Company characteristics and environmental disclosure: An empirical ınvestigation on companies listed on Borsa Istanbul 100 index

Bu çalışmanın temel amacı, Türk firmalarının çevresel açıklamalarının miktarı ile firmaözellikleri arasındaki ilişkinin incelenmesidir. Çalışmanın örneklemi 2011 yılı sonunda Borsa İstanbul100 endeksinde yer alan 62 reel sektör firmasından oluşmaktadır. Çevresel açıklamaların miktarınıölçmek için, örneklemi oluşturan firmaların 2011 yılı faaliyet raporları içerik analizi ile incelenmiştir.Diğer yandan yazın incelemesi sonucunda, örneklemi oluşturan firmaların çevresel açıklamalarınıetkileyebilecek bağımsız değişkenler olarak, 5 firma özelliği dikkate alınmıştır: büyüklük, kaldıraç,karlılık, içinde bulunulan sektör ve yaş. Regresyon analizinin sonuçları, firma büyüklüğü ve içindebulunulan sektörün çevresel açıklamaların miktarı ile pozitif yönlü ilişkili olduklarını gösterirken,karlılığın ise negatif yönlü ilişkili olduğunu göstermektedir. Bunu nla birlikte, kaldıraç ve yaş ileçevresel açıklamaların miktarı arasında istatistiksel açıdan anlamlı bir ilişki bulunmamaktadır.

Firma özellikleri ve çevresel açıklama: Borsa Istanbul 100 endeksinde yer alan firmalar üzerine ampirik bir araştırma

The main purpose of this paper is to investigate the relationship between companycharacteristics and the extent of the environmental disclosures of Turkish companies. The sample ofthe study consists of 62 non - financial firms listed on the BIST- 100 index at the end of 2011. In order tomeasure the extent of environmental disclosure, the annual repor ts of sampled firms for the year of2011 were analyzed through content analysis. On the other hand, based on the previous literature, 5company characteristics are considered as the independent variables that may influence the extent ofenvironmental disclosures of sampled companies, namely, size, leverage, profitability, industrymembership and age. Results of the regression analysis indicate that company size and industrymembership are positively related to the extent of environmental disclosure, while profitability isnegatively related. However, neither leverage nor age has a statistically significant relationship w iththe extent of disclosure.

___

  • Abbot, Walter F. - Monsen, R. Joseph. (1979), “On the measurement of corporate social responsibility: Self- reported disclosures as a method of measuring corporate social involvement”, Academy of Management Journal, Vol. 22, No. 3, pp. 501 –515.
  • Adams, Carol A. - Hill, Wang- Ying - Roberts, Clare B. (1998), “Corporate social reporting practices in Western Europe: legitimating corporate behaviour?”, The British Accounting Review, Vol. 30, No. 1, pp. 1 – 21.
  • Aerts, Walter - Cormier, Denis. (2009), “Media legitimacy and corporate environmental communication”, Accounting, Organizations and Society, Vol. 34, No. 1, pp. 1 – 27.
  • Ahmad, Zauwiyah - Hassan, Salleh - Mohammad, Junaini. (2003), “Determinants of Environmental Reporting in Malaysia”, International Journal of Business Studies , Vol. 11, No. 1, pp. 69- 90.
  • Ahmad, Nassr Saleh Mohamad - Mousa, Fathi Ramadan. (2010), “Corporate environmental disclosure in Libya: A little improvement”, World Journal of Entrepreneurship, Management and Sustainable Development, Vol. 6, No. 1/2, pp. 149- 159.
  • Akbas, Halil Emre - Canikli, Seda. (2014), “Corporate Environmental Disclosures in a Developing Country: An Investigation on Turkish Listed Companies”, International Journal of Economics and Finance, Vol. 6, No. 2, pp.50- 61.
  • Al- Tuwaijri, Sulaiman A. - Christensen, Theodore E. - Hughes II, K. E. (2004), “The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach”, Accounting, organizations and society, Vol. 29, No. 5, pp. 447- 471.
  • Andrikopoulos, Andreas - Kriklani, Nikoleta (2013), “Environmental disclosure and financial characteristics of the firm: the case of Denmark”, Corporate Social Responsibility and Environmental Management, Vol. 20, No. 1, pp. 55 – 64.
  • Belal, Ataur Rahman. (2000), “Environmental reporting in developing countries: Empirical evidence from Bangladesh”, Eco- Management and Auditing, Vol. 7, No. 3, pp. 114– 121.
  • Berthelot, Sylvie - Cormier, Denis - Magnan, Michel. (2003), “Environmental disclosure research: review and synthesis”, Journal of Accounting Literature, No. 22, pp. 1 – 44.
