ORCID Profile
0000-0002-3895-2416
Current Organisation
University of Newcastle Australia
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Publisher: Elsevier BV
Date: 09-2020
Publisher: Springer Singapore
Date: 2019
Publisher: Elsevier BV
Date: 02-2022
Publisher: Wiley
Date: 20-07-2023
DOI: 10.1111/ABAC.12299
Abstract: We examine the value‐relevance of corporate social responsibility (CSR) expenditure utilizing the Indian setting of mandatory CSR spending regulation which commenced in 2014. India is the only country where regulators mandate both CSR reporting and spending. Our interest is in two types of firms that meet the minimum specified thresholds: firms that voluntarily made CSR expenditures pre‐regulation (voluntary spenders) and firms that did not (forced spenders). This separation in revealed preference allows researchers and investors to observe, at least on average, a firm's true CSR strategy type (proactive/leader versus reactive/follower) through their pre‐regulation expenditure strategy. This unique quasi‐experimental setting allows us to investigate whether CSR spending is positively associated with shareholders’ value, both when spending was voluntary pre‐regulation (for voluntary spenders) and after it became mandatory post‐regulation (for voluntary and forced spenders). We find that for voluntary spenders, the markets assess CSR expenditure as valuation‐enhancing pre‐regulation, but post‐regulation the valuation benefits are significantly weakened. The market's assessment is that a forced spender's (imposed) CSR expenditure is, on average, less valuable than that of voluntary spenders, consistent with such spending being viewed as a form of corporate taxation. Further, we find that shortfalls from the required spending amount are penalized by the market for voluntary spenders but rewarded for forced spenders. We also find that advertising appears to play an important communication role both pre‐ and post‐regulation. We view the results as being consistent with the notion that mandated expenditures are viewed differently than those made voluntarily.
Publisher: Wiley
Date: 30-11-2023
DOI: 10.1111/CORG.12504
Abstract: We examine whether linking executive compensation to climate‐related performance is associated with better firm‐level climate change impact. We also explore the interaction of culture and climate‐linked incentive compensation with climate change impact. Using firm‐level climate change strategy and carbon emissions to measure climate change impacts, we find that climate‐linked compensation is associated with improved climate change strategy. Climate‐related incentives for the CEO and other (operational) executives are found to be negatively associated with firm‐level carbon emissions, although the relationship is not as strong however, no such association is found for climate‐linked compensation of the board and top‐3 executives. Country‐level attitudes to whether solutions for environmental issues are considered a joint (society) responsibility versus an in idual's personal responsibility are found to have an effect on the association between climate‐linked compensation and climate change impacts. We also find that country‐level cultural views enhance the positive association between climate‐linked compensation and climate change strategy but not the association with actual firm‐level carbon emissions. Further analysis shows that non‐US firms drive our study's findings. Finally, improvement in climate strategy is found to have a positive effect on Tobin's Q but has no effect on profitability. Academic research is growing on the role of climate change risk and carbon emissions in corporate decisions. The findings of our study are important given that linking executives' compensation with climate performance is gaining momentum. To the best of our knowledge, this is the first study to examine any link between climate‐linked compensation and climate change impact. While climate‐linked compensation is associated with positive changes in climate strategy, its association with firm‐level carbon emissions is promising. This is particularly the case when this compensation is offered to executives who are likely to make operational decisions with a direct impact on a firm's carbon footprint and carbon emissions.
Publisher: Wiley
Date: 14-12-2020
DOI: 10.1111/CORG.12349
Publisher: Edward Elgar Publishing
Date: 20-06-2023
Publisher: Wiley
Date: 06-07-2023
DOI: 10.1111/ACFI.12981
Abstract: This study reviews the diffusion of integrated reporting (IR) research. The systematic literature review method is used to review the effects of IR at the organisational level, determinants of IR adoption and integrated report quality (IRQ), assurance on IR, economic consequences of IR/IRQ, and research design issues to set agendas for future research. The review covers 119 peer‐reviewed IR articles published in 36 journals between 2012 and 2021. It finds that the IR literature is dominated by organisational‐level studies, but there is limited research on the economic consequences of IR/IRQ, and the findings are inconclusive to date. Further, the factors that determine IR adoption/IRQ are not conclusive, and there is scarce research on IR assurance. This review contributes to the emerging IR literature and provides valuable insights to the International Integrated Reporting Council (IIRC) in establishing the IR framework as a global reporting norm in practice.
