ADVANCES IN ENVIRONMENTAL ACCOUNTING & MANAGEMENT: SOCIAL AND ENVIRONMENTAL ACCOUNTING IN BRAZIL ADVANCES IN ENVIRONMENTAL ACCOUNTING & MANAGEMENT Series Editors: Ataur Belal and Stuart Cooper Recent Volumes: Volume 5: Accounting for the Environment: More Talk and Little Progress, 2014 Volume 4: Sustainability, Environmental Performance and Disclosures, 2010 Volume 3: Environmental Accounting: Commitment or Propaganda, 2006 Volume 2: Advances in Environmental Accounting and Management, 2003 Volume 1: Advances in Environmental Accounting and Management, 2000 ADVANCES IN ENVIRONMENTAL ACCOUNTING & MANAGEMENT VOLUME ADVANCES IN ENVIRONMENTAL ACCOUNTING & MANAGEMENT: SOCIAL AND ENVIRONMENTAL ACCOUNTING IN BRAZIL SERIES EDITORS ATAUR BELAL Aston University, Birmingham, UK STUART COOPER University of Bristol, Bristol, UK GUEST EDITOR FÁTIMA DE SOUZA FREIRE University of Brasília, Brazil United Kingdom – North America – Japan India – Malaysia – China Emerald Publishing Limited Howard House, Wagon Lane, Bingley BD16 1WA, UK First edition 2017 Copyright © 2017 Emerald Publishing Limited Reprints and permissions service Contact: permissions@emeraldinsight.com No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without either the prior written permission of the publisher or a licence permitting restricted copying issued in the UK by The Copyright Licensing Agency and in the USA by The Copyright Clearance Center Any opinions expressed in the chapters are those of the authors Whilst Emerald makes every effort to ensure the quality and accuracy of its content, Emerald makes no representation implied or otherwise, as to the chapters’ suitability and application and disclaims any warranties, express or implied, to their use British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN: 978-1-78635-376-4 (Print) ISBN: 978-1-78635-375-7 (Online) ISBN: 978-1-78714-629-7 (Epub) ISSN: 1479-3598 (Series) CONTENTS EDITORIAL ADVISORY BOARD LIST OF CONTRIBUTORS LIST OF REVIEWERS ACKNOWLEDGMENTS REFLECTIONS ON EDITING ADVANCES IN ENVIRONMENTAL ACCOUNTING & MANAGEMENT Martin Freedman and Bikki Jaggi GUEST EDITORIAL: INTRODUCTION TO THE SPECIAL ISSUE Fátima de Souza Freire HEGEMONIES, POLITICS, AND THE BRAZILIAN ACADEMY IN SOCIAL AND ENVIRONMENTAL ACCOUNTING: A POSTSTRUCTURAL NOTE Barbara de Lima Voss, David Bernard Carter and Bruno Meirelles Salotti AN ANALYSIS OF THE ADHERENCE TO GRI FOR DISCLOSING INFORMATION ON SOCIAL ACTION AND SUSTAINABILITY CONCERNS Vicente Lima Crisóstomo, Priscila de Azevedo Prudêncio and Hyane Correia Forte FINANCIAL PERFORMANCE OF STOCKS OF COMPANIES PARTICIPATING IN THE CARBON EFFICIENT INDEX (ICO2) Patrícia Lacerda de Carvalho and Aldo Leonardo Cunha Callado PERFORMANCE OF SUSTAINABILITY AND NEGOTIABILITY INDEXES IN THE BRAZILIAN STOCK MARKET Patrícia Lacerda de Carvalho and Orleans Silva Martins DO ENVIRONMENTAL DISASTERS IMPACT ON THE VOLUME OF SOCIO-ENVIRONMENTAL INVESTMENT AND DISCLOSURE OF BRAZILIAN COMPANIES? José Venâncio Ferreira Neto, Sônia Maria da Silva Gomes, Adriano Leal Bruni and José Maria Dias Filho INDEX EDITORIAL ADVISORY BOARD Professor David Campbell Newcastle University, UK Professor Charles Cho ESSEC Business School, France Professor Aracéli Cristina de S Ferreira Universidade Federal Rio de Janeiro, Brazil Professor Maisa de Souza Ribeiro University of Sao Paulo, Brazil Professor Charl de Villiers University of Auckland, New Zealand Professor Martin Freedman Towson University, USA Dr Suzana Grubnic Loughborough University, UK Professor Christian Herzig University of Kassel, Germany Professor Mike Jones University of Bristol, UK Dr Matias Laine University of Tampere, Finland Professor Carlos Larrinaga-Gonzalez Universidad de Burgos, Spain Professor Glen Lehman University of South Australia, Australia Professor Collins Ntim University of Sothampton, UK Professor Carlos Noronha University of Macau, Macau Professor Brendan O’Dwyer University of Amsterdam, The Netherlands Professor Lee D Parker RMIT University, Australia Professor Dennis Patten Illinois State University, USA Professor Robin Roberts University of