Social Accounting Implementation and Firm Sustainability: Empirical Evidence form Listed Firms in Thailand
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Published:
Jun 1, 2019
Keywords:
Social Accounting Implementation Stakeholder Acceptance Continuity Organizational Value Increase Corporate Image Outstanding Firm Sustainability
Main Article Content
Abstract
The main research objective is to examine the effects of social accounting implementation on firm sustainability by collecting data from 121 listed firms in the Stock Exchange of Thailand (SET). The stakeholder theory is applied to explain the relationship between these variables. The hypotheses were tested using the ordinary least squares (OLS) regression analysis. The findings indicate that all dimensions of social accounting implementation effect to all of the consequences; especially, environmental management accounting practice that has the highest effect on firm sustainability. In addition, community participation presentation and social impact reporting are both having the highest effect on corporate image outstanding. Moreover, corporate image outstanding has also the highest effect on firm sustainability. The results can help executives to analyze and decide on the key elements that could be critical to creating competitive opportunities in the future.
Article Details
How to Cite
Chaiwong, K., Phornlaphatrachakorn, K., & Pratoom, K. (2019). Social Accounting Implementation and Firm Sustainability: Empirical Evidence form Listed Firms in Thailand. Journal of Management Science Chiangrai Rajabhat University, 14(1), 1–30. Retrieved from https://so03.tci-thaijo.org/index.php/jmscrru/article/view/122223
Section
Research Articles
Views and opinions expressed in the journal do not necessarily reflect those of the editors.
References
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Amores-Salvadó, J., Castro, G. M., & Navas-López, J. E. (2014). Green corporate image: moderating the connection between environmental product innovation and firm performance. Journal of Cleaner Production. 83, 356–365.
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Arshad, R., Othman, S., & Othman, R. (2012). Islamic corporate social responsibility, corporate reputation and performance. International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering. 6(4), 643–647.
Barako, D. G., & Brown, A. M. (2008). Corporate social reporting and board representation : Evidence from the Kenyan banking sector. Journal of Management and Governance. 12(4), 309–324.
Beer, P. de, & Friend, F. (2006). Environmental accounting: A management tool for enhancing corporate environmental and economic performance. Ecological Economics. 58(3), 548–560.
Bertels, S., Papania, L., & Papania, D. (2010). Embedding sustainability in organizational culture 93% of CEOs see to their company’ s future. Network for Business Sustainability, Simon Fraser University, Ontario. [Online], 1–74. Available from: https://livebettermagazine.com/eng/reports_ studies/pdf/
Burritt, R. L., & Saka, C. (2006). Environmental management accounting applications and eco-efficiency: Case studies from Japan. Journal of Cleaner Production. 14(14), 1262–1275.
Cacioppe, R., Forster, N., & Fox, M. (2008). A survey of managers’ perceptions of corporate ethics and social responsibility and actions that may affect companies’ success. Journal of Business Ethics. 82(3), 681–700.
Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons. 34(4), 39–48.
Chetty, K. R. (2011). From responsibility to accountability-social accounting, human rights and Scotland. Critical Perspectives on Accounting. 22(8), 759–761.
Cho, C. H., Guidry, R. P., Hageman, A. M., & Patten, D. M. (2012). Do actions speak louder than words? An empirical investigation of corporate environmental reputation. Accounting, Organizations and Society. 37(1), 14–25.
Clarkson, M. B. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review. 20(1), 92–117.
Clarkson, P. M., Fang, X., Li, Y., & Richardson, G. (2013). The Relevance of environmental disclosures: Are such disclosures incrementally informative? Journal of Accounting and Public Policy. 32(5), 410–431.
Connelly, T., & Limpaphayom, P. (2004). Environmental reporting and firm performance. journal of Corporate Citizenship. 13, 137–149.
Corporate Social Responsibility Institute. (2012). Corporate social responsibility for corporate sustainability. Bangkok: ID All Digital Print.
Crisóstomo, V. L., Freire, F. de S., & Vasconcellos, F. C. de. (2013). Corporate social responsibility, firm value and financial performance in Brazil, Social Responsibility Journal. 7(2), 1–24.
De Villiers, C., & Van Staden, C. J. (2010). Shareholders’ requirements for corporate environmental disclosures: A cross country comparison. The British Accounting Review. 42(4), 227-240.
Delannon, N., Raufflet, E., & Baba, S. (2016). Corporate community engagement strategies and organizational arrangements: A multiple case study in Canada. Journal of Cleaner Production. 129, 714–723.
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. Accounting Review. 86(1), 59–100.