  • Brammer, Stephen - Pavelin, Stephen. (2006), “Voluntary environmental disclosures by large UK companies”, Journal of Business Finance and Accounting, Vol. 33, No. 7- 8, pp. 1168- 1188.
  • Brammer, Stephen. - Pavelin, Stephen. (2008), “Factors influencing the quality of corporate environmental disclosure”, Business Strategy and the Environment, Vol. 17, No. 2, pp. 120- 136.
  • Chen, Charles J.P. - Jaggi, Bikki. (2001), “Association between independent non- executive directors, family control and financial disclosures in Hong Kong”, Journal of Accounting and Public Policy, Vol. 19, No. 4, pp. 285 – 310.
  • Cho, Charles. H. - Patten, Dennis. M. (2007), “The role of environmental disclosures as tools of legitimacy: A research note”, Accounting, Organizations and Society, Vol. 32, No. 7, pp. 639- 647.
  • Cho, Charles H. - Roberts, Robin W. - Patten, Dennis M. (2010), “The language of US corporate environmental disclosure”, Accounting, Organizations and Society, Vol. 35, No. 4, pp. 431 – 443.
  • Choi, Jong- Seo. (1999), “An investigation of the initial voluntary environmental disclosures made in Korean semi- annual financial reports”, Pacific Accounting Review, Vol. 11, No. 1, pp. 73 – 102.
  • Clarkson, Peter. M. - Li, Yue - Richardson, Gordon D. - Vasvari, Florin P. (2008), “Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis”, Accounting, Organizations and Society, Vo. 33, No. 4, pp. 303 - 327.
  • Clarkson, Peter. M. - Overell, Michael. B. - Chapple, Larelle. (2011), “Environmental reporting and its relation to corporate environmental performance”, Abacus , Vol. 4, No. 1, pp. 27- 60.
  • Cormier, Denis - Gordon, Irene M. (2001), “An examination of social and environmental reporting strategies”, Accounting, Auditing - Accountability Journal, Vol. 14, No. 5, pp. 587- 617.
  • Cormier, Denis - Magnan, Michel. (1999), “Corporate environmental disclosure strategies: determinants, costs and benefits”, Journal of Accounting, Auditing - Finance, Vol. 14, No. 4, pp. 429- 451.
  • Cormier, Denis - Magnan, Michel. (2003), “Environmental reporting management: a continental European perspective”, Journal of Accounting and Public Policy, Vol. 22, No. 1, pp. 43 – 62.
  • Cormier, Denis - Magnan, Michel - Van Velthoven, Barbara. (2005), “Environmental disclosure quality in large German companies: economic incentives, public pressures or institutional conditions?”, European Accounting Review, Vol. 14, No. 1, pp. 3 – 39.
  • Da Silva Monteiro, Sonia Maria - Aibar- Guzmán, Beatriz. (2010a), “Determinants of environmental disclosure in the annual reports of large companies operating in Portugal”, Corporate Social Responsibility and Environmental Journal, Vol. 17, No. 4, pp. 185 –204.
  • Da Silva Monteiro, Sonia Maria - Aibar - Guzmán, Beatriz. (2010b), “The influence of the Portuguese environmental accounting standard on the environmental disclosures in the annual reports of large companies operating in Portugal: A first view (2002- 2004)”, Management of Environmental Quality, Vol. 21 , No. 4, pp. 414- 435.
  • Damak- Ayadi, Salma. (2010), “Social and environmental reporting in the annual reports of large companies in France”, Accounting and Management Information Systems, Vol. 9, No. 1, pp. 22- 44.
  • De Villiers, Charl - van Staden, Chris J. (2011), “Where firms choose to disclose voluntary environmental information”, Journal of Accounting and Public Policy, Vol. 30, No. 6, pp. 504- 525.
  • Deegan, Craig - Gordon, Ben. (1996), “A study of the environmental disclosure policies of Australian corporations”, Accounting and Business Research, Vol. 26, No. 3, pp. 187– 199.
  • Déjean, Frederique. - Martinez, Isabelle. (2009), “Environmental disclosure and the cost of equity: the French case”, Accounting in Europe, Vol. 6, No. 1, pp. 57- 80.
  • Dixon, Robert. - Mous a, Gehan A. - Woodhead, Anne. (2005), “The role of environmental initiatives in encouraging companies to engage in environmental reporting”, European Management Journal, Vol. 23, No. 6, pp. 702- 716.
  • Eng, L. L. - Mak, Y. T. (2003), “Corporate governance and voluntary disclosure”, Journal of Accounting and Public Policy, Vol. 22, No. 4, pp. 325 – 345.
  • Farrar, Donald E. - Glauber, Robert R. (1967), “Multicollinearity in regression analysis: the problem revisited”, The Review of Economic and Statistics , Vol. 49, No. 1, pp. 92- 107.
