Environmental practices of governance of companies in emerging markets: An analysis of structural relationships

The aim of this study is to analyze the structural relationships between strategy, environmental performance, and disclosure in view of the lack of research on these endogenous activities. To analyze these relationships, an environmental governance proxy consisting of five dimensions was developed for Brazilian companies. Hence, from an economic perspective, a trend is expected of companies disclosing more information and maintaining an environmental governance structure to avoid or reduce potential political costs. Using the structural equation technique, 573 Brazilian companies were analyzed. According to the results, the Brazilian companies’ mean compliance level with environmental governance practices is 49.2%. There is evidence of a positive association between the governance structure and the environmental management system (GSEM) as well as environmental performance (EP) and environmental disclosure levels (DISC). In addition, the level of environmental conflicts of interest a sector faces increased the need for environmental disclosure. Furthermore, the results demonstrate that the latent variables, GSEM and EP, exert direct and indirect positive effects on DISC. In other words, companies with more structured environmental management systems have obtained better performance indicators, and consequently, are more likely to feel encouraged to disseminate environmental information and to reduce political costs than is the case with other companies.     

基于重点排污单位的上市公司环境信息披露现状分析

本文选取264家母公司属环保部门公布的重点排污单位的上市公司作为研究对象,将样本企业在2016年年报、2017年半年报及2016年度社会责任报告等定期报告中披露的环境信息,对照上市公司年报与半年报中环境信息披露的要求与规范,对上市公司环境信息披露合规性进行评估。评估认为:上市公司通过定期报告披露环境信息在形式上和内容上均有所进步,但距离基本的形式上合规披露仍有显著差距,信息披露的全面性、有效性与针对性更远远不能满足强化环保监管与优化资本市场的目标本意与政策需求。基于上述评估结果与发现的问题,本文提出了制定管理办法与技术导则、提升政策层级与规范披露标准,强化部门协作等政策建议。     

于GRI体系的机场企业环境信息披露研究

机场作为民航运输的关键节点和重要枢纽,肩负着服务区域经济的重要使命,同时也面临环境保护与可持续发展的巨大挑战。作为公共基础设施和城市形象窗口,机场上市公司具有披露环境信息的义务与责任。在充分研究国内机场上市公司环境信息披露制度背景的基础上,本研究借鉴全球报告倡议组织（GRI）发布的《可持续发展报告指南》（第四版）及机场运营者行业补充（GRI-AOSS）构建了适用于我国机场的环境信息披露评价指标体系,并利用公开数据对国内6家机场上市公司的环境信息披露情况进行了实际测评。结果表明：我国机场环境信息披露程度较低,存在内容简单、量化不足、质量下降等问题。机场上市公司环境信息披露亟待在法律法规层面进行系统规范。建议借鉴GRI等相关国际标准及成功经验,制定适用于我国的科学可行的环境信息披露标准和制度体系。     

推动环境信息披露能改善投资效率吗？

落实企业环境责任,推动环境信息披露,有利于推动结构调整和高质量发展。本文根据《环境信息公开办法（试行）》,对发布企业社会责任报告的上市公司环境信息披露进行刻画,基于Richardson投资期望模型对投资效率进行测度,分析环境信息披露对上市公司投资效率的影响。研究发现,环境信息披露能在一定程度上缓解投资不足,但对过度投资的影响并不显著,而且环境信息披露对投资不足的缓解作用在国有企业、两权分离度高等代理成本较高的企业中表现更为显著。本文因此提出推动环境信息披露的建议,一方面发挥政府作用,加大监管压力,确保企业环境责任的落实,健全环境治理企业责任体系;另一方面发挥市场的决定性作用,强化诱致企业披露环境信息的动力,让市场形成对环境信息披露的强需求,促使企业提升环境信息披露水平。     

Building Greater Transparency in Supply Chains to Advance Sustainability

As company supply chains grow larger, more dispersed, and more complex, companies and their stakeholders are increasingly interested in knowing more about these supply chains and requesting greater transparency regarding them. This article examines several aspects that can assist companies in building greater transparency in supply chains, including supply chain mapping, traceability, third‐party certification, and goal setting, as well as reporting on their progress toward achieving these efforts. In addition, this article provides summaries of how several companies are building greater transparency in their supply chains, efforts that also help companies better manage the environmental impacts from their supply chains.     