Duff, A. (2016). Corporate social responsibility reporting in professional accounting firms. British Accounting Review. 48(1), 74–86.
Dyllick, T., & Hockerts, K. (2002). Beyond the business case for corporate sustainability. Business Strategy and the Environment. 11(2), 130–141.
Emeseh, E., & Songi, O. (2014). CSR, human rights abuse and sustainability report accountability. International Journal of Law and Management. 56(2), 136-151.
Ertop, D. (2015). Business ethics, corporate social responsibility and importance of implementation of CSR at corporations. International Journal of Contemporary Applied Sciences. 2(12), 37–61.
Foroudi, P., Melewar, T. C., & Gupta, S. (2014). Linking corporate logo, corporate image, and reputation: An examination of consumer perceptions in the financial setting. Journal of Business Research. 67(11), 2269–2281.
Freeman, R. E., Harrison, J. S., & Wicks, A. C. (2007). Managing for stakeholders: Survival, reputation, and success. United States: Yale University Press.
Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B., & Colle, S. de. (2010). Stakeholder theory: The state of the art. Boston: Cambridge university press.
Freeman, R.E. (1984). Strategic management: A stakeholder approach. Boston: Cambridge university press.
Gallhofer, S., Haslam, J., & Walt, S.V.D. (2011). Critical perspectives on accounting accountability and transparency in relation to human rights : A critical perspective reflecting upon accounting, corporate responsibility and ways forward in the context of globalisation. Critical Perspectives on Accounting. 22(8), 765–780.
Golob, U., & Bartlett, J. L. (2007). Communicating about corporate social responsibility: A comparative study of CSR reporting in Australia and Slovenia. Public Relations Review. 33(1), 1–9.
Gray, R. (2002). The social accounting project and accounting organizations and society: Privileging engagement, imaginings, new accountings and pragmatism over critique? Accounting, Organizations and Society. 27(7), 687–708.
Gray, R., & Gray, S. (2011). Accountability and human rights: A tentative exploration and a commentary. Critical Perspectives on Accounting. 22(8), 781–789.
Hair, J.F., Black, W.C., Babin, B.J., & Anderson, R.E. (2010). Multivariate data analysis: A global perspective. 7th ed. New Jersey: Pearson Education.
Hamid, F.Z.A. (2004). Corporate social disclosure by banks and finance companies: Malaysian evidence. Corporate Ownership and Control. 1(4), 118–130.
Hazelton, J. (2013). Accounting as a human right: The case of water information. Accounting, Auditing and Accountability Journal. 26(2), 267-311.
Husted, B., & Allen, D. (2007). Strategic corporate social responsibility and value creation among large firmslessons from the spanish experience. Long Range Planning. 40, 594–610.
Kamla, R., Gallhofer, S., & Haslam, J. (2012). Understanding Syrian accountants’ perceptions of, and attitudes towards, social accounting. Accounting, Auditing and Accountability Journal. 25, 1170–1205.
Ko, E., Hwang, Y. K., & Kim, E. Y. (2013). Green marketing’ functions in building corporate image in the retail setting. Journal of Business Research. 66(10), 1709–1715.
Kuasirikun, N. (2005). Attitudes to the development and implementation of social and environmental accounting in Thailand. Critical Perspectives on Accounting. 16(8), 1035–1057.
Lauwo, S., & Otusanya, O. J. (2014). Corporate accountability and human rights disclosures: A case study of Barrick Gold Mine in Tanzania. Accounting Forum. 38(2), 91–108.
Li, F., Li, T., & Minor, D. (2016). CEO power, corporate social responsibility, and firm value: A test of agency theory. International Journal of Managerial Finance. 12(5), 611–628.
Liu, X., & Zhang, C. (2017). Corporate governance, social responsibility information disclosure, and enterprise value in China. Journal of Cleaner Production. 142, 1075–1084.
Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical Perspectives on Accounting. 33, 59–78.
Miragaia, D., Ferreira, J., & Ratten, V. (2017). The strategic involvement of stakeholders in the efficiency of non-profit sport organisations: From a perspective of survival to sustainability. Brazilian Business Review. 14(1), 42–58.
Mirfazli, E. (2008). Corporate social responsibility (CSR) information disclosure by annual reports of public companies listed at Indonesia Stock Exchange (IDX). International Journal of Islamic and Middle Eastern Finance and Management. 1(4), 275–284.
Moghadam, S. K., Heydari, M., Heydari, G., & Jalalinasab, M. (2016). The organizational changes and the role of management accounting by looking at the environmental accounting and social accounting. International Journal of Scientific Management and Development. 4(9), 354–358.
