Accounting and the welfare state: The missing link

In recent years, nation states have internationalized and privatized accounting regulation by extensive use of International Financial Reporting Standards (IFRS). However, major differences between national accounting regulatory systems persist. In this paper we argue that a country's societal motives and values, best captured by the type of welfare state the country employs, shape the extent to which accounting regulations converge. Moreover, the welfare state approach explains the development and dynamics of accounting systems more completely than the conventional explanatory variables – legal and financial systems.The connection between the welfare state type and the way in which various corporate constituencies’ interests are balanced is first examined by constructing an ideal type of accounting regulation for each type of welfare state; then country case studies are examined to show how the welfare state explains differences in accounting regulation between countries.     

The impact of climate risk on earnings management: International evidence

This study explores the influence of climate risk on properties of firms’ financial reporting practices with observations collected from 64 countries between 2005 and 2016. We use a country-level climate risk indicator developed by Germanwatch to measure the degree of damage from extreme weather events, and find that climate risk positively influences firms’ engagements in both accruals-based and real earnings management. Furthermore, we document that the above-mentioned effects of climate risk are moderated by the quality of country-level public governance. Subsample analysis suggests that the main effect of climate risk on earnings management is more pronounced for firms from developed countries, for firms in environment-sensitive industries, and for firms reporting losses. Our findings, which are supported by a battery of robustness tests, have important implication for regulators and policymakers.     

Corporate social reporting and stakeholder accountability: The missing link

Recent years have witnessed a significant degree of administrative reform, in terms of the increasing number of major companies proclaiming their social responsibility credentials, and backing up their claims by producing substantial environmental, social and sustainability reports. The paper critically evaluates the degree of institutional reform, designed to empower stakeholders, and thereby enhance corporate accountability, accompanying these voluntary initiatives, together with that potentially ensuing from proposed regulations, later rescinded, for mandatory publication of an Operating and Financial Review by UK quoted companies. It is concluded that both forms of disclosure offer little in the way of opportunity for facilitating action on the part of organizational stakeholders, and cannot therefore be viewed as exercises in accountability.     

The evolution and future of the BRICS: Unbundling politics from economics

Under the current global forces, economics muddled with politics is exerting undue pressures on the BRICS countries and is challenging the sustainability of their accord. Unanticipated problems are increasingly inhibiting economic and social prosperity. This paper analyzes the current difficulties that the BRICS are facing, scrutinizes their unique individual economic and political environments, and ventures to anticipate their prospects. Our consensus is that the future prosperity of these countries depends not only on their individual political and economic environments, but also on the major global powers. Furthermore, the current inevitable interconnectivity of politics and economics provides foresight into their future role on the world stage.     

Bounding the future: The use of scenarios in assessing climate change impacts

This paper investigates the contribution of socio-economic scenarios to improve decisions and policies in climate assessments. We specifically looked at adaptation projects in the Dutch Climate changes Spatial Planning programme. Based on the four decision failure criteria neglect of internal information, bounded rationality, insufficient expansion of existing mental models and stickiness and lack of friction of information and knowledge, it was concluded that in these projects, socio-economic scenarios appear to generate useful data, but that their full potential to reduce decision failure is not likely to be exploited. Therefore adaptation options suggested by these studies may not be ‘future-proof’: they may be appropriate in some future societies, but fail in others. We believe similar results would be obtained in other contexts. Possible decision failures are caused by neglecting socio-economic developments, limiting the number of storylines generated by scenario studies to one or two, lack of stakeholder involvement in the scenario development and ignoring discontinuities.     

Colour the future green?: The uncertain significance of global green politics

A major value shift in industrialized countries in the same direction as the core values of the Greens movements suggests that there is a cultural phenomenon involving far more people than the overt political manifestation of it. This article links such a value shift with something more fundamental, namely a movement away from confident scientific positivism towards some kind of ill-defined transcendentalism. Related cultural and social movements in the industrialized countries and global attitudes in the developing world are examined. It appears that even if the Greens movements weaken or disappear in their present form, they are political manifestations of a broader cultural thrust that seems unlikely to diminish.     

A process (re)turn?: Path dependencies,institutions and performance management in Swedish central government

Recent central government reforms have signalled a transition away from output-based governance and control to a more citizen-orientated and outcome-focused performance management ethos. Prior research suggests that this may give rise to institutional inconsistencies related to conflicting performance management logics. In this paper, we argue that rather than resulting in growing pre-occupation with outcomes and effectiveness, the emerging reform agenda may somewhat paradoxically reinforce managerial concerns with the operating processes underpinning public service delivery. Drawing on policy studies and management accounting research informed by new institutional sociology, we theorise these developments by invoking the notion of path dependency. We provide an empirical illustration based on field work in Swedish central government and adopt a multi-level approach in examining the evolution of performance management practices. While evidence of strongly constraining path dependencies is found at the overall policy level a case study in the Swedish Tax Agency shows that these may also embody an element of flexibility such that the meaning of inconsistent performance management logics is re-constructed over time. This illustrates how individual government agencies may link outcomes to operating process concerns and manage implementation problems related to conflicting and uncoordinated reform initiatives.     

