Journal articles on the topic 'Disclosure in accounting Australia'
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Louie, Judy, Kamran Ahmed, and Xu-Dong Ji. "Voluntary disclosures practices of family firms in Australia." Accounting Research Journal 32, no. 2 (July 1, 2019): 273–94. http://dx.doi.org/10.1108/arj-04-2016-0042.
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Purpose This paper aims to examine the voluntary disclosure practices of family and non-family listed firms and whether family firms have improved their disclosure practices following the introduction of the Principles of Good Corporate Governance and Best Practice Recommendations in 2003 in Australia. Design/methodology/approach Voluntary disclosures are measured by constructing an index specifically for this study. Such indexes consist of corporate governance disclosure, strategic disclosure and future disclosures. They are then regressed on firm-specific variables while controlling for family and non-family firms. A total of 60 family firms and 60 non-family firms in Australia are randomly chosen from 2001 to 2006 for examining their disclosure practices. Findings The research findings show that family firms disclose information voluntarily to signal to the market regarding their growth potentials and abide by government regulations to improve their reputation. Despite the fact that compliance with the Principles of Good Corporate Governance and Best Practice Recommendations was not compulsory, this paper finds that the recommendation encouraged family and non-family firms to disclose more corporate governance information. Practical implications The findings from this research will help investors and regulators make more strategic decisions on investments and regulations respectively in family firms. Originality/value There has been limited empirical evidence on the disclosure practices and their determinants of family firms in Australia. The study will thus significantly contribute to the current knowledge in this regard.
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McKinnon, Jill. "Corporate disclosure regulation in Australia." Journal of International Accounting, Auditing and Taxation 2, no. 1 (January 1993): 1–21. http://dx.doi.org/10.1016/1061-9518(93)90012-i.
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Thai, Kevin Huu Phat, and Jacqueline Birt. "Do Risk Disclosures Relating to the Use of Financial Instruments Matter? Evidence from the Australian Metals and Mining Sector." International Journal of Accounting 54, no. 04 (December 2019): 1950017. http://dx.doi.org/10.1142/s1094406019500173.
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This paper investigates the value relevance of risk disclosures relating to the use of financial instruments in the Australian metals and mining sector. The metals and mining sector is the largest sector in Australia by the number of companies and includes several of the world’s largest diversified resource producers. Using a manually constructed disclosure index based on AASB 7 Financial Instruments: Disclosures, we find that financial instrument-related risk disclosures provide useful information to equity investors. In terms of individual risk category, liquidity risk is shown to be the most informative risk disclosure. We contribute to a stream of the literature examining the informativeness of risk disclosures. The results of this study have implications for several stakeholders regarding the quality assessment of risk reporting. In addition, the findings are of interest to standard setters since further regulatory changes are under consideration to improve the presentation and disclosure of financial instruments.
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Hassan, Mohamat Sabri, Majella Percy, and Jenny Goodwin-Stewart. "The transparency of derivative disclosures by Australian firms in the extractive industries." Corporate Ownership and Control 4, no. 2 (2007): 257–70. http://dx.doi.org/10.22495/cocv4i2c2p2.
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This paper investigates the transparency of derivative disclosures of Australian firms in the extractive industries using 1998 to 2001 financial reports. The quality of financial reporting has become a major corporate governance issue since the collapse of prominent companies such as Enron in the United States, HIH Insurance in Australia, and, of particular relevance here, Barings PLC in the United Kingdom, where the losses were caused by derivative instruments. Disclosure transparency is an important component of the quality of financial reporting. We measure transparency based on a disclosure index developed from AASB 1033 Presentation and Disclosure of Financial Instruments. We examine the relationship between transparency and firm characteristics represented by size, performance, growth opportunities, auditor and type of extractive firm. The results indicate that the transparency of derivative disclosures among firms in the extractive industries has increased over the period. However, there is still evidence of non-compliance with the disclosure requirements, especially in relation to net fair value. We find that firm size, price-earnings ratio and debt-to-equity ratio, and to a lesser extent, market-to-book ratio and profitability are associated with disclosure transparency.
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Ong, Tricia, Terri Trireksani, and Hadrian Geri Djajadikerta. "Hard and soft sustainability disclosures: Australia’s resources industry." Accounting Research Journal 29, no. 2 (July 4, 2016): 198–217. http://dx.doi.org/10.1108/arj-03-2015-0030.
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Purpose Although studies in corporate sustainability have been vastly growing, there has been an increasing demand for more industry-specific sustainability reporting studies to develop a greater understanding of industry differences in sustainability reporting practice. This study aims to measure the quality of sustainability disclosures in the current leading environmentally sensitive industry in Australia – the resources industry. Design/methodology/approach A scoring index was developed to measure economic, social and environmental aspects of sustainability by integrating the fundamental principles of the hard and soft disclosure items from Clarkson et al.’s (2008) environmental index into the social and economic aspects of the Global Reporting Initiative framework. Subsequently, the index was used to assess sustainability disclosures in the annual and sustainability reports of resources companies in Australia. Findings The main findings show that companies report more of soft disclosure items than the hard ones. It is also found that companies report most sustainability information in the economic aspect rather than the social and the environmental aspects of sustainability. Most companies disclose sustainability information in their annual reports with few companies producing stand-alone sustainability reports. Originality/value This study addresses the need for more industry-specific sustainability studies by focusing on Australia’s resources industry. It also contributes to the lack of an existing tool to measure disclosures based on companies’ true contributions to sustainability by developing a new scoring index for hard and soft sustainability disclosures, which includes all three aspects of sustainability (i.e. economic, environmental and social).
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Rao, Kathyayini Kathy, Roger Leonard Burritt, and Katherine Christ. "Quality of voluntary modern slavery disclosures: top Australian listed companies." Pacific Accounting Review 34, no. 3 (April 1, 2022): 451–78. http://dx.doi.org/10.1108/par-07-2021-0117.
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Purpose There is a growing concern over the need for greater transparency of quality information by companies about modern slavery to contribute toward elimination of the practice. Hence, this paper aims to examine factors behind the quality of voluntary modern slavery disclosures and major sources of pressure on Australian company disclosures in a premodern slavery legislated environment. Design/methodology/approach Content analysis and cross- sectional regression modeling are conducted to analyze factors determining the quality of voluntary modern slavery disclosures of the top 100 firms listed on the Australian Stock Exchange and their implications for institutional pressures. Findings Results indicate that size, assurance by Big-4 firms and publication of stand-alone modern slavery statements are significant drivers of disclosure quality in the sample. Profitability, listing status and the degree of internationalization are found to be unrelated to the quality of voluntary modern slavery disclosures. Industry classification is significant but only partly supports the prediction, and further investigation is recommended. Practical implications This paper provides a foundation for regulators and companies toward improving the quality of their modern slavery risk disclosures with a particular focus on prior experience, assurance and size. In practice, contrary to suggestions in the literature, results indicate that monetary penalties are unlikely to be an effective means for improving the quality of modern slavery disclosure. Results of the study provide evidence of poor quality of disclosures and the need for improvement, prior to introduction of modern slavery legislation in Australia in 2018. It also confirms that regulation to improve transparency, through the required publication of a modern slavery statement, is significant but not enough on its own to increase disclosure quality. Originality/value To the best of the authors’ knowledge, this is the first research examining company level factors with an impact on voluntary modern slavery disclosure quality and the links to institutional pressures, prior to the introduction of the Commonwealth Modern Slavery Act 2018.
