Audit Committees and Globalization: Spontaneous Convergence Versus Regulatory Fiat

Bowrin, Anthony R.; Gribbin, Donald W.

doi:10.5848/csp.0854.00010

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“…Also, Priyadarshini and Gupta (2003) asserted that the piecemeal and inadequate corporate environmental reporting in India was due to the absence of economic incentives for compliance with environmental laws. Additionally, similar patterns of limited convergence of corporate governance policies among publicly listed Caribbean firms in the face of strong international harmonization dynamics was reported by Bowrin (2007) regarding International Financial Reporting Standards (2007) and Bowrin and Gribbin (2007) regarding audit committee guidelines. They were attributed in part to reluctance among directors to voluntarily introduce guidelines that may expose them to claims of negligence and the limited international participation by firms and investors in Caribbean equity markets.…”

Section: Discussionsupporting

confidence: 58%

Corporate social and environmental reporting in the Caribbean

Bowrin

2013

Social Responsibility Journal

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PurposeThis paper aims to examine the extent to which publicly‐listed Caribbean companies provide social and environmental disclosures (SED), and the factors related to their disclosure practices. It is motivated by the dearth of studies of SED among publicly listed Caribbean firms.Design/methodology/approachAll 55 companies with common shares listed on the main tier of one of the three major Caribbean stock exchanges in December 2010 were included in the study. The comprehensiveness of SED was measured using an unweighted 43‐item disclosure index. The research hypotheses were examined using multiple regression analysis.FindingsThe level of SED in the Caribbean was relatively low (M=33.7 per cent, SD=25.3 per cent). The amount of SED was positively related to firm size, industry affiliation, foreign influence and organizational culture. Firm profitability, national culture, importance of public equity financing, gender diversity, and director independence were not statistically related to SED comprehensiveness.Practical implicationsTo promote the consideration of sustainability issues in national, corporate and individual investment and administration decisions, Caribbean governments may need to implement incentives for public companies to participate in targeted development initiatives and to provide more comprehensive social and environmental disclosures.Originality/valueThis is the first study to examine the comprehensiveness and determinants of SED by publicly‐listed Caribbean companies.

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Section: Discussionsupporting

confidence: 58%