企业环境信息披露:实践与理论——基于政策和文献综述的分析

企业环境信息披露是指把公司各种活动对环境产生影响的信息向外部社会公开.本文主要围绕"企业环境信息披露"这一主题, 简要介绍了中外各国在企业环境信息披露上的政策实践和法律规定,同时,本文梳理了相关的研究,主要集中在三个方面,第一,环境信息内容的界定;第二,企业环境信息披露的决定因素分析;第三,企业环境信息披露的效应分析.本文的介绍将帮助我们初步了解中外各国在企业环境信息披露上的政策差异,以及通过理论文献上的整理厘清企业环境信息披露的主要问题,找到未来中国在企业环境信息披露的理论和政策实践上的方向.     

上市公司环境信息披露调查研究——基于公司高管的访谈

上市公司高管态度对企业环境信息披露会产生重要影响。为充分了解企业高管如何看待上市公司环境信息披露过程中涉及的环境信息沟通、披露制度、能力建设等多方面问题，本文对涉及第一、第二和第三产业的16家上市公司高管进行访谈调研。研究发现，多数高管视社会第三方机构对企业的环境信息需求为较大的潜在风险，非强制是上市公司环境信息选择性披露的主要原因，企业重视环保投资但信息公开能力建设不足，环境信息公开对企业价值影响较弱。本文提出编写环境信息公开指南及实施细则，提升企业环境信息公开的能力建设，拓展政府和社会组织对企业环境信息公开的奖励形式等建议。     

A disclosure of social and environmental results/economy resulting from the implementation of reverse logistics and final disposal of the post‐consumption product: The case of computer peripherals industry

This research was conducted with the objective of determining and evidencing the social and environmental/economic results from the implementation of a reverse logistics program providing for the recycling, reuse, and, when necessary, final, environmentally correct disposal of post‐consumption products and product wastes by a multinational manufacturer of computer peripherals with an operation based in the city of São Paulo, Brazil. The reverse logistics process (logisticareversa, or, in this paper, LR) was intended to meet the objectives and principles of the regulatory framework defined in the National Solid Waste Policy (PNRS) in Brazil. A single case study was carried out. The results showed that after the adoption of the solid waste management policy, the study company no longer disposed of 1,413,552 kilograms (kg) of materials classified as mixed iron, polystyrene, cardboard, toner powder, and plastic in landfills. The LR process made a profit in two companies: the company surveyed made, in Brazilian reais (R), R$ 9,188,185.51, and the company contracted to carry out the process made, R$ 411,325.97. This latter profit is called by us the “social profit.” The measurement of the environmental/economic, social, and financial results by internalizing the expenses of the LR program into the costs of production shows that reuse and recycling better meets the needs of society and the company than landfilling these post‐consumption materials. Furthermore, the use of cost accounting allows the verification of other goals not indicated in the current model, such as the generation of employment, income, mitigation of environmental problems, and the profit earned by the company contracted to implement the LR process. We also conclude that cost accounting makes it possible to obtain necessary information for decision makers, who are seeking to neutralize environmental impacts and promote sustainable development, thus harmonizing the economic, social, and environmental aspects, to understand the impacts of the LR process.     

A framework for assessing discretionary corporate performance towards the environment

This article reviews the existing models of corporate social responsiveness and develops a theoretical framework with which to examine corporations' discretionary performance with respect to one social issue, that of the environment. Discretionary indicators of corporate response to environmental issues are developed and tested within this framework. Twelve companies from five different sectors were selected for the survey, based on prior knowledge of their commitment to environmental concerns. Primary data was collected from personal interviews, and secondary data was obtained from company documents, annual reports, and other forms of publically disclosed information. Empirical results varied, but certain voluntary indicators, such as composition of the board of directors, the environmental affairs function, community support, and the annual report are considered to provide strong indications of discretionary corporate performance. Philanthropy and company products proved to be less satisfactory indicators of corporate commitment to the environment. The aggregated results revealed a correlation between the final rankings of firms' discretionary environmental performance and whether those companies are process or product oriented. Linkages between discretionary elements and those of economic and legal requirements were not explored.     