Publisher: Elsevier BV
Date: 07-2017
Publisher: Emerald
Date: 21-09-2020
Abstract: This study examines the association between Chief Executive Officer (CEO) power and the level of corporate social responsibility (CSR) disclosure, as well as the moderating role of stakeholder influence on this association. Using a s le of 986 Bangladeshi firm-year observations, this study uses a content analysis technique to develop a 24-item CSR disclosure index. The ordinary least squares regression method is used to estimate the research models, controlling for firm-specific factors that potentially affect the levels of CSR disclosure. The study findings indicate that CEO power is negatively associated with the level of CSR disclosure, and that the negative effects of CEO power on the level of CSR disclosure are attenuated by stakeholder influence. CEO power is documented as reducing the positive impact of CSR disclosure on a firm’s financial performance, with this negative impact attenuated if stakeholders have greater influence on the firm. This study suggests that CEO power and stakeholder influence are important factors in determining firms’ incentives to disclose CSR information. Both CEO power and stakeholder influence need to be considered in the CSR – firm performance nexus, given the mixed findings documented in the literature. This study makes a significant contribution to the literature on CSR practices by documenting that firms with a powerful CEO have lower levels of CSR disclosure, and that stakeholder influence affects CSR disclosure in the emerging economy context.
Publisher: Wiley
Date: 10-02-2021
DOI: 10.1111/ACFI.12744
Abstract: We examine the association between the disclosure requirements of the International Financial Reporting Standards (IFRS) and the cost of capital for a s le of Australian firms. We find that these disclosure requirements have a negative association with the cost of capital. The interpretation is that firms with a higher level of IFRS disclosure have a lower cost of capital. Further analysis shows that IFRS disclosure requirements are negatively related to the cost of debt and equity capital. Our findings contribute to the debate on the relative costs and benefits of IFRS disclosure requirements and have important implications for standard setters, regulators and users of financial statements.
Publisher: Elsevier BV
Date: 10-2021
Publisher: Elsevier BV
Date: 04-2022
Publisher: Wiley
Date: 06-05-2022
DOI: 10.1111/ACFI.12801
Abstract: We examine the impact of COVID‐19 on changes in firm value, and the moderating role of firm‐level sustainability performance on this relationship. We find that firms domiciled in countries where the COVID‐19 impact is more devastating experienced greater decline in firm value. The negative impact of COVID‐19 on firm value is less pronounced for firms with better sustainability performance. Firms domiciled in countries with higher levels of environmental‐ and stakeholder‐value‐oriented culture experienced less decline in firm value from the impact of COVID‐19. Findings suggest a firm’s stakeholder‐value orientation contributes to preserving a firm’s value when general stakeholder value declines.
Publisher: Wiley
Date: 20-10-2023
DOI: 10.1111/CORG.12563
Publisher: Emerald
Date: 09-11-2020
DOI: 10.1108/AAAJ-01-2018-3330
Abstract: This study explores the quality of sustainability reporting (QSR) and the impact of regulatory guidelines, social performance and a standardised reporting framework (using the Global Reporting Initiative [GRI] guidelines) on QSR in the context of banks in Bangladesh. Using a s le of 315 banking firm-year observations over 13 years (2002–2014), a content analysis technique is used to develop the 11-item QSR index. Regression analysis is used to test the research hypotheses. Initially, QSR evolved symbolically in Bangladesh's banks but, over our investigation period, with QSR indicators gradually improving, the trends became substantive. The influences on QSR were sustainable banking practice regulatory guidelines, social performance and use of the GRI guidelines. However, until banks improve reporting information, such as external verification and trends over time, QSR cannot be regarded as fully substantive. This study advances QSR research and debate among academic researchers. With regulatory agencies and stakeholders increasingly using sustainability reporting information for decision making, the information's quality is vital. This study is the first on QSR in the banking industry context, with previous research mostly investigating the quantity of sustainability reporting. The current study also synthesises QSR with sustainability regulation and social performance factors which have rarely been used in the sustainability literature. To gain a holistic understanding of QSR, existing QSR measures are advanced by combining external reporting efforts with banks' internalisation initiatives.
