대규모·융복합적 결합은 물론 글로벌 경쟁산업사회에서 현대의 기업경영은 그 엄중함으로 인해 건전하고 투명한 경영을 피할 수 없게 되었다. 예전과 같이 설비투자에 의한 생산과 업적 확대에 초점을 두고 기업을 둘러싼 각종의 리스 크(위험)에 대한 준비를 소홀히(적당히) 하는 것을 허용하지 않는 시점에 있다. 어떠한 원인에 의하건 기업이 사고·재해 그 밖의 부정사건에 휘말리게 되면 해 당 기업에 미치는 손실은 경영 위기로 연결되며, 나아가서는 기업의 지속가능성 을 불가능하게 하고, 기업구성원인 주주를 비롯한 투자자, 소비자, 지역사회 등 광범위하게 걸쳐있는 다양한 이해관계자에게까지 상당한 마이너스 영향을 미치 게 된다. 기업을 둘러싼 리스크는 상당히 다양하고 대규모적인 경향을 띠는데, 기업의 경영활동과 관련해서는 소비자를 비롯하여 기업과 관계를 맺는 다양한 관계자 들이 존재하고 있다. 최근 기업의 경영활동은 다양한 정보를 수집·활용하여 대 규모의 이익을 창출하는 근원이 되고 있지만, 개인정보에 관한 데이터보호문제· 위험관리가 철저하게 이루어져야 함에도 불구하고 그 관리 소홀로 인해 그 개 인정보가 유출되어 커다란 사회적 문제로 부각되고 있다. 한편, 안전관리를 최 우선으로 해야 하는 사업장에서 발생되는 근로자의 안전문제(S), 제조업을 영위 하는 기업의 경우 폐기물·리사이클문제, 화학물질의 유해성문제 및 그로 인한 기후변동의 위험성까지 초래될 염려가 있는 지구환경(E)과 같은 문제는 글로벌 적 차원에서 엄중하게 대응할 문제로 지적되고 있다. 또한 기업지배구조 상 이 사회의 다양성·경영진의 보수·소유구조에 관한 문제(G) 등, 이른바 ESG경영에 있어서의 문제로 이해되면서 이러한 내용에 관한 관심 또한 집중되고 있다. 상장회사에는 주주 이외에도 중요한 이해관계자가 광범위하게 존재한다. 상 장회사는 스스로의 지속적인 성장과 중장기적인 기업가치의 창출을 달성하려면 이러한 이해관계자와 적절한 조화관계를 이룰 필요가 있다는 점을 충분히 인식 해야 한다. 특히 글로벌적으로 사회·환경문제 등에 대한 관심이 증대되고 있는 현 상황을 고려하면 이른바 ESG문제에 적극적·능동적으로 대응할 필요가 있음 은 두말할 필요도 없다.

This research aims to examine (1) the effect of carbon emission disclosure on firm value, (2) the effect of good corporate governance on firm value, (3) the mediating role of financial performance between carbon emission disclosure and firm value, and (4) the mediating role of financial performance between good corporate governance and firm value. The research sample includes 43 mining, agro, and manufacturing firms listed in the Indonesian Stock Exchange over the 2015-2017 period. Carbon emission disclosure is measured by an indicator of the Global Reporting Initiative Series of Environmental Aspect. Good corporate governance is measured by the corporate governance score of shareholder rights, boards of directors, outside directors, audit committee and internal auditor, and disclosure to investors. Financial performance is measured by return on assets, while firm value is measured by Tobin’s Q. Data analysis uses the structural equation modeling. The result shows carbon emission disclosure and good corporate governance have no direct effect on firm value. On the other hand, financial performance mediates the effect of carbon emission disclosure and good corporate governance on firm value. It shows that higher carbon emission disclosure and good corporate governance are meaningless for the investor if they do not give any financial performance improvement.

