Progress report on longitudinal and cross-sectional study of carbon disclosure strategies: evidence from UK listed companies

Global warming has attracted attention from all over the world and led to the concern about carbon emission. Kyoto Protocol, as the first major international regulatory emission trading scheme, was introduced in 1997 and outlined the strategies for reducing carbon emission (Ratnatunga et al., 2011). As the increased interest in carbon reduction the Protocol came into force in 2005, currently there are already 191 nations ratifying the Protocol(UNFCCC, 2012). Under the cap-and-trade schemes, each company has its carbon emission target. When company’s carbon emission exceeds the target the company will either face fines or buy emission allowance from other companies. Thus unlike most of the other social and environmental issues carbon emission could trigger cost for companies in introducing low-emission equipment and systems and also emission allowance cost when they emit more than their targets. Despite the importance of carbon emission to companies, carbon emission reporting is still operating under unregulated environment and companies are only required to disclose when it is material either in value or in substances (Miller, 2005, Deegan and Rankin, 1997). Even though there is still an increase in the volume of carbon emission disclosures in company’s financial reports and stand-alone social and environmental reports to show their concern of the environment and also their social responsibility (Peters and Romi, 2009), the motivations behind corporate carbon emission disclosures and whether carbon disclosures have impact on corporate environmental reputation and financial performance have not yet to explore. The problems with carbon emission lie on both the financial side and non-financial side of corporate governance. On one hand corporate needs to spend money in reducing carbon emission or paying penalties when they emit more than allowed. On the other hand as the public are more interested in environmental issues than before carbon emission could also impact on the image of corporate regarding to its environmental performance. The importance of carbon emission issue are beginning to be recognized by companies from different industries as one of the critical issues in supply chain management (Lee, 2011) and 80% of companies analysed are facing carbon risks resulting from emissions in the companies’ supply chain as shown in a study conducted by the Investor Responsibility Research Centre Institute for Corporate Responsibility (IRRCI) and over 80% of the companies analysed found that the majority of greenhouse gas (GHG) emission are from electricity and other direct suppliers (Trucost, 2009). The review of extant literature shows the increased importance of carbon emission issues and the gap in the study of carbon reporting and disclosures and also the study which links corporate environmental reputation and corporate financial performance with carbon reporting (Lohmann, 2009a, Ratnatunga and Balachandran, 2009, Bebbington and Larrinaga-Gonzalez, 2008). This study would focus on investigating the current status of UK carbon emission disclosures, the determinant factors of corporate carbon disclosure, and the relationship between carbon emission disclosures and corporate environmental reputation and financial performance of UK listed companies from 2004-2012 and explore the explanatory power of classical disclosure theories.

A study of corporate social responsibility disclosure practices in Saudi Arabia

This paper analyses changes in corporate social responsibility (CSR) reporting practices among Saudi listed companies in the past three years. Using content analysis methodology of annual reports, a sample of 174 annual reports representing 58 Saudi listed companies from different sectors were analysed to investigate the extent of the level of CSR disclosure in the years 2010 to 2012. Our paper focuses on trends of CSR information in the four categories: Environment; Employee; Community and Customer. In developing countries, the CSR disclosure studies are limited and in the case of Saudi Arabia. Overall a significant increase in CSR reporting was observed over that period despite the fact that private-sector companies are still in the early stages of awareness as far as integrating CSR activities into their corporate policies and strategies is concerned.

The role of internal audit in corporate governance and management

This research report is based on a study undertaken in Australia, and aims to evaluate the role of internal audit in corporate governance and management. It identifies the accountability structures and objectives of internal audit, considers the nature of internal audit functions and the extent of application of The Institute of Internal Auditors Standards of Professional Practice, reviews the relationships of the chief audit executives (CAEs) and assesses the nature of financial report risks and other issues covered by internal auditors. The research findings include a diversity of accountability structures for CAEs and a range of internal audit activities, with the application of the IIA Standards being in need of improvement. In conclusion, the researchers make recommendations for improvements in practice to be considered by The Institute of Internal Auditors and other regulating and governing bodies.

