Purpose -The purpose of the paper is to explore whether there is any relationship(s) between social and environmental disclosure and the financial market performance of the UK's largest companies. Design/methodology/approach -Two data sets were used in the study. The CSEAR database of UK companies provided the social and environmental disclosure component. The second data were the stock market returns earned by the largest UK companies as listed by The Times 1,000. A series of statistical tests was performed to examine whether any relationship could be detected in either the cross sectional or longitudinal data over a period of ten years. Findings -No direct relationship between share returns and disclosure was found. Neither had such a relationship been expected, in keeping with the prior literature. However, the longitudinal data revealed a convincing relationship between consistently high(low) returns and the predilection to high(low) disclosure. There is no single convincing theoretical explanation as to why this might be. Originality/value -This paper demonstrates the importance of examining a range of hypotheses on longitudinal data when other research suggests that any relationships are unlikely to be unstable year on year. More significantly, this paper is motivated not by a concern to understand better how investors' already-high returns may be bettered, but rather to explore how the alleged potential of financial markets to contribute to social responsibility and sustainability might be engaged.
As emergent tourism destinations, the Guianas are new players in a game in which rules have been agreed, strategies defined and competition has been intense. New players succeed by demonstrating creativity and innovation and by seizing comparative advantage. The possession of unique natural attractions, the presence of indigenous communities or rare cultural forms are all precious resources commanding comparative advantage for the Guianas. However, because of the special character of indigenous tourism, development of that form of tourism is not possible without the articulation and implementation of appropriate policy measures. In the absence of that policy infrastructure the possibilities for error and conflict are immense. This paper explores the key challenges in the path of the development of indigenous tourism and suggests clear policy guidelines that should inform the development of indigenous tourism in the pursuit of comparative advantage.
This book is published for the Research Committee of The Institute of Chartered Accountants of Scotland. The views expressed in this report are those of the authors and do not necessarily represent the views of the Council of the Institute or the Research Committee. No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the authors or publisher. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopy, recording or otherwise, without prior permission of the publisher. Printed by Bell and Bain Ltd, Glasgow ReseaRch RepoRts RefeReeing pRocess The Research Committee applies a rigorous refereeing process to all stages of its research reports. The refereeing process operates by sending the initial research proposal to two independent referees (one academic and one practitioner). The academic referee will either be a member of the Panel listed below or an ad hoc referee. All proposals are also reviewed by the Director of Research who remains in close contact with the project. The two referees are consulted on the academic and technical standard of the draft research report. In particular, they are asked to comment on: • the academic rigour of the document; • the validity of the approach taken in the report; Contents
This paper reports on an exploratory study across three universities which was intended to help inform us about why students make the options choices that they do. More particularly, why do students choose-or choose not-to take social and environmental accounting courses? Based upon a series of interviews, a survey was drawn up and applied across the three universities. The data analysis reveals that whilst many initial expectations were not incorrect, the reasons for student choice are more complex than social and environmental accounting teachers and researchers have tended to assume. This exploratory study points to a wider range of possible explanations for student choice that might be employed as foci in further work on why students do what they do.
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