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

Creating infrastructure resilience to weather extremes

Last year's flooding in Brisbane, the 2009 Victorian bushfires and impacts from Cyclone Yasi are just a few examples of recent: extreme weather events that resulted in increasingly diverse and costly threats and caused significant impacts for many businesses and disruptions to vital infrastructure. Due to climate change and the anticipated changes in trends of weather extremes, the intensity and frequency of storms, floods, and droughts may increase and requires urgent attention in political, economic and organisation-level decision-making