• The Journal of Asian Finance, Economics and Business
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• 제8권12호
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• pp.191-201
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• 2021

The objective of this research is to investigate how the board of directors' characteristics influence sustainability disclosures with the mediating effect of corporate governance. The independent variables are the characteristics of the board of directors, which consist of the presence of women on the boards, presence of directors aged over 50 years old, education level, education field, board tenure, and compensation. The dependent variable is sustainability disclosures, which is measured by the GRI standard disclosure, whereas the mediator variable is the CG score. Research samples are 460 companies listed on the Stock Exchange of Thailand (SET). Path Analysis is used to examine the correlation between the board of directors' characteristics, CG score, and GRI standard disclosure. The research findings show that senior boards, the education field, and compensation motivation have an effect on sustainability disclosures, whereas corporate governance is a mediator of the effect of the education field of boards on sustainability disclosures. This finding should help shareholders to choose individuals with suitable characteristics to serve on the board of directors, and, as a result, shareholders should anticipate a profitable result to be generated, while the business of the company is conducted in a sustainable way.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.1097-1104
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• 2020

This research seeks to provide evidence about how political connections, proxied by government ownership and the existence of politically connected board members, affect the extent of corporate social responsibility (CSR) disclosures in Indonesian listed companies. This research uses the legitimacy theory as a basis for explaining management's motivation for disclosing its CSR. The sample consists of 131 firm-year observations from 38 non-financial public companies that published sustainability reports from 2013 to 2017. We measured the CSR disclosures using a disclosure checklist on the sustainability reports. We subsequently processed the data using a random effect (RE) linear regression. The result shows that CSR disclosures were greater in government-owned companies but lower in companies that have politically connected board members. The results support the legitimacy theory that the government intends to demonstrate legitimate national economic and political conditions by showing that government-owned companies are sustainable. However, CSR disclosures seem to have a substitutive relationship with the existence of politically connected board members, since those political connections may protect the company from public pressure and/or the risk of litigation, reducing the need for CSR disclosures. This research provides evidence that different types of political connections may have different impacts on corporate disclosures.

• 산업진흥연구
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• 제5권4호
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• pp.39-53
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• 2020

최근 사회혁신기업에 대한 경영공시나 자율경영공시 등 회계의 투명성을 기반으로 한 기업신뢰에 대한 요구가 증가함에 따라 사회혁신기업도 회계 및 세무업무에 대한 직무가 중요해지고 있는 상황에서, 본 연구는 그동안 연구되지 않은 NCS 회계·감사 및 세무분야 직무가 지속가능성에 미치는 영향에 대하여 살펴보았다. 특히 경영공시나 재무제표의 적정성 등에 대한 문제는 회계업무담당자가 얼마나 윤리적으로 업무처리를 수행하는가에 달려있다. 따라서 회계업무담당자의 회계윤리가 NCS 회계·감사 및 세무분야 직무가 지속가능성에 미치는 영향관계에서의 매개역할에 대하여 살펴보았다. 연구대상은 서울, 부산 등 특별시와 광역시에 설립된 사회적기업을 포함하여 사회적협동조합 등 사회혁신기업 50개 기업에서 회계업무를 담당자는 500명을 대상으로 설문을 조사하고, 이중 372개의 유효설문지를 가지고 경로분석을 실시하였다. 분석결과 NCS 회계·감사 및 세무분야 직무는 사회혁신기업의 지속가능성 요소인 경제적 가치와 사회적가치 및 환경적가치에 모두 유의한 영향을 미치고 있다. 또한 NCS 회계·감사 및 세무분야 직무는 회계윤리에도 유의한 영향을 미치며, 회계윤리는 경제적가치를 제외하고 사회적가치와 환경적가치에 유의한 영향을 미치는 것으로 나타났다. 또한, NCS 회계·감사 및 세무분야 직무와 사회혁신기업의 지속가능성 요소 사이에서 회계윤리는 매개효과가 있는 것으로 나타났다. 특히 NCS 회계·감사 및 세무분야 직무와 사회적가치의 관계에서는 완전매개효과 있는 것으로 나타났다.

