Economic Impact of the Move to Strategic Reporting in the U.K.

Rui-zhe, Wang; Fong, Chua Wai; Simnett, Roger; Zhou, Shan

doi:10.2139/ssrn.3866003

Cited by 3 publications

(5 citation statements)

References 121 publications

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“…Consistent with this view, Hung et al (2013) and Kr€ uger (2015) find a decrease in information asymmetry of affected firms relative to control firms after CSR reporting regulations in China and the UK, respectively. Other studies provide corroborating evidence and show a decrease in information asymmetry and an increase in liquidity after CSR reporting regulations in several other institutional settings (Zhong and Gao, 2017;Krueger et al, 2021;Ernstberger et al, 2020;Wang et al, 2021).…”

Section: Direct Economic Consequencesmentioning

confidence: 70%

“…Other studies provide corroborating evidence and find an increase in CSR disclosure quantity and/or number of reporting firms after CSR reporting regulations in several institutional settings including the EU (Hummel, 2020;Borisova and Andr e, 2020;Ottenstein et al, 2022;Mio et al, 2020), UK (Hummel and R€ otzel, 2019;Hamed et al, 2022), France (Chauvey et al, 2015;Chelli et al, 2018), Italy (Korca et al, 2021), Germany and Italy (Mion and Loza Adaui, 2019), Spain (Criado-Jim enez et al, 2008), Poland (Matuszak and R o_ za nska, 2021), Denmark (Pedersen et al, 2013), China (Wang et al, 2017;Yao et al, 2020), Malaysia (Haji, 2013;Fatima et al, 2015), Australia (Perera et al, 2019;Frost, 2007;Yang et al, 2021a, b) and South Africa (Setia et al, 2015;Wang et al, 2020;Haji and Anifowose, 2016a). These studies, however, find that the effects of the regulations are confined to a group of firmssuch as larger, better corporate governance, more profitable and firms in high-exposure industries as predicted by legitimacy theory (Wang et al, 2017(Wang et al, , 2020(Wang et al, , 2021Haji, 2013;Hummel and R€ otzel, 2019;Haji and Anifowose, 2016a;Chauvey et al, 2015;Yao et al, 2020;Hamed et al, 2022).…”

Section: Reporting and Disclosure Qualitymentioning

confidence: 99%

“…These studies, however, find that the effects of the regulations are confined to a group of firms – such as larger, better corporate governance, more profitable and firms in high-exposure industries as predicted by legitimacy theory (Wang et al. , 2017, 2020, 2021; Haji, 2013; Hummel and Rötzel, 2019; Haji and Anifowose, 2016a; Chauvey et al. , 2015; Yao et al.…”

Section: Consequences Of Csr Reporting Regulationsmentioning

confidence: 99%

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Consequences of CSR reporting regulations worldwide: a review and research agenda

Haji

Coram

Troshani

2022

AAAJ

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PurposeThis study reviews research that examines economic and behavioural consequences of CSR reporting regulations. Specifically, the authors evaluate the impact of CSR reporting regulations on (1) reporting quality, (2) capital-markets and (3) firm behaviour.Design/methodology/approachThe authors first describe the stated objectives and enforcement level of CSR reporting regulations around the world. Second, the authors review over 130 archival studies in accounting, finance, economics, law and management that examine consequences of the regulations.FindingsThe stated objectives and enforcement of CSR reporting regulations vary considerably across countries. Empirical research finds no significant changes in reporting quality and generally concludes that CSR reporting continues to be ceremonial rather than substantive after the regulations – consistent with corporate legitimation and “greenwashing” views. In contrast, growing evidence shows both positive and negative capital-market and real effects of the regulations. Overall, the findings from this review indicate that, on balance, there remains a significant number of questions on the net effects of CSR reporting regulations.Originality/valueThe authors offer a comprehensive review of the literature examining consequences of CSR reporting regulations. The authors identify apparent tensions in studies assessing different outcomes after the regulations: between symbolic reporting and positive capital-market outcomes; between profitability and CSR; and between CSR and the welfare of non-shareholder groups. Additionally, we highlight differences in the scope and stated objectives of CSR regulations across countries, with the regulations often reflecting socio-economic development and national interests of implementing countries. Collectively, our review indicates that institutional details are crucial when considering the design or consequences of CSR reporting regulations and/or standards.

