Razumijevanje ekološke transparentnosti: Primjer tvrtki iz Saudijske Arabije

Autor(i)

DOI:

https://doi.org/10.15291/oec.4417

Ključne riječi:

CED, odgovornost prema okolišu, korporativno upravljanje, Saudijska Arabija

Sažetak

Ovo istraživanje analizira prakse korporativne javne objave podataka o okolišu (CED) među izlistanim tvrtkama u Saudijskoj Arabiji kroz prizmu integrirane teorije agenta i teorije legitimnosti. Analiza ispituje kako elementi korporativnog upravljanja kao što su veličina odbora, neovisnost odbora i neovisnost revizorskog odbora, kao i karakteristike specifične za tvrtku, uključujući veličinu, financijsku polugu i međunarodnu diverzifikaciju utječu na opseg javne objave podataka o okolišu na uzorku od 87 nefinancijskih tvrtki tijekom 2015. – 2019. Rezultati otkrivaju pozitivnu vezu između razine CED-a i čimbenika kao što su veća veličina poduzeća, veća međunarodna prisutnost i poslovanje u industrijama osjetljivim na okoliš. Nasuprot tome, viša razina financijske poluge i, iznenađujuće, veća veličina odbora, pokazuju negativan odnos s razmjerom objave. Neovisnost uprave i neovisnost revizorskog odbora nisu pokazale značajan utjecaj. Koliko je autorima poznato, ovo predstavlja prvo istraživanje u na uzorku saudijskih kompanija koje analizira učinke neovisnosti revizorskog odbora i internacionalizacije na CED. Sa sveobuhvatnim skupom objašnjavajućih varijabli i 435 opservacija na razini kompanija-godina, omogućena je analiza većeg opsega u usporedbi s prethodnim saudijskim istraživanjima. Primjenom indeksa objavljivanja informacija o okolišu Globalne inicijative za izvješćivanje (GRI), istraživanje pospješuje usporedivost i preciznost u praćenju CED trendova tijekom vremena. Istraživanje je ograničeno oslanjanjem samo na javnu objavu kroz godišnjea izvješća i prirodom presječnih podataka. Buduća bi istraživanja mogla istražiti determinante CED-a kroz različite teorijske presjeke, kao što su teorija dionika, institucionalna teorija i teorija signalizacije, te procijeniti dimenzije kvalitete objave upotrebom longitudinalnog panel istraživanja za preciznije uvide. Rezultati naglašavaju potrebu za strožim propisima o korporativnom upravljanju koji pojašnjavaju kriterije neovisnosti direktora i standarde izvješćivanja o održivosti u Saudijskoj Arabiji kako bi se poboljšala transparentnost i upravljanje okolišem.

Biografije autora

  • Ilyes Charchafa, Setif 1 University, Algeria

    Charchafa Ilyes obtained a PhD degree in Commerce Sciences (2018) from the University of Setif 1 and later a Post-PhD degree from the same University (2019). He started as an Assistant Professor at the University of Setif 1 (Algeria) in 2013. He has been a Lecturer of Accounting, Auditing, and Finance at the Department of Finance and Accounting in the same university since 2018. He was the Deputy Head of the Common Core Department at the Faculty of Economics, Commerce, and Management Sciences from 2017 to 2022. He has been the professor in charge of the 1st cycle corporate finance program in the same university since February 2022. His main fields of interest are financial Accounting, Environmental accounting, Auditing, Corporate finance, and Corporate governance. He is the author of many books and articles in Accounting and Corporate governance.

  • Bilal Kimouche, Université 20 Août 1955-Skikda, Algeria

    Kimouche Bilal obtained a PhD degree in Economics (2016) from the University of Setif 1, and later a Post-PhD degree from the University of Biskra (2018). He started as an Assistant at Université 20 Août 1955-Skikda (Algeria) in 2012. He has been a Lecturer of Accounting, Auditing, and Finance at the Department of Finance and Accounting in the same university since 2016. He was the Head of the Common Core Department at the Faculty of Economics, Commerce Sciences and Management Sciences in the same university from 2013 to 2019. He has been the Dean of the Faculty of Economics, Commerce Sciences and Management Sciences in the same university since 2019. His main fields of interest are financial accounting, managerial accounting, auditing, taxes, and corporate finance. He is the author of many books and articles in accounting and auditing.

