Jill F Atkins - Academia.edu (original) (raw)
Papers by Jill F Atkins
Business Relationships, Accountability, …, 2002
... Acknowledgements: We would like to take this opportunity to thank a number of people who have... more ... Acknowledgements: We would like to take this opportunity to thank a number of people who have provided helpful comments and suggestions on drafts of this paper including Rebecca Boden, Mark Clatworthy, John Holland, Michael Jones, Robert Luther, Christine Mallin ...
Business Strategy and the Environment
Adopting a theoretical framework from social narrative therapy, this paper examines how new reali... more Adopting a theoretical framework from social narrative therapy, this paper examines how new realities are being constantly created as the corporate narrative is rewritten or ‘re‐storied’ through engagement between NGO–therapists and corporate–clients. Detailed interviews are conducted with 21 NGOs operating in a developing economy and working with local and multi‐national companies. The research reveals how the relationship between NGOs and companies has shifted from an adversarial one (reported in earlier studies) to one characterised by constructive dialogue, facilitation and mediation. The engagements have ‘therapeutic’ properties and offer one solution for tackling the impacts which modern business practices are having on biodiversity. An extensive review of narrative and social constructionist perspectives across business ethics, organisations and accounting is beyond the scope of this paper. The discussion and analysis are limited to the application of narrative approaches to ...
Jean Monnet Module - Sustainable Finance: Roundtable Focusing on Investor Engagement, ESG and COVID-19, Jul 29, 2020
Business Strategy and the Environment, 2020
This paper seeks to contribute to the existing business strategy and the environment literature b... more This paper seeks to contribute to the existing business strategy and the environment literature by investigating the disclosure practices of biodiversity/extinction (B/E) and threatened species. We use greenwashing theory to understand global companies' motivation to report on B/E information. Data are collected from 200 Fortune Global companies for 3 years. We develop our comprehensive 53 disclosure index and create and test OLS regression model to measure the relationships between B/E disclosures and its determinants factors including environmental performance, industry sector, country, assurance, environmental awards, presence of biodiversity partners, and the number of species' related disclosure. Our results reveal that there are positive significant relationships between B/E disclosure and assurance provided by the Big 4: gaining an environmental award, companies from high biodiversity risk sectors, developing countries, presence of biodiversity partners, and how many ...
SSRN Electronic Journal, 2019
Accounting, Auditing & Accountability Journal, 2019
Purpose The purpose of this paper is to investigate why environmentally-sensitive companies still... more Purpose The purpose of this paper is to investigate why environmentally-sensitive companies still face criticism despite the extensive disclosures in their annual reports. This paper explores the extent of site-specific social, environmental and ethical (SEE) reporting by mining companies operating in Ghana. Design/methodology/approach The authors conduct an interpretive content analysis of the annual/integrated reports of mining companies for the years 2009–2014 to extract site-specific SEE information relating to the companies’ mining operations in Ghana. The authors also theorise these actions using the existentialist work of Jean-Paul Sartre, in particular his work on “bad faith, nothingness and authenticity”. Findings The findings suggest that SEE information disclosure at site-specific level remains problematic because of bad faith and inauthenticity by mining companies attempting to placate a range of stakeholders. Bad faith represents a form of self-deception or internal den...
Accounting, Auditing & Accountability Journal, 2018
Purpose The purpose of this paper is to explore a possible framework for extinction accounting wh... more Purpose The purpose of this paper is to explore a possible framework for extinction accounting which builds on but also extends significantly the existing GRI guidelines relating to species identified by the International Union for the Conservation of Nature Red List as under threat of extinction. Design/methodology/approach The paper analyses disclosures relating to rhinoceros conservation and protection produced by top South African-listed companies in order to assess the current state of “extinction accounting”. Following this analysis, the authors explore and discuss a potential framework for extinction accounting which may be used by companies to demonstrate their accountability for species and disclose the ways in which they are working alone, and in partnerships, to prevent species extinction. Findings Corporate disclosures relating to rhinoceros may be interpreted as emancipatory. The authors identify several disclosure themes dealing with rhinoceros in integrated and sustai...