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Czernkowski, Robert, Stephen Kean, and Stephen Lim. "Impact of ASX corporate governance guidelines on sustainability reporting." Accounting Research Journal 32, no. 4 (November 4, 2019): 692–724. http://dx.doi.org/10.1108/arj-07-2017-0122.
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Purpose This paper aims to examine the impact of the Australian Securities Exchange Corporate Governance recommendations on the breadth (amount of items covered) of (environmental and social) sustainability reporting by the firms in the Top 100, around the change from G3.1 to G4 disclosure regimes. Design/methodology/approach This paper undertakes comparisons of means and regression models to investigate the changes between disclosure scores of 98 listed entities from the 2013 G3.1 to the 2015 G4 disclosure regimes. Findings This paper finds that average disclosure levels did not change. Nonetheless, disclosure practices did vary by entity size and performance. Analysis of 2015 disclosures contingent on 2013 disclosure practice indicates that disclosure changes are consistent with a pattern of mean reversion. Practical implications Evidence that low disclosers increased disclosure and high disclosers reduced disclosers is consistent with the idea that sustainability disclosure is not so much driven by any ethical considerations, but rather by a desire to not be a disclosure outlier. Reliance on voluntary disclosure to achieve a socially desired level of disclosure is unlikely to bear fruit. Originality/value This paper contributes to the literature on sustainability by examining firm responses to change in disclosure regimes, and concluding that size and peer relativities drive the disclosure process.
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Carson, Elizabeth. "Corporate Governance Disclosure in Australia: the State of Play." Australian Accounting Review 6, no. 12 (September 1996): 3–10. http://dx.doi.org/10.1111/j.1835-2561.1996.tb00010.x.
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Dumay, John, and MD Amir Hossain. "Sustainability Risk Disclosure Practices of Listed Companies in Australia." Australian Accounting Review 29, no. 2 (May 25, 2018): 343–59. http://dx.doi.org/10.1111/auar.12240.
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Tello, Edward, James Hazelton, and Shane Vincent Leong. "Australian corporate political donation disclosures." Accounting, Auditing & Accountability Journal 32, no. 2 (February 18, 2019): 581–611. http://dx.doi.org/10.1108/aaaj-04-2016-2515.
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Purpose A primary tool for managing the democratic risks posed by political donations is disclosure. In Australia, corporate donations are disclosed in government databases. Despite the potential accountability benefits, corporations are not, however, required to report this information in their annual or stand-alone reports. The purpose of this paper is to investigate the quantity and quality of voluntary reporting and seek to add to the nascent theoretical understanding of voluntary corporate political donations. Design/methodology/approach Corporate donors were obtained from the Australian Electoral Commission database. Annual and stand-alone reports were analysed to determine the quantity and quality of voluntary disclosures and compared to O’Donovan’s (2002) legitimation disclosure response matrix. Findings Of those companies with available reports, only 25 per cent reported any donation information. Longitudinal results show neither a robust increase in disclosure levels over time, nor a clear relationship between donation activity and disclosure. The findings support a legitimation tactic being applied to political donation disclosures. Practical implications The findings suggest that disclosure of political donations in corporate reports should be mandatory. Such reporting could facilitate aligning shareholder and citizen interests; aligning managerial and firm interests and closing disclosure loopholes. Originality/value The study extends the literature by evaluating donation disclosures by companies known to have made donations, considering time-series data and theorising the findings.
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Whiting, Rosalind H., and Georgia Y. Birch. "Corporate governance and intellectual capital disclosure." Corporate Ownership and Control 13, no. 2 (2016): 250–61. http://dx.doi.org/10.22495/cocv13i2c1p6.
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This study examines whether facets of corporate governance (board size, proportion of independent directors on the board, board committees, and Big 4 auditor) promote the voluntary disclosure of intellectual capital in annual reports in Australia and New Zealand and whether this is country dependent. Data was collected from OSIRIS and annual reports with disclosure detected through a rigorous electronic word search approach. Statistical testing with OLS regression followed. The presence of nomination committees and a majority of independent directors on the board were found to be significant positive predictors of intellectual capital disclosure in both countries, and larger board sizes in Australian companies enhanced intellectual capital disclosure. These results concur with resource dependency and stakeholder theoretical arguments.
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Christ, Katherine Leanne, Kathyayini Kathy Rao, and Roger Leonard Burritt. "Accounting for modern slavery: an analysis of Australian listed company disclosures." Accounting, Auditing & Accountability Journal 32, no. 3 (March 18, 2019): 836–65. http://dx.doi.org/10.1108/aaaj-11-2017-3242.
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Purpose Given the impending introduction of legislation requiring large Australian listed companies to make supply chain disclosures about modern slavery, the paper aims to reveal current voluntary practice. The purpose of this paper is to provide a benchmark for assessing the current engagement of large companies with modern slavery in Australia. Design/methodology/approach Institutional theory provides the foundation for assessing current voluntary practice in relation to modern slavery disclosures by large Australian listed companies. Content analysis is used to identify quantity and quality of modern slavery disclosures of the top 100 companies listed on the Australian Stock Exchange. The contents of annual and standalone reports available on websites, as well as other online disclosures, are examined using terms associated with modern slavery identified from the literature. Findings Evidence gathered about modern slavery disclosures by ASX 100 companies shows information in annual and standalone reports reveal far less than other disclosures on company websites. Overall, the volume and quality of disclosures are low and, where made, narrative. A wide range of themes on modern slavery are disclosed with bribery and corruption and human rights issues dominant. Although currently in line with institutional theory, as there appear to be mimetic processes encouraging disclosure, results support the idea that legislation is needed to encourage further engagement. Research limitations/implications The paper provides a baseline of understanding about the volume and quality of modern slavery disclosures as a foundation for future research into the practices of Australian companies prior to the signalled introduction of legislation mandating reporting. It also identifies potential lines of research. The sample only examines large Australian listed companies which restricts generalisation from the results. Originality/value This is the first academic research paper to examine quantity and quality of modern slavery disclosures of large Australian companies. Results add support for the introduction of legislation by government.
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Liu, Qiao, and Charl de Villiers. "Does the provision of voluntary corporate social responsibility disclosure influence the cost of equity capital? Evidence from Australia and the United Kingdom." Corporate Ownership and Control 8, no. 4 (2011): 201–13. http://dx.doi.org/10.22495/cocv8i4c1p6.