媒体报道、政府监管与企业环境信息披露

在中国经济和媒体环境发生巨大变革的情况下,外部压力对上市公司环境信息披露的影响研究面临新的社会背景。基于传播学议程设置理论、关注理论与信号传递理论,本文以2016年沪深A股八大重污染行业的315家上市公司为研究对象,研究了媒体报道与政府监管对上市公司环境信息披露水平的影响。其中,媒体类型既考虑了传统纸媒,也考虑了以新浪微博为代表的网络新媒体,政府监管方面采用2014年调整后的PITI指数对监管力度进行评价。研究发现,媒体报道数量越大,上市公司环境信息披露的内容越丰富,但并不能提高其信息披露质量;上市公司环境信息披露质量主要受媒体报道倾向性的影响,而媒体报道的数量对其影响较弱;地方政府对企业环境信息公开的监管力度对企业环境信息披露的影响并不显著。此外,随着地方政府监管力度的加大,媒体对企业的关注度下降,导致政府监管在媒体监督企业环境信息过程中具有一定的削弱作用。研究表明,随着近年来生态环境保护法制化进程的大力推进,环境制度约束相对舆论监督,在企业信息披露过程中发挥着越来越重要的作用。     

美国EPCRA法案对我国推动企业环境信息公开的启示

本文围绕美国企业环境信息公开专项法案——EPCRA法案和在该法案要求下建立的、为世界各国所广泛采用的企业环境信息公开核心制度——有毒污染物释放清单制度(TRI),分析总结了发达国家促进企业环境信息公开的立法理念、制度体系、工作机制、技术支持、信息平台等方面的经验,并将其与我国企业环境信息公开专项制度《企业事业单位环境信息公开办法》进行了对比分析,识别了我国企业环境信息公开工作相关基础研究、制度设计、制度执行等方面的不足,且结合我国下一阶段推动环境质量全面改善的工作需求、推动排污许可改革等工作任务,就完善我国企业环境信息公开工作提出了建议。     

A decision support process to compare riparian revegetation options in Scheu Creek catchment in north Queensland

While riparin vegetation can play a major role in protecting land, water and natural habitat in catchments, there are high costs associated with tree planting and establishment and in diverting land from cropping. The distribution of costs and benefits of riparian revegetation creates conflicts in the objectives of various stakeholder groups. Multicriteria analysis provides an appropriate tool to evaluate alternative riparian revegetation options, and to accommodate the conflicting views of various stakeholder groups. This paper discusses an application of multicriteria analysis in an evaluation of riparian revegetation policy options for Scheu Creek, a small sub-catchment in the Johnstone River catchment in north Queensland, Australia. Clear differences are found in the rankings of revegetation options for different stakeholder groups with respect to environmental, social and economic impacts. Implementation of a revegetation option will involve considerable cost for landholders for the benefits of society. Queensland legislation does not provide a means to require farmers to implement riparian revegetation, hence the need for subsidies, tax incentives and moral suasion.     

Assessment of risk to aquatic biota from elevated salinity -- a case study from the Hunter River, Australia

A linear engineering project--i.e. a pipeline--has a potential long- and short-term impact on the environment and on the inhabitants therein. We must find better, less expensive, and less time-consuming ways to obtain information on the environment and on any modifications resulting from anthropic activity. We need scientifically sound, rapid and affordable assessment and monitoring methods. Construction companies, industries and the regulating government organisms lack the resources needed to conduct long-term basic studies of the environment. Thus there is a need to make the necessary adjustments and improvements in the environmental data considered useful for this development project. More effective and less costly methods are generally needed. We characterized the landscape of the study area, situated in the center and north-east of Argentina. Little is known of the ecology of this region and substantial research is required in order to develop sustainable uses and, at the same time, to develop methods for reducing impacts, both primary and secondary, resulting from anthropic activity in this area. Furthermore, we made an assessment of the environmental impact of the planned linear project, applying an ad hoc impact index, and we analyzed the different alternatives for a corridor, each one of these involving different sections of the territory. Among the alternative corridors considered, this study locates the most suitable ones in accordance with a selection criterion based on different environmental and conservation aspects. We selected the corridor that we considered to be the most compatible--i.e. with the least potential environmental impact--for the possible construction and operation of the linear project. This information, along with suitable measures for mitigating possible impacts, should be the basis of an environmental management plan for the design process and location of the project. We pointed out the objectivity and efficiency of this methodological approach, along with the possibility of integrating the information in order to allow for the application thereof in this type of study.     

Positive and negative aspects of GRI reporting as perceived by Brazilian organizations

This paper aims to identify the positive and negative aspects in the sustainability reporting framework proposed by the Global Reporting Initiative (GRI). The research was conducted through content analysis of 27 companies’ responses to three questions: “Why does the company where you work prepare a sustainability report?” “What are the positive aspects you identify in the framework for GRI reporting?” and “What are the negative aspects you identify in the framework for GRI reporting?” The questionnaire was sent to all Brazilian companies that published sustainability reports using the GRI guidelines between 2011 and 2013 related to the base year 2010. We found that respondents viewed the GRI guidelines and the reports they created as management tools for sustainability and that they assist in benchmarking sustainability performance and legitimizing the sustainability actions of the organization. Furthermore, some respondents indicated that the reports themselves are marketing tools. On the other hand, the respondents reported difficulties in understanding the proposed GRI guidelines. They considered the guidelines complex, ambiguous, and too flexible, which undermined both the standardization of the reports and the ability to compare reports. Based on these comments, it is recommended that the GRI develop a simpler and less flexible reporting methodology.     