Central Florida, USA Professor Stefan Schaltegger Leuphana University Lüneburg, Germany Dr Javed Siddiqui University of Manchester, UK Professor Chris van Staden Auckland University of Technology, New Zealand years These findings are explained by the theory of legitimacy and corroborate the results of Deegan and Rankin (1996), Deegan et al (2000), and Patten (1992), indicating that upon the occurrence of major socio-environmental accidents, in order to mitigate potential negative effects and maintain legitimacy, the companies present a higher volume of socio-environmental disclosure Analyzing whether the accidents studied had significant impact on the volume of investment of the companies in the economic sectors studied, it was shown that regarding the internal social indicators, contrary to expectations, there were no relevant variations in the volume of investments made by the companies in the interest group and, consequently, the result was not statistically significant (0.406, or 40.6%) This effect was also seen by the control group, whose result was less significant than the result of the interest group (0.809, or 80.9%) With these results, hypothesis H1B is rejected: it cannot be stated that the occurrence of major environmental accidents causes an increase in the volume of internal social investments Regarding the total contributions to society, it was noticed that there was an increase in the volume of investments made after the accidents occurred in the economic sector of the companies in the interest group The positive percentage variation in the total contribution to society had a significance level of 0.082, or 8.2% – a statistically acceptable result, below 10% significance As noticed before, variation in the mean of the control group was negative and there was no statistical significance (0.501, or 50.1%) These results confirm hypothesis H1C: it is possible to state that after the occurrence of major environmental accidents, companies increase the volume of internal social investment, as there was statistical significance in the interest group but not in the control group Finally, regarding the total of investments in the environment, a significant positive variation was found in the mean of investments of the companies in the interest group of this research in the years after the occurrence of the accidents, when compared to years before – the statistical significance was 0.007, or 0.7%, which is a highly significant result (below the 1% level) On the other hand, a higher volume of investments was also observed in the control group in the years after the accident when compared to the years before However, there was no statistical significance to this increase (0.16, or 16%, which is over the 10% level and therefore not a statistically acceptable result) For this test, H1D can be accepted as it states that the occurrence of major socio-environmental accidents causes an increase in the volume of environmental investments of companies in the same economic sector as the statistical significance of the increase in the environmental investment of the interest group was below 1%, while the statistical significance of the control group was 16% It is noteworthy, however, that further research should be carried out to verify these results because, whilst the increases seen in environmental investments of companies in the control group were not statistically significant, there were still increases and so further work could be carried out to verify whether major socio-environmental accidents have an impact on the environmental investment policies of the companies in the economic sector in which the accidents occur The results obtained with hypothesis H1C and H1D corroborate the theory of legitimacy, demonstrating that in the event of these major socio-environmental accidents studied, companies not only increased their socio-environmental disclosure, but also the level of environmental investments and investments that benefit society (investing in programs such as education, culture, health and sanitation, sport, leisure and fun, daycare