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The practice of managers of firms making voluntary social disclosures has become widespread. Corporate ownership (shareholders) will be interested to know whether these voluntary social disclosures affect them by influencing the firm’s cost of equity capital. This study investigates the relationship between the voluntary corporate social responsibility disclosure of Australian and UK firms, based on the 2008 KPMG International Survey of Corporate Social Responsibility Reporting and the cost of equity capital based on the Botosan and Plumlee (2005) model. Using a sample of 59 firms ranked in the top 100 of Australian and UK firms, we find that firms making voluntary corporate social responsibility disclosure in compliance with the Global Reporting Initiative Guidelines are associated with an increased cost of equity capital. Our main results are robust to several alternative measures of voluntary corporate social responsibility disclosure. These results can be attributed to two reasons. Firstly, firms making voluntary corporate social responsibility disclosure provide information that allows certain traders to make judgments about a firm’s performance that are superior to the judgments of other traders. As a result, there may be more information asymmetry amongst traders. Secondly, shareholders consider that the information production and proprietary costs associated with voluntary corporate social responsibility disclosure outweighs its potential benefits. Both explanations suggest that investors will impose a higher cost of equity on firms making voluntary corporate social responsibility disclosure. In the additional tests, we show that our main results are robust to alternative measures of voluntary corporate social responsibility disclosure.
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Buckby, Sherrena, Gerry Gallery, and Jiacheng Ma. "An analysis of risk management disclosures: Australian evidence." Managerial Auditing Journal 30, no. 8/9 (October 5, 2015): 812–69. http://dx.doi.org/10.1108/maj-09-2013-0934.
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Purpose – Communication of risk management (RM) practices are a critical component of good corporate governance. Research, to date, has been of little benefit in informing regulators internationally. This paper seeks to contribute to the literature by investigating how listed Australian companies disclose RM information in annual report governance statements in accordance with the Australian Securities Exchange (ASX) corporate governance framework. Design/methodology/approach – To address this study’s research questions and related hypotheses, the authors examine the top 300 ASX-listed companies by market capitalisation at 30 June 2010. For these firms, the authors identify, code and categorise RM disclosures made in the annual according to the disclosure categories specified in ASX Corporate Governance Principles and Recommendations (CGPR). The derived data are then examined using a comprehensive approach comprising thematic content analysis and regression analysis. Findings – The results indicate widespread divergence in disclosure practices and low conformance with the Principle 7 of the ASX CGPR. This result suggests that companies are not disclosing all “material business risks” possibly due to ignorance at the board level, or due to the intentional withholding of sensitive information from financial statement users. The findings also show mixed results across the factors expected to influence disclosure behaviour. While the presence of a risk committee (RC) (in particular, a standalone RC) and technology committee (TC) are found to be associated with some improvement in disclosure levels, the authors do not find evidence that company risk measures (as proxied by equity beta and the market-to-book ratio) are significantly associated with greater levels of RM disclosure. Also, contrary to common findings in the disclosure literature, factors such as board independence and expertise, audit committee independence and the usage of a Big-4 auditor do not seem to impact the level of RM disclosure in the Australian context. Research limitations/implications – The study is limited by the sample and study period selection as the RM disclosures of only the largest (top 300) ASX firms are examined for the fiscal year 2010. Thus, the findings may not be generalisable to smaller firms or earlier/later years. Also, the findings may have limited applicability in other jurisdictions with different regulatory environments. Practical implications – The study’s findings suggest that insufficient attention has been applied to RM disclosures by listed companies in Australia. These results suggest RM disclosures practices observed in the Australian setting may not be meeting the objectives of regulators and the needs of stakeholders. Originality/value – The Australian setting provides an ideal environment to examine RM communication as the ASX has explicitly recommended RM disclosures areas in its principle-based governance rules since 2007 (Principle 7). This differs from other jurisdictions where such disclosure recommendations are typically not provided and provides us with a benchmark to examine the nature and quality of RM disclosures. Despite the recommendation, the authors reveal that low levels and poor RM communication are prevalent in the Australian setting and warrant further investigation.
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Mia, Parvez, Tarek Rana, and Lutfa Tilat Ferdous. "Government Reform, Regulatory Change and Carbon Disclosure: Evidence from Australia." Sustainability 13, no. 23 (November 30, 2021): 13282. http://dx.doi.org/10.3390/su132313282.
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This paper examines the effect of two Australian environmental regulatory changes, specifically the Clean Energy Act (CEA) 2011 and the National Greenhouse and Energy Reporting (NGER) Act 2007 with reference to voluntary corporate carbon disclosure practices. In doing so, it describes the brief history of this carbon-related regulatory change, its scope, enforcement criteria and corporations’ disclosures. This is a longitudinal analysis of 219 annual reports of 73 listed corporations in Australia which were subjected to carbon tax and report carbon emissions as per the CEA 2011 and NGER Act 2007 accordingly. Any corporation or facility that emitted scope 1 emissions of 25,000 tonnes of carbon dioxide equivalent (CO2-e) or more were liable for a carbon tax in accordance with CEA 2011. Drawing on stakeholder theory and legitimacy theory, this study uses content analysis to examine corporate carbon disclosure. The findings suggest there is a considerable increase in the number of carbon-related disclosures following these regulations being enacted as law. In addition, carbon-specific communication has become much more prevalent and accounts for a larger proportion of the sampled organisations’ reported environmental information. The results of this study enrich the validity of the hypothesis that organisations would seek to legitimise their operations to stakeholders by increasing their environment-related declarations. The evidence presented in the analysis confirms the assertion that government environmental legislation/regulation has a positive impact on corporate behaviour and accountability. These findings have significant consequences for the government, decision-makers and the accounting profession, indicating that regulatory guidance enhances both mandatory and voluntary disclosure. It also offers key insights into the possible impacts of the carbon regulatory change for future research to consider.
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Prokofieva, Maria, and Colin Clark. "The effect of press visibility on voluntary disclosure: cross-country evidence." Corporate Ownership and Control 11, no. 3 (2014): 72–82. http://dx.doi.org/10.22495/cocv11i3p5.
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The study investigates the effect of press coverage on voluntary disclosure in the narrative sections of annual reports of Australian and Chinese listed companies. A combination of the legitimacy theory and media agenda setting theory is employed to examine their application in the context of different country-level governance mechanisms, in particularly in Anglo-Saxon (Australia) and Asian (China) economies. The study is based on a sample of 200 listed companies and employs multiple regression analyses. The findings show that press coverage is positively and significantly associated with voluntary disclosure suggesting that closer media attention increases voluntary disclosure. The effect of press coverage is mediated by country-level governance mechanisms, suggesting stronger association in countries with stronger legal enforcement mechanisms
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Hossain, Md Moazzem. "Accounting for biodiversity in Australia." Pacific Accounting Review 29, no. 1 (February 6, 2017): 2–33. http://dx.doi.org/10.1108/par-03-2016-0033.
