The impact of litigation risk on corporate prospective disclosure : a review of the empirical literature

We review the literature on the impact of litigation risk (a form of external governance) on corporate prospective disclosure decisions as reflected in management earnings forecasts. From this analysis we identify four key areas for future research. First, litigation risk warrants more attention from researchers; currently it tends to be treated as a secondary factor impacting MEF decisions. Second, it would be informative from a governance perspective for researchers to explore why litigation risk has a differential impact on MEF decisions across countries. Third, understanding the interaction between litigation risk and forecast/firm-specific characteristics is important from management, investor and regulatory perspectives but is currently under-explored Last, research on the litigation risk and MEF attributes link is piecemeal and incomplete, requiring more integrated and expanded analysis.

Cameron's hot air. Pollution, fraud and the politics of carbon emissions

It is widely recognised that exposure to air pollutants affect pulmonary and lung dysfunction as well as a range of neurological and vascular disorders. The rapid increase of worldwide carbon emissions continues to compromise environmental sustainability whilst contributing to premature death. Moreover, the harms caused by air pollution have a more pernicious reach, such as being the major source of climate change and ‘natural disasters’, which reportedly kills millions of people each year (World Health Organization, 2012). The opening quotations tell a story of the UK government's complacency towards the devastation of toxic and contaminating air emissions. The above headlines greeted the British public earlier this year after its government was taken to the Court of Appeal for an appalling air pollution record that continues to cause the premature deaths of 30,000 British people each year at a health cost estimated at £20 billion per annum. This combined with pending legal proceedings against the UK government for air pollution violations by the European Commission, point to a Cameron government that prioritises hot air and profit margins over human lives. The UK's legal air pollution regimes are an industry dominated process that relies on negotiation and partnership between regulators and polluters. The entire model seeks to assist business compliance rather than punish corporate offenders. There is no language of ‘crime’ in relation to UK air pollution violations but rather a discourse of ‘exceedence’ (Walters, 2010). It is a regulatory system not premised on the ‘polluter pay’ principle but instead the ‘polluter profit’ principle.

Eco mafia and environmental crime

This chapter explores the links between organised crime and the environment, and examines the regulatory and environmentalist responses to this growing issue of global concern.

Editorial

In May 2011, the Centre for Crime and Justice Studies published Lessons for the Coalition: an end of term report on New Labour and Criminal Justice (Silvestri, 2011). In that collection I described Labour's performance on environmental issues as ‘too little too late’. The UK experienced a period of Blair/Brown environmental governance that demonstrated ‘symbolic success but real failure’. Amongst New Labour's environmental achievements were the establishment of the Climate Change Act 2008, the creation of the Department of Energy and Climate Change and the establishment of numerous green quangos to oversee and implement a range of environmental policies. However, these steps forward were seemingly threatened by the early days of a Cameron-led coalition where austerity measure, trade and the abolition of green quangos were on the cards. In sum, I concluded ‘future UK government report cards on the environment do not look good’ (Walters, 2011). After two and half years of a Conservative/Liberal Democratic coalition, and much rhetoric about it being ‘the greenest government ever’, the interim report card for the Cameron government on environmental matters is grim reading indeed. The demise of green quangos, record carbon emissions, renewable energies policies stultified, environmental criminality and victimisation all but ignored, and billions of pounds lost to environmental corporate fraudsters are just some of the headlines of Tory inspired governance with much environmental rhetoric and no environmental results.

Feminist criminologies’ contribution to understandings of sex, gender, and crime

This chapter provides an overview of the contribution of feminist criminologies to understandings of the complex intersections between sex, gender and crime. Dozens of scholars and activists have participated in these debates over the past four decades. For our contribution to this handbook, we interviewed ten distinguished scholars whose contributions are recognized internationally. Through the commentary provided by these scholars, this chapter examines some of the distinctive contributions of feminism to our knowledge about sex, gender, and crime, as well as some of the challenges it continues to face in the field of criminology. We conclude that feminist work within criminology continues to face a number of lingering challenges, most notably in relation to the struggle to maintain relevance in a world where concerns about gender inequality are marginalized and considered as historical relics not contemporary issues; where there are on-going tensions around the best strategies for change, as well as difficulties in challenging distorted representations of female crime and violence; and where a backlash, anti-feminist politics seeks to discredit explanations that draw a link between sex, gender, and crime. This chapter critically reviews these lingering challenges—locating feminist approaches (of which there are many) at the centre and not the periphery of advancing knowledge about gender, sex, and crime.

