a better environmental risk profile.</p>

The awareness of environmental issues has increased among the public the last decades. An environmental movement is occurring and companies are beginning to adapt themselves and their business activities to the changing view of environmental issues. Greater attention are turning to companies around the world due to the view that they have a responsibility concerning environmental and sustainability matters in their business operations. The development of environmental guidelines such as the Global Reporting Initiative and the presenting of separate Corporate Social Responsibility (CSR) reports illustrate the emerged demand of an environmental awareness from various stakeholders. Government regulations and inter-continental agreements of carbon taxes, emission trade rights and various environmental targets are influencing the operations and the environmental approach for the companies. An important link in the information chain is the financial analysts and their role as information intermediaries. The characteristics of their profession combined with their expertise knowledge of evaluating companies are reasons behind their function in the investment value chain. Traditionally, the valuation of companies has been based on financial figures and the models derive from typical tangible assets such growth numbers, estimated future earnings and cash flow. Environmental issues have throughout the years been considered of secondary importance due to the specific kind of information it represents. This study examines factors influencing the amount of environmental information presented in financial analyst reports. The amount of environmental information presented in annual reports, CSR reports and an environmental risk profile developed by GES Investment Services have been selected as predictor variables to determine the amount of environmental information in the financial analysts’ reports. 40 companies from the industrial sector have been included in the study and the results reveal that no or very little environmental information can be found in the financial analyst reports. The financial analysts’ seem to prioritize other kinds of information when evaluating companies and creating analyst reports. The study also reveals that companies with separate CSR reports seem to have a higher amount of environmental information presented in annual reports as well as a better environmental risk profile.