Corporate social responsibility is an inevitable trend in the global context. It is the responsibility of the organizations to the community and society to ensure the fairness of the interests of stakeholders. This is an issue that deserves attention, not in the national or regional level, but as a global issue. The purpose of article is to examine the effect of corporate governance on corporate social responsibility disclosure of 155 samples of 31 Vietnamese commercial banks from 2015 to 2019. The data of this study is employing time-series data and used the ordinary least squares to test the model. The results show that there are three factors that positively affect corporate social responsibility disclosure, namely, board size, foreign members of board, and audit committee. Thereby, the article proposes that board of director in Vietnamese commercial banks needs to raise awareness about corporate social responsibility, and the Central bank of Vietnam should monitor the disclosure of information regularly with severe sanctions on commercial banks that do not comply with the regulations of corporate social responsibility disclosure. This contributes to improving the information quality of the banking sector to meet the trend of international economic integration.

The aim of this paper is to investigate the level of intellectual capital disclosure (ICD) in commercial banks listed on the Indonesian Stock Exchange. This paper also observed the effects of ICD and corporate governance mechanism on market value. This study uses content analysis techniques to measure ICD. The paper provides a novel approach to measure the ICD quality in developing countries using a fournumerical coding system. Secondary data were obtained from the financial statements and annual reports of the banks for the period 2011- 2014. The data from 31 banks were analyzed using ordinary least square regression. The study reports that the quality of intellectual capital disclosure in Indonesian commercial banks increase steadily. Narrative disclosure dominates the report of intellectual capital in Indonesian banks. The results indicate that the size of audit committee, frequency of audit committee meeting, and intellectual capital disclosure affect positively the market value. Overall, the results indicate intellectual capital disclosure is associated with the market capitalization; these findings indicate that the ICD is a consideration in a stock investment decision. While regulations in Indonesia regarding intellectual capital reporting are not conclusive yet, the information needs of stakeholders have encouraged companies to expand voluntary disclosure.

This study investigates, first, whether the extent of corporate social and environmental responsibility disclosure (CSERD) differs between 2010 and 2014; second, whether government regulation affects the extent of CSERD; and, third, whether the CSERD is valued by investors. Content analysis method was used to extract 466 companies’ annual reports to measure the extent of social and environmental responsibility disclosure based on the Global Reporting Initiative (GRI) checklist. Independent sample t-test and multivariate regression analysis were also conducted to test the differences of the extent of CSERD as well as determinants and consequence of CSERD. Our results show that the extent of CSERD in 2014 is 21.60 percent higher than in 2010 (13.39 percent). Government regulation has a significant effect on the extent of CSERD. This study also finds that market values positively CSER information disclosed by company. Given that government regulation has a positive impact, however, the findings of this study suggests that the extent of CSERD is still low. To enhance CSERD, government should continuously encourage companies to abide by the regulations as mandated. This study provides a more comprehensive insights of CSRED practices from an emerging country and the effect of government regulation in enhancing CSERD.

The study examines the impact of corporate governance mechanisms, such as board characteristics on corporate social responsibility disclosure (CSRD). The data on CSRD items and board characteristics have been collected by content analysis of the annual reports of 30 publicly-listed banks in Bangladesh covering six years, from 2013 to 2018. More specifically, the directors’ report, the chairman’s statement, notes to the financial statement and CSR disclosure reports included in annual reports were used to collect the CSRD data. The empirical analysis applies the ordinary least square and the generalized method of moments. The results of the study have revealed that board size, board independence, female board member, and foreign directors have a significant positive impact on CSRD. By contrast, political directors and audit committee size have a negative impact on CSRD. Interestingly, accounting experts on boards ensure more CSRD as they curb the influence of politicians on the board. Thus, it is better to increase accounting experts and decrease politicians on the board. These findings provide valuable insights into the process of forming a suitable CSR policy by connecting the efforts of the board, government, and regulatory bodies to enhance the performance of banks to CSR as well as to CSRD.

