Corporate Social Responsibility and Islamic Financial Institutions (IFIs): Management Perceptions from IFIs in Bahrain

Islamic finance is gaining greater attention in the finance industry, and this paper analyses how Islamic financial institutions (IFIs) are responding to the welfare needs of society. Using interview data with managers and content analysis of the disclosures, this study attempts to understand management perceptions of corporate social responsibility (CSR) in IFIs. A thorough understanding of CSR by managers, as evident in the interviews, has not been translated fully into practice. The partial use of IFIs’ potential role in social welfare would add further challenges in the era of financialisation

Has the CSR engagement of electrical companies had an effect on their performance? A closer look at the environment

Even though electrical companies attain a top ranking in the publication of CSR reports, they are often accused of 'green‐washing' due to their bad environmental reputation. The current economic crisis is testing their real CSR commitment more than ever, especially when this goes beyond its economic consequences. Based on a worldwide sample of electrical companies, we are going to study why companies are being socially responsible. We wish to know if it is due to the impact on the firms' performance or whether there are other motives (legitimation, improving their reputation) that lead companies to carry out these practices. We will also consider if it changes across the kind of CSR action considered. The results show that there is an economic justification beyond the socially responsible behaviour of the electrical companies. Additionally, most kinds of CSR action (community, diversity, corporate governance, product responsibility) are also carried out looking for economic rewards. However, the CSR actions oriented to the environment are mainly motivated by their need to improve their image and reverse their negative impact

Environmental disclosure in Spain: Corporate characteristics and media exposure

Social and environmental issues have become a major concern for accounting research over the past two decades. Social and Environmental Accounting has attracted the attention of a number of researchers attempting to understand, explain and predict the disclosure of information on the social and environmental implications of business activities. Empirical research has hypothesized that size, profitability and the potential environmental impact of the firm are the main factors explaining the amount of information disclosed. On the other hand, several studies have focused on the motivations for disclosing environmental information, hypothesizing that disclosures are aimed at building or sustaining corporate legitimacy. We test the main hypotheses developed to date by empirical research with regard to the disclosure of environmental information based on a sample of companies listed on the Madrid Stock Exchange. Results of a content analysis show that firms disclosing environmental information tend to be larger, have higher risk (measured by the beta coefficient) and operate in industries that have a high potential environmental impact. The environmental implications of the activities carried out by these companies also seem to receive more attention from print media. Our results also provide evidence that two factors directly associated with the amount of environmental information disclosed are the potential environmental impact of the industry and the extent of media coverage of the firms

Seasonal and Interannual Variations of the Energy Flux Equator and ITCZ. Part II: Zonally Varying Shifts of the ITCZ

The ITCZ lies at the ascending branch of the tropical meridional overturning circulation, where near-surface meridional mass fluxes vanish. Near the ITCZ, column-integrated energy fluxes vanish, forming an atmospheric energy flux equator (EFE). This paper extends existing approximations relating the ITCZ position and EFE to the atmospheric energy budget by allowing for zonal variations. The resulting relations are tested using reanalysis data for 1979–2014. The zonally varying EFE is found as the latitude where the meridional component of the divergent atmospheric energy transport (AET) vanishes. A Taylor expansion of the AET around the equator relates the ITCZ position to derivatives of the AET. To a first order, the ITCZ position is proportional to the divergent AET across the equator; it is inversely proportional to the local atmospheric net energy input (NEI) that consists of the net energy fluxes at the surface, at the top of the atmosphere, and zonally across longitudes. The first-order approximation captures the seasonal migrations of the ITCZ in the African, Asian, and Atlantic sectors. In the eastern Pacific, a third-order approximation captures the bifurcation from single- to double-ITCZ states that occurs during boreal spring. In contrast to linear EFE theory, during boreal winter in the eastern Pacific, northward cross-equatorial AET goes along with an ITCZ north of the equator. EFE and ITCZ variations driven by ENSO are characterized by an equatorward (poleward) shift in the Pacific during El Niño (La Niña) episodes, which are associated with variations in equatorial ocean energy uptake

Sustainability disclosure and reputation: a comparative study

“This is a post-peer-review, pre-copyedit version of an article published in Corporate Reputation Review. The definitive publisher-authenticated version Corporate Reputation Review 14(2), pp.79-96 is available online at: http://www.palgrave-journals.com/crr/index.html”Drawing on legitimacy theory, we discuss that a company’s reputation is a determinant of sustainability disclosure. Specifically, we consider the concept of reputation into three dimensions for analysis: stakeholders’ commitment, financial performance and media exposure. This paper differs from previous social and environmental reporting studies in that it investigates both internal and external contextual factors that influence disclosure practice. We claim that companies with a good financial performance, that are adopting an active strategic position towards stakeholders and that are exposed to significant public pressure are more likely to use sustainability disclosure in order to communicate their legitimacy to operate to stakeholders. Moreover the paper analyses a wide range of corporate reports for their social and environmental content using an international sample that allows for a comparison of disclosure practices among Continental European, UK and USA companies. Our results show that stakeholder commitment and media exposure are positively associated with sustainability disclosure. Moreover, we find evidence that the drivers of disclosure vary by information type