Publisher: IGI Global
Date: 2017
DOI: 10.4018/978-1-5225-1900-3.CH015
Abstract: Value-relevance research is an important domain of modern capital market research. Accounting researchers have used the value-relevance research framework in many ways with the aim of measuring whether accounting information has a predicted association with equity market values. One of the most widely used models in value-relevance research is a modification of the Ohlson (1995) market valuation model in which the market value of a firm's equity is presumed to be a function of its book value of equity and abnormal earnings. Furthermore, using the Ohlson (1995) model, accounting researchers have documented the value relevance of different types of financial and non-financial information. Drawing on a selected number of recently published studies that have documented the value relevance of different types of financial and non-financial information, this chapter reviews and integrates recent findings, highlighting challenges and providing future directions for further research in this area.
Publisher: Wiley
Date: 04-03-2023
DOI: 10.1111/ABAC.12286
Abstract: The study examines the causal links between earnings quality and corporate social responsibility (CSR) performance using a large s le of United States (US) firms from 1992 to 2013. We first find that the association between earnings quality and CSR performance is positive and significant. We then test the flow of causality using Granger's (1969) lead–lag analysis to determine whether changes in earnings quality cause changes in CSR performance or vice versa. Our findings show that changes in earnings quality cause changes in a firm's CSR performance but not vice versa. Further analysis shows that earnings quality reduces the cost of equity capital for firms with higher CSR performance. These findings suggest that one plausible means by which firms with higher earnings quality can maintain better CSR performance is to reduce their cost of equity capital.
Publisher: Wiley
Date: 04-02-2022
DOI: 10.1111/ACFI.12918
Abstract: We examine the association between female participation in strategic decision‐making roles and corporate social responsibility (CSR) performance using a s le of United States firms from 2001 to 2018. Female participation in strategic decision‐making roles is measured using: (i) the female presence in different positions on the board of directors, such as female board member, independent board member, chairperson and audit committee member and (ii) the female presence in top management roles, such as chief executive officer (CEO) and chief financial officer (CFO). We find that female participation in strategic decision‐making roles is positively associated with CSR performance. In investigating the ‘tokenism’ aspect of female participation on the board, our results contradict the ‘tokenism’ argument for appointing females to boards, instead supporting their real influence on CSR performance. These findings are important to regulators, policy makers, company management and other stakeholders with an interest in how increased female participation in strategic decision‐making roles influences CSR performance.
Publisher: Wiley
Date: 12-2020
DOI: 10.1111/ABAC.12207
Publisher: Routledge
Date: 23-07-2019
Publisher: Springer Science and Business Media LLC
Date: 18-06-2021
Publisher: Springer Science and Business Media LLC
Date: 14-08-2017
Publisher: Springer Nature Singapore
Date: 2023
Publisher: Wiley
Date: 21-03-2023
DOI: 10.1111/CORG.12436
Abstract: This study examines the association between managerial ability and the extent of firm‐level climate change disclosures and the moderating role of corporate governance in this association. Results based on a s le of 2298 firm‐year observations from the United States (US) from 2005 to 2019 suggest that firms with more capable managers tend to make more climate change disclosures. This significant positive association is weakened when firms suffer from weak corporate governance. These findings remain robust after addressing omitted time‐invariant variable bias, observable heterogeneity bias, s le selection bias, and reverse causality and when using alternative climate change disclosure proxies. Further analysis shows that climate change disclosures have a mediating role in the association between managerial ability and firm valuation. Given the growing importance of integrating climate change‐related information into a firm's operations and the pressure exerted by various stakeholders, understanding the drivers of climate change disclosures has emerged as an important area of research in the accounting and finance literature. To the best of our knowledge, this is the first study to examine any link between managerial ability and climate change disclosures. Considering the recent pressure imposed on companies by regulatory authorities for more climate change disclosures, our study's findings have important implications for regulators, policy makers, investors, financial analysts, researchers, and firms.