CoordenaÃÃo de AperfeiÃoamento de Pessoal de NÃvel Superior / O presente estudo objetivou investigar a relaÃÃo entre o disclosure socioambiental e a prÃtica de incentivos governamentais, pela perspectiva da Teoria da Legitimidade. Tal questÃo surge a partir do cenÃrio das empresas incentivadas por benefÃcios governamentais. Essas empresas criam uma imagem socialmente irresponsÃvel, por utilizarem recursos pÃblicos para satisfazer objetivos privados, perdendo sua legitimidade. Como forma de resgate de legitimidade, as empresas utilizam ferramentas capazes de mitigar o problema causado pelo recebimento de SubvenÃÃes e AssistÃncias Governamentais (SAG). Uma dessas ferramentas, apontadas pela literatura cientÃfica, à a evidenciaÃÃo socioambiental. Os estudos sobre disclosure socioambiental, legitimidade e SAG tÃm instigado diversos pesquisadores. Entretanto, quando esses temas sÃo abordados em conjunto, as pesquisas ainda sÃo incipientes e se restringem ao nÃvel internacional. A partir dessa hipÃtese, a presente pesquisa se propÃe investigar a associaÃÃo entre o nÃvel de divulgaÃÃo socioambiental e a prÃtica de recebimento de SAG das empresas listadas na BM&FBovespa. Foram utilizadas ferramentas qualitativas (AnÃlise de ConteÃdo das DemonstraÃÃes Financeiras Padronizadas disponibilizadas nos websites da BM&FBovespa e da CVM, alÃm dos RelatÃrios de Sustentabilidade e similares disponÃveis nos websites das empresas) e quantitativas (estatÃstica descritiva, teste de diferenÃas de mÃdias e regressÃo linear mÃltipla) para compreender o comportamento da amostra, que, apÃs criteriosa seleÃÃo, totalizou 337 empresas. Com relaÃÃo Ãs SAG recebidas pelas empresas avaliadas, constatou-se que o normativo a elas referente ainda nÃo à aplicado como devido. No que diz respeito à evidenciaÃÃo socioambiental, ressalta-se o fato de o governo se destacar como principal stakeholder-alvo das empresas estudadas. AtravÃs da anÃlise conjunta das SAG e da evidenciaÃÃo socioambiental, foi possÃvel constatar que as empresas que recebem incentivos governamentais e que divulgam a receita deles proveniente divulgam mais, corroborando a Teoria da Legitimidade. Na anÃlise dos possÃveis fatores determinantes do comportamento do Ãndice de Disclosure Socioambiental, o tamanho da firma se destaca como fator influenciador em todos os grupos analisados. Contudo, a anÃlise de variÃveis diretamente relacionadas ao recebimento de incentivos e o Valor do Incentivo e o Tipo de Incentivo nÃo se mostram determinantes para a evidenciaÃÃo de informaÃÃes socioambientais. Concluiu-se que, para as firmas brasileiras, os incentivos governamentais nÃo estimulam a utilizaÃÃo de ferramentas de resgate da legitimidade, no caso da presente pesquisa, o disclosure socioambiental. / The objective of this study was to investigate the relationship between environmental disclosure and the practice of government incentives, from the perspective of the theory of legitimacy. This question arises from the scenario of the companies encouraged by government benefits. These companies create a socially irresponsible image for using public resources to meet private goals, losing its legitimacy. As a way of redemption of legitimacy, companies use tools that can mitigate the problem caused by the receipt of government grant and assistance. One of these tools, cited by the scientific literature, is the environmental disclosure. Studies on environmental disclosure, legitimacy and government grant and assistance have instigated many researchers (PATTEN , 2002; DEEGAN , 2002; SMITH WARD , 2007; HANLON ; Slemrod , 2009; Taveira , 2009; RODRIGUES ; SILVA ; FAUSTINO , 2011; LOUREIRO ; GALLON ; DE LUCA , 2011) . However, when these issues are addressed together, the research is still scarce and are restricted to the international level ( FREEDMAN , 2003; CHRISTENSEN ; MURPHY , 2004; WILLIAMS , 2007; PREUSS , 2010; LANIS ; RICHARDSON , 2012, 2013 ). From this hypothesis, the present research proposes to investigate the association between the level of environmental disclosure and the practice of receive grants and government assistance by the companies listed on the BM & FBovespa. Qualitative ( content analysis of the Standardized Financial Statements available on the BM&FBOVESPA and CVM sites, and Sustainability Reporting and the like available on the websites of companies ) and quantitative ( descriptive statistics , mean comparison test and multiple linear regression) tools were used to understand the behavior of the sample studied. After selection criteria, 337 companies were evaluated. Regarding the Governmentâs Grants and Assistance (GGA) received by the companies studied, it was found that the normative references are still not properly implemented. In relation to social and environmental disclosure, it was emphasized the fact that the government stands out as a target-stakeholder of companies studied. Through joint analysis of SAGs and environmental disclosure, it was found that companies that receive government incentives and disclose income from these incentives, disclose more, corroborating the theory of legitimacy. In the analysis of possible determinants of IDS behavior, the size of the company stands out as influential factor in all analyzed groups. However, analysis of variables directly related to the receipt of incentives and the value of the Incentive and Incentive Type, do not show as a decisive factor for the disclosure of environmental information. It was concluded that, for Brazilian companies, the incentives of the government does not stimulates the use of rescue tools of legitimacy, in the case of this research, the environmental disclosure.