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Purpose This paper aims to respond to recent calls by Jones (2014) and Jones and Solomon (Accounting, Auditing & Accountability Journal, 2013) for more studies on biodiversity accounting and reporting. In particular, this paper explores biodiversity reporting of the Murray-Darling Basin Authority (MDBA), an Australian public sector enterprise. Design/methodology/approach The paper uses content analysis of MDBA’s published annual reports over the period of 15 years (1998-2012). Archival data (from different government departments) are also used to prepare natural inventory model. Findings The paper finds that although specific species, such as flora and fauna, and habitats-related disclosures have increased over the time, such information still allows only a partial construction of an inventory of natural assets, using Jones’ (1996, 2003) model. However, unlike prior studies that find lack of data availability to be the main impediment for operationalising biodiversity accounting, the abundance of biodiversity data in Australia makes it comparatively easier to produce such a statement. Research limitations/implications Informed by the environmental stewardship framework, the results of this paper suggest that the disclosures made by MDBA are constrained potentially due to its use of traditional accounting mechanisms of reporting that only allow tradable items to be reported to stakeholders. An alternative reporting format would be more relevant to stakeholder groups who are more interested in information regarding quality and availability of water, and loss of biodiversity in the basin area rather than the financial performance of the MDBA. Originality/value Although there are a growing number of studies exploring biodiversity reporting in Australia, this paper is one of the earlier attempts to operationalise biodiversity (particularly habitats, flora and fauna) within the context of an Australian public sector enterprise.
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Kent, Pamela, and Karen Ung. "Voluntary Disclosure of Forward-Looking Earnings Information in Australia." Australian Journal of Management 28, no. 3 (December 2003): 273–85. http://dx.doi.org/10.1177/031289620302800303.
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Hsu, Grace C. M., Peter Clarkson, and Annabelle X. Ouyang. "Do biotechnology and health-care firms have poorer continuous disclosure practices as reflected in ASX queries?" Accounting Research Journal 32, no. 2 (July 1, 2019): 88–112. http://dx.doi.org/10.1108/arj-12-2015-0152.
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Purpose The purpose of this study is to investigate whether biotechnology and health-care firms in Australia have poorer continuous disclosure (CD) practices as reflected in Australian Securities Exchange (ASX) queries relative to other firms. Design/methodology/approach Univariate tests and multivariate logit regressions are used to examine whether the frequency and nature of ASX queries and firms’ replies to price queries differ between biotechnology/health-care firms and the control firms. Findings Results suggest that biotechnology/health-care firms are more likely to receive volume queries and ASX Listing Rule 4.10 queries. They are also more likely to respond to price queries with new information relative to the control firms. However, biotechnology/health-care firms do not otherwise have statistically significantly different CD practice compared to the control firms, as reflected by the frequency and attributes of various types of ASX queries and by the way firms reply to price queries. Practical implications Evidence from this study can help evaluate the adequacy and enforcement of CD requirements and the need for further improvement. Investors can also use the evidence to better understand the information risks associated with investment in the biotechnology/health-care industry. Originality/value Prior research has not used multivariate methods to examine biotechnology/health-care firms’ CD practice in Australia or to examine accounting determinants of different types of ASX queries and firms’ responses to price queries.
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Fu, Yi, Elizabeth Carson, and Roger Simnett. "Transparency report disclosure by Australian audit firms and opportunities for research." Managerial Auditing Journal 30, no. 8/9 (October 5, 2015): 870–910. http://dx.doi.org/10.1108/maj-06-2015-1201.
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Purpose – The purpose of this study is to compare the information disclosed by leading Australian audit firms in their first-time audit firm transparency reports. Australia has mandated the preparation and release of transparency reports by audit firms in 2013 to provide better information to stakeholders about audit firms, their governance and their internal governance systems. These reports promote increased transparency regarding issues which are believed to contribute to audit quality. Design/methodology/approach – The paper takes the form of an archival analysis where the authors summarise the governance and other information for the 21 leading Australian audit firms as disclosed in their first-time 2013 transparency reports. Findings – The authors find that audit firms meet the minimum transparency report disclosure requirements, but have different approaches to governance in the areas which may impact audit quality. These areas include: the internal quality control systems, independence practices, continuing education and partners’ remuneration structures. The authors identify specific areas where transparency reports may give rise to future research opportunities. Originality/value – Australia is one of the first countries to require audit firms to publish transparency reports, and this is the first study to examine these reports. By summarising transparency report disclosures, we present a comprehensive picture of how Australian leading audit firms govern and oversee their business activities. This is useful to transparency report preparers, report users and regulators.
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Hill, Jennifer. "Remuneration Disclosure in Australia and the United States." Corporate Governance 5, no. 2 (April 1997): 60–66. http://dx.doi.org/10.1111/1467-8683.00043.
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Andrew, Nicholas Paul, and Mark Wickham. "The voluntary CSR disclosure in corporate annual reports: Evidence from Australia." Corporate Ownership and Control 8, no. 1 (2010): 49–55. http://dx.doi.org/10.22495/cocv8i1p4.
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The relationship between credible Corporate Social Responsibility (CSR) performance and desirable firm outcomes is well established in corporate governance literature. Over the past two decades in particular, there has been an increased recognition of this relationship in the business community and a concomitant increase in the quantity and detail of CSR activities being voluntarily reported by corporations has been observed. The rationale for the increasing levels of voluntary CSR reporting has been attributed to two main corporate strategies: to conform to the expectations of the society and to socially legitimise their operations to their salient stakeholder groups. Whilst there has been extensive academic interest in the concept of CSR, it has focused almost exclusively on normative definitions of the concept, and/or the presentation of empirical evidence that details „why corporations should report their CSR activities‟ and „what CSR activities they should report‟. What is lacking the literature, however, is a focus on the question as to „how do corporations strategically report their CSR activities?‟ We find that there is evidence to support a „Core/Periphery Model‟ of strategic CSR disclosure, which we feel provides a framework for predicting how corporations will voluntarily disclose their CSR performance given the issues, events and/or crises that affect their industry environments.
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Bayne, Lyndie, and Marvin Wee. "Non-financial KPIs in annual report narratives: Australian practice." Accounting Research Journal 32, no. 1 (May 7, 2019): 7–19. http://dx.doi.org/10.1108/arj-02-2018-0033.
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Purpose The purpose of this paper is to provide preliminary evidence on current practices in non-financial key performance indicator (KPI) reporting in annual reports by listed Australian companies to inform Australian legislators and accounting standard setters contemplating regulations and guidance for non-financial performance disclosure, including input into the revision of IFRS Practice Statement 1: Management Commentary (2010). Design/methodology/approach Non-financial KPIs were hand-collected from the annual report narratives of 40 listed Australian companies from five sectors in 2016. Trends in the type, quantity, comparability and range of non-financial KPIs were analysed, and the association between company characteristics and non-financial disclosure was explored. Findings In total, 78 per cent of the sampled companies disclose non-financial KPIs in their annual reports, reporting 11 non-financial KPIs per company on average. The most common category is Employee, followed by Environment, accounting for 68 per cent of non-financial KPIs. Provision of comparators is low, with only 28 per cent of non-financial KPIs disclosed with prior year results and 24 per cent disclosed with a target. Companies disclose across a median of two out of seven categories. Company size is shown to be associated with non-financial measures. Originality/value The study contributes initial detailed empirical Australian evidence of non-financial KPI reporting practices. A framework is established for assessing non-financial KPI disclosure, adding to voluntary disclosure studies. A data collection method is developed for collecting KPIs from annual report narratives, contributing to the methodology used in voluntary reporting content analysis.
