76 research outputs found
Big data techniques in auditing research and practice: Current trends and future opportunities
COVID-19, Societalization and the Future of Business in Society
COVID-19 is profoundly affecting almost all aspects of economic and social life globally. Governments have closed borders, banned mass gatherings, and enforced social distancing, generating a new normal for businesses and individual citizens. Measures taken to protect public health have threatened the global economy, necessitating economic stimulus in most countries, and reconfiguring the role of business in society. We ask: Will the role of business in society return to normal after COVID-19, or will it be reconfigured in enduring and impactful ways? We use Alexander’s (2018, 2019) theory of societalization to examine how socially disruptive extreme events affect the role of business in society. To evidence this, we apply societalization to the revelatory example of COVID-19 and evaluate its impacts on society. Our analysis of the societalization of COVID-19 in the United States shows that concern regarding pandemic disease has moved from the governmental inside to the civic outside, placing strain on society, leading to regulatory response, and a significant societal backlash. We discuss three scenarios regarding the long-run impacts of COVID-19 on the role of business in society, suggest that societalization provides useful insights into other socially disruptive extreme events, and identify implications for future business and society research
The impact of investor attention during COVID-19 on investment in clean energy versus fossil fuel firms
The outbreak of the COVID-19 pandemic has had significant negative impacts on financial markets, including energy stock markets. However, recently proposed and implemented green recovery plans may mean that clean energy firms demonstrate better performance than fossil fuel firms after the pandemic. As more voices call for the update of clean energy, theory on investor attention suggests investors will pay more attention to the potential to invest in clean energy stocks. Using a sample period of eight weeks before and during the pandemic, we find that the negative impact of the outbreak on both clean energy and fossil fuel firms is more significant for fossil fuel firms. Our results further show that during the pandemic there have been improved returns for clean energy firms as a consequence of investor attention, but not for fossil fuel firms. Our findings provide empirical evidence for the advantages of green recovery schemes in influencing financial markets, especially for clean energy stocks. These results suggest there are benefits for further promotion and implementation of green recovery stimulus measures post-pandemic
Barriers and motivators to the adoption of energy savings measures for SMEs: the case of the ClimateSmart Business Cluster Program
Legislation targeting business carbon emissions typically excludes the significant portion of the economy comprised of small- and medium-sized enterprises (SMEs). As an alternative many governments have developed voluntary programs to assist SMEs to reduce emissions and increase their energy efficiency. To maximise benefits associated with such programs, this paper seeks to provide insights into key factors contributing to the design of successful voluntary energy efficiency programs for SMEs. This is achieved by comprehensively analysing the factors that impacted the uptake of energy savings measures by 202 SMEs which participated in the ClimateSmart Business Cluster Program (commencing in 2009). Expanding on previous research that has mostly focus on identifying inhibiting factors (barriers) to the uptake of energy savings measures, this paper offers a comprehensive assessment of barriers and motivating factors (motivators). A unique finding of this research is that SMEs experienced many different barriers and motivators while participating in the program, inferring great complexity to achieving the critical aim of reducing carbon emissions. Based on these findings, this paper argues that voluntary government energy efficiency programs should be flexibly designed and implemented to accommodate the many and various barriers. Motivating factors should be emphasised and barriers identified upfront so that the program can be tailored to the often idiosyncratic needs of SMEs
The role of accounting in supporting adaptation to climate change
The study is one of the first concerned with the topic of accounting and climate change adaptation. It proposes that the accounting role can support organisational climate change adaptation by performing the following functions: (i) a risk assessment function (assessing vulnerability and adaptive capacity), (ii) a valuation function (valuing adaptation costs and benefits) and (iii) a disclosure function (disclosure of risk associated with climate change impacts). This study synthesises and expands on existing research and practice in environmental accounting and sets the scene for future research and practice in the emerging area of accounting for climate risk
Big data techniques in auditing research and practice: current trends and future opportunities
This paper analyzes the use of big data techniques in auditing, and finds that the practice is not as widespread as it is in other related fields. We first introduce contemporary big data techniques to promote understanding of their potential application. Next, we review existing research on big data in accounting and finance. In addition to auditing, our analysis shows that existing research extends across three other genealogies: financial distress modelling, financial fraud modelling, and stock market prediction and quantitative modelling. Auditing is lagging behind the other research streams in the use of valuable big data techniques. A possible explanation is that auditors are reluctant to use techniques that are far ahead of those adopted by their clients, but we refute this argument. We call for more research and a greater alignment to practice. We also outline future opportunities for auditing in the context of real-time information and in collaborative platforms and peer-to-peer marketplaces
Accounting, management and accountability in times of crisis: lessons from the COVID-19 pandemic
Purpose The purpose of this paper is to discuss the themes emerging from the first studies exploring accounting, accountability and management practices during the COVID-19 pandemic and coming from a diversity of experiences, across countries, organizations and individuals. In so doing, the paper gives an overview of the most recent findings about the role of accounting and accountability in times of crisis that are hosted in this special issue of Accounting, Auditing and Accountability Journal (AAAJ).
Design/methodology/approach The paper draws together and identifies emerging themes related to the current COVID-19 pandemic and its impacts on accounting, accountability and management practices and considershowthestudiesinthisissueextendone’sknowledgeofaccountingandcontributetoaccounting research. Findings –Three emerging themes are drawn and their contribution to accounting scholarship is discussed. The first theme deals with the role of accounting and numbers in supporting governmental responses to COVID-19. The second theme considers accounting practices used to make exceptional decisions at the organizational level in times of crisis. The third theme addresses a relevant frontier of research into accounting and inequalities.
Practical implications In considering the diverse contributions of this special issue, the paper points out how uncertainty and change can impact the design, use and understanding of accounting, management and accountability practices and can be accepted by scholars and practitioners as part of such practices.
Originality/value This paper provides a timely and comprehensive picture of the first reflections and research findings on the impacts of the COVID-19 pandemic on one’s interpretation of accounting, accountability and management practices
Creating resilience for businesses and communities in a climate changing world
Last year’s flooding in Brisbane, the 2009 Victorian bushfires and impacts from Cyclone Yasi are just a few examples of recent extreme events that demonstrate that Australian society today is facing increasingly diverse and costly threats. In response to the rising impacts and cost of disasters, research at UQ Business School are seeking to identify which approaches can be used to build resilience – the ability of businesses and communities to resist and respond to a variety of different adverse impacts. In particular the projected impacts of climate change, such as the expected increase in frequency and severity of weather events, mean an increased vulnerability of businesses, industries, communities and individuals to adverse impacts especially in vulnerable areas and locations with rapid population growth. While the concept of resilience has gained importance in research and practice in recent years, more needs to be done in order to properly inform and support decision-makers to increase their resilience. Decision-makers require practical tools to evaluate overall resilience of a firm, industry and/ or region and to identify potential vulnerabilities. However, the implications of climate change and the anticipated changes in trends of weather extremes, such as changes to the intensity and/or frequency of storms, floods, and droughts, have not yet been fully considered in political, economic and social decision-making. In order to prepare for a vastly more uncertain future, it will therefore be necessary to find new innovative ways of minimising impacts, maximising recovery and identify the most effective resilience strategies. This article outlines key difficulties in understanding the uncertainties about future climate change outcomes across temporal and spatial scales and seeks to provide innovative insight into what leads to business and community resilience
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