Environmental disclosure in Spain: Corporate characteristics and media exposure

Social and environmental issues have become a major concern for accounting research over the past two decades. Social and Environmental Accounting has attracted the attention of a number of researchers attempting to understand, explain and predict the disclosure of information on the social and environmental implications of business activities. Empirical research has hypothesized that size, profitability and the potential environmental impact of the firm are the main factors explaining the amount of information disclosed. On the other hand, several studies have focused on the motivations for disclosing environmental information, hypothesizing that disclosures are aimed at building or sustaining corporate legitimacy. We test the main hypotheses developed to date by empirical research with regard to the disclosure of environmental information based on a sample of companies listed on the Madrid Stock Exchange. Results of a content analysis show that firms disclosing environmental information tend to be larger, have higher risk (measured by the beta coefficient) and operate in industries that have a high potential environmental impact. The environmental implications of the activities carried out by these companies also seem to receive more attention from print media. Our results also provide evidence that two factors directly associated with the amount of environmental information disclosed are the potential environmental impact of the industry and the extent of media coverage of the firms

Beyond altruism: British football and charity, 1877-1914

Football charity matches and tournaments played a significant part in the development of the sport in Britain, overlapping the era of friendly games and the advent of competitive leagues. The football community prided itself on its contributions to charity, raising more money than any other sport before 1914, and stakeholders within the game – associations, clubs, players and patrons – gained considerable kudos for this perceived altruism. However, this paper will demonstrate that amounts donated, though welcome, were relatively minor sources of revenue for both institutions and individuals, and that the charity match became less important to clubs in a professional, and increasingly commercial, era