Reference

Abdulhaq, A.S., & Muhamed, A.N. (2015). Extent of corporate social responsibility disclosure and its determinants: Evidence from Kingdom of Saudi Arabia, South East Asia Journal of Contemporary Business, Economics and Law, 7(1), 40-47.

Abo Shareb, N. (2023). CSR in Law and Practice in Saudi Arabia Compared with the UK Model (PhD thesis), University of Sheffield. https://etheses.whiterose.ac.uk/32456/

Aburaya, R. K. (2012). The Relationship between Corporate Governance and Environmental Disclosure: UK Evidence (Doctoral dissertation), Durham University, Durham, United Kingdom. http://etheses.dur.ac.uk/3456/

Akbas, H. E. (2016). The Relationship between Board Characteristics and Environmental Disclosure: Evidence from Turkish Listed Companies, South East European Journal of Economics and Business, 11(2), 7-19. https://doi.org/10.1515/jeb-2016-0007

Alazzani, A., Aljanadi, Y., & Shreim, O. (2019). The Impact of Existence of Royal Family Directors on Corporate Social Responsibility Reporting: A Servant Leadership Perspective, Social Responsibility Journal, 15(1), 120-136. https://doi.org/10.1108/SRJ-07-2017-0138

Albawwat, A. H. (2022). The Influence of Audit Committee Characteristics on Voluntary Disclosure of Annual Financial Reports in Jordan, Universal Journal of Accounting and Finance, 10(1), 161-170. https://doi.org/10.13189/ujaf.2022.100117

Alotaibi, K.O., & Hussainey, K. (2016). Determinants of CSR disclosure quantity and quality: Evidence from non-financial listed firms in Saudi Arabia, International Journal of Disclosure and Governance, 13(4), 364-393.

Andrikopoulos, A., & Kriklani, N. (2013). Environmental Disclosure and Financial Characteristics of the Firm: The Case of Denmark, Corporate Social Responsibility and Environmental Management, 20(1), 55-64. https://doi.org/10.1002/csr.1281

Ardi, J., & Yulianto, A. (2020). The Effect of Profitability, Leverage, and Size on Environmental Disclosure with the Proportion of Independent Commissioners as Moderating, Accounting Analysis Journal, 9(2), 123-130. https://doi.org/10.15294/aaj.v9i2.36473

Benlemlih, M., Shaukat, A., Qiu, Y., & Trojanowski, G. (2016). Environmental and Social Disclosures and Firm Risk, Journal of Business Ethics, 152, 613-626. https://doi.org/10.1007/s10551-016-3285-5

Ben Mahjoub, L. (2019). Disclosure about corporate social responsibility through ISO 26000 implementation made by Saudi listed companies, Cogent Business & Management, 6(1), 1609188. https://doi.org/10.1080/23311975.2019.1609188

Boshnak, H. A. (2022). Determinants of Corporate Social and Environmental Voluntary Disclosure in Saudi Listed Firms, Journal of Financial Reporting and Accounting, 20(3/4), 667-692. https://doi.org/10.1108/JFRA-05-2020-0129

Brammer, S., J. & Pavelin, S. (2008). Factors Influencing the Quality of Corporate Environmental Disclosure, Business Strategy and the Environment, 17(2), 120-136. https://doi.org/10.1002/bse.506

Branco, M. C., & Rodrigues, L. L. (2008). Factors Influencing Social Responsibility Disclosure by Portuguese Companies, Journal of Business Ethics, 83, 685-701. https://doi.org/10.1007/s10551-007-9658-z

Buniamin, S., Alrazi, B., Johari, N., & Rahman, N. (2008). An Investigation of the Association between Corporate Governance and Environmental Reporting in Malaysia, Asian Journal of Business and Accounting, 1(2), 65-88.