Globalt pågår debatter kring mångfald inom ledningsgrupper. Forskare på området är hittills inte överens om de effekter som mångfald inom affärsvärlden medför, ändå finns starka åsikter kring hur en ledningsgrupp bör utformas utifrån kön, ålder, utbildning och etnicitet. Spekulation avseende mångfalds betydelse för hållbar utveckling förekommer och i takt med ökade krav på hållbarhetsrapportering växer intresset för faktorer som kan främja denna form av rapportering. I dagsläget saknas tvingande standarder för hållbarhetsrapportering, men den miljömässiga delen inom hållbarhetsrapportering, som i studien betecknas CED-rapportering,är offentlig information och uppmärksammas i media. Media, som dels bildar normer, dels avspeglar allmänhetens förväntningar, har makten att påverka ett företags rykte. Relationen mellan mångfald i bolagsstyrelse, CED-rapportering och medieexponering är således ett aktuellt område värt att fördjupa sig i. Det huvudsakliga syftet med studien var att beskriva och analysera om mångfald i bolagsstyrelse påverkar CED-rapportering och om rapporteringen i sin tur inverkar på den grad av exponering som multinationella företag ges i media. Urvalsramen utgjordes av multinationella företag från GRI:s databas. Av 447 företag uppfyllde 202 studiens krav. Strukturella ekvationsmodeller visar att mångfald i bolagsstyrelse inte påverkar CEDrapportering. Rapporteringen påverkar däremot företags exponering i media. Företags storlek och georgrafiska placering har en inverkan på mångfald, CED-rapportering och medieexponering. / Debates about diversity among board directors are in progress globally. Scientists are in disagreement about the impacts of diversity in the business world. Yet there are strong opinions about a group’s formation on the distribution of gender, age, education and ethnicity. There are speculations of a possible relationship between diversity and sustainability reporting. The growing demands of such reporting increases the interest to determine which factors promote sustainability reporting. This study intends to explore theCorporate Environmental Disclosure (CED) of sustainability reporting. Currently there are no mandatory standard for sustainability reporting, such information is public though and exposures in media. Media compares the reports to public expectations and has the power to affect a company’s reputation. The relationship between board diversity, environmentalreporting and media exposure is hence an area worth exploring.The main intent of this study was to describe and analyse whether board diversity affects CED. Further the intent was to explore whether CED affects media exposure. The sampling for the study consisted of multinational companies. Of 447 examined, 202 formed the basis. The results of the study established by structural equation modeling, stated that board diversity is not associated with CED. Yet the study indicates that CED affects media exposure. External variables that were found to have effect on board diversity, CED or media exposure were firm size and geographical

Please read the abstract on pp342-345 (11summary) of this document / Thesis (D Com (Accounting Sciences))--University of Pretoria, 2007. / Accounting / unrestricted

Background: Sustainability reporting has become increasingly important for firms that want to appease their stakeholders and the society, whilst possibly increasing the corporate financial performance (CFP) of the firm. This is because sustainability disclosures currently work as the main channel for firms to inform their stakeholders of the CSR practices and environmental management carried out by the company. However, there have been various previous studies that examine the relation between corporate social performance (CSP) or the reported CSP, and CFP but not a study that would focus on GRI’s adherence level and its effect on Firm value (FV). The adherence level in the context of a GRI Report refers to the extent to which the GRI Sustainability Reporting Framework and GRI Standards have been applied to a company’s sustainability report (Global Reporting Initiative, n.d.). This study intends to examine if stakeholders can be affected by a sustainability report’s adherence ranking made by GRI, although there necessarily would not be a clear connection to a company’s actual environmental performance.  Purpose: The purpose of this study is to find out if the adherence level affects a firm’s value and how, although this classification of reports would not say anything about a company’s level of sustainability or a company’s sustainability performance. In short, the study wants to examine if stakeholders or the society surrounding a company are affected by the adherence level of a company’s GRI reporting and if this then can affect the value of the organization in any way. Aim: The aim of this research is to encourage organizations to become more transparent or elaborate regarding their sustainability practices if any significance between the adherence level and the FV can be found.  Method: This study was conducted by examining 98 European manufacturing firms’ GRI adherence levels for the years 2017 to 2019 and comparing them to respective Firm Values (Tobin’s Q) by the usage of panel data regression analysis.  Conclusion: The results show that no significant relationship between the GRI adherence level and FV can be found in the European manufacturing industry for the period 2017 to 2019.