Mokhtar, N., Jusoh, R., & Zulkifli, N. (2015). Corporate characteristics and environmental management accounting (EMA) implementation: Evidence from Malaysian public listed companies (PLCs). Journal of Cleaner Production. 136, 111-122.
Moura-leite, R. C., Padgett, R. C., and Galan, J. I. (2012). Is social responsibility driven by industry or firm-specific factors ? Management Decision, 50(7), 1200–1221.
Mullen, J. (1997). Performance-based corporate philanthropy: How “giving smart” can further corporate goals. Publice Relations Quarterly. 42(2), 42–48.
Nikolaou, I. E., & Evangelinos, K. I. (2010). Classifying current social responsibility accounting methods for assisting a dialogue between business and society. Social Responsibility Journal. 6(4), 562–580.
Nunnally, J.C. & Bernstein, I.H. (1994). Psychometric theory. 2rd ed. New York: McGraw-Hill.
Osazuwa, N. P., & Che-Ahmad, A. (2016). The moderating effect of profitability and leverage on the relationship between eco-efficiency and firm value in publicly traded Malaysian firms. Social Responsibility Journal. 12(2), 295–306.
Panya, N., Poboon, C., & Phoochinda, W. (2017). The performance of the environmental management of local governments in Thailand. Kasetsart Journal of Social Sciences. 1–9.
Pianezzi, D., & Cinquini, L. (2016). Assessing the validity of accounting for human rights A pragmatic constructivist perspective. Qualitative Research in Accounting and Management. 13(3), 370–391.
Pirsch, J., Gupta, S., & Grau, S. L. (2007). A framework for understanding corporate social responsibility programs as a continuum: An exploratory study. Journal of Business Ethics. 70, 125-140.
Pothong, O. & Ussahawanichakit, P. (2011). Sustainable accounting and firm survival: An empirical examination of Thai listed firms. Journal of International Business and Economics. 12(5), 1-27.
Rahahleh, M. Y., & Sharairi, J. A. (2008). The extent of social responsibility accounting application in the qualified industrial zones in Jordan. International Management Review. 4(2), 5.
Roberts, R. W. (1992). Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting, Organizations and Society. 17(6), 595–612.
Ruggie, J. G. (2011). Guiding principles on business and human rights: Implementing the United Nations “protect, respect and remedy” framework. United Nations Human Rights Office of the High Commissioner. 1–35.
Ruf, B. M., Muralidhar, K., Brown, R. M., Janney, J. J., & Paul, K. (2001). An empirical investigation of the relationship between change in corporate social performance and financial performance: A stakeholder theory perspective. Journal of Business Ethics, 32(2), 143-156.
Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research. 68(2), 341–350.
Said, A. A., HassabElnaby, H. R., & Wier, B. (2003). An empirical investigation of the performance consequences of nonfinancial measures. Journal of Management Accounting Research. 15, 193–223.
Saikon, M. & Thitiyapramote, N. (2017). The effect of corporate social responsibility and environmental accounting disclosure of industrial production has been certified ISO 14001 in Thailand. Journal of Management Science Chiangrai Rajabhat University. 12(2), 78-100. (in Thai)
Siahaan, F.O.P. (2013). The effect of good corporate governance mechanism, leverage, and firm size on firm value. GSTF International Journal on Business Review. 2(4), 137–142.
Soobaroyen, T., & Ntim, C. G. (2013). Social and environmental accounting as symbolic and substantive means of legitimation: The case of HIV/AIDS reporting in South Africa. Accounting Forum. 37(2), 92–109.
Spence, C. (2009). Social accounting’s emancipatory potential: A Gramscian critique. Critical Perspectives on Accounting. 20(2), 205–227.
Suttipun, M., & Nuttaphon, C. (2014). Corporate social responsibility reporting on websites in Thailand. Kasetsart Journal-Natural Science. 35(3), 536-549.
Tengblad, S., & Ohlsson, C. (2010). The framing of corporate social responsibility and the globalization of national business systems: A longitudinal case study. Journal of Business Ethics. 93(4), 653–669.
Thaipat Institute. (2012). Integrated CSR reporting framework. Bangkok: n.p.
Tilt, C.A. (2006). Linking environmental activity and environmental disclosure in an organisational change framework. Journal of Accounting and Organizational Change. 2(1), 4–24.
Uyar, A., Kilic, M., & Bayyurt, N. (2013). Association between firm characteristics and corporate voluntary disclosure: Evidence from Turkish listed companies. Intangible Capital. 9(4), 1080–1112.
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