Burgwal, D. van de, & Vieira, R. J. O. (2014). Environmental Disclosure Determinants in Dutch Listed Companies, Revista Contabilidade & Finanças, 25(64), 60-78. https://doi.org/10.1590/S1519-70772014000100006

Campbell, D., Craven, B., & Shrives, P. (2003). Voluntary Social Reporting in Three FTSE Sectors: A Comment on Perception and Legitimacy, Accounting, Auditing & Accountability Journal, 16(4), 558-581. https://doi.org/10.1108/09513570310492308

Chaklader, B., & Gulati, P. A. (2015). A Study of Corporate Environmental Disclosure Practices of Companies Doing Business in India, Global Business Review, 16(2), 321-335. https://doi.org/10.1177/0972150914564430

Chapple, W., & Moon, J. (2005). Corporate social responsibility (CSR) in Asia: A seven-country study of CSR web site reporting, Business & Society, 44(4), 415-441. https://doi.org/10.1177/0007650305281658

Chebbi, K., & Ammer, M.A. (2022). Board composition and ESG disclosure in Saudi Arabia: The moderating role of corporate governance reforms, Sustainability, 14(19), 12173. https://doi.org/10.3390/su141912173

Cheng, E. C. M., & Courtenay, S. M. (2006). Board Composition, Regulatory Regime and Voluntary Disclosure, The International Journal of Accounting, 41(3), 262-289. https://doi.org/10.1016/j.intacc.2006.07.001

Cho, C. H., & Patten, D. M. (2007). The Role of Environmental Disclosures as Tools of Legitimacy: A Research Note, Accounting, Organizations and Society, 32(7-8), 639-647. https://doi.org/10.1016/j.aos.2006.09.009

Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the Relation between Environmental Performance and Environmental Disclosure: An Empirical Analysis, Accounting, Organizations and Society, 33(4-5), 303-327. https://doi.org/10.1016/j.aos.2007.05.003

Deegan, C. (2002). Introduction the Legitimising Effect of Social and Environmental Disclosures – A Theoretical Foundation, Accounting, Auditing & Accountability Journal, 15(3), 282-311. https://doi.org/10.1108/09513570210435852

Deegan, C., Rankin, M., & Voght, P. (2000). Firms’ Disclosure Reactions to Major Social Incidents: Australian Evidence, Accounting Forum, 24(1), 101-130. https://doi.org/10.1111/1467-6303.00031

Dyduch, J., & Krasodomska, J. (2017). Determinants of corporate social responsibility disclosure: An empirical study of Polish listed companies, Sustainability, 9(11), 1934. https://doi.org/10.3390/su9111934

Ezzeddine, B. M., Garoui, N., & Sweiti, I. (2020). On the Determinants of Environmental Information Disclosure: Evidences from Industrial Saudi Listed Firms, Agrociencia Journal, 54(1), 62-78. https://ssrn.com/abstract=3667320

Fama, E.F., & Jensen, M.C. (1983). Separation of ownership and control, The Journal of Law & Economics, 26(2), 301-325. http://www.jstor.org/stable/725104

Farooq, M. U., Kazim, I., Usman, M., & Latif, I. (2018). Corporate Governance and Audit Fees: Evidence from a Developing Country, Pakistan Journal of Commerce and Social Sciences, 12(1), 94-110. https://hdl.handle.net/10419/188337

Gerged, A., Beddewela, E., & Cowton, C. (2020). Is Corporate Environmental Disclosure Associated with Firm Value? A Multi-Country Study of Gulf Cooperation Council Firms, Business Strategy and the Environment, 30(1), 1-19. https://doi.org/10.1002/bse.2616

Global Reporting Initiative. (2013). G4 Sustainability Reporting Guidelines - Implementation Manual. Retrieved from https://respect.international/g4-sustainability-reporting-guidelines-implementation-manual/

Gray, R., Owen, D., & Maunders, K. (1987). Corporate Social Reporting: Accounting and Accountability, Prentice-Hall International.