• The Journal of Asian Finance, Economics and Business
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• 제9권10호
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• pp.137-145
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• 2022

This study aims to test the information content of sustainability reports issued by the most significant telecommunications companies operating in the Kingdom of Saudi Arabia (Stc, Zain, and Mobily), and their compatibility with the national sustainability standards issued by the Ministry of Commerce in the Kingdom of Saudi Arabia in light of the Kingdom's vision 2030, and its impact on the stock exchange indices of these companies. The event study methodology was used to study the impact of publishing sustainability reports on stock prices and the trading volume of these companies' shares in the Saudi stock market during the period from (October 2020 to March 2021). The results indicate a significant impact of the information contained in the sustainability reports on stock prices and trading volume in the stock market, and the importance of directing the company's management towards more disclosure of information about sustainability in its environmental, social, and economic aspects instead of focusing only on information related to the financial performance and economic activity of the company. This encourages the listed companies to disclose the sustainability of the financial reports and standardize the form in which these disclosures are prepared.

• The Journal of Asian Finance, Economics and Business
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• 제7권12호
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• pp.365-376
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• 2020

This study explores whether the implementation of sustainability disclosure can trigger or stimulate the change in the roles of management accountants in adopting organizations in Vietnam as business partners. To do so, it explores the roles of management accountants in integrated reporting (IR) adopting organizations and sustainability reporting (SR) adopting organizations based on the use of the pragmatic constructivism (PC) theoretical framework. In addition, qualitative semi-structured interviews were used to provide an in-depth investigation of management accountants' work in both IR and SR adopting organizations. The empirical findings suggest that the adoption of the IR framework has triggered changes in management accountant roles toward the new business partner roles to support the decision-making process within their organizations. On the other hand, management accountants from SR adopting organizations still work as traditional "bean-counter" roles. Our paper concludes by indicating several propositions based on our empirical findings that can be tested by future researchers from the domain by collecting relevant data. Our study can be seen as a response to the recent call for a more in-depth examination of the practice of sustainability disclosure from the practitioners' perspectives in adopting organizations.

• 한국환경복원기술학회지
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• 제27권1호
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• pp.55-70
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• 2024

The loss of biodiversity poses a significant threat not only to business sustainability and investment risk but also to societal well-being. Nature serves as a crucial driver for long-term business viability and economic prosperity. The Task Force on Nature-related Financial Disclosures (TNFD), established in September 2023, mandates that companies assess and disclose their impacts on nature. Despite this, many businesses lack a full understanding of their reliance on and impact upon natural capital and ecosystem services, leading to insufficient disclosures. This study evaluates the applicability of TNFD's assessment methodologies and indicators within a domestic context, highlighting the condition of nature and ecosystem services, and exploring potential synergies with national biodiversity policies. Our analysis suggests that TNFD necessitates a unique approach to the spatial and temporal data and methodologies traditionally employed in environmental impact assessments. This includes assessing the reciprocal influences of corporate activities on natural capital and ecosystem services via the LEAP framework. Moreover, in industries where the choice of specific indicators depends on unique sectoral traits, developing a standardized strategy for data and assessment indicators-adapted to local conditions-is crucial due to the variability in the availability of assessment tools and data. The proactive engagement of the private sector in ecosystem restoration projects is particularly promising for contributing towards national biodiversity objectives. Although TNFD is in its nascent phase, its global adoption by numerous companies signifies its potential impact. Successful implementation of TNFD is anticipated to deepen businesses' and financial institutions' understanding of natural capital and ecosystem services, thereby reinforcing their commitment to sustainable development.

• 지능정보연구
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• 제29권3호
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• pp.287-316
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• 2023

최근 전 세계적으로 기업의 환경(Environmental)·사회(Social)·지배구조(Governance)의 비재무적 요소를 고려한 지속가능경영이 필수적으로 요구되면서, 각 기업들은 이에 대응할 수 있는 전략적 방향 수립이 중요해지고 있다. 특히 기업이 속한 산업별로 상이한 ESG 이슈에 대한 이해를 바탕으로 산업과 개별 기업의 특성을 반영한 전략을 개발하고 추진할 수 있어야 할 것이다. 이에 본 연구에서는 금융, 제조, IT 분야별로 나누어 주요 국내 기업들의 ESG 보고서와 관련 뉴스 기사를 이용하여 산업별 ESG 동향과 활동을 비교 분석하였다. 키워드 빈도분석과 토픽 모델링을 활용한 분석 결과, 국내 ESG 선도 기업들의 지속가능경영 활동에서의 산업별 차이를 도출 할 수 있다. 금융 분야에서는 '고객 중심 경영'과 '기후 변화 대응', 제조 분야에서는 '지속가능한 공급망 관리'와 '탄소중립', IT 분야에서는 '기술혁신'과 '디지털 책임'이 강조되었다. ESG 요소별 우선 순위가 높은 활동의 예를 들면, 환경 측면에서는 '에너지 절감과 친환경 활동', 사회 측면에서는 '사회공헌과 상생', 지배구조 측면에서는 '이사회 독립성 강화와 리스크 관리' 등으로 나타났다. 더 나아가 산업별 각 ESG 요소의 핵심 이슈 뿐 아니라 ESG 보고서와 뉴스 기사의 내용 유사성 및 차별점도 확인하였다. 연구의 결과는 산업별 동향을 고려한 ESG 경영 전략 및 정책의 방향성을 제시하고 있으며 이는 산업별 ESG 평가체계 수립에도 도움이 될 것으로 기대한다.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.539-549
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• 2021

