Corporate social responsibility and profitability: trade-off or synergy. Structured Abstract PurposeAn abundance of academic studies have been devoted to the investigation of corporate social responsibilities, and although the business world seems to have accepted the general idea that it should be socially responsible, it has never been asked what executives perceive their social responsibilities to be. Additionally, extensive research in an attempt to identify the relationship between corporate social and financial performance by investigating companies' annual and financial reports has shown largely inconclusive results. This paper therefore investigates the insights of corporate executives on both the issues of the social responsibilities of business and the link between Corporate Social Responsibility (CSR) and financial performance. With respect to corporate executives, the authors investigated if there are differences between the perceptions of executives of FTSE 100 and FTSE All Share. Design / Methodological approach The data was collected via online survey and semi-structured interviews with the executives of FTSE All-Share companies. Out of 531 executives, we received 82 responses of a response rate of 17%.We contacted 178 executives representing FTSE100 companies and received 29 responses of a response rate of 17.6%. In order to build a phenomenological approach to our study, we interviewed 4 executives to document their opinions and thoughts. FindingsThe results indicate that the business world holds a narrow view of its social responsibilities whilst maintaining that it is possible to be both profitable and respectful to its stakeholders. The analysis also reveals that socially responsible businesses employ CSR in pursuit of their commercial interests and considers it to be its competitive advantage. Moreover, the business seems to have integrated CSR into all its operations and activities and considers it as a necessity rather than luxury which suggests that CSR and financial performance are in synergy. Originality / value One major contribution of this study is the difference analysed between perceptions of executives of FTSE100 and other FTSE All-Share companies on whether CSR policies and activities are implemented only when extra financial resources are available. This might suggest that FTSE100 companies are more likely to have already integrated CSR into their business strategy and therefore devote financial resources to their CSR programs. Other FTSE All-Share companies, in contrast, might still be regarding CSR as an add-on and therefore spend monies on CSR only when they have extra financial resources available. The similar explanation can be offered for the difference between perceptions of executives of FTSE100 and other FTSE All-Share companies as to whether implementation of CSR policies and activities will increase overheads, increase share prices in the following years and help raise new capital.

Purpose This study aims to investigate the extent to which the provision of non-audit services (NAS) by external auditors to audit clients affects auditors’ independence and the audit expectation gap in Nigeria. Design/methodology/approach The study adopts an interpretivist approach. In total, 30 semi-structured, face-to-face interviews were conducted to explore the views expressed by audit partners and pension fund managers in Nigeria; group responses were evaluated and presented separately. After transcribing the interview audio recordings, a thematic data analysis of the two groups’ responses was performed. Findings Interpretation of the interview responses indicates that the provision of NAS by audit firms to their audit clients is regarded by auditors as a matter of economic necessity. Nevertheless, it is also perceived as impeding auditors’ independence and increasing the gap between the auditor and public expectations. Practical implications This study contributes to the debate surrounding the need for an independent body to oversee auditing standard setting distinct from the current practice to enhance transparency. Originality/value A qualitative analysis of the nuanced responses obtained from the semi-structured interviews reveals starkly the perceived economic pressures on auditors to accept non-audit work. Moreover, it endorses the regulation to restrict non-audit work in support of a sustainable fee level for an independent audit.

Purpose -The purpose of this paper is to explore cultural impact on the harmonisation of Russian Accounting Standards with International Financial Reporting Standards (IFRS). Design/methodology/approach -A theoretical review established that differences still exist between the two sets of accounting standards. For decades, Russia was a socialist state of planned economy. Accounting was a tool of centralised control, and accountants had a job of gathering information for statistical purposes of the government and tax authorities. This led to the development of a "Soviet culture" mindset. Accountants saw their jobs as following prescribed rules. Accounting is seen by Hofstede as a field in which historically developed practices are more important than laws of nature. It is therefore expected that accounting rules and the way they are applied will vary among different national cultures. Hence, Gray tried to explore how Hofstede's national cultural dimensions may explain international differences in accounting. With respect to past research in this area, Nobes argued that "national accounting traditions are likely to continue into consolidated reporting where scope for this exists within IFRS rules". Ding et al. investigated the role of a country's culture and legal origin as an explanation for the differences between local Generally Accepted Accounting Principles (GAAP) and IAS as they were in 2001. The study gathered 53 Russian accountants' attitudes towards reporting under harmonised Russian Accounting Standards through semi structured interviews. Findings -The findings supported the theoretical view of a "Soviet culture" which has an impact on harmonisation of Russian Accounting Standards with the IFRS. Russia's high rankings in such cultural dimensions as power distance, uncertainty avoidance and collectivism have contributed to the development of certain preferences among Russian accountants. Those preferences were for statutory control, uniformity, conservatism and secrecy. Further findings indicate that accountants in Russia display reluctance to disclose financial information to the external users. One of the main reasons was found to be fear of disclosing too much information to competitors. Based on these findings, accountants in Russia display clear signs of preference for secrecy as opposed to transparency, as identified by Gray. Originality/value -One of the contributions of this study is to examine current perceptions of Russian accountants towards financial reporting under new harmonised Russian Accounting Standards based on Rozhnova's study.

The companies investigated are substantially the same in both analyses, but different versions of national standards are compared against international standards. Significant differences in average Book Value of Equity per Share are found after implementation of international standards for both sets of comparisons; and for one set only, at a lower confidence level, significant differences are indicated in the leverage ratio. The major contribution of the paper is the analyses of the differences during the pre and post implementation of international standards.

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