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Soewarso, Endang, Greg Tower, Phil Hancock, and Ross Taplin. "A comparative study of de jure and de facto disclosure between Australia and Singapore." Asian Review of Accounting 11, no. 1 (January 2003): 18–47. http://dx.doi.org/10.1108/eb060761.
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Thomson, Dianne, and Ameeta Jain. "Corporate social responsibility reporting: a business strategy by Australian banks?" Corporate Ownership and Control 7, no. 4 (2010): 213–28. http://dx.doi.org/10.22495/cocv7i4c1p5.
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The growth of voluntary corporate social responsibility (CSR) reporting reflects society‟s expectations for business to set higher ethical standards and to undertake business in a way that meets the profit imperative (the bottom line). Additionally, the community expects socially and environmentally responsible behaviour practices; the so-called triple bottom line approach. The paper briefly reviews the development of corporate social responsibility reporting from the perspective of two large Australian banks and attempts to understand their motivation for voluntary disclosure. Stakeholder theory and game theory provide a means to analyse why banks undertake CSR reporting. The paper compares Westpac and National Australia Bank‟s CSR reporting over the period 2004-2005 utilising external rating agencies and CSR reports to determine the extent of disclosure in relation to employees, environment, community and customers. The paper concludes with a discussion of the pros and cons of CSR, the role of regulation and recommendations for future policy direction.
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Kabir, Humayun, Li Su, and Asheq Rahman. "Firm life cycle and the disclosure of estimates and judgments in goodwill impairment tests: Evidence from Australia." Journal of Contemporary Accounting & Economics 16, no. 3 (December 2020): 100207. http://dx.doi.org/10.1016/j.jcae.2020.100207.
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Lim, Si Jie, Gregory White, Alina Lee, and Yuni Yuningsih. "A longitudinal study of voluntary disclosure quality in the annual reports of innovative firms." Accounting Research Journal 30, no. 01 (May 2, 2017): 89–106. http://dx.doi.org/10.1108/arj-08-2013-0056.
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Purpose This paper aims to measure mean voluntary intellectual capital disclosure (ICD) quality score for a sample of Australian Stock Exchange-listed biotechnology firms in the 2003, 2006 and 2010 reporting periods. The aim was to use data for the same companies over the whole period to discover whether the quality of voluntary reporting practice was improving over time, measuring lagged-mean ICD quality score against possible determinants of management disclosure practice. Design/methodology/approach Mean ICD quality score, and associated frequency data, was measured against possible determinants of managers’ disclosure practice. The dependent variable was an 18-item classification of ICD based on Sveiby’s Intangible Assets Monitor (Sveiby, 1997). Data collected from S&P Capital IQ database were used to compare ICD disclosure quality with possible drivers: competition (capital intensity); performance (profit and market returns); monitoring (audit firm and ownership); and control variables (revenue and leverage). Findings Mean voluntary disclosures of internal capital and external capital lower the quality over time using paired sample t-test comparison against 2003 as a base year. The lowest quality disclosure was about human capital, and the highest quality was about internal capital. Individual disclosure items within internal, external and human capital classification showed that internal capital items (intellectual property, corporate culture, management processes and financial relations) and external capital item (customers) were the significant contributors. Investigation of drivers using Spearman’s correlation against lagged ICD data showed that performance (relative market returns) and monitoring (ownership diffusion) were significant drivers of voluntary ICD, both in expected and unexpected ways. Originality/value Voluntary ICD quality and quantity are rarely measured in the same paper. The findings are unique and interesting especially for innovative Australian R&D firms when compared to recent findings for a larger sample of French companies.
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Phala, Morungwa Lumka, Yaeesh Yasseen, Nirupa Padia, and Waheeda Mohamed. "A comparative study on strategy disclosure between emerging markets and developed markets." Journal of Indian Business Research 11, no. 1 (March 7, 2019): 2–22. http://dx.doi.org/10.1108/jibr-09-2017-0168.
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Purpose This study aims to compare the extent of voluntary strategy disclosure in the annual/integrated reports of listed companies in an emerging market with the extent of strategy disclosure in the annual/integrated reports of listed companies in a developed market. Design/methodology/approach A developed market sample that was made up of the top 50 companies on the New York Stock Exchange and the Australian Stock Exchange was compared to an emerging market sample that was made up of the top 50 companies on the Johannesburg Stock Exchange and the Bombay Stock Exchange. The comparison was conducted by scoring the amount of strategy disclosure reported in the annual/integrated reports of the companies for the years 2011, 2012 and 2013. Findings The emerging market companies had average to good strategy disclosures in their annual reports, whereas the annual reports of companies in the developed market showed low strategy disclosure. Originality/value This study expanded upon the limited research available on strategy disclosure by comparing the extent of strategy disclosures in two developmental markets (the developed and emerging market).
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Mayorga, Diane. "Managing continuous disclosure: Australian evidence." Accounting, Auditing & Accountability Journal 26, no. 7 (September 16, 2013): 1135–69. http://dx.doi.org/10.1108/aaaj-03-2013-1259.
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Saha, Amitav, and Sudipta Bose. "Do IFRS disclosure requirements reduce the cost of capital? Evidence from Australia." Accounting & Finance 61, no. 3 (February 10, 2021): 4669–701. http://dx.doi.org/10.1111/acfi.12744.
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Jain, Ameeta, Monica Keneley, and Dianne Thomson. "Voluntary CSR disclosure works! Evidence from Asia-Pacific banks." Social Responsibility Journal 11, no. 1 (March 2, 2015): 2–18. http://dx.doi.org/10.1108/srj-10-2012-0136.
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Purpose – The purpose of this paper is to evaluate corporate social responsibility (CSR) reporting in six large banks each from Japan, China, Australia and India over the period of 2005-2011. Design/methodology/approach – CSR and banks’ annual reports and websites were analysed using a comprehensive disclosure framework to evaluate the themes of ethical standards, extent of CSR reporting, environment, products, community, employees, supply chain management and benchmarking. Findings – Over the seven years, bank CSR disclosure improved in all four countries. Australian banks were found to have the best scores and Indian banks demonstrated maximum improvement. Despite the absence of legislative requirements or standards for CSR, this paper finds that CSR reporting continued to improve in quality and quantity in the region on a purely voluntary basis. Research limitations/implications – This study indicates that financial institutions have a commitment to CSR activities. The comparison between financial institutions in developed and developing economies suggests that the motivation for such activities is complex. A review of the studied banks suggests that strategic rather than economic drivers are an important influence. Practical implications – Asia-Pacific Governments need not mandate bank CSR reporting standards as the banks improved their CSR reporting consistently over the seven years despite the Global Financial Crisis (GFC). Originality/value – A disclosure framework index is used to assess the comprehensiveness of bank practice in relation to CSR reporting. This approach enables cross-sectional and cross-country comparisons over time and the ability to replicate and apply to other industries or sectors.
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Epper, Mark, and John Charters. "ACCOUNTING FOR EXPLORATION COMPANIES — A FRESH APPROACH." APPEA Journal 32, no. 1 (1992): 445. http://dx.doi.org/10.1071/aj91037.
