2011 Awards for Excellence

Citation

(2012), "2011 Awards for Excellence", Sustainability Accounting, Management and Policy Journal, Vol. 3 No. 1. https://doi.org/10.1108/sampj.2012.46803aaa.002

2011 Awards for Excellence

Article Type: 2011 Awards for Excellence From: Sustainability Accounting, Management and Policy Journal, Volume 3, Issue 1

The following article was selected for this year’s Outstanding Paper Award for Sustainability Accounting, Management and Policy Journal

“Market reactions to the first-time issuance of corporate sustainability reports: evidence that quality matters”

Ronald P. GuidryIllinois State University, Normal, Illinois, USA

Dennis M. PattenIllinois State University, Normal, Illinois, USA

Purpose -- The paper attempts to determine whether market participants see value in the corporate choice to begin publishing a standalone sustainability report. It also seeks to investigate whether differences in market reactions are associated with the quality of the sustainability report.

Design/methodology/approach -- The paper uses standard market model methods to isolate the unexpected change in market returns in the period surrounding the announcement of the release of a first-time sustainability report.

Findings -- The paper finds, on average, no significant market reaction to the announcement of the release of the sustainability reports. However, in cross-sectional analyses, it is found that companies with the highest quality reports exhibited significantly more positive market reactions than companies issuing lower quality reports. These results hold when we control for firm size and membership in socially exposed industries.

Research limitations/implications -- The paper examines only the US firms and the measure of quality is based on an assessment of the extent to which reports provide disclosures recommended by the Global Reporting Initiative. The sample is also relatively small. Finally, the analysis examines perceived value for only one potential stakeholder group shareholders. Future research could address any of these shortcomings.

Practical implications -- The evidence suggests that companies seeking value from their sustainability reporting need to carefully consider the quality of their presentations.

Originality/value -- The finding that quality of sustainability reporting is important to investors provides valuable evidence to support improvements in the implementation of sustainability accounting and reporting.

Keywords: Corporate social responsibility, Market forces, Reports, Sustainable development

www.emeraldinsight.com/10.1108/20408021011059214

This article originally appeared in Volume 1 Number 1, 2010, pp. 33-50, Sustainability Accounting, Management and Policy Journal

The following articles were selected for this year’s Highly Commended Award

“Collaborating to achieve corporate social responsibility and sustainability? Possibilities and problems”

Alan Murray, Kathryn Haynes and Lucian J. Hudson

This article originally appeared in Volume 1 Numbers 2, 2010, Sustainability Accounting, Management and Policy Journal

“A re-evaluation of social, environmental and sustainability accounting: an exploration of an emerging trans-disciplinary field?”

Rob Gray

This article originally appeared in Volume 1 Number 1, 2010, Sustainability Accounting, Management and Policy Journal

Outstanding Reviewers

Dr Jan LibichLa Trobe University, Australia

Prof. Dr. Stefan SchalteggerLeuphana University of Luneburg, Germany