This study analyses the annual reports of 10 major South African companies listed on the Johannes... more This study analyses the annual reports of 10 major South African companies listed on the Johannesburg Stock Exchange (JSE) to assess the impact of the required introduction of integrated reporting on social, environmental and ethical reporting. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, firstchoice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We support our 154,000 members and 432,000 students throughout their careers, providing services through a network of 83 offices and centres. Our global infrastructure means that exams and support are delivered, and reputation and influence developed, at a local level, directly benefiting stakeholders wherever they are based, or plan to move to, in pursuit of new career opportunities. Our focus is on professional values, ethics, and governance, and we deliver value-added services through our global accountancy partnerships, working closely with multinational and small entities to promote global standards and support. We use our expertise and experience to work with governments, donor agencies and professional bodies to develop the global accountancy profession and to advance the public interest. Our reputation is grounded in over 100 years of providing world-class accounting and finance qualifications. We champion opportunity, diversity and integrity, and our long traditions are complemented by modern thinking, backed by a diverse, global membership. By promoting our global standards, and supporting our members wherever they work, we aim to meet the current and future needs of international business.
Accounting, Auditing & Accountability Journal, 2015
Link to publication on Research at Birmingham portal General rights Unless a licence is specified... more Link to publication on Research at Birmingham portal General rights Unless a licence is specified above, all rights (including copyright and moral rights) in this document are retained by the authors and/or the copyright holders. The express permission of the copyright holder must be obtained for any use of this material other than for purposes permitted by law. • Users may freely distribute the URL that is used to identify this publication. • Users may download and/or print one copy of the publication from the University of Birmingham research portal for the purpose of private study or non-commercial research. • User may use extracts from the document in line with the concept of 'fair dealing' under the Copyright, Designs and Patents Act 1988 (?) • Users may not further distribute the material nor use it for the purposes of commercial gain. Where a licence is displayed above, please note the terms and conditions of the licence govern your use of this document. When citing, please reference the published version. Take down policy While the University of Birmingham exercises care and attention in making items available there are rare occasions when an item has been uploaded in error or has been deemed to be commercially or otherwise sensitive.
Meditari Accountancy Research, 2015
Purpose– This paper aims to provide evidence to suggest that private social and environmental rep... more Purpose– This paper aims to provide evidence to suggest that private social and environmental reporting (i.e. one-on-one meetings between institutional investors and investees on social and environmental issues) is beginning to merge with private financial reporting and that, as a result, integrated private reporting is emerging.Design/methodology/approach– In this paper, 19 FTSE100 companies and 20 UK institutional investors were interviewed to discover trends in private integrated reporting and to gauge whether private reporting is genuinely becoming integrated. The emergence of integrated private reporting through the lens of institutional logics was interpreted. The emergence of integrated private reporting as a merging of two hitherto separate and possibly rival institutional logics was framed.Findings– It was found that specialist socially responsible investment managers are starting to attend private financial reporting meetings, while mainstream fund managers are starting to...
The British Accounting Review, 2015
This study investigates the logics or values that shape the social and environmental reporting (S... more This study investigates the logics or values that shape the social and environmental reporting (SER) and SER assurance (SERA) process. The influence of logics is observed through a study of the conceptualisation and operationalisation of the materiality concept by accounting and non-accounting assurors and their assurance statements. We gathered qualitative data from interviews with both accounting and non-accounting assurors. We analysed the interplay between old and new logics that are shaping materiality as a reporting concept in SER. SER is a rich field in which to study the dynamics of change because it is a voluntary, unregulated, qualitative reporting arena. It has a broad, stakeholder audience, where accounting and non-accounting organisations are in competition. There are three key findings. First, the introduction of a new, stakeholder logic has significantly changed the meaning and role of materiality. Second, a more versatile, performative, social understanding of materiality was portrayed by assurors, with a forward-looking rather than a historic focus. Third, competing logics have encouraged different beliefs about materiality, and practices, to develop. This influenced the way assurors theorised the concept and interpreted outcomes. A patchwork of localised understandings of materiality is developing. Policy implications both in SERA and also in financial audit are explored.
Social Responsibility Journal, 2008
PurposeAn important outcome of the UK Company Law Review (CLR) involved draft regulations for a m... more PurposeAn important outcome of the UK Company Law Review (CLR) involved draft regulations for a mandatory operating and financial review (OFR). The unprecedented abandonment of this mandatory OFR in November 2005 threw debate about the genuine motivations underlying the CLR into disarray. This paper seeks to reinterpret the abandonment of a mandatory OFR using interview research.Design/methodology/approachThe authors conducted a series of 24 interviews with companies from the FTSE100 between May and August 2004, prior to the abandonment.FindingsThe interviews showed that the OFR was perceived as an appropriate vehicle for social and environmental reporting (SER). The interviewees considered that a mandatory OFR would provide a means of forcing SER into the mainstream and making it mandatory at a basic level. The interviews revealed that processes for the identification of material SER differ widely between organisations, ranging from embryonic to highly structured. Further, intervie...