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This paper is directed at presenting new initiatives to tackle the accounting and financial reporting dilemmas which confront companies involved in petroleum exploration.Accounting for exploration expenditure has always been a sensitive issue for explorers. The single, most contentious, accounting issue for petroleum explorers is the extent to which pre-production expenditures should be capitalised (as an asset in the balance sheet) or expensed (in the profit and loss account). The accounting practices recommended in other major countries are less rigorous than those that are already applied in Australia, at a time when the Australian accounting practices are being criticised for their weakness.Existing Australian accounting standards dealing with the capitalisation of exploration and evaluation expenditure fail the basic tests for quality financial reporting information. The high degree of subjectivity inherent in the application of available accounting methods contributes to the poor investor (and potential investor) perception of the reported financial position of petroleum explorers; the integrity of financial analysis is severely impaired. Ultimately, as the Australian economy emerges from recession, and as both investor confidence and speculative interest return to Australian capital markets, a fresh approach to financial reporting by petroleum explorers will support future capital raising needs.A fresh approach is required because the accounting implications for all companies, including explorers and producers, have changed. All industry participants will need to re-evaluate the amounts included on their balance sheets in relation to exploration interests. In particular, companies and their directors must now consider the 'recoverable amount' of their exploration interests. However, the level of commercial uncertainty in this sector reduces the reliability of any determination of recoverable amount. The response of many companies has been, and will be, to write-off exploration expenditure, or set aside provisions of equivalent amount, so as to reduce the book value of their deferred expenditure, and so reduce their exposure to allegations of asset overstatement.The first part of our fresh approach is to follow the trend towards limited capitalisation of exploration expenditure by recommending that as expenditure is incurred on exploration, a provision be set aside of equivalent amount. In the event that exploration is successful, the provision would be reversed, thereby reinstating the expenditure as a productive asset. Whilst undoubtedly conservative and controversial, implementation of this recommendation will encourage exploration companies to provide more comprehensive supporting information as to drilling and exploration progress.The second part of that fresh approach is to enhance the quality of financial reporting by setting a higher standard of disclosure of oil and gas reserves, with particular emphasis on the consistent disclosure of proved and probable reserves. Current practice does not represent either consistent or high quality disclosure.The final part of our new approach is to require petroleum explorers to provide a prospective (or budgeted) statement of expected sources and applications of funds for the following year, as an integral part of their annual reporting package.
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Kent, Pamela, and Christopher Chan. "Application of stakeholder theory to corporate environmental disclosures." Corporate Ownership and Control 7, no. 1 (2009): 394–410. http://dx.doi.org/10.22495/cocv7i1c3p6.
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Ullmann’s (1985) three-dimensional model of social responsibility disclosure is tested to determine whether it can be operationalized to help explain the quantity and quality of environmental disclosures in Australian annual reports. The stakeholder power dimension of Ullmann’s framework is significant in explaining environmental disclosures while content of the mission statement and existence or otherwise of environmental or social responsibility committees also find strong statistically significant support in the results. Ullmanns’ stakeholder theory has previously been applied to explain social disclosures in general (Roberts, 1992) and is an important theory because it introduces a measure of strategy. The current paper demonstrates how this theory can be applied to a specific social disclosure using variables that are idiosyncratically applicable to the types of disclosures.
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Craswell, Allen T., and Jere R. Francis. "Pricing Initial Audit Engagements: A Test of Competing Theories." Accounting Review 74, no. 2 (April 1, 1999): 201–16. http://dx.doi.org/10.2308/accr.1999.74.2.201.
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Two competing theories of initial engagement audit pricing are examined empirically. DeAngelo's (1981a) model predicts initial engagement discounts in all settings, while Dye's (1991) model specifically predicts discounting will not occur in settings where audit fees are publicly disclosed. Unlike the United States and most countries, audit fees are publicly disclosed in Australia. Our study examines initial engagement pricing in Australia during a time period when comparable U.S. studies report discounts of 25 percent (Ettredge and Greenberg 1990; Simon and Francis 1988). The Australian evidence finds initial engagement discounting only for upgrades from non-Big 8 to Big 8 auditors. Discounting for upgrades to Big 8 auditors is consistent with economic theories of discount pricing by sellers of higher-priced, higher-quality experience goods as an inducement to purchase when uncertainty about product quality is resolved through buying (experiencing) the goods. The evidence in our study is generally consistent with Dye's (1991) conclusion that public disclosure of audit fees precludes initial engagement discounting and the potential independence problems arising from such discounting.
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Elsayih, Jibriel, Qingliang Tang, and Yi-Chen Lan. "Corporate governance and carbon transparency: Australian experience." Accounting Research Journal 31, no. 3 (September 3, 2018): 405–22. http://dx.doi.org/10.1108/arj-12-2015-0153.
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Purpose The purpose of this paper is to explore the association between corporate governance (CG) mechanisms and the extensiveness of carbon disclosure. Design/methodology/approach This paper uses Ordinary Least Squares (OLS) regression model with data from 2009 to 2012 for largest Australian companies that voluntarily disclose their information to the carbon disclosure project. Findings The authors find that board independence, board diversity and managerial ownership are significantly correlated with the degree of carbon transparency, while the existence of environmental committee is not. Practical implications The findings of this paper should be useful for government and capital market regulators who concern the quality of CG and carbon actions. First, the evidence in this paper suggests that current CG practice that emphasize board diversity and independence seems encouraging an environment friendly decision and adopt carbon reduction initiatives. Second, however, the current version of CG codes need more stress on none financial goals that should help corporate executives to balance value enhancement vis-à-vis ecosystem protection. Finally, another implication for policy-makers is CG should be re-structured so as to motivate firms to pursue long-term sustainable development instead of taking short-sight view of firm performance. Originality/value This paper contributes in the increasing body of literature indicating that CG encourages a proactive corporate strategy in general and carbon disclosure in particular. The authors add new empirical evidence which has policy implication that CG should be improved so as to encourage executives to engage in more sustainable development and stakeholder long-term value protection.
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CHAPPLE, LARELLE, and ERNEST CHEUNG. "Disclosure of Proxy Voting Information by Australian Managed Investment Schemes." Australian Accounting Review 15, no. 37 (November 2005): 75–83. http://dx.doi.org/10.1111/j.1835-2561.2005.tb00306.x.
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Wang, Xiaojiao (Jo). "Compliance Over Time by Australian Firms with IFRS Disclosure Requirements." Australian Accounting Review 29, no. 4 (September 9, 2018): 679–91. http://dx.doi.org/10.1111/auar.12267.
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Naughton, James P., Tjomme O. Rusticus, Clare Wang, and Ira Yeung. "Private Litigation Costs and Voluntary Disclosure: Evidence from the Morrison Ruling." Accounting Review 94, no. 3 (July 1, 2018): 303–27. http://dx.doi.org/10.2308/accr-52203.