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Section: Direct Economic Consequencesmentioning

confidence: 70%

Section: Reporting and Disclosure Qualitymentioning

confidence: 99%

Section: Consequences Of Csr Reporting Regulationsmentioning

confidence: 99%

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Consequences of CSR reporting regulations worldwide: a review and research agenda

Haji

Coram

Troshani

2022

AAAJ

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“…‫م‬ ‫على‬ ‫اﻻجتماعي‬ ‫اﻹفصاح‬ ‫لتنظيم‬ ‫السابق‬ ‫اﻷثر‬ ‫أن‬ ‫إلى‬ ‫السابقة‬ ‫الدراسات‬ ‫قد‬ ‫اﻹفصاح،‬ ‫ستوى‬ ‫كحجم‬ ‫اﻹفصاحات،‬ ‫لتلك‬ ‫المقدمة‬ ‫اﻷعمال‬ ‫لمنشآت‬ ‫المؤسسية‬ ‫الخصائص‬ ‫ببعض‬ ً ‫مرتبطا‬ ‫جاء‬ ‫بها‬ ‫المطبقة‬ ‫الشركات‬ ‫حوكمة‬ ‫مبادئ‬ ‫وجودة‬ ‫اﻷعمال،‬ ‫منشآت‬ (Haji & Anifowose, 2016;Hummel & Rötzel, 2019;Yao et al, 2020;Wang et al,2021;Hamed et al, 2022) . (Manchiraju & Rajgopal, 2017;Chen, et al, 2018;Grewal, et al, 2019;Sankara, et al, 2019;Elayan, et al, (Lin, et al, 2013;Flugum, et al, 2021;Wang, 2022) .…”

unclassified

“…(Manchiraju & Rajgopal, 2017;Chen, et al, 2018;Grewal, et al, 2019;Sankara, et al, 2019;Elayan, et al, (Lin, et al, 2013;Flugum, et al, 2021;Wang, 2022) . (An & Zhang, 2013;Gormley, et al, 2013;Andreou, et al, 2016;Chen, et al, 2017b;Tee, et (Rossi & Harjoto, 2020;Wang, et al, 2021;Ernstberger, et al, (Xie, et al, 2020;Flugum, et al, 2021;Hu, et al, 2022;Loureiro & Silva, 2022;Duan & Lin, 2022;Reichmann, 2022 (Chen, et al, 2018;Sankara, et al, 2019;Grewal, et al, 2019 Elayan, et al,…”

unclassified

استجابة السوق المالية لتنظيم الإفصاح غير المالي: دليل من واقع تنظيم إفصاحات حوكمة الشركات ببيئة الأعمال المصرية

لبيب¹

2022

التجارة والتمويل

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I examined the stock market response to the regulation of non-financial disclosure of listed firms in EGX, specifically regarding its implications on the information asymmetry and stock price crash risk. Employing an event study, I used two natural events in the Egyptian context to measure the stock market response to the regulation of non-financial disclosure. By using a sample of firms listed in EGX-100 during 2012-2018, results indicated that there is no significant effect of the regulation of non-financial disclosure -that aimed to enhance the reliability of non-financial disclosure -on the information asymmetry, but they documented a negtaive significant effect of the regulation of non-financial disclosure -that aimed to enhance the readability and the comparability of non-financial disclosure -on the information asymmetry. These also documented an adverse effect of the regulation of non-financial disclosure on firms' stock price crash risk. However, the results suggested that the effect of the regulation of non-financial disclosure on firms' stock price crash risk, is not mainly due to its effect on the information environment, but it can be interpreted by its effect on the management incentives to manipulate information or conceal bad news.

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Book Review. Lorenzo Simoni, Business Models and Corporate Reporting: Defining the Platform to Illustrate Value Creation, Routledge, 2022 by Sam Rawsthorne

Pietra¹,

Zambon²

2022

Financial Reporting

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Economic Impact of the Move to Strategic Reporting in the U.K.

Cited by 3 publications

References 121 publications

Consequences of CSR reporting regulations worldwide: a review and research agenda

Consequences of CSR reporting regulations worldwide: a review and research agenda

استجابة السوق المالية لتنظيم الإفصاح غير المالي: دليل من واقع تنظيم إفصاحات حوكمة الشركات ببيئة الأعمال المصرية

Book Review. Lorenzo Simoni, Business Models and Corporate Reporting: Defining the Platform to Illustrate Value Creation, Routledge, 2022 by Sam Rawsthorne

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