Crime, Justice and Social Democracy : International Perspectives

Crime, Justice and Social Democracy is a provocative and thoughtful collection of timely reflections on the state of social democracy and its inextricable links to crime and justice. Authored by some of the world's leading thinkers from the UK, US, Canada and Australia, with a preface from Professor David Garland of New York University, this volume provides a powerful social democratic critique of neoliberal regimes of governance and crime control on an international scale. Social democratic values raise broad questions about government, ethics, and the exercise of power in criminal justice institutions; each chapter here engages with how this might occur and with what consequences. The contributions to this volume, while critical and hard hitting, also boldly envision a more socially just criminal justice politic. This collection is essential reading for activists, scholars, legislators, politicians and policy makers who are concerned with promoting, imagining and understanding socially sustaining societies.

Green crime and the role of environmental courts

Environmental issues continue to capture international headlines and remain the subject of intense intellectual, political and public debate. As a result, environmental law is widely recognised as the fastest growing area of international jurisprudence. This, combined with the rapid expansion of environmental agreements and policies, has created a burgeoning landscape of administrative, regulatory and judicial regimes. Emerging from these developments are increases in environmental offences, and more recently environmental crimes. The judicial processing of environmental or ‘green’ crimes is rapidly developing across many jurisdictions. Since 1979, Australia has played a lead role in criminal justice processing of environment offences through the New South Wales Land and Environment Court (NSW LEC). This article draws on case data, observations and interviews with court personnel, to examine the ways in which environmental justice is now administered through the existing court structures, and how it has changed since the Court’s inception.

Corporate social responsibility–oriented compliances and SMEs access to global market : evidence from Bangladesh

The convergence of corporate social responsibility (CSR) and corporate governance has immense impact on the participants in global supply chains. The global buyers and retailers tend to incorporate CSR in all stages of product manufacturing within their supply chains. The incorporated CSR thus creates the difficulty to small- and medium-sized manufacturing enterprises (SMEs). Incompetence in standardized CSR practices is an important issue that causes SMEs either losing their scope to access global market directly or serving as subcontractors to large enterprises. This article explores this issue by focusing on Bangladeshi SMEs under the CSR requirement of the important global buyer.

Corporate commitment to sustainability : is it all hot air? An Australian review of the linkage between executive pay and sustainable performance

Across time, companies have increasingly made public commitments to sustainable development and to reducing their impacts on climate change. Management remuneration plans (MRPs) are a key mechanism to motivate managers to achieve corporate goals. We review the MRPs negotiated with key management personnel in a sample of large Australian carbon-intensive companies. Our results show that, as in past decades, the companies in our sample have MRPs in place that continue to fixate on financial performance. We argue that this provides evidence of a disconnection, or ‘decoupling’, between the sustainability-related rhetoric of the sample companies, and their ‘real’ organisational practices and priorities.

Regulating for corporate human rights abuses : the emergence of corporate reporting on the ILO’s human rights standards within the global garment manufacturing and retail industry

Despite the ubiquitous nature of the discourse on human rights there is currently little research on the emergence of disclosure by multinational corporations on their human rights obligations or the regulatory dynamic that may lie behind this trend. In an attempt to begin to explore the extent to which, if any, the language of human rights has entered the discourse of corporate accountability, this paper investigates the adoption of the International Labour Organisation's (ILO) human rights standards by major multinational garment retail companies that source products from developing countries, as disclosed through their reporting media. The paper has three objectives. Firstly, to empirically explore the extent to which a group of multinational garment retailers invoke the language of human rights when disclosing their corporate responsibilities. The paper reviews corporate reporting media including social responsibility codes of conduct, annual reports and stand-alone social responsibility reports released by 18 major global clothing and retail companies during a period from 1990 to 2007. We find that the number of companies adopting and disclosing on the ILO's workplace human rights standards has significantly increased since 1998 – the year in which the ILO's standards were endorsed and accepted by the global community (ILO, 1998). Secondly, drawing on a combination of Responsive Regulation theory and neo-institutional theory, we tentatively seek to understand the regulatory space that may have influenced these large corporations to adopt the language of human rights obligations. In particular, we study the role that International Governmental Organisation's (IGO) such as ILO may have played in these disclosures. Finally, we provide some critical reflections on the power and potential within the corporate adoption of the language of human rights.