In search of future alternatives for family business: Family law contributions through Civil and Common Law comparison

One of the major issues in family business field is the understanding of what makes family businesses different. Despite an increasing development of research during the last 30 years, little attention has been paid to the legal component of the family. The aim of this article is to explore the way legal attributes of the family, comparing Civil Law and Common Law, foresight the heterogeneity and the future of family business. The identification of a Civil Law specificity, No Exit Option, and the Common Law specificity, Exit Option, supports the formulation of different alternatives for family business futures.     

Relationships between national economic culture,institutions, and accounting: Implications for IFRS

National economic culture has an indirect influence on accounting at the national level through the mediating variable of institutions. The relationships are evaluated using measures of national economic culture from Culture, Leadership, and Organizations: The GLOBE Study of 62 Societies (House et al., 2004); measures of institutions from the World Bank (Kaufmann et al., 2007); and measures of national accounting from the Financial Standards Foundation (2008). At the national level, institutions are found to mediate the relationship between economic culture variables and accounting. The empirical findings indicate that accounting in a given nation is linked to the nation's supporting institutions, which institutions in turn are influenced by the national economic culture of those who maintain them. This suggests that altering aspects of accounting within a nation can be expected to entail much more than formal adoption of standards, principles, or innovations. Institutional adjustments must be made and the impact of national economic culture must be understood and appropriately addressed.     

The role of biosolar technologies in future energy supply making scenarios for the Netherlands: Energy port and energy farm

This paper assesses the possible roles of biosolar energy systems in the Netherlands in the coming years. The appraisal is made in the light of EU Directives on renewable energy and reduction of CO₂ emissions, and the new Dutch Energy Agreement for Sustainable Growth. The assessment is made within the Dutch BioSolar Cells (BSCs) research programme on photosynthesis and its application in fuel production. Part of the programme is committed to societal debate by considering different options and uses of biosolar technology. To provide building blocks for these discussions, we conducted a comprehensive desk study supplemented with key expert interviews, and we identified and articulated the main drivers for the Dutch transition towards more sustainable energy supply. Next, these drivers were used to develop two futures: energy port and energy farm, representing institutional settings in which BSC technology could be implemented. Both represent fundamentally different types of innovation and are useful in assessing the effect of policies on future energy systems. Both scenarios were used in workshops with BSC researchers and policymakers. Their possible implications for the BSC programme itself, as well as the broader policy significance of the use of biosolar technologies in the Netherlands, are indicated.     

Carrot or stick: Impacts of alternative climate and energy policy scenarios on agriculture

The climate and energy strategy of the European Union presents the aims for all economic sectors to cut carbon dioxide emissions. In this paper, we studied what kind of conflicts, synergies, opportunities and control measures the climate and energy policy brings to farms in Finland. We used the Delphi method to assess possible outcomes of three scenarios based on the strength of mitigation policy. The scenarios scrutinised were (1) Baseline, (2) Tight Control and (3) Energy Plus Food. These scenarios create different adaptive needs and measures on farms. Baseline scenario follows the present and forthcoming development in agriculture and Tight Control scenario, in turn, constitutes all possible mitigation measures recently introduced in the scientific discussion. In Energy Plus Food scenario, farms increasingly produce renewable energy in addition to food and, therefore, have new opportunities to develop their businesses. The Delphi panel estimated how the farms would cope with different future developments represented by the scenarios. Based on our results, it is evident that interdisciplinary analysis in research and inter-sectoral cooperation between agricultural and energy policies are required.     

The future of India’s economic growth: the natural resources and energy dimension

The continuation of widespread poverty apart, the biggest danger that India faces is the wanton destruction and degradation of all the country’s natural resources and a growing, unsustainable, dependence on the use of hydrocarbon fuels. We are losing ten percent of our GDP as a result of the damage to and degradation of our natural resources. But environmental decision-making has not yet been merged with mainstream economic decision making. In the developed countries, environmental protection followed a path defined by the Environmental Kuznets curve, involving significant increases in income and pollution levels to a point where the trend changed. A developing country like India cannot pursue the same path, and would need to set up a governance structure and policy regime that allow the turning point to take place at substantially lower levels of income. The internalization of social and environmental externalities would ensure that resources are used in a sustainable and responsible manner. In the matter of energy use, for instance, proactive policies—such as stress on renewable sources and the rationalisation of subsidies—are needed to decrease the dependence on unsustainable imports and to create the conditions under which the dispossessed and poor sections of society are able to meet their basic energy needs. Blindly aping the consumerist approach of the developed world, and neglecting the ecological footprint of lifestyles, could prove disastrous for our populous country.     