centers, food, hunger combat, and food security) to minimize the negative effects arising from the accidents and thereby maintain legitimacy in the eyes of the stakeholders FINAL CONSIDERATIONS This research investigated the impact of environmental accidents on the volume of disclosure and socio-environmental investments of Brazilian companies in the period 1997–2012 Through content analysis of sustainability reports, annual reports, management reports, and social reports, employing a quantitative approach, statistical tests were applied to verify possible variations in disclosure and socio-environmental investment The results of this study point to the fact that companies – whether from concern with socio-environmental issues, or in the interests of avoiding penalties, regulation, stronger supervision of the sector, fines, lawsuits, or societal perception – increase their level of socio-environmental disclosure after the occurrence of major accidents With the results of the research, it is possible to confirm hypothesis H1A: that the occurrence of major socio-environmental accidents impacts the amount of environmental and social voluntary disclosure made by companies within the same economic sector This was evidenced by a significant increase in the socio-environmental disclosure in the two years after the accident, compared to the two years before, with results that showed a significance level of 2.9%, compared to the control group which saw a negative variation – ensuring a safe acceptance of the hypothesis These results are consistent with the theory of legitimacy and with the studies of Deegan and Rankin (1996), Deegan et al (2000), and Patten (1992) Hypothesis H1B was rejected because the variable “internal social indicators”, had no statistically significant variation when comparing the years before and years after the accident Hypothesis H1C was confirmed because the variable “total contributions to society” significantly increased to 8.2%, being statistically acceptable as it was within the 10% limit and, contrasting with the control group, which showed a negative variation in the mean of investment, conferring more reliability to the acceptance of this hypothesis Hypothesis H1D was confirmed by the variable “total investments in environment” of the interest group, which had a positive variation with high statistical significance (0.007, less than 1%) in the years after the occurrence of the accidents, compared to the years before Although the control group also saw an increase in investments in the years after the accidents, this increase did not have statistical significance (16%), while in the interest group the significance was below 1%, indicating that the accidents affected the environmental investment policies of the companies in the economic sectors in which the accidents occurred (interest group) Although this hypothesis was accepted, it is necessary to emphasize that the positive variation in mean that was seen in the control group provides an indication that other variables may have had an influence on the environmental investment policies, bringing uncertainty to the statement that the increases in the levels of environmental investments occurred in the interest group were only due to the accidents It is therefore necessary to conduct other studies, with other groups of companies, to verify whether major accidents affect the companies’ investment policies The results of this study are in line with the findings of Deegan et al (2000), that there is evidence that voluntary socio-environmental disclosures have a strategic nature, and indicate that the administration somehow believes that the disclosure of socio-environmental reports is a useful tool to reduce potential negative effects resulting from unfavorable events to their corporate image and the economic sector to which they belong The identification of a significant increase in disclosure after the occurrence of the accidents mentioned is an indication that the companies, to some extent, seek to provide some level of satisfaction to society of their actions, and