  • Freedman, Martin - Jaggi, Bikki. (2005), “Global warming, commitment to the Kyoto protocol, and accounting disclosures by the largest global public firms from polluting industries”, The International Journal of Accounting, Vol. 40, No. 3 , pp. 215 – 232.
  • Galani, Despina - Gravas, Efthymios - Stavropoulos, Antonios. (2012), “Company characteristics and environmental policy”, Business Strategy and the Environment, Vol. 21, No. 4, pp. 236- 247.
  • Gamerschlag, Ramin - Möller, Klaus - Verbeeten, Frank. (2011), “Determinants of voluntary CSR disclosure: empirical evidence from Germany”, Review of Managerial Science, Vol. 5, No. 2- 3, pp. 233 – 262.
  • Gao, Simon S. - Heravi, Saeed - Xiao, Jason Zezheng. (2005), “Determinants of corporate social and environmental reporting in Hong Kong: A research note”, Accounting Forum, Vol. 29, No. 2, pp. 233 – 242.
  • Gray, Rob - Javad, Mohammed - Power, David M. - Sinclair, C. Donald. (2001), “Social and environmental disclosure and corporate characteristics: a research note and extension”, Journal of Business Finance - Accounting, Vol. 28, No. 3 ‐ 4, pp. 327- 356.
  • Guthrie, James - Abeysekera, Indra. (2006), “Content analysis of social, environmental reporting: what is new?”, Journal of Human Resource Costing - Accounting, Vol. 10, No. 2, pp. 114- 126.
  • Ho, Li- Chin Jennifer - Taylor, Martin E. (2007), “An Empirical Analysis of Triple Bottom‐ Line Reporting and its Determinants: Evidence from the United States and Japan”, Journal of International Financial Management - Accounting, Vol. 18 No. 2, pp. 123 – 150.
  • Holland, Leigh - Foo, Yee Boon. (2003), “Differ ences in environmental reporting practices in the UK and the US: the legal and regulatory context”, The British Accounting Review, Vol. 35, No. 1, pp. 1 – 18.
  • Holsti, Ole R. (1969). Content Analysis for the Social Sciences and Humanities, Addison- Wesley, Reading, MA.
  • Huang, Cheng- Li - Kung, Fan- Hua. (2010), “Drivers of environmental disclosure and stakeholder expectation: Evidence from Taiwan”, Journal of Business Ethics , Vol. 96, No. 3, pp. 435 – 451.
  • Hughes, Susan B. - Anderson, Allison - Golden, Sarah. (2001 ), “Corporate environmental disclosures: are they useful in determining environmental performance?”, Journal of Accounting and Public Policy, Vol. 20, No. 3, pp. 217- 240.
  • Iwata Hiroki - Okada Keisuke. (2011), “How does environmental performance affect financial performance? Evidence from Japanese manufacturing firms”, Ecological Economics, Vol. 70, No. 9, pp. 1691 –1700.
  • Jose, Anita - Lee, Shang- Mei. (2007), “Environmental reporting of global corporations: A content analysis based on website disclosures”, Journal of Business Ethics, Vol. 72, No. 4, pp. 307- 321.
  • Kathyayini, Kathy Rao - Tilt, Carol A. - Lester, Laurence H. (2012), “Corporate governance and environmental reporting: an Australian study”, Corporate Governance, Vol. 12, No. 2, pp. 143 – 163.
  • Kavut, F . Lerzan. (2010), “Kurumsal Yönetim, Kurumsal Sosyal Sorumluluk, ve Çevresel Raporlama: İMKB 100 Şirketlerinin Çevresel Açıklamalarının İncelenmesi”, İşletme İktisadı Enstitüsü Yönetim Dergisi, No. 66, pp. 9- 43.
  • Kaya, Uğur - Varici, İdris. (2008). “Gelişmekte Olan Ülkelerde Çevresel Raporlama: Türkiye Örneği”, World of Accounting Science, Vol. 10, No. 4, pp. 209- 227.
  • Kolk, Ans - Walhain, Seb - Wateringen, Susanne van de. (2001), “Environmental reporting by the Fortune Global 250: exploring the influence of nationality and sector”, Business Strategy and the Environment,Vol. 10, No. 1, pp. 15 – 28.
  • Liu, Xianbing - Anbumozhi, V. (2009), “Determinant factors of corporate environmental information disclosure: an empirical study of Chinese listed companies”, Journal of Cleaner Production, Vol. 17, No. 6, pp. 593 – 600.
  • Meng, X. H. - Zeng, S. X. - Tam, C. M. - Xu, X. D. (2013), “Whether top executives’ turnover influences environmental responsibility: From the perspective of environmental information disclosure”, Journal of Business Et hics , Vol. 114, No. 2, pp. 341 – 353.