A series of corporate failures and financial crises have raised attention to organizational governance issues, especially for financial institutions. In the banking system, corporate governance further plays a unique role because of the uniqueness of the banking organizations. Therefore, this study aims to examine the effect of corporate governance disclosure on bank performance by building a corporate governance disclosure index (CGDI) for 10 Islamic banks operating in Iran, Saudi Arabia and Malaysia. The data used in this study are secondary data taken from annual reports and sourced from the official websites of each banks include Iran Exchange, Stock Market Quotes and Financial News, and Bursa Malaysia. This study uses content analysis of the annual bank report within five years (2014-2018). The results show that Islamic banks comply with 72.4% of the attributes discussed in the CGDI. The most frequently reported and disclosed elements are board structure and audit committee. The regression results provide evidence that Islamic banks with a higher level of corporate governance disclosure reported high operating performance measured by ROA. In contrast to the expectation, the financial performance of ROE and Tobins'q are not significantly related to the disclosure of sharia bank governance.

Purpose - The purpose of this paper is to investigate the determinants of corporate anti-corruption practice disclosure (ACPD) from the perspective of rent-seeking theory. Research design, data, and methodology - Data are hand-collected from corporate social responsibility reports (CSRR) issued by 724 A-share listed firms in China. This paper provides an empirical analysis of the relationship between ownership structure and corporate ACPD as well as its moderating role in the institutional environment. Results - Our findings indicate that rent-seeking is a key factor in influencing corporate ACPD. State-owned enterprises disclose significantly more anti-corruption information than private ones in order to achieve personal promotion of top executives. Monopoly enterprises reported significantly less anti-corruption information than enterprises in competitive industries due to their rent-seeking behavior. The reduction of government intervention and improvement of legal environment are helpful to curb corporate rent-seeking activities and enhance the level of corporate ACPD. Conclusions - Rent-seeking is an important factor in explaining corporate voluntary disclosure in emerging countries. Institutional environment also plays a moderating role in the relationship between ownership structure and corporate voluntary disclosure. Our results are of interest to policy makers, regulators and market participants that are interested in corporate voluntary disclosure and corruption prevention.

The purpose of this paper is to examine the relationship between the nature of controlling shareholders and corporate anti-corruption practice disclosure (ACPD) as well as the mediating role of political background of the chairman or CEO of the firm on the relationship between the two. The content analysis was conducted to extract ACPD from standalone corporate social responsibility reports (CSRR) of 703 China’s A-share listed companies. A dummy variable was constructed according to whether a firm disclosed ACPD or not. Logistic regression analysis was used then. Results show that the nature of controlling shareholders has a significant impact on corporate ACPD, with central enterprises disclosing the most frequently, local state-owned enterprises the second and private enterprises the least. Political background of the chairman or CEO has a negative impact on corporate ACPD of state-owned enterprises. These findings have some useful insights in understanding the rent-seeking behavior and information disclosure behavior of corporates in emerging markets. In order to curb the serious corruption problem which is commonplace in developing countries like China, the government should exert certain pressure to strengthen the supervision of information disclosure of listed firms and improve information transparency.

Purpose - The purpose of this paper is to investigate the relationship between corporate social responsibility disclosure (CSRD) and investment-cash flow sensitivity, which is a surrogate for financing constraints. Research design, data, and methodology – Taking China’s A-share listed companies between 2009 and 2016 as a sample, this paper empirically tests the relationship between CSRD and investment-cash flow sensitivity by Panel VAR model. By introducing the orthogonal impulse response function, this paper distinguishes the fundamental factors and financial ones that affect corporate investment behavior. Results – Findings indicate that: (1) investment-cash flow sensitivity of firms with low level of CSRD is significantly lower than that of firms with high level of CSRD; (2) the orthogonal impulse response of corporate investment to cash flow in firms with high level of CSRD is significantly different from zero, but it is not significant in firms with low level of CSRD; (3) for firms with low level of CSRD, 0.7% of corporate investment volatility can be explained by the change in cash flow, which is lower than that of firms with high level of CSRD (1.1%). Conclusions - Corporations disclosing more and higher quality CSRD are often those faced with financing constraints. Voluntary disclosure can help them alleviate information asymmetry and financing constraints.