Using Multicriteria Methods in Environmental Planning and Management

In environmental planning and decision processes several alternatives are analyzed in terms of multiple noncommensurate criteria, and many different stakeholders with conflicting preferences are involved. Based on our experience in real-life applications, we discuss how multicriteria decision aid (MCDA) methods can be used successfully in such processes. MCDA methods support these processes by providing a framework for collecting, storing, and processing all relevant information, thus making the decision process traceable and transparent. It is therefore possible to understand and explain why, under several conflicting preferences, a particular decision was made. The MCDA framework also makes the requirements for new information explicit, thus supporting the allocation of resources for the process.     

中国大型发电上市公司ESG评价体系开发与分值研究

如今,世界各地上市公司正将利润最大化这一短期目标转向环境、社会及管治(ESG)可持续发展这一长期目标,更加清楚地认识到ESG已经构成了企业风险的重要来源之一,并可能影响公司的财务绩效。本文基于状态、压力、响应与层次分析(PSR-AHP)指标分类与权重配比方法构建中国大型发电上市公司ESG评级体系,并应用该评价体系对中国大型发电上市公司ESG绩效进行研究。结果发现,其ESG综合得分波动性大,在研究期最后两年走势不甚理想,其中社会绩效得分及其趋势表现优于环境及管治绩效;在环境及社会绩效方面,响应性指标表现优于压力性指标,而状态性指标走势较为稳定。最后,本文从披露深度及质量、第三方介入、奖惩及强制性披露措施等方面给出政策建议。     

Environmental reporting requirements under the EU: eco-management and audit scheme (EMAS)

The fifth Action Programme on the Environment: Towards Sustainability, defines European Union (EU) environmental policy until the year 2000 and emphasises the need for greater disclosure of environmental information. This paper discusses the Eco-management and audit scheme (EMAS), and EU market based instrument designed to bring more industrial environmental performance data into the public domain. The paper discusses the purpose of the Regulation's environmental statement identifying the potential audiences and their requirements. Using six corporate environmental reports, the paper analyzes how these meet the Regulation's reporting requirements and what modifications would be needed in current reporting trends. The paper concludes that existing reporting requirements will need to change to satisfy EMAS requirements and the increasing public demands for industrial environmental performance information.Ruth Hillary successfully completed a MSc in Environmental Technology at Imperial College, University of London, and is currently undertaking a doctorate to continue her research into the fields of environmental auditing and environmental management. She was placed at the European Commission's Industry and Environment Division of DG XI where she worked on the draft Eco-management and audit Regulation during its progress towards adoption and application. She is the Series Editor for the Business and the Environment Practitioner Series, a series of practical business reports addressing current and emerging environmental topics of importance to companies, and has recently published a reportThe Eco-management and audit Scheme-A Practical Guide. She has also published many papers on the subjects of environmental auditing and the EU Eco-management and audit scheme.     

Practices of energy use management and sustainable performance in Brazilian mineral industries

Energy is an essential asset for the existence of industrial activities, however, the absence of energy use management may lead to numerous environmental, economic, and social impacts. Thus, industries, which are major consumers of energy, play an essential role in seeking to preserve the energy system. This study aimed at analyzing the practices of energy use management and their relation to sustainable performance in the industries within the Brazilian mineral sector. The practices of energy use management were measured using the model proposed by Liu et al. (2012, Journal of Cleaner Production, 26, 79–89). After that, evidence of sustainable performance was identified based on performance indicators developed by the Global Reporting Initiative (2006, 2010, 2014). The study is characterized as quantitative, and it was conducted through a survey of industries linked to the Brazilian Mining Association. Through our results, we verified that the practices related to energy use management existent in the companies that we studied are subjected to periodic verification of the impacts caused by company activities on the environment, and that attention to energy use provides an incentive to daily practices of energy saving. On the other hand, the practices of energy use management are still little disseminated among these companies, as is certification to the International Organisation for Standardization's (ISO) Energy Management Systems framework, ISO 50001. In general, through the analyses that we performed, we can verify the existence of positive associations between the factors related to the practices of energy use management and to corporate sustainable performance.