indicate that the administrators consider that the readers of the social reports of the company (stakeholders) attribute some degree of importance to socioenvironmental information and, therefore, increase the level of socio-environmental information after the occurrence of major disasters and, if this is true, it can be concluded that the companies’ practices are influenced by the culture, beliefs, and values of the society The findings also show that after the occurrence of major socio-environmental accidents – that threaten both the legitimacy of the companies which caused them, and also of the economic sector involved – they would be willing to increase the amount of socio-environmental investment, with the exception of investments in internal social indicators, in which no significant variation was found For future studies, similar research is recommended to be carried out with other groups of companies, or with a larger number of companies, in order to attempt to verify these results A study to verify whether companies that are repeatedly prosecuted by government agencies increase their disclosure levels to seek to maintain legitimacy is also recommended REFERENCES Bardin, L (2011) Análise de Conteúdo; translation Luiz Antero Reto, Augusto Pinheiro Sóo Paulo: Editora Ediỗừes 70 ISBN 9788562938047 Bertoli, A L., & Ribeiro, M D S (2006) Passivo ambiental: estudo de caso da Petróleo Brasileiro S.A Petrobrỏs A repercussóo ambiental nas demonstraỗừes contỏbeis, em conseqỹờncia dos acidentes ocorridos Revista de Administraỗóo Contemporõnea, 10(2), 117136 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Table A4 Total disclosure, year before and year after by category of social disclosure for the control group Table A5 Total investment by indicator years before and years after for the interest group (in percentage of net revenue) Table A6 Total investment by indicator years before and years after for the control Group (in percentage of net revenue) Table A7 Total investment by indicator year before and year after for the interest group (in percentage of net revenue) Table A8 Total investment by indicator year before and year after for the control group (in percentage of net revenue) INDEX Accounting, 18 materialist dimensions of, 29 social and environmental, 14–15, 17–21, 23–34 Accounting, Auditing & Accountability Journal, Accounting, Organizations and Society, Accumulation of capital wealth, 25 Advances in Environmental Accounting and Management (AEAM), 2, 3, Agency Theory, 70 Alyeska Pipeline Service Company, 163 American Accounting Association, Antagonism, 15, 17–21, 29, 30 Arthur Andersen, Associaỗóo Brasileira das Entidades dos Mercados Financeiros e de Capitais (ANBIMA, Brazilian Association of Financial and Capital Market Entities), 112, 140 Associaỗóo Brasileira das Entidades Fechadas e de Previdência Privada (ABRAPP, Brazilian Association of Private Pension Entities), 112, 140 Associaỗóo dos Analistas e Profissionais de Investimento Mercado de Capitais (APIMEC, Association of Capital Market Investment Analysts and Professionals), 112, 140 Augmented Dickey–Fuller (ADF) test, 118, 122, 123, 146, 151, 152 Australia adherence to GRI, 72 GHG emissions, Average difference, 144, 149, 151, 154 Banco Nacional de Desenvolvimento Econômico e Social (BNDES, Brazil’s National Economic and Social Development Bank), 112 Belgium CSR disclosure, 72 BM&FBovespa (São Paulo Stock Exchange), 107, 112, 113, 116, 117, 125, 127, 135, 136, 139–143, 153 BOVESPA, 140 Bovespa Index (IBOV), 10, 107, 113, 116, 117, 119–126, 136, 140, 142–144, 146–152, 154 Braskem petrochemical company disaster, 168 Brazil, 9–11, 15, 16, 21, 22, 136 adherence to GRI, 72 environmental disaster’s, impact on socio-environmental disclosure and companies investments, 159–178 Brazil 100 Index (IBrX100), 10, 107, 116, 117, 119–126 Brazil 50 Index (IBrX50), 10, 107, 112–113, 116, 117, 119–128, 136, 141, 143, 144, 146–152, 154 Brazilian Institute of Social and Economic Analyses (IBASE), 165 Brazilian stock market, performance of sustainability and negotiability indexes in, 