This study aims to examine the relationship between corporate social responsibility (CSR) expenditures and both financial and non-financial performance of Jordanian commercial banks during the period 2008-2018. To measure the variables of interest, secondary data published on Amman Stock Exchange (ASE) website were processed to become preliminary data suitable for the nature of the study. The study sample amounted to 13 commercial banks, which represent all Jordanian commercial banks listed on ASE.. The study found that there is a positive, statistically significant relationship between CSR expenditures and financial performance, as the study showed that the return on equity (ROE) has a positive and significant relationship with CSR expenditure, while the return on assets (ROA) and Tobin's Q model have a statistically significant negative relationship with CSR expenditure, while the market stock price (MSP) had a positive, but not statistically significant. The study also found that there is a positive, statistically significant relationship between CSR expenditures and non-financial performance, which was represented by total deposits and total training expenditures in Jordanian commercial banks. Accordingly, the study recommends encouraging banks to prepare sustainability reports and CSR reports, which are considered comprehensive, and not only with disclosures within the annual reports.

• 유통과학연구
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• 제14권6호
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• pp.75-80
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• 2016

Purpose - A growing demand for sustainability reporting has placed pressure on firms with non-financial information that affects firm valuation, growth, and development. In particular, a number of researchers have investigated various topics in Corporate Social Responsibility (CSR), non-financial information. Prior studies suggest that CSR may affect corporate outcomes like corporate reporting, financial performance, and disclosures. However, the results from prior studies are not clear whether CSR affects corporate outcomes. This is partially due to the measurement issues with CSR. In this study, we examine whether CSR affects the quality of corporate reporting, one of the popular measures in corporate outcomes. We find an evidence that CSR positively affects the quality of corporate reporting. Research design, data, and methodology - In this study, we collected a unique dataset of CSR from MSCI. Total 169 firms listed in the Korean Stock Exchange from 2011 to 2014 were collected and analysed with the detailed CSR reports. Using a correlation test, we found a weak association between CSR and the quality of corporate reporting. However, the regression tests provided a strong relationship between CSR and the quality of corporate reporting after controlling for other variables that may affect the quality of corporate reporting. Additionally, we calculated the t-statistics based on heteroskedaticity-consistent standard errors (White, 1980). Results - Before we run the regression test, we sort the measures of the two dependent variables into each rating of CSR (from AAA to CCC). The results indicate that the quality of corporate reporting measured by discretionary accruals and performance-matched discretionary accruals monotonically decrease as the CSR ratings increase. This supports our hypothesis. In the regression tests, the coefficient on MJDA (PMDA) is -0.183 (-0.173) and significant at the 5% level. We can interpret the results as CSR affecting the quality of corporate reporting in positive ways. Other coefficients on control variables are consistent with prior studies. For example, the coefficients on both LOSS and LEV are positive and significant at conventional level, meaning that firms with financial difficulty may harm their quality of corporate reporting. Conclusion - We found an evidence that CSR is positively associated with the quality of corporate reporting. This study contributes to the literature in various ways. First, this study extends the line of CSR research by providing additional evidence in the setting of ethical behaviors by managements. This is consistent with the hypothesis and supports the results of prior studies. Second, to the best of my knowledge, this is the first study using the MSCI CSR ratings. In contrast with prior studies using different measures of CSR, the MSCI CSR ratings allow us to provide in-depth analysis. Third, the additional measure of dependent variable (PMDA) allows us to improve the robustness of our results. Overall, the results provided this study to extend the findings in prior studies by providing incremental evidence.