Co-commissioning of public services and outcomes in the UK: Bringing co-production into the strategic commissioning cycle

Commissioning as a planning, resource mobilization and prioritization activity needs to harness user and community co-production of public services and outcomes. Based on a public value model, we map how commissioners can go beyond traditional consultation and participation processes to achieve co-commissioning with citizens. Moreover, we discuss how public sector organizations can use their strategic commissioning process to support and embed citizen voice and action in their problem prevention, treatment and rehabilitation strategies to achieve the quality of life outcomes desired by both citizens and public service commissioners.     

Governance and firm value: The effect of a recession

This paper examines the relationship between the firm's governance structure and its value during different economic conditions. We show that both relative industry turnover and CEO entrenchment increase during economic downturns. We also find that relative industry turnover and managerial entrenchment have opposite impacts on the value of the firm throughout the recessionary period. While industry turnover leads to an appreciation in firm value, managerial entrenchment reduces shareholders’ wealth. The negative impact of managerial entrenchment on firm value, however, outweighs the positive impact of industry turnover. Accordingly, we propose that a recession provides managers with a good opportunity to camouflage their behavior and extract more private benefits and, thus, blame the poor performance on bad economic conditions.     

Disruption and transformation: The organisational evolution of an NGO

This paper explores how and why Non-Governmental Organisation (NGO) governance was disrupted by changes in an organisation's internal and external environment. A detailed single case study of a large NGO operating in Sri Lanka is conducted. Data collection consists of semi-structured interviews, document analysis and participant and non-participant observation. Laughlin’s (1991) model of organisational change provides the theoretical foundation on which changes in the case NGO's interpretive schemes, design archetypes and organisational sub-systems are discussed. The changing of interpretive schemes and organisational sub-systems, in our case, was easier than changing design archetypes. Consequently, our paper introduces ‘protective reconfiguration’ as a new change pathway to Laughlin's (1991) model of organisational change. The findings suggest that the NGO's governance systems and processes are being moulded in ways that may not achieve the overall purpose of these organisations. Greater attention to evolving design archetypes is necessary in order to create more deliberative, fluid and less organisation-centric governance structures for NGOs operating in the policy-advocacy space.     

制度改进与技术创新:我国企业实施绿色管理的保障

企业绿色管理是指以节约资源和能源、减少污染为核心目标的一系列管理活动.我国企业目前在推行绿色管理中仍面临着一些问题和障碍.我们应该从政治体制、法律法规、技术创新、标准化管理等方面探求解决问题的途径.     

Free market environmentalism and the neoliberal project: The case of the Climate Disclosure Standards Board

In the absence of good social, political, economic and environmental policy, the ecological status of the planet continues to deteriorate. In this paper, we argue that environmental decline has provided scope for new forms of policy-making, yet these emergent policies and policy-making bodies remain poorly understood. Drawing on the work of political geographers and political economists this paper explores the impact of neoliberalism on the development of global environmental regulation. We argue that climate disclosure practices and regulation have provided an opportunity to reinforce the ideological landscape of neoliberalism. In order to anchor this argument, we show that the origins of carbon regulation have emerged almost exclusively from within non-elected coalitions of multinationals operating through private, not-for-profit entities. These organisations continue to shape community expectations and influence government of climate change abatement strategies. To explore the impact neoliberalism has had on the environment, we examine the Climate Disclosure Standards Board (CDSB), its role, and its global impact on the regulation of reporting firms.     

The influence of ownership structure,analyst following and institutional infrastructure on stock price informativeness: international evidence

Using firms from 20 non‐US countries, we investigate whether and how ownership structure, analyst following and country‐level institutions influence stock price informativeness (SPI). We find that stock price informativeness decreases with control‐ownership wedge (the detachment of voting rights from cash flows rights), and this SPI‐reducing effect of the wedge is attenuated for firms with high analyst following and in countries with strong country‐level institutions. We also find that stock price informativeness decreases with analyst following, but this SPI‐reducing effect of analyst following is attenuated in countries with strong country‐level institutions.     

The politics of anticipation: On knowing and governing environmental futures

In this article we describe how the historical emergence and rise of future studies, since the founding issue of Futures in 1968, has been intricately connected to the emergence and development of environmental anticipation as discourse and practice. We trace a dialectical and inter-twined relationship between technologies of environmental anticipation and forecasting, and technologies of anti-environmentalist anticipation and counter-intervention, one which we argue shapes not only the contemporary politics of anticipation, but in a very material sense, the future conditions of biological and social life on Earth. In so doing we want to address the possible contributions that the field of futures studies can make to reimagining collective agency and ways of being on Earth, whilst reflecting critically upon its genealogical relations to the political reason and strategic horizons of powerful fossil fuel interests, from the crisis of the 1970s to the present. The article also offers a more in-depth contextualization to the other articles in this special issue of Futures on “The Politics of Environmental Anticipation”. The aim is to bring to the fore the role that social scientists play in environmental anticipation − i.e. drawing attention to the fact that the future could always have been otherwise.