133–154 Brundtland report, 17 Bush, George W., 6n1 Bush administration, Business case approach, 27, 38–68 Business sustainability, 111–113 Campello, Tereza, 16 Cap-and-trade system, Capital Asset Pricing Model (CAPM), 115 Capitalism, 27 Marxist critique of, 25 Capitalist system, 28, 32 Capital Market Line (CML), 115, 116 Capital-orientated actions, 30, 31 Carbon credits, 16 Carbon Efficient Index (Índice de Carbono Eficiente), 10, 135 financial performance of stocks of companies participating in, 105–128 Carbon market, 24 China, 22 adherence to GRI, 72 Chinese social accounting, Climate change, Clinton, Bill, 6n1 Coalition for Environmentally Responsible Economies (CERES), 72 Consulting studies, 30–31, 33 Content analysis, 27, 165 Contestability, 34 Convenient fictions, 28–29 Corporate disclosure, 23, 25, 27–29, 31–33 Corporate governance, Corporate Governance Stock Index (IGC), 142 Corporate growth, 16 Corporate reputation, Corporate responsibility, 14 Corporate social responsibility (CSR), 10, 14, 20, 21, 23, 25–27, 31, 71–72, 106, 108–111, 137– 139, 154 and company performance, relationship between, 134 disclosure, 73–101 environmental disaster’s impact on, 161–162 and financial performance, relationship between, 141–142 information through GRI, disclosing, 69–101 Corporate Sustainability Index, 107, 112, 135 Cost–benefit analysis, 71, 138 Critical Perspectives on Accounting, Critical theory approach, 25, 27, 28, 38–68 CSR information through GRI, disclosing, 69–101 audit of sustainability reports, 91, 93–95 cost of, 74–75 GRI application level in CSR reports, adoption of, 88–89, 98–99 GRI reports and economic development, 77, 80, 81 institutional environments, 74 integrated reports, issuing, 90, 92 larger firms versus nonbusiness organizations, 75–76 methodology, 76–77 organizational characteristics, 77–83, 90, 92–99 organizations adopting, types of, 80, 82, 95–98 quality of reporting, 83, 85–90, 92–99 sample, 76 size of organization, 83, 84 status of companies, 75, 80, 83 sustainability reports, models of, 86–87, 92–93, 95–97 type of reports, 90, 92, 95–98 Dialogic approaches, 34 Disclosure, 23, 25, 27–29, 31–33 corporate social responsibility, 71–72 Discourse theory, 9, 19–21, 23, 34n1 Domini 400 Social Index, 107, 112, 135 Dow Jones Sustainability Index (DJSI), 112, 135 Economatica®, 117, 143 Economic development, 16 Economic growth, 14 Elsevier, Emancipation, 18, 34 Emancipatory politics, 34 Emerging economies, and logic of development, 21–22 Engle–Granger test, 118, 123, 124, 146, 152 Enron, 2–3 Environmental accounting, Environmental disaster’s, impact on socio-environmental disclosure and companies investments, 10– 11, 159–178, 181–188 Braskem petrochemical company disaster, 168 corporate social responsibility, 161–162 Exxon Valdez oil spill, Alaska, 163 legitimacy theory, 161–162 Mineraỗóo Rio Pomba Cataguases Ltda disaster, 167 Petrobras disaster, 34n4, 166–167 Samarco pipeline disaster, 167–168 Union Carbide leakage, Bhopal, 163 Environmental disclosures, Environmental performance, Environmental protection, 16 Environmental Protection Authorities (EPA), 162 European Union (EU), 2, 4, Exxon Valdez oil spill, Alaska, 163 Financial performance and corporate social responsibility, relationship between, 141–142 of stocks of companies participating in ICO2, 105–128 France CSR disclosure, 72 FTSE4Good, 112, 135 Global Reporting Initiative (GRI), 3, 10, 31, 72–73 CSR information through GRI, disclosing, 69–101 guidelines, 73 Greenhouse gas (GHG) emissions, 2–4, 107, 112, 135, 141 Hegemony, 14, 16, 18, 22, 23, 25, 28–33 defined, 19 politics of, 19–21 IBASE, 31 ICO2, 10, 107, 108, 112–113, 116–128, 135–137, 141, 143, 144, 146–154 as indicator of companies’ financial performance, 113–114 India, 22 adherence to GRI, 72 Índice de Sustentabilidade Empresarial (ISE), 107, 112, 113, 135–137, 139, 141–143, 147, 151, 153, 154 Institutional theory, 72, 74 Instituto Brasileiro de Governanỗa Corporativa (IBGC, Brazilian Institute of Corporate Governance), 112, 140 Instituto de Fiscalizaỗóo e Controle (IFC, Institute of Oversight and Control), 