Publisher: Wiley
Date: 24-05-2023
DOI: 10.1111/CORG.12535
Abstract: We examine the association between foreign institutional ownership and climate change disclosure quality from 2006 to 2018 across 34 countries. We find that firms with a higher level of foreign institutional ownership demonstrate better quality climate change disclosures, whereas domestic institutional ownership has immaterial impacts on such disclosures. We utilize a difference‐in‐differences (DiD) analysis using a firm's addition to the Morgan Stanley Capital International (MSCI) index as an exogenous shock to control for endogeneity. Our findings are robust to various other endogeneity controls. We also establish evidence on an indirect effect of climate change disclosure quality in mediating the positive association between foreign institutional investors and firm valuation. We find that the positive association between foreign institutional ownership and climate change disclosure quality is more pronounced for (1) firms domiciled in stakeholder‐orientated countries, (2) firms domiciled in countries that adopt emission trading schemes, and (3) firms with a greater level of information asymmetry. Additionally, our results are more robust when foreign investors are domiciled in countries that care more about the environment. Our study contributes to climate change disclosures, corporate governance, and international business literature by showing that foreign rather than domestic institutional investors contribute to improved corporate climate change disclosure quality in their portfolio firms. Our study urges regulators to increase their market oversight, especially in firms with less foreign institutional ownership. This is required because such firms are prone to exhibiting poorer accountability for their climate risk management practices, and their disclosures are bereft of effective external monitoring mechanisms.
Publisher: Wiley
Date: 27-05-2021
DOI: 10.1002/BSE.2832
Abstract: The idea that green banking disclosure leads to increased firm value has been rightly considered as over‐simplistic. This paper builds on key prior insights by investigating whether combining green disclosure with other contextual factor, such as non‐performing loans, provides additional insight into the complex green disclosure–firm value relationship in a regulatory setting where green law has recently been enacted for the banking industry. We present an analysis of seven years of data sourced from listed banks in Bangladesh (2008–2014), with data analysed using multiple regression. Our findings indicate that, while green disclosure has a positive effect on the overall firm value of banks, this positive effect is negatively moderated by banks' non‐performing loans. This research contributes to the knowledge by showing that green disclosure alone is insufficient for creating market value for banks. Additional contextual matters need attention to understand the impact of green disclosure in contributing to increased market value for banks.
Publisher: Elsevier BV
Date: 04-2020
Publisher: Elsevier BV
Date: 12-2017
Publisher: Elsevier BV
Date: 08-2021
Publisher: Wiley
Date: 17-06-2020
DOI: 10.1111/ACFI.12675
Publisher: Wiley
Date: 17-02-2023
DOI: 10.1111/ACFI.12930
Abstract: We examine the determinants and consequences of student satisfaction, measured by satisfaction scores reported in the QILT surveys from 2012 to 2017. We find that university‐level profitability determines overall student satisfaction, where a positive relationship exists between student satisfaction and university performance. This association is more pronounced for Group of Eight (Go8) universities and those with higher academic expenditure. These findings have important implications for higher education providers as the Australian Government is contemplating the use of QILT student satisfaction in allocating public funding for higher education.
Location: United Kingdom of Great Britain and Northern Ireland
Location: Bangladesh
No related grants have been discovered for Dr Sudipta Bose.