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ABSTRACT We examine the causal effect of expected private litigation costs on voluntary disclosure using a natural experiment, the Supreme Court ruling in Morrison v. National Australia Bank. Even though this ruling had no effect on what constituted fraudulent conduct for the purpose of securities litigation, it significantly reduced the expected private litigation costs for foreign cross-listed firms by reducing the pool of potential claimants. It did so by eliminating the right of shareholders who purchased shares on non-U.S. exchanges from seeking compensation in U.S. courts. In the post-Morrison period, we find consistent evidence showing a decrease in voluntary disclosure using analyses that exploit the varying impact of the ruling based on both firm- and country-level attributes. Unlike a number of prior studies, we find that the positive relation between litigation and disclosure does not depend on the direction of the news. JEL Classifications: G15; G18; M41. Data Availability: Data are available from the public sources cited in the text.
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Lee, Janet, and Gregory Fisher. "Infrastructure assets disclosure in Australian public sector annual reports." Accounting Forum 28, no. 4 (December 2004): 349–67. http://dx.doi.org/10.1016/j.accfor.2004.08.002.
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Ahmed, Kamran, Muhammad Nurul Houqe, John Hillier, and Steven Crockett. "Properties of analysts’ consensus cash flow forecasts for Australian firms." Accounting Research Journal 33, no. 1 (January 2, 2020): 128–47. http://dx.doi.org/10.1108/arj-11-2017-0197.
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Purpose The purpose of this paper is to determine the properties of analysts’ cash flows from operations (CFO) forecast generated for Australian listed firms as a productive activity, within the wider processes of financial disclosure in Australia. Design/methodology/approach Two categories of criteria are adopted: first, basic predictive statistical performance relative to a benchmark model and earnings forecasts; and second, relevance for equity pricing, as indicated by the market reaction to cash flow or forecast error reactions. The final sample comprised 2,138 observations between 2001 and 2016 and several regression models are estimated to determine the relative performance and market reaction. Findings Analysts’ consensus cash flow forecasts demonstrate poor predictive performance relative to earnings forecasts. Cash flow forecasts are typically naïve extensions of earnings forecasts. Furthermore, cash flow forecasts appear to be of minimal use for equity market participants in complementing earnings forecasts’ role in informing firms’ equity pricing. Practical implications While analysts’ earnings forecasts are useful for making predictions, the role of analysts’ cash flow forecasts in capital market functional efficiency appears quite limited. Originality/value This study is one of few that examines comparative usefulness of analysts’ earnings and cash flow forecasts and their predictive power using the Australian setting. Additionally, it enriches the sparse international literature on such forecasts.
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Barut, Meropy, Jean Raar, and Mohammad I. Azim. "Biodiversity and local government: a reporting and accountability perspective." Managerial Auditing Journal 31, no. 2 (February 1, 2016): 197–227. http://dx.doi.org/10.1108/maj-08-2014-1082.
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Purpose – The purpose of this study is to illuminate the disclosure of biodiversity material contained in the reported information of 151 local government authorities (LGAs) in New South Wales, Australia. The introduction of the 1992 Convention on Biological Diversity (an international treaty to sustain the rich diversity of life on earth) has made the issue of fauna management and monitoring, and the associated requirement for cost-effective information, much more important. As local communities are best placed to make decisions about the protection of their local environments, the content in external reports and other disclosures allows stakeholders to gauge how accountable LGAs are regarding the conservation of biodiversity within their geographical jurisdiction. Design/methodology/approach – Content analysis was used to analyze the disclosures of these LGAs. Findings – The results reveal marked differences in the reporting of biodiversity issues. In fact, LGAs in the state of New South Wales (Australia) have been, at best, lukewarm in their disclosure of strategic information relating to biodiversity, particularly in their strategic goals and plans. Originality/value – This paper contributes to the academic literature on biodiversity reporting by investigating existing reporting practices and providing evidence that a universally adopted framework for biodiversity reporting and reporting of local native fauna is required. In particular, the impacts of these practices need to be properly understood for LGAs to provide accountability to their stakeholders.
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Qian, Wei. "Legitimacy or good governance: What drives carbon performance in Australia." Corporate Ownership and Control 10, no. 3 (2013): 39–48. http://dx.doi.org/10.22495/cocv10i3art4.
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Previous studies present diverse views on carbon performance. The legitimacy perspective posits that external forces from a wide range of stakeholders drives environmental performance change, while the governance perspective posits that strong internal governance structure leads to performance improvement. This study empirically examines the validity of these different perspectives. Using data released by top polluting companies included in the Australian National Greenhouse and Energy Reports (NGER), the study finds that better governance structures are significantly associated with higher carbon performance, but there is no significant relationship between external carbon disclosure and carbon performance. The results suggest that future policy needs to focus more on ensuring strong corporate governance system and encouraging the integration of environmental aspects into governance agenda.
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Hsu, Grace Chia-Man. "Impact of earnings performance on price-sensitive disclosures under the Australian continuous disclosure regime." Accounting & Finance 49, no. 2 (June 2009): 317–39. http://dx.doi.org/10.1111/j.1467-629x.2008.00288.x.
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Borghei, Zahra, Philomena Leung, and James Guthrie. "Voluntary greenhouse gas emission disclosure impacts on accounting-based performance: Australian evidence." Australasian Journal of Environmental Management 25, no. 3 (April 30, 2018): 321–38. http://dx.doi.org/10.1080/14486563.2018.1466204.
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Beck, Cornelia, Geoffrey Frost, and Stewart Jones. "CSR disclosure and financial performance revisited: A cross-country analysis." Australian Journal of Management 43, no. 4 (June 25, 2018): 517–37. http://dx.doi.org/10.1177/0312896218771438.
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The relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) has been the subject of intensive research. However, limitations with this literature include the use of localised samples, poorly specified control variables and self-constructed CSR disclosure measures that may not represent a firm’s actual CSR performance. Answering the call for ‘better’ CSR research in this field, as well as extending research to a cross-country analysis, this study examines the relationship between corporate CSR engagement (measured by diversity in voluntary disclosure practices) and financial performance across three reporting jurisdictions: Australia, Hong Kong and the United Kingdom. We use the Global Reporting Initiative (GRI) framework to rate companies on their CSR engagement and control for actual CSR performance using the Vigeo-Eiris CSR sustainability ratings as the proxy measure. Based on a sample of 116 large public companies, we find evidence that CSR engagement can be indicative of actual CSR performance. We also find evidence of a significant relationship between CSR engagement and financial performance, even after controlling for the CSR performance proxy, firm size, industry-level fixed effects, financial risk and type of assurer. The results appear to be robust across national reporting jurisdictions and alternative CSR metrics constructed from the CSR engagement measure. JEL classification: M41, M14
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Clout, Victoria J. "Corporate boards, monitoring and securities class actions: a pitch." Accounting Research Journal 30, no. 3 (September 4, 2017): 242–48. http://dx.doi.org/10.1108/arj-07-2016-0090.