Gray, R., Owen, D. L., & Adams, C. (1996). Accounting and Accountability: Changes and Challenges in Corporate and Social Reporting, London: Prentice-Hall Europe

Greening, D. W., & Turban, D. B. (2000). Corporate Social Performance as a Competitive Advantage in Attracting a Quality Workforce, Business & Society, 39(3), 254-280. https://doi.org/10.1177/000765030003900302

Habbash, M. (2016). Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from Saudi Arabia, Social Responsibility Journal, 12(4), 740-754. https://doi.org/10.1108/SRJ-07-2015-0088

Hackston, D., & Milne, M. J. (1996). Some Determinants of Social and Environmental Disclosures in New Zealand Companies, Accounting, Auditing & Accountability Journal, 9(1), 77-108. https://doi.org/10.1108/09513579610109987

Haniffa, R. M., & Cooke, T. E. (2002). Culture, Corporate Governance, and Disclosure in Malaysian Corporations. ABACUS, 38(3), 317-349. https://doi.org/10.1111/1467-6281.00112

Hummel, K., & Schlick, C. (2016). The Relationship between Sustainability Performance and Sustainability Disclosure – Reconciling Voluntary Disclosure Theory and Legitimacy Theory, Journal of Accounting and Public Policy, 35(5), 455-476. https://doi.org/10.1016/j.jaccpubpol.2016.06.001

Ienciu, I.-A. (2012). The Relationship between Environmental Reporting and Corporate Governance Characteristics of Romanian Listed Entities, Journal of Accounting and Management Information Systems, 11(2), 267-294. http://online-cig.ase.ro/RePEc/ami/articles/11_2_11.pdf

Market Authority of Saudi Arabia. (2023). Implementing regulations. https://cma.org.sa/en/RulesRegulations/Regulations/Pages/default.aspx

Ince, D. (1998). Corporate Social and Environmental Reporting: an Application of Stakeholder Theory (PhD thesis), University of Exeter, UK.

Institutional Shareholder Services. (2023b, July 5). ISS Insights. https://insights.issgovernance.com/posts/the-evolution-of-esg-in-the-middle-east-a-focus-on-saudi-arabia-qatar-the-uae-and-turkiye/

Issa, A. (2017). The Factors Influencing Corporate Social Responsibility Disclosure in the Kingdom of Saudi Arabia, Australian Journal of Basic and Applied Sciences, 11(10), 1-19. https://ssrn.com/abstract=3252993

Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X

Jensen, M. C. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems, The Journal of Finance, 48(3), 831-880. https://doi.org/10.1111/j.1540-6261.1993.tb04022.x

John, K., & Senbet, L. W. (1998). Corporate governance and board effectiveness, Journal of Banking & Finance, 22(4), 371-403. https://doi.org/10.1016/S0378-4266(98)00005-3

Juhmani, O. (2014). Determinants of Corporate Social and Environmental Disclosure on Websites: The Case of Bahrain, Universal Journal of Accounting and Finance, 2(4), 77-87. https://doi.org/10.13189/ujaf.2014.020402

Kalash, I. (2020). Environmental Disclosure: Determinants and Effects on Financial Performance? An Empirical Evidence from Turkey, Sosyoekonomi, 28(46), 95-115. https://doi.org/10.17233/sosyoekonomi.2020.04.05

Kolk, A., & Fortanier, F. (2013). Internationalization and environmental disclosure: The role of home and host institutions, Multinational Business Review, 21(1), 87-114. http://dx.doi.org/10.1108/15253831311309500

Lindblom, C. K. (1994). The Implications of Organizational Legitimacy for Corporate Social Performance and Disclosure, In Critical Perspectives on Accounting Conference, New York.