Information system development for demolition material management

Proceedings of 12th International Conference on Information Systems and Development, held in Melbourne, Australia, August 29-31, 2003

Inadvertent doping through supplement use by athletes: assessment and management of the risk in Australia

Many athletes report using a wide range of special sports foods and supplements. In the present study of 77 elite Australian swimmers, 99% of those surveyed reported the use of these special preparations, with 94% of swimmers reporting the use of non-food supplements. The most popular dietary supplements were vitamin or mineral supplements (used by 94% of the group), herbal preparations (61%), and creatine (31%). Eighty-seven percent of swimmers reported using a sports drink or other energy-providing sports food. In total, 207 different products were reported in this survey. Sports supplements, particularly supplements presented as pills or other non-food form, are poorly regulated in most countries, with little assurance of quality control. The risk of an inadvertent "positive doping test" through the use of sports supplements or sports foods is a small but real problem facing athletes who compete in events governed by anti-doping rules. The elite swimmers in this survey reported that information about the "doping safety" of supplements was important and should be funded by supplement manufacturers. Although it is challenging to provide such information, we suggest a model to provide an accredited testing program suitable for the Australian situation, with targeted athlete education about the "sports safety" of sports supplements and foods.

Corporate financial disclosure practices in Asian and Middle Eastern countries

This paper investigates the financial disclosure practices of corporate annual reports published in Asian countries including Bangladesh, Indonesian, Malaysia and the Middle East countries including Bahrain, Iran, Jordan, Kuwait, Oman, Pakistan, Qatar, Saudi Arabia and Turkey. The purpose of the study is to measure the financial disclosure diversity in these countries, with a view to developing a classification of their similarities and differences in respect to their compliance with International Accounting Standards (IAS). Annual reports of 126 public companies liisted on the countries' stock exchanges are the central data source, supplemented with other relevant information about financial disclosure practices in each country. A disclosure checklist adopted from all IASs and summarised in 306 individual items of financial disclosures is used as a means of extending an understanding of financial reporting in these countries. Results show the relative degree of conformity with IASs for each of the countries included in this study. 

Pieces of silver : examples of the economic impact and management of the silver gull (Larus novaehollandiae) in Melbourne, Australia

Like a number of gull species, the silver gull Larus novaehollandiae has expanded its population in response to human food subsidy. The major anthropogenic food source is food waste at rubbish tips. Other sources of human food waste are also exploited. Many problems result from the activities of these birds, including human health and safety, economic impacts, and effects on the conservation of other species. My study examines aspects of the economic impacts of the silver gull on the human community of the Greater Melbourne Area comprising approximately 4065 km2 (1569 square miles). My data collection method involves identifying sites where problems have been experienced and completing questionnaires during face to face interviews with the managers of those sites. Data collected at this early stage of the study demonstrate that there are significant, quantifiable economic impacts associated with the superabundance of the silver gull in this area. Other impacts, such as reduced amenity and potential health hazards are equally real but more difficult to quantify. Costs include damage to structures and products, damage prevention measures, and loss of production. Information about the costs of these problems will be presented to the relevant landfill management authorities to encourage them to consider alternative means of disposing of putrescible waste, rather than by open landfill disposal, because even current best practice management of open landfill sites (rubbish tips) provides ample opportunity for silver gulls and certain other bird species to exploit this food source. Controlling access by the silver gull to food at rubbish tips would be an important first step in managing the population of this species.