A number of theoretical lenses have been used to explain voluntary social and environmental repor... more A number of theoretical lenses have been used to explain voluntary social and environmental reporting (SER) including legitimacy theory, stakeholder theory and political economy theory. Recent theoretical work in the SER area suggests that the risk society theory presents an appropriate alternative theoretical framework. According to the risk society theoretical framework, risks have evolved from manageable, identifiable, insurable risks into imperceivable, uninsurable, high consequence risks. Many high consequence risks relate directly to corporate behaviour in the social, ethical and environmental domain, such as global warming. The risk society framework is also characterised by a general decline in trust in institutions and organisations. This paper contributes to the SER literature by providing empirical evidence to support a risk society theory of voluntary SER. By engaging directly with 24 corporate social responsibility managers within UK listed companies, we show that risk is driving them to produce voluntary SER. The paper provides empirical evidence that SER is emerging as a mechanism for reducing risk and anxiety, through the nurturing of trust relationships between companies and their stakeholders. The interviews reveal that building and maintaining trust in shareholder and stakeholder relationships is a primary motivation for SER and that SER is a means of engaging in dialogue with the company's stakeholders. Companies are, from a risk society perspective, implementing SER as a risk management mechanism. We also find from the interviews that voluntary SER is motivated far more by its link with financial performance, through reputation enhancement, than by a genuine desire to enhance social justice.
Corporate Governance: An International Review, 2002
South Korea, one of East Asia’s most powerful tigers before the 1997 financial crisis, is in the ... more South Korea, one of East Asia’s most powerful tigers before the 1997 financial crisis, is in the process of extensive corporate governance reform. The excessive debt financing of the chaebol and the lack of accountability prevalent in Korea’s corporate governance system have been blamed for the country’s economy succumbing to the crisis. The current process of reform is taking place within a global agenda for corporate governance harmonisation, reflected in the publication of internationally acceptable principles for “good” corporate governance by, for example, the OECD and CalPERS. In this paper we present and analyse the findings of a questionnaire survey and a series of interviews conducted in Korea which canvassed the views of fund managers. Our findings indicate that Korea’s financial institutions support initiatives to reform the country’s corporate governance system. Further, they agree strongly that: investor relations need to be improved; chaebol’s accountability to shareho...
Corporate Governance: An International Review, 2002
South Korea is currently undergoing reform of its corporate governance (CG) system, reflecting at... more South Korea is currently undergoing reform of its corporate governance (CG) system, reflecting attempts to harmonise at a global level. Since the financial crisis in 1997, the need for reform has been emphasised and the Government is leading a policy which targets the traditional structure of the chaebol, as well as the system of corporate ownership and control in South Korea. In this paper, we outline the traditional system of CG in South Korea and review the broad agenda for CG reform which is currently taking place. From our review, we develop a conceptual framework which makes the implicit CG reforms in South Korea explicit. The framework comprises two inter–related models which represent the forces driving reform, the need for reform and the specific initiatives instrumental to reform. On the basis of our review and conceptual framework, we conclude by making a number of policy recommendations for the future direction of CG reform in South Korea. Specifically, we suggest a poli...
Corporate Governance, 2003
In my lifetime, American business has never been under such scrutiny, and to be blunt, much of it... more In my lifetime, American business has never been under such scrutiny, and to be blunt, much of it is deserved." Henry Paulson, CEO, Goldman Sachs.
Corporate Governance: An International Review, 2004
In this paper we review the growth of socially responsible investment (SRI) in the UK and in Japa... more In this paper we review the growth of socially responsible investment (SRI) in the UK and in Japan. We consider the various factors which have given rise to the growth of SRI in both countries. As SRI is currently more mature in the UK than in Japan, we consider ways in which the UK experience may provide some lessons for the growth of SRI in Japan. Significantly, we consider that the use of corporate governance mechanisms such as engagement and dialogue by large shareholders, to solve social, ethical and environmental (SEE) problems in companies, is a realistic route for the development of SRI in Japan. However, these mechanisms need to be designed so that they may operate more efficiently. Pension funds and other investment institutions need to appreciate the value of engagement over screening as an SRI stra‐tegy. Further, the disclosure of SRI strategies by pension funds in Japan may contribute to enhancing consciousness about the responsibility of shareholders for the SEE outcom...
