Strategy disclosures by listed financial services companies: Signalling theory, legitimacy theory and South African integrated reporting practices
Strategy disclosures by listed financial services companies: Signalling theory, legitimacy theory and South African integrated reporting practices
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上市金融服务公司的战略披露：信号理论、合法性理论和南非综合报告实践
DOI：
10.4102/sajbm.v48i3.37
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发表时间：
2017
影响因子：
1.3
通讯作者：
W. Maroun
中科院分区：
文献类型：
--
作者：
W. Zijl;C. Wöstmann;W. Maroun
本文调查了目前在约翰内斯堡证券交易所金融服务部门上市的公司的社会、环境和经济（SEE）相关战略披露的程度。它使用信号和合法性理论来分析从开发的SEE战略相关披露清单中得出的结论。本文发现，与经济战略相关的信息披露相比，社会和环境战略相关的信息披露仍然是次要的。这可能是由于对金融资本提供者的持续关注和财务表现的需要。此外，子行业的商业模式以及子行业与客户互动的密切程度被视为与社会和环境战略相关的披露的驱动因素，以保持其合法性，减少信息不对称，降低资金成本，并向投资者保证这些因素得到了适当的管理。紧随其后的是银行、保险和房地产细分行业，披露的与策略相关的信息最多。这与他们高度的公共责任和与客户的日常互动有关，因此有必要管理他们的合法性和解决逆向选择。本文还提出了未来研究的一些领域，以了解将社会和环境问题纳入战略和相关披露的潜在障碍。
This paper investigates the current extent of social-, environmental- and economic- (SEE) related strategy disclosure of companies listed in the financial services sector of the Johannesburg Stock Exchange. It uses signalling and legitimacy theory to analyse the findings from a developed SEE strategy-related disclosure checklist. The paper finds social and environmental strategy-related disclosure is still secondary to economic strategy-related disclosures. This may be due to persistent focus on providers of financial capital and the need to perform financially. Further, the subsector’s business model and how closely the subsector interacts with their customers is seen as a driver of social and environmental strategy-related disclosure to maintain their legitimacy and to reduce information asymmetry, reduce cost of capital and assure investors that these factors are being appropriately managed by the entity. Following from above, the banking, insurance and real estate subsectors presented the most strategy-related disclosure. This was linked to their high public accountability and daily interaction with customers, necessitating the need to manage their legitimacy and address adverse selection. The paper also proposes some areas for future research to understand the potential obstacles to incorporating social and environmental concerns into strategy and related disclosures.