Toward incorporating human dimensions information into wildlife management decision-making

This paper presents a comparison of values of wildlife held by stakeholder groups and public samples in Victoria, Australia, with a sample of wildlife managers' beliefs about these groups. It also examines the managers' views of the importance of utilizing human dimensions information in their decision-making. In-depth interviews were conducted with wildlife/environmental managers in a sample of state and local government agencies and members of wildlife management stakeholder groups. Questionnaires were used to explore values of wildlife held by stakeholder group members and the Victorian public. There are several instances of interviewed managers misunderstanding the values held by stakeholder groups and subsets of the Victorian public. Such discrepancies can be reduced by incorporating systematically obtained human dimensions information into management decisions. Interviewed wildlife managers appear to appreciate the importance of human dimensions information; however, there was some uncertainty about how it could be applied.

Identifying supply chain management and e-commerce opportunities at PaperCo Australia

Established supply chain management techniques such as Quick Response (QR) or Customer Relationship Management (CRM) have proven the potential benefits of reorganizing an organization’s processes to take advantage of the characteristics of electronic information exchange. As the Internet and other proprietary networks expand, however, organizations have the opportunity to use this enabling infrastructure to exchange other, more varied types of information than traditional electronic data interchange (EDI) messages. This is especially true of companies with global operations and interests, which lead to a more diverse set of trading activities. This case presents the experiences of a large Australian paper products manufacturer in implementing an electronic document exchange strategy for supply chain management, including the drivers for change which spurred their actions, and describes the issues associated with trying to support existing and future requirements for document exchange across a wide variety of trading partners. The experiences of PaperCo will be relevant to organizations with diverse trading partners, especially small to medium enterprises (SMEs).

Cultural impact on Chinese corporate disclosure-a corporate governance perspective

Purpose – The purpose of this preliminary study is to explore the impact of changed cultural environment on the voluntary disclosure behaviour of Chinese listed companies.
Design/methodology/approach – A theoretical framework of the relationship between corporate disclosure and governance forms the basis of the research. A composite checklist of corporate disclosure was developed using relevant corporate governance indices and analyses were carried out on the 2003 financial reports of 120 Chinese listed companies. Six areas of voluntary disclosure of the sample companies were analysed and reported. These areas are: board structure and functioning, employees related issues, director remuneration, audit committee, related party transactions and stakeholder interest.
Findings – The results suggest that as China's cultural and social norms change, there was willingness of Chinese listed companies to provide voluntary information in addition to the disclosure requirements. Information relating to stakeholder interest and employees issues are found more frequently disclosed by listed companies than those which were regarded as sensitive. This is an exploratory study which shows that further research may provide more concrete evidence of the changing corporate disclosure environment in China.
Research limitations/implications – This study based on one year's results and as such has limitation in the interpretation of the results. Further research is necessary to demonstrate the impact of culture in corporate disclosure.
Practical implications – The results have practical implications for professional accountants and auditors to understand further the trend of voluntary disclosure in China. The paper provides some evidence of the changing scene of Chinese corporate governance practice.
Originality/value – This study fulfils a gap in prior research by examining the effect of cultural implications in corporate governance, in an emerging economy. The composite voluntary disclosure checklist will serve a good basis of measurement in corporate disclosure.

Conservation and management of hydromyine rodents in Victoria, Australia

Of the 15 species of native rodents recorded from Victoria, Australia, six became extinct within 70 years of European settlement, and two of the remaining nine are classified as ‘threatened’ and four are classified as ‘near threatened’. Thus, only three species are considered to be adequately conserved. This represents one of the most dramatic mammalian species declines recorded in Australia. All the threatened species belong to the subfamily Hydromyinae, the Australian ‘old endemics’. Of the extinct species, four were recorded only from the semi-arid north-west of the state and two from dry woodlands in the central and southern regions. The two  endangered species are the smoky mouse, which has a disjunct distribution from near-coastal to sub-alpine habitats, and the New Holland mouse, which is the most geographically restricted species. Discovered in Victoria only in 1970, it has become extinct at several locations and is the subject of a major recovery program that includes captive breeding and reintroduction. Conservation protocols and practices for Victoria’s native rodents are implemented under state legislation, but lack of basic ecological information makes their conservation a difficult task.