L'objectif de cette recherche est d'évaluer la communication environnementale (CE) des entreprises tunisiennes et marocaines et de déterminer les facteurs susceptibles de la favoriser ou de la contraindre. En se basant sur la théorie des parties prenantes, nous empruntons le modèle conceptuel d'Ullmann (1985) pour tester l'effet du pouvoir des parties prenantes, de la culture d'entreprise, de la situation économique et financière de l'organisation sur l'étendue de la CE. L'échantillon de l'étude est composé de 18 entreprises tunisiennes et de 20 entreprises marocaines cotées respectivement sur les bourses de Tunis et de Casablanca. L'évaluation de l'étendue de la CE est faite sur la base des rapports annuels collectés sur la période allant de 2000 à 2007. Les résultats de l'analyse quantitative montrent que la CE est principalement orientée vers les actionnaires et les investisseurs. En outre, l'influence de la culture d'entreprise, de la situation économique et financière de l'entreprise, du secteur d'activité, de la taille ainsi que du pays d'origine est confirmée. Dans le but d'approfondir ces résultats, une analyse qualitative est conduite sur 10 cas d'entreprises retenus de l'échantillon initial. Les résultats révèlent que le niveau d'internationalisation de l'activité de l'entreprise, son appartenance à une multinationale réputée par son engagement dans le développement durable, la taille de l'auditeur ainsi que la composition du Conseil d'Administration expliquent l'étendue de la CE des entreprises tunisiennes et marocaines. / The purpose of this research is to assess the corporate environmental reporting (CER) of Tunisian and Moroccan companies and to determine the factors likely to support it or constrain it. Relying on the stakeholder theory, we use the conceptual model of Ullmann (1985) to test the effect of the stakeholder power, corporate culture and the economic and financial performances on the extent of the CER. The sample comprises 18 Tunisian and 20 Moroccan companies listed respectively on Tunisian and Moroccan stock exchanges markets. The evaluation of the extent of CER is made on the basis of annual reports collected over the period from 2000 to 2007. The results of the quantitative analysis show that CER is made mainly to shareholders and investors. The influence of corporate culture, economic and financial performances, company's industry, size and country's origin is confirmed. Furthermore, a qualitative analysis is conducted on 10 companies selected from the initial sample. The results reveal that the company's level of internationalization, being a subsidiary of multinational renowned for its commitment to sustainable development, the size of the auditor and the composition of the Board explain the extent of the CER of Tunisian and Moroccan companies.

As empresas têm crescentemente incluído em suas estratégias de negócios a responsabilidade ambiental em resposta às demandas sociais de conservação dos recursos naturais e às exigências dos diversos stakeholders para garantir sua legitimidade e permanecer no mercado. Nesse contexto, este estudo teve como objetivo investigar a inter-relação entre a divulgação ambiental, o desempenho ambiental e o desempenho econômico das empresas brasileiras de capital aberto. A pesquisa fundamentou-se na Teoria da Legitimidade e na Teoria da Divulgação, no que tange a divulgação de informações como uma resposta a pressões sociais e as necessidades dos stakeholders. Foram pesquisadas 87 empresas, que possuem ações negociadas na Bolsa de Valores de São Paulo (Bovespa). O problema foi investigado pela hipótese que a divulgação ambiental, o desempenho ambiental e o desempenho econômico mantêm uma inter-relação positiva e linear entre si, observadas algumas características das empresas, o que culminou com adoção de um modelo de equações simultâneas. Os resultados do modelo sugerem que não há inter-relação significante entre as variáveis, de acordo com as características da amostra e dos indicadores utilizados, pois se observou que a divulgação ambiental é influenciada pelo desempenho ambiental, que o desempenho econômico afeta o desempenho ambiental, mas que a divulgação ambiental não é afetada pelo desempenho econômico. Sugere-se que sejam realizadas outras pesquisas, que observem a inter-relação utilizando outras variáveis e também outras medidas para aquelas que foram utilizadas. / The companies have been including the environmental responsibility in their business strategies, as a response to social demands for natural resources conservancy and to demands of the several stakeholders, in order to maintain their legitimacy and to stay in the market. This study aims to investigate the inter-relation among the environmental disclosure, the environmental performance and the economic performance of Brazilian Public Companies. The research was based on Legitimacy Theory and on Disclosure Theory, in relation to information disclosure as an answer to social pressures and to stakeholders needs. 87 companies, which have shares in Bovespa (São Paulo s Stock Market), had been investigated. The subject was investigated based on hypothesis, which environmental disclosure, environmental performance and economic performance are inter-related in a positive and linear way when related to some of the companies characteristics. It ended in the adoption of a simultaneous equations model. Results of the model suggest that there is no significant interrelation between environmental disclosure and environmental and economic performance, related companies characteristics and according to indicators used, as it was observed that the environmental disclosure is influenced by environmental performance and that the economic performance affects the environmental performance, but that environmental disclosure is no influences economic performance. It is suggested that from this study new research is taken, in order to observe the inter-relation observing other variables and other measures for those used.

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.