Corporate Governance: An International Review, 2003
In this paper we present empirical evidence on the attitudes of Taiwanese company directors on th... more In this paper we present empirical evidence on the attitudes of Taiwanese company directors on the role and function of the board of directors in Taiwanese corporate governance. Our findings arise from a questionnaire survey distributed to the directors of a sample of companies listed on the Taiwanese Securities Exchange (TSE). Our findings provide a picture of the current state of corporate governance in Taiwan. The respondents indicate that the board of directors constitutes the most important instrument in Taiwanese corporate governance and our findings endorse the important role played by outside directors in the corporate governance system in Taiwan. Furthermore, the respondents endorsed the agency theory perspective on corporate governance as they considered the presence of outside directors improved corporate accountability to shareholders. There is, however, evidence that few companies have created remuneration and audit committees. We also found that Taiwanese directors are...
The British Accounting Review, 2000
During the last decade an implicit conceptual framework for internal control and corporate risk m... more During the last decade an implicit conceptual framework for internal control and corporate risk management has arisen from risk management practice and policy within UK companies. An explicit conceptual framework for risk management is now emerging and is expressed in the Turnbull Report. In this paper, we develop a diagrammatic representation for the conceptual framework for internal control, risk management and risk disclosure. We consider the recent practical and policy developments in the disclosure of risk-related information in order to establish the current state of the art of corporate risk disclosure. Thus, we focus only on the disclosure aspect of the conceptual framework for internal control. We use a questionnaire survey to canvas the attitudes of UK institutional investors towards risk disclosure in relation to their portfolio investment decisions. Our empirical findings indicate that institutional investors do not generally favour a regulated environment for corporate risk disclosure or a general statement of business risk. The respondents agree that increased risk disclosure would help them in their portfolio investment decisions. However, for other aspects of the risk disclosure issue they are more neutral in attitude. Further, we found that the variation in the attitudes of institutional investors appears to be associated with the characteristics of the funds they manage as well as with their investment horizons. Further, we find that institutional investors' perceptions of corporate governance are related to their investment horizons, among other factors.
Business Relationships, Accountability, …, 2002
... Acknowledgements: We would like to take this opportunity to thank a number of people who have... more ... Acknowledgements: We would like to take this opportunity to thank a number of people who have provided helpful comments and suggestions on drafts of this paper including Rebecca Boden, Mark Clatworthy, John Holland, Michael Jones, Robert Luther, Christine Mallin ...
Business Strategy and the Environment
Adopting a theoretical framework from social narrative therapy, this paper examines how new reali... more Adopting a theoretical framework from social narrative therapy, this paper examines how new realities are being constantly created as the corporate narrative is rewritten or ‘re‐storied’ through engagement between NGO–therapists and corporate–clients. Detailed interviews are conducted with 21 NGOs operating in a developing economy and working with local and multi‐national companies. The research reveals how the relationship between NGOs and companies has shifted from an adversarial one (reported in earlier studies) to one characterised by constructive dialogue, facilitation and mediation. The engagements have ‘therapeutic’ properties and offer one solution for tackling the impacts which modern business practices are having on biodiversity. An extensive review of narrative and social constructionist perspectives across business ethics, organisations and accounting is beyond the scope of this paper. The discussion and analysis are limited to the application of narrative approaches to ...
Jean Monnet Module - Sustainable Finance: Roundtable Focusing on Investor Engagement, ESG and COVID-19, Jul 29, 2020
Business Strategy and the Environment, 2020
This paper seeks to contribute to the existing business strategy and the environment literature b... more This paper seeks to contribute to the existing business strategy and the environment literature by investigating the disclosure practices of biodiversity/extinction (B/E) and threatened species. We use greenwashing theory to understand global companies' motivation to report on B/E information. Data are collected from 200 Fortune Global companies for 3 years. We develop our comprehensive 53 disclosure index and create and test OLS regression model to measure the relationships between B/E disclosures and its determinants factors including environmental performance, industry sector, country, assurance, environmental awards, presence of biodiversity partners, and the number of species' related disclosure. Our results reveal that there are positive significant relationships between B/E disclosure and assurance provided by the Big 4: gaining an environmental award, companies from high biodiversity risk sectors, developing countries, presence of biodiversity partners, and how many ...