  • Michelon, Giovanna - Parbonetti, Antonio. (2012), “The effect of corporate governance on sustainability disclosure”, Journal of Management - Governance, Vol. 16, No. 3, pp. 477- 509.
  • Milanés - Montero, Patricia - Pérez- Calderón, Esteban. (2011), “Corporate Environmental Disclosure and Legitimacy Theory: An Europe Perspective”, Environmental Engineering - Management Journal (EEMJ) , Vol. 10, No. 12, pp. 1883 - 1991. Neu, D. - Warsame, H. - Pedwell, K. (1998), “Managing public impressions: environmental disclosures in annual reports”, Accounting, Organizations and Society, Vol. 23, No. 3, pp. 265 – 282.
  • Pahuja, Shuchi. (2009), “Relationship between environmental disclosures and corporate characteristics: a study of large manufacturing companies in India”, Social Responsibility Journal, Vol. 5, No. 2, pp. 227- 244.
  • Patten, Dennis M. (2002), “The relation between environmental performance and environmental disclosure”, Accounting, Organizations and Society, Vol. 27, No. 8, pp. 763 – 773.
  • Ribeiro, Veronica P. Lima - Aibar- Guzman, Cristina. (2010), “Determinants of environmental accounting practices in local entities: evidence from Portugal”, Social Responsibility Journal, Vol. 6, No. 3, pp. 404- 419.
  • Roberts, Robin W. (1992), “Determinants of corporate social responsibility disclosure: an application of stakeholder theory”, Accounting, Organizations and Society, Vol. 17, No. 6, pp. 595 – 612.
  • Saha, Anup Kumar - Akter, Shahnag. (2013), “Relationship between environmental reporting in corporate annual reports and corporate profitability in Bangladesh”, Global Conference on Business - Finance Proceedings, Vol. 8, No. 1, pp. 75- 86.
  • Sutantoputra, A. W. - Lindorff, M. - Johnson, E. Prior. (2012), “The relationship between environment al performance and environmental disclosure”, Australasian Journal of Environmental Management, Vol. 19, No. 1, pp. 51 – 65.
  • Suttipun, Muttanachai - Stanton, Patricia. (2012), “Determinants of environmental disclosure in Thai corporate annual report”, International Journal of Accounting and Financial Reporting, Vol. 2, No. 1, pp. 99- 115.
  • Sun, Nan - Salama, Aly - Hussainey, Khaled - Habbash, Murya. (2010), “Corporate environmental disclosure, corporate governance and earnings management”, Managerial Auditing Journal, Vol. 25, No. 7, pp. 679- 700.
  • Tilt, Carol Ann. (1994), “The influence of external pressure groups on corporate social disclosure: some empirical evidence”, Accounting, Auditing and Accountability Journal, Vol. 7, No. 4, pp. 47- 72.
  • Tilt, Carol Ann. ( 2001), “The content and disclosure of Australian corporate environmental policies”, Accounting, Auditing and Accountability Journal, Vol. 14, No. 2, pp. 190- 212.
  • Tsang, Eric W. K. (1998), “A longitudinal study of corporate social reporting in Singapore: The case of the banking, food and beverages and hotel industries”, Accounting Auditing and Accountability Journal, Vol. 11, No. 5, pp. 624–635.
  • Uwuigbe, Uwalomwa. (2012), “Web- Based corporate environmental reporting in Nigeria: A study of listed companies”, Informatica Economica, Vol. 16, No. 3, pp. 27- 36.
  • Wang, Juo- Lien - Hsiung, Hsing- Hwa. - Ku, Wang- Ting. (2012), “Ownership Structure and Environmental Disclosure: Taiwan Evidence”, International Research Journal of Finance and Economics , No. 88, pp. 132- 145 .
  • Wu, Jia - Liu, Linxiao. - Sulkowski, Adam. (2010), “Environmental disclosure, firm performance, and firm characteristics: An analysis of S&P 100 firms”, Journal of Academy of Business and Economics , Vol. 10, No. 4, pp. 73 – 83.
  • Zeng, S. X. - Xu, X. D. - Yi n, H. T. - Tam, C. M. (2012), “Factors that drive Chinese listed companies in voluntary disclosure of environmental information”, Journal of Business Ethics, Vol. 109, No. 3, pp. 309- 321.
Muhasebe ve Finansman Dergisi-Cover
  • ISSN: 2146-3042
  • Yayın Aralığı: Yılda 4 Sayı
  • Başlangıç: 2005
  • Yayıncı: Muhasebe ve Finansman Öğretim Üyeleri Derneği (MUFAD)