112, 140 Instituto Ethos (Ethos Institute), 31, 112, 137, 140 Intergenerational justice, 111, 138 Intergovernmental Panel on Climate Change (IPCC), International Integrated Reporting Council (IIRC), 24 Intra-generational justice, 111, 138 Jarque–Bera test, 118, 120, 121, 147, 148 Jensen’s alpha See Jensen Ratio (JR) Jensen Ratio (JR), 116, 118, 123, 126–128 Johannesburg Socially Responsible Index (SRI), 112 Justice, 72 intra-generational, 111, 138 intergenerational, 111, 138 social, 20 Kruskal–Wallis (KW) test, 118, 121 Kwiatkowski–Phillips–Schmidt–Shin (KPSS) test, 118, 122, 123, 146, 151, 152 Kyoto Protocol, 2, 4, 6n1 Latin America, 136 Legitimacy theory, 2, 29, 30, 72, 74, 161–162 Levene test, 118, 121 Liquidez em Bolsa , 117 Logic of development, emerging economies and, 21–22 Loyalty, 72 Mann–Whitney test, 145–146, 149 Market carbon, 24 index, 139, 148 Marxist critique of capitalism, 25 Materialism, 34 Materialist dimensions of accounting, 29 Mineraỗóo Rio Pomba Cataguases Ltda disaster, 167 Ministério Meio Ambiente (Ministry of Environment), 112, 140 Mystification, 25, 27 National Bank for Economic and Social Development (BNDES), 141 Negotiability indexes, 139–141 New York Stock Exchange, 112, 135 Obama, Barack, 6n1 Organization for Economic Co-Operation and Development (OECD), 77, 80, 90, 92–93, 100 Organizations, disclosing CSR information through GRI characteristics of, 77–83, 90, 92–99 nonbusiness, 75–76 size of, 83, 84 types of, 80, 82, 95–98 Other(ness), 20 Petrobras disaster, 34n4, 166–167 Phillips–Perron (PP) test, 118, 122, 123, 146, 151, 152 Portugal CSR disclosure, 72 Post-structuralism, 14, 17, 18, 23, 25, 34n1 Renewable energy, Reputation, 74 Responsibility, 15 Samarco pipeline disaster, 167–168 São Paulo Stock Exchange (BM&FBovespa), 10 Sarbanes–Oxley Act, Scielo, 23 Scientific Periodicals Electronic Library (SPELL), 34n2 Securities and Exchange Commission (SEC), Security Market Line (SML), 115 Shareholder Theory, 108–111, 138 Sharpe Ratio (ShR), 115, 118, 125127 Sistema Especial de Liquidaỗóo e Custodia (SELIC), 117 Social action, 74, 80, 100 Social and environmental accounting (SEA), 9, 14–15, 17–21, 23–34, 34–35n2 as measurement, 28 mechanisms of, 28 disclosure, 23, 25, 27–29, 31–33 Social balance, 34n3 Social development, 16 Social justice, 20 Social participation, 14 Socio-environmental disclosure/investments, environmental disaster’s impact on, 159–178 Special Clearance and Escrow System, 117 Spell, 23 Stakeholder–accountability approach, 24–27, 38–68 Stakeholder Theory, 70–72, 106–107, 108–111, 138, 162 dimensions of, 109 Stock exchange markets, 75 Stocks of companies participating in ICO2, financial performance of, 105–128 return, 136, 141–144, 153, 154 Sustainability, 3–4, 5, 14–25, 27–34, 70 business, 111–113 indices, 105–128, 139–141 “re-articulation” or “redescription” of, 17–18 reports, audit of, 91, 93–95 reports, models of, 86–87, 92–93, 95–97 as social construct, 17 Sustainable development, 14–18, 25, 26, 31, 106, 111 defined, 15 Tautology, 27 Technological innovation, 24 Theory of social accounting, Treynor Ratio (TR), 115, 118, 123, 125–128 Triple Bottom Line (TBL) concept, 111–113, 139, 153 Tyco International, Union Carbide leakage, Bhopal, 163 United Nations Environment Programme (UNEP), 72 United States, 2, 3, 5, 6n1, 22, 135 adherence to GRI, 72 GHG emissions, Volume Médio, 117 Voluntary disclosure theory, Wilcoxon–Mann–Whitney test, 118, 121, 122 Wilcoxon test, 145, 149 WorldCom, ... traditional economic sense and development in the sustainable development context We argue that sustainability and SEA discourses, and consequently, the tools and techniques of SEA and sustainability are... advanced culture, education, life, and health In the imaginary of sustainability and development, we see a co-option of the sustainability debate to incorporate development and growth, and the ultimate... controls to sustainability and the impact on companies of the SEC mandated climate change regulation Although the papers seemed to continue the trend of both good and bad news about business and sustainability,