Voluntary environmental and social accounting disclosure practices in the Asia-Pacific region: an international empirical test of political economy theory

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271 citations0/0 files storedThe International Journal of Accounting

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Corporate Social Responsibility Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

The principal objective of this paper is to provide empirical evidence on the significance of cross-country (societal) variables that may assist in explaining variations in the quantity of voluntary environmental and social accounting disclosure (VESAD) information provided by organizations in annual reports across national boundaries. Using content analysis (number of sentences), 356 listed companies operating in seven Asia-Pacific nations (Australia, Singapore, Hong Kong, the Philippines, Thailand, Indonesia and Malaysia) were surveyed. Empirical tests (multiple regression analysis) conducted found that two cultural dimensions (uncertainty avoidance and masculinity) and political and civil systems are significant determinants of the quantity of VESAD information supplied by listed companies in these countries. In contrast, the legal system and equity market do not appear to be important factors in explaining variations in VESAD levels across these countries. In conclusion, it is argued that the socio-political and economic system of a nation interact to shape the perceptions of organizations in the need to release VESAD that meet social expectations as well as to avoid government regulation to preserve their own self-interests. This is consistent with Bourgeois political economy theory.

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References

1995Corporate social and environmental reporting 1992Determinants of corporate social responsibility disclosure: An application of stakeholder theory 1996Some determinants of social and environmental disclosures in New Zealand companies 1988Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally 1998Managing Public Impressions: Environmental Disclosures in Annual Reports 1992Intra-industry environmental disclosures in response to the Alaskan oil spill: A note on legitimacy theory 1989Corporate Social Reporting: A Rebuttal of Legitimacy Theory 1987Chinese Values and the Search for Culture-Free Dimensions of Culture

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