SSRN Electronic Journal, 2019
Accounting, Auditing & Accountability Journal, 2019
Purpose The purpose of this paper is to investigate why environmentally-sensitive companies still... more Purpose The purpose of this paper is to investigate why environmentally-sensitive companies still face criticism despite the extensive disclosures in their annual reports. This paper explores the extent of site-specific social, environmental and ethical (SEE) reporting by mining companies operating in Ghana. Design/methodology/approach The authors conduct an interpretive content analysis of the annual/integrated reports of mining companies for the years 2009–2014 to extract site-specific SEE information relating to the companies’ mining operations in Ghana. The authors also theorise these actions using the existentialist work of Jean-Paul Sartre, in particular his work on “bad faith, nothingness and authenticity”. Findings The findings suggest that SEE information disclosure at site-specific level remains problematic because of bad faith and inauthenticity by mining companies attempting to placate a range of stakeholders. Bad faith represents a form of self-deception or internal den...
Accounting, Auditing & Accountability Journal, 2018
Purpose The purpose of this paper is to explore a possible framework for extinction accounting wh... more Purpose The purpose of this paper is to explore a possible framework for extinction accounting which builds on but also extends significantly the existing GRI guidelines relating to species identified by the International Union for the Conservation of Nature Red List as under threat of extinction. Design/methodology/approach The paper analyses disclosures relating to rhinoceros conservation and protection produced by top South African-listed companies in order to assess the current state of “extinction accounting”. Following this analysis, the authors explore and discuss a potential framework for extinction accounting which may be used by companies to demonstrate their accountability for species and disclose the ways in which they are working alone, and in partnerships, to prevent species extinction. Findings Corporate disclosures relating to rhinoceros may be interpreted as emancipatory. The authors identify several disclosure themes dealing with rhinoceros in integrated and sustai...
This study analyses the annual reports of 10 major South African companies listed on the Johannes... more This study analyses the annual reports of 10 major South African companies listed on the Johannesburg Stock Exchange (JSE) to assess the impact of the required introduction of integrated reporting on social, environmental and ethical reporting. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, firstchoice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We support our 154,000 members and 432,000 students throughout their careers, providing services through a network of 83 offices and centres. Our global infrastructure means that exams and support are delivered, and reputation and influence developed, at a local level, directly benefiting stakeholders wherever they are based, or plan to move to, in pursuit of new career opportunities. Our focus is on professional values, ethics, and governance, and we deliver value-added services through our global accountancy partnerships, working closely with multinational and small entities to promote global standards and support. We use our expertise and experience to work with governments, donor agencies and professional bodies to develop the global accountancy profession and to advance the public interest. Our reputation is grounded in over 100 years of providing world-class accounting and finance qualifications. We champion opportunity, diversity and integrity, and our long traditions are complemented by modern thinking, backed by a diverse, global membership. By promoting our global standards, and supporting our members wherever they work, we aim to meet the current and future needs of international business.
Accounting, Auditing & Accountability Journal, 2015
Link to publication on Research at Birmingham portal General rights Unless a licence is specified... more Link to publication on Research at Birmingham portal General rights Unless a licence is specified above, all rights (including copyright and moral rights) in this document are retained by the authors and/or the copyright holders. The express permission of the copyright holder must be obtained for any use of this material other than for purposes permitted by law. • Users may freely distribute the URL that is used to identify this publication. • Users may download and/or print one copy of the publication from the University of Birmingham research portal for the purpose of private study or non-commercial research. • User may use extracts from the document in line with the concept of 'fair dealing' under the Copyright, Designs and Patents Act 1988 (?) • Users may not further distribute the material nor use it for the purposes of commercial gain. Where a licence is displayed above, please note the terms and conditions of the licence govern your use of this document. When citing, please reference the published version. Take down policy While the University of Birmingham exercises care and attention in making items available there are rare occasions when an item has been uploaded in error or has been deemed to be commercially or otherwise sensitive.
Meditari Accountancy Research, 2015
Purpose– This paper aims to provide evidence to suggest that private social and environmental rep... more Purpose– This paper aims to provide evidence to suggest that private social and environmental reporting (i.e. one-on-one meetings between institutional investors and investees on social and environmental issues) is beginning to merge with private financial reporting and that, as a result, integrated private reporting is emerging.Design/methodology/approach– In this paper, 19 FTSE100 companies and 20 UK institutional investors were interviewed to discover trends in private integrated reporting and to gauge whether private reporting is genuinely becoming integrated. The emergence of integrated private reporting through the lens of institutional logics was interpreted. The emergence of integrated private reporting as a merging of two hitherto separate and possibly rival institutional logics was framed.Findings– It was found that specialist socially responsible investment managers are starting to attend private financial reporting meetings, while mainstream fund managers are starting to...