Li, Z., Li, P., Zhao, X., & Tu, Z. (2022). Business Strategy and Environmental Information Disclosure Quality: Empirical Evidence from Chinese Heavy Pollution Listed Firms, International Journal of Environmental Research and Public Health, 19(14), 8325. https://doi.org/10.3390/ijerph19148325

Liu, X., & Anbumozhi, V. (2009). Determinant factors of corporate environmental information disclosure: an empirical study of Chinese listed companies, Journal of Cleaner Production, 17(6), 593-600. https://doi.org/10.1016/j.jclepro.2008.10.001

Macarulla, F.L., & Talalweh, M.A. (2012). Voluntary corporate social responsibility disclosure: a case study of Saudi Arabia, Jordan Journal of Business Administration, 8(4), 815-830. https://archives.ju.edu.jo/index.php/JJBA/article/view/3427

Madhani, P. M. (2015). Study of Relationship between Board Committees and Corporate Governance Practices of Indian Firms. Global Management Review, 9(3): 1-19. https://ssrn.com/abstract=2703228

Mathews, M.R. (1993). Socially Responsible Accounting, Chapman and Hall.

Merkl-Davies, D.M., & Brennan, N.M. (2007). Discretionary Disclosure Strategies in Corporate Narratives: Incremental Information or Impression Management?, Journal of Accounting Literature, 26, 116-196. https://ssrn.com/abstract=1089447

Milne, M. J., & Patten, D. M. (2002). Securing Organizational Legitimacy: An Experimental Decision Case Examining the Impact of Environmental Disclosures, Accounting, Auditing & Accountability Journal, 15(3), 372-405. https://doi.org/10.1108/09513570210435889

Monteiro, S. M. S., & Aibar-Guzmán, B. (2010). Determinants of Environmental Disclosure in the Annual Reports of Large Companies Operating in Portugal, Corporate Social Responsibility and Environmental Management, 17(4), 185-204. https://doi.org/10.1002/csr.197

Mousa, G. A., Desoky, A. M., & Khan, G. U. (2018). The Association between Corporate Governance and Corporate Social Responsibility Disclosure-Evidence from Gulf Cooperation Council Countries, Academy of Accounting and Financial Studies Journal, 22(4), 1-19. http://dx.doi.org/10.2139/ssrn.3354398

Nguyen, T. A., & Tran, H. L. (2022). The Determinants of Corporate Social Responsibility Disclosure: Evidence from Vietnam’s Listed Companies in Chemical Industry, Journal of International Economics and Management, 20(1), 18-41. https://doi.org/10.38203/jiem.020.1.0002

Razak, R.A. (2015). Corporate Social Responsibility disclosure and its determinant in Saudi Arabia, Middle East Journal of Scientific Research, 23(10), 2388-2398.

Reverte, C. (2009). Determinants of Corporate Social Responsibility Disclosure Ratings by Spanish Listed Firms, Journal of Business Ethics, 88, 351-366. https://doi.org/10.1007/s10551-008-9968-9

Roberts, R. W. (1992). Determinants of Corporate Social Responsibility Disclosure: An Application of Stakeholder Theory, Accounting, Organizations and Society, 17(6), 595-612. https://doi.org/10.1016/0361-3682(92)90015-K

Saudi Tadawul Group. (2021). ESG Disclosure Guidelines. Retrieved from https://sseinitiative.org/wp-content/uploads/2021/11/Tadawul-ESG-Disclosure-Guidelines-EN.pdf

Sulaiman, M., Abdullah, N., & Fatima, A. (2014). Determinants of Environmental Reporting Quality in Malaysia, International Journal of Economics, Management and Accounting, 22(1), 63-90. https://journals.iium.edu.my/enmjournal/index.php/enmj/article/view/253

Xie, B., Davidson, W. N., & Dadalt, P. J. (2003). Earnings Management and Corporate Governance: The Role of the Board and the Audit Committee, Journal of Corporate Finance, 9(3), 295-316. https://doi.org/10.1016/S0929-1199(02)00006-8

Preuzimanja

Objavljeno

02.07.2024.

Broj časopisa

Svezak 14 Br. 1 (2024): Oeconomica Jadertina

Rubrika

Izvorni znanstveni članak

Kako citirati

Charchafa, Ilyes, i Bilal Kimouche. 2024. „Razumijevanje ekološke Transparentnosti: Primjer Tvrtki Iz Saudijske Arabije“. Oeconomica Jadertina 14 (1): 22-40. https://doi.org/10.15291/oec.4417.