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Purpose The purpose of this paper is to apply Faff’s (2015) pitch template to a regulatory financial accounting research topic. The author describes her personal reflections on completing the pitch template for this project by investigating corporate boards, monitoring and securities class actions (SCAs) in Australia. The author builds on prior research in this area (Chapple et al., 2014). This study is set within prior literature examining capital markets, corporate governance, continuous disclosure regime and regulatory changes. The market reaction to corporate board changes pre- and post-SCAs is the focus of the examination within the pitch template. The pitch letter contributes to prior literature, as it demonstrates a team with established researchers using the pitch template, while prior papers have documented PhD student usage of the pitch template. Design/methodology/approach The author uses the Faff (2015) pitch template to focus the research team’s ideas into a concisely focused research idea. An earlier version of this pitch was presented at the Centre for International Finance and Regulation Pitching Research Symposium on 29 May 2015 in Sydney to a panel of distinguished professors and participants from market regulators including the Australian Securities and Investments Commission, Reserve Bank of Australia, Australian Prudential Regulation Authority and the financial sector including Colonial First State. Findings It was found that there are benefits to using the pitch template for both established and emerging researchers. Prior pitch papers have primarily been authored by PhD students. This paper’s aim was to provide evidence that established as well as emerging scholars can benefit from completing the Faff pitch template. Originality/value This pitch letter contributes to the research community, as it shows the process and personal reflections on undertaking the pitch exercise by a team including established and emerging researchers. Within this pitch letter there is a documentation of how the research team for the underlying project was formed and the prior experiences of the team.
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Riaz, Zahid. "A hybrid of state regulation and self-regulation for remuneration governance in Australia." Corporate Governance 16, no. 3 (June 6, 2016): 539–63. http://dx.doi.org/10.1108/cg-10-2015-0133.
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Purpose This paper aims to explore an alternative approach to regulation for addressing governance problems relating to director and executive remuneration in publicly listed firms. The author investigates the development of hybrid regulatory framework, composed of state regulation and self-regulation, for remuneration governance in Australia. Design/methodology/approach The synthesis of constructs borrowed from agency and institutional theories and its contextual analysis examines the effectiveness of formal (state regulation) and informal (self-regulation) institutions for the development of a hybrid of regulation. Thereafter, the author examines the impact of hybrid regulation on remuneration disclosure behavior in Australia. Findings The author finds that improvement in disclosure is primarily driven by the establishment of remuneration committees and separate role of chief executive officer (CEO) and chairperson but weakened by the presence of CEO at remuneration committee and presence of remuneration consultant. Originality/value Global crises have called for greater transparency and protection of investors through state regulation alone. However, corporate governance, being a social practice that is shaped by diverse interests, calls for a holistic approach. A useful contribution of this study is that through an in-depth examination into the stages and actors of the government interventions involving the balancing of tension between conflicting forces, it provides insights for developing an effective regulatory hybrid which has greater acceptance for corporate governance. In conclusion, it implies the significance of priming the social arena through active engagement of diverse market forces prior to introducing state regulation.
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Adler, Ralph, Mansi Mansi, Rakesh Pandey, and Carolyn Stringer. "United Nations Decade on Biodiversity." Accounting, Auditing & Accountability Journal 30, no. 8 (October 16, 2017): 1711–45. http://dx.doi.org/10.1108/aaaj-04-2015-2028.
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Purpose The purpose of this paper is to explore the biodiversity reporting practices and trends of the top 50 Australian mining companies before and after the United Nations (UN) declared the period 2011-2020 as the “Decade on Biodiversity”. Design/methodology/approach Using content analysis and interviews, this study compares the extent and type of biodiversity disclosures made by the Australian Stock Exchange’s top 50 metals and mining companies both before and after the UN’s “Decade on Biodiversity” declaration in 2010. Findings A significant increase in the amount of biodiversity reporting is observed between the 2010 fiscal year preceding the UN’s declaration and the 2012 and 2013 fiscal years following the declaration. The findings reveal, however, that the extent of biodiversity reporting is quite variable, with some companies showing substantial increases in their biodiversity reporting and others showing modest or no increases. In particular, the larger companies in the sample showed a statistically significant increase in their disclosures on biodiversity in 2013 compared with 2010, while the increase in biodiversity disclosures by smaller companies was not significant. While interviewees spoke about their companies being more open and transparent, the biodiversity information that is being reported would not enable external parties to assess the company’s biodiversity performance. Research limitations/implications To minimise an organisation’s use of biodiversity reporting as an impression management tool, it is suggested that biodiversity reporting should be more impact based and organisations should provide a report of their activities and their direct and tangible impacts on short-term and long-term biodiversity in and around their operating sites. A possible limitation of the present study pertains to its focus on companies’ voluntary disclosures made in their annual reports and sustainability reports, as opposed to other possible formal or even informal disclosure mediums. Social implications Australia is one of 17 mega-diverse wildlife countries in the world. Finding ways to support the country’s biodiversity framework and strategy are crucial to this continued status. Due to the mining industry’s significant impact on Australia’s biodiversity, a strong need exists for biodiversity reporting by this industry. Furthermore, this reporting should be provided on a site-by-site basis. At present, the reporting aggregation typically conducted by mining companies produces obscure information that is neither useful for stakeholders who are impacted by the mining companies’ activities nor for policymakers who are vested with responsibility for protecting and sustaining the world’s biodiversity. Originality/value This study examines the biodiversity reporting and discourse practices of mining companies in Australia and develops a 50-item biodiversity reporting index to measure the biodiversity reporting practices.
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White, Gregory, Alina Lee, and Greg Tower. "Drivers of voluntary intellectual capital disclosure in listed biotechnology companies." Journal of Intellectual Capital 8, no. 3 (July 31, 2007): 517–37. http://dx.doi.org/10.1108/14691930710774894.
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PurposeThe paper seeks to investigate the key drivers and level of voluntary disclosures in biotechnology company annual reports.Design/methodology/approachThe paper uses an intellectual capital disclosure index score of voluntary disclosures in a large sample of listed biotechnology companies, and tests the relationship between voluntary disclosures of intangible firm value with traditional agency theory variables. The relationships are tested statistically using correlation and multiple‐regression analysis.FindingsThe key drivers of voluntary intellectual capital disclosures were the level of board independence, firm age, level of leverage and firm size. Multiple regression analysis demonstrated that board independence, leverage and size had a significant relationship with the level of voluntary intellectual capital disclosure. Separate regression controlling for large‐sized and small‐sized firms demonstrated that voluntary intellectual capital disclosure was only driven by board independence and the levels of firm leverage in large firms. Small firms did not demonstrate this relationship.Research limitations/implicationsThe implications of this research are that smaller biotechnology companies' managers are not motivated by external debt‐holder demands to make voluntary disclosures about intangible firm value. In addition, large biotechnology companies, which are better able to establish independent board oversight, appear more effective at driving voluntary intellectual capital disclosures, perhaps in response to greater demand by owners. A limitation of this study is its Australian context and that data is analysed only from 2005 financial year annual reports.Originality/valueTo the authors' knowledge this is an original paper whose findings have valuable implications for managing intellectual capital at the firm level. The paper clearly demonstrates that disclosures about intangible firm value is being driven by traditional agency theory variables and more contemporary corporate governance issues, and that small firms may be ignoring the importance of disclosing more about their intellectual capital.
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Tilt, Carol A., and Christopher F. Symes. "Environmental disclosure by Australian mining companies: environmental conscience or commercial reality?" Accounting Forum 23, no. 2 (June 1999): 137–54. http://dx.doi.org/10.1111/1467-6303.00008.
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