The British Accounting Review, 2015
This study investigates the logics or values that shape the social and environmental reporting (S... more This study investigates the logics or values that shape the social and environmental reporting (SER) and SER assurance (SERA) process. The influence of logics is observed through a study of the conceptualisation and operationalisation of the materiality concept by accounting and non-accounting assurors and their assurance statements. We gathered qualitative data from interviews with both accounting and non-accounting assurors. We analysed the interplay between old and new logics that are shaping materiality as a reporting concept in SER. SER is a rich field in which to study the dynamics of change because it is a voluntary, unregulated, qualitative reporting arena. It has a broad, stakeholder audience, where accounting and non-accounting organisations are in competition. There are three key findings. First, the introduction of a new, stakeholder logic has significantly changed the meaning and role of materiality. Second, a more versatile, performative, social understanding of materiality was portrayed by assurors, with a forward-looking rather than a historic focus. Third, competing logics have encouraged different beliefs about materiality, and practices, to develop. This influenced the way assurors theorised the concept and interpreted outcomes. A patchwork of localised understandings of materiality is developing. Policy implications both in SERA and also in financial audit are explored.
Social Responsibility Journal, 2008
PurposeAn important outcome of the UK Company Law Review (CLR) involved draft regulations for a m... more PurposeAn important outcome of the UK Company Law Review (CLR) involved draft regulations for a mandatory operating and financial review (OFR). The unprecedented abandonment of this mandatory OFR in November 2005 threw debate about the genuine motivations underlying the CLR into disarray. This paper seeks to reinterpret the abandonment of a mandatory OFR using interview research.Design/methodology/approachThe authors conducted a series of 24 interviews with companies from the FTSE100 between May and August 2004, prior to the abandonment.FindingsThe interviews showed that the OFR was perceived as an appropriate vehicle for social and environmental reporting (SER). The interviewees considered that a mandatory OFR would provide a means of forcing SER into the mainstream and making it mandatory at a basic level. The interviews revealed that processes for the identification of material SER differ widely between organisations, ranging from embryonic to highly structured. Further, intervie...
A number of theoretical lenses have been used to explain voluntary social and environmental repor... more A number of theoretical lenses have been used to explain voluntary social and environmental reporting (SER) including legitimacy theory, stakeholder theory and political economy theory. Recent theoretical work in the SER area suggests that the risk society theory presents an appropriate alternative theoretical framework. According to the risk society theoretical framework, risks have evolved from manageable, identifiable, insurable risks into imperceivable, uninsurable, high consequence risks. Many high consequence risks relate directly to corporate behaviour in the social, ethical and environmental domain, such as global warming. The risk society framework is also characterised by a general decline in trust in institutions and organisations. This paper contributes to the SER literature by providing empirical evidence to support a risk society theory of voluntary SER. By engaging directly with 24 corporate social responsibility managers within UK listed companies, we show that risk is driving them to produce voluntary SER. The paper provides empirical evidence that SER is emerging as a mechanism for reducing risk and anxiety, through the nurturing of trust relationships between companies and their stakeholders. The interviews reveal that building and maintaining trust in shareholder and stakeholder relationships is a primary motivation for SER and that SER is a means of engaging in dialogue with the company's stakeholders. Companies are, from a risk society perspective, implementing SER as a risk management mechanism. We also find from the interviews that voluntary SER is motivated far more by its link with financial performance, through reputation enhancement, than by a genuine desire to enhance social justice.
Corporate Governance: An International Review, 2002
South Korea, one of East Asia’s most powerful tigers before the 1997 financial crisis, is in the ... more South Korea, one of East Asia’s most powerful tigers before the 1997 financial crisis, is in the process of extensive corporate governance reform. The excessive debt financing of the chaebol and the lack of accountability prevalent in Korea’s corporate governance system have been blamed for the country’s economy succumbing to the crisis. The current process of reform is taking place within a global agenda for corporate governance harmonisation, reflected in the publication of internationally acceptable principles for “good” corporate governance by, for example, the OECD and CalPERS. In this paper we present and analyse the findings of a questionnaire survey and a series of interviews conducted in Korea which canvassed the views of fund managers. Our findings indicate that Korea’s financial institutions support initiatives to reform the country’s corporate governance system. Further, they agree strongly that: investor relations need to be improved; chaebol’s accountability to shareho...