Environmental incidents in a developing country and corporate environmental disclosures : a study of a multinational gas company

Purpose – The purpose of this paper is to examine the environmental disclosure initiatives of Niko Resources Ltd – a Canada-based multinational oil and gas company – following the two major environmental blowouts at a gas field in Bangladesh in 2005. As part of the examination, the authors particularly focus on whether Niko's disclosure strategy was associated with public concern pertaining to the blowouts. Design/methodology/approach – The authors reviewed news articles about Niko's environmental incidents in Bangladesh and Niko's communication media, including annual reports, press releases and stand-alone social responsibility report over the period 2004-2007, to understand whether news media attention as proxy for public concern has an impact on Niko's disclosure practices in relation to the affected local community in Bangladesh. Findings – The findings show that Niko did not provide any non-financial environmental information within its annual reports and press releases as a part of its responsibility to the local community which was affected by the blowouts, but it did produce a stand-alone report to address the issue. However, financial environmental disclosures, such as the environmental contingent liability disclosure, were adequately provided through annual reports to meet the regulatory requirements concerning environmental persecutions. The findings also suggest that Niko's non-financial disclosure within a stand-alone report was associated with the public pressures as measured by negative media coverage towards the Niko blowouts. Research limitations/implications – This paper concludes that the motive for Niko's non-financial environmental disclosure, via a stand-alone report, reflected survival considerations: the company's reaction did not suggest any real attempt to hold broader accountability for its activities in a developing country.

Media pressures and corporate disclosure of social responsibility performance information : a study of two global clothing and sports retail companies

This paper investigates the social and environmental disclosure practices of two large multinational companies, specifically Nike and Hennes&Mauritz. Utilising a joint consideration of legitimacy theory and media agenda setting theory, we investigate the linkage between negative media attention, and positive corporate social and environmental disclosures. Our results generally support a view that for those industry‐related social and environmental issues attracting the greatest amount of negative media attention, these corporations react by providing positive social and environmental disclosures. The results were particularly significant in relation to labour practices in developing countries – the issue attracting the greatest amount of negative media attention for the companies in question.

Perceptions of corporate social and environmental accounting and reporting practices from accountants in Bangladesh

Purpose – The aim of this study is to elicit accountants’ perceptions regarding corporate social and environmental accounting and reporting practices in a developing country such as Bangladesh. Design/methodology/approach – Members of the Institute of Chartered Accountants of Bangladesh (ICAB) were surveyed to determine their perceptions on issues pertaining to social and environmental accounting and reporting practices in Bangladesh. Findings – Whilst the findings show that accountants have positive attitudes toward corporate social and environmental accounting, progress is limited, with the absence of ICAB in making any noticeable effort to develop such practices. Research implications – Unlike prior studies, the implications of this study suggest that without international influence, it is less likely that institutional forces in Bangladesh (ICAB and the government) would be effective in dealing with social and environmental accounting and reporting issues. Originality/value – While prior studies advocate proactive roles of the accounting profession, this study argues that proactive roles are less likely to prevail in the context of Bangladesh without direct intervention from institutional and regulatory authorities in the international arena.

Corporate governance as social responsibility : a meta-regulation approach to raise social responsibility of corporate governance in a weak economy

Corporate governance (CG) denotes the rules of business decision-making and directs the internal mechanism of companies to follow the output of the rules. It includes the customs, policies, laws and institutions as a set of processes that affects the way in which a corporation is directed, administered or controlled.

Climate change-related corporate governance information : an explanation of the difference between the supply of and demand for such information

This study investigates the gap between the climate change-related corporate governance information being disclosed by companies, and the information sought by stakeholders. To accomplish this objective we utilised previous research on stakeholder demand for information, and we conducted in-depth interviews with six corporate representatives from major Australian emission-intensive companies. Having gained and documented a rich insight into the potential factors responsible for the current gap in disclosure we find that the existence of an expectations gap; the perceived cost of providing commercially sensitive information; the limited accountability being accepted by the corporate managers; and, a lack of stakeholder pressure together contribute to the lack of disclosure. In highlighting the gap in disclosure, this study suggests strategies to reduce the gap in climate change-related corporate governance disclosures.