Sustainable development and stakeholder relations management: Exploring sustainability reporting in the hospitality industry from a SD-SRM approach

ABSTRACT: This paper explores the sustainability reporting of 170 hospitality companies from a SD-SRM approach.The purpose of the study is to ascertain the information that companies disclose in accordance with thesustainable development (SD) and the stakeholder relations management (SRM) theories and to identifythe areas for improvement in the management and reporting practices of sustainability in the hospi-tality industry. The authors use the content analysis method to identify and describe the sustainabilityreporting of hotel chains and independently managed hotels in Spain. The findings show that the sustaina-bility information reported by hospitality companies currently meets the basic principles of a SD-SRMapproach. Nonetheless, the authors also identify areas for improvement, such as the orientation of thereporting to suppliers or the more equilibrated distribution of information among all corporate stake-holders. Based on these findings, the authors consider that the integration of information following theSD-SRM approach described in this paper could facilitate a better compliance of hospitality companieswith the principles of the SD and SRM theories

Corporate reputation in the spanish context: An interaction between reporting to stakeholders and industry.

ABSTRACT: The authors describe the intensity and orientation of the corporate social responsibility (CSR) reporting in four Spanish industries and explore the relationship that exists between both concepts and an independent measurement of reputation for CSR (CSRR). The results demonstrate that the CSR reporting is especially relevant and useful in the finance industry. Finance companies report significantly more CSR information than most industries in Spain, and this reporting is more closely linked to their CSRR than the CSR reporting of basic, consumer goods and services industries. Borra

Does designing environmental disclosure quality measures make a difference?

Assessing the quality of information disclosed by companies is a complex task. Accounting studies usually rely on analysing the content of corporate reports using measures to obtain a proxy for the information reported by companies. However, there is no consensus about the best design for these measures. The objective of the current paper is to investigate if there are significant differences in the results generated from seven alternative measures for assessing the quality of FTSE100 environmental sustainability reporting. Seven measures/indices have been used to assess disclosure quality. The three uni-dimensional measures include two “Quantity measures” and one “Scope measure” that measure the volume and width/coverage of information respectively. Three compound measures are adopted from the literature (Al- Tuwaijri et al. (2004); van Staden and Hooks (2007), and Beretta and Bozzolan (2008), and the final measure is a multi-dimensional quality model, based on the results of a questionnaire ascertaining the perceptions of 86 preparers and 177 users of annual report (AR) and/stand-alone corporate responsibility report (CRR). While the results of the empirical analysis indicate that the measures are significantly correlated, the choice of a specific method can result in the very different ranking of companies. The evidence presented indicates that the choice of measure is of key importance

Environmental and Social Disclosures and Firm Risk

ArticleWe examine the link between a firm’s environmental (E) and social (S) disclosures and measures of its risk including total, systematic, and idiosyncratic risk. While we do not find any link between a firm’s E and S disclosures and its systematic risk, we find a negative and significant association between these disclosures and a firm’s total and idiosyncratic risk. These are novel findings and are consistent with the predictions of the stakeholder theory and the resource based view of the firm suggesting that firms which make extensive and objective E and S disclosures promote corporate transparency that can help them build a positive reputation and trust with its stakeholders, which in turn can help mitigate the firm’s idiosyncratic/operational risk. These findings are important for all corporate stakeholders including managers, employees, and suppliers who have a significant economic interest in the survival and success of the firm

Coercive Pressures and Anti-corruption Reporting: The Case of ASEAN Countries

This paper aims to investigate the extent of anti-corruption reporting by ASEAN companies and examine whether coercive factors influence the level of disclosure. The authors adopt indicators from the Global Reporting Initiative version 4.0 to measure the extent of anti-corruption disclosures in 117 companies’ reports. Informed by a coercive isomorphism tenet drawn from the institutional theory, the authors propose that several institutional factors influence the extent of their voluntary disclosures. The findings reveal that a large degree of variability difference between the average levels of anti-corruption disclosure in Thailand (434 words) and the Philippines (149 words). The dependence on government tenders and foreign ownership are associated with the level of disclosure. Surprisingly, the United Nation Global Compact membership is not a significant determinant of anti-corruption reporting. This signifies that the membership in the international initiative does not correspond to individual company’s commitment to disclose anti-corruption information. In spite of significant efforts undertaken by global organizations to combat corruption, the level of anti-corruption disclosure is significantly different among the four countries under study. The disclosure of sensitive information such as the confirmed incidences of corruption cases requires careful consideration by the top management as it is subjected to legal implications and reputational risks. Thus, impression management can complement the coercive pressure in explaining the level of anti-corruption reporting. This study is among the first studies which explores the association between coercive factors and the level of anti-corruption disclosure in ASEAN region