Corporate Governance: An International Review, 2002
South Korea is currently undergoing reform of its corporate governance (CG) system, reflecting at... more South Korea is currently undergoing reform of its corporate governance (CG) system, reflecting attempts to harmonise at a global level. Since the financial crisis in 1997, the need for reform has been emphasised and the Government is leading a policy which targets the traditional structure of the chaebol, as well as the system of corporate ownership and control in South Korea. In this paper, we outline the traditional system of CG in South Korea and review the broad agenda for CG reform which is currently taking place. From our review, we develop a conceptual framework which makes the implicit CG reforms in South Korea explicit. The framework comprises two inter–related models which represent the forces driving reform, the need for reform and the specific initiatives instrumental to reform. On the basis of our review and conceptual framework, we conclude by making a number of policy recommendations for the future direction of CG reform in South Korea. Specifically, we suggest a poli...
Corporate Governance, 2003
In my lifetime, American business has never been under such scrutiny, and to be blunt, much of it... more In my lifetime, American business has never been under such scrutiny, and to be blunt, much of it is deserved." Henry Paulson, CEO, Goldman Sachs.
Corporate Governance: An International Review, 2004
In this paper we review the growth of socially responsible investment (SRI) in the UK and in Japa... more In this paper we review the growth of socially responsible investment (SRI) in the UK and in Japan. We consider the various factors which have given rise to the growth of SRI in both countries. As SRI is currently more mature in the UK than in Japan, we consider ways in which the UK experience may provide some lessons for the growth of SRI in Japan. Significantly, we consider that the use of corporate governance mechanisms such as engagement and dialogue by large shareholders, to solve social, ethical and environmental (SEE) problems in companies, is a realistic route for the development of SRI in Japan. However, these mechanisms need to be designed so that they may operate more efficiently. Pension funds and other investment institutions need to appreciate the value of engagement over screening as an SRI stra‐tegy. Further, the disclosure of SRI strategies by pension funds in Japan may contribute to enhancing consciousness about the responsibility of shareholders for the SEE outcom...
Corporate Governance: An International Review, 2003
In this paper we present empirical evidence on the attitudes of Taiwanese company directors on th... more In this paper we present empirical evidence on the attitudes of Taiwanese company directors on the role and function of the board of directors in Taiwanese corporate governance. Our findings arise from a questionnaire survey distributed to the directors of a sample of companies listed on the Taiwanese Securities Exchange (TSE). Our findings provide a picture of the current state of corporate governance in Taiwan. The respondents indicate that the board of directors constitutes the most important instrument in Taiwanese corporate governance and our findings endorse the important role played by outside directors in the corporate governance system in Taiwan. Furthermore, the respondents endorsed the agency theory perspective on corporate governance as they considered the presence of outside directors improved corporate accountability to shareholders. There is, however, evidence that few companies have created remuneration and audit committees. We also found that Taiwanese directors are...
The British Accounting Review, 2000
During the last decade an implicit conceptual framework for internal control and corporate risk m... more During the last decade an implicit conceptual framework for internal control and corporate risk management has arisen from risk management practice and policy within UK companies. An explicit conceptual framework for risk management is now emerging and is expressed in the Turnbull Report. In this paper, we develop a diagrammatic representation for the conceptual framework for internal control, risk management and risk disclosure. We consider the recent practical and policy developments in the disclosure of risk-related information in order to establish the current state of the art of corporate risk disclosure. Thus, we focus only on the disclosure aspect of the conceptual framework for internal control. We use a questionnaire survey to canvas the attitudes of UK institutional investors towards risk disclosure in relation to their portfolio investment decisions. Our empirical findings indicate that institutional investors do not generally favour a regulated environment for corporate risk disclosure or a general statement of business risk. The respondents agree that increased risk disclosure would help them in their portfolio investment decisions. However, for other aspects of the risk disclosure issue they are more neutral in attitude. Further, we found that the variation in the attitudes of institutional investors appears to be associated with the characteristics of the funds they manage as well as with their investment horizons. Further, we find that institutional investors' perceptions of corporate governance are related to their investment horizons, among other factors.