The research deals with environmental issues that people around the globe are facing and how companies are contributing to it due to large scale development that is happening. The research draws attention to the importance of environmental disclosures in the reports of the companies so that awareness is spread on how companies are performing to protect the environment and in ways they can make the necessary changes, so that interest can be generated in stakeholders to consider this as an important criterion to take investment decisions (Abdullah & Said, 2017).
This is important in many ways for the stakeholders or the managers and the public as environmental degradation can huge loss to the companies in many ways as the future would be devoid of resources in many ways. We also see that environmental degradation is also affecting the society and public (Boghossian, 2017). Like in the article related to carbon emission it shows how much companies that are involved in activities such as mining are affecting the environment through uncontrolled environmental emission and thus it becomes important that change should be there with respect to a control with respect to protection of environment and taking care of the same (Belton, 2017).
The first article “Introduction: The legitimizing effect of social and environmental disclosures – a theoretical foundation” states that the organizations needs to deal with environmental reporting and it is important to maintain organizational legitimacy. It draws the importance to disclosures that can give the best information. This article draws the legitimacy theory which helps in explaining the managers the importance of the same for companies (Lindblom, 1994).
The second article “Legitimation strategies in Australian mining extended performance reporting” states that social organizations along with companies need to obtain social approval for their continued operations. The stakeholders have started giving importance to the social and environmental performance of the companies and that has become an important part for them to decide whether they want to invest in the companies or not. The companies also need to report social and economic performance with respect to the public pressure for securing the right to operate within the society (Tonganah & Guthrie, 2007).
The third article “Carbon Disclosures: Comparability, the Carbon Disclosure Project and the Greenhouse Gas Protocol” deals with that corporate carbon disclosures have become an important mechanism for taking internal and external decision making. The process of carbon disclosures can help the companies in positioning themselves with respect to carbon monitoring in the world. It is also said that this disclosures and importance to carbon monitoring would help in sensitize the world to global environmental problems such as climate change and helps in spreading awareness with respect to that. It also examines the carbon disclosures with respect to Australian mining companies over three years in compliance with necessary carbon disclosure regime for the companies (Iggers, 2018). Thus, it helps in understanding the growth with respect to disclosures and how many companies are following the same and take necessary decisions on how to improve the situation and make sure that more and more companies are taking effective participation (Andrew & Cortese, 2011).
There are lot of environmental issues that are apparent in towards world and companies are highly getting affected by that. Environmental issues cause a lot of damage to the society like there are issues with land management, waste disposal, over population, pollution, deforestation and apparently lot of health issues for the public. Thus, to overcome that there have been rules made that companies around the globe needs to follow and they need to give relevant disclosures with respect to that in their reports for the stakeholders to follow. The stakeholders have stated giving a lot of importance to societal and economic rules and take decisions based on that so in case the companies need to follow the same else they will suffer and start following the reporting requirements with respect to environmental frameworks and reporting that is required of them (Kaufmann, 2017). Companies are failing because of the changing environment and the changing scenarios and that has become a threat to survival and getting the necessary validation from the companies as they are operating in the society and it is important to get validation from the same. If they fail then they would not be able to survive as the stakeholders will not support the company and fail on many grounds (Webster, 2017)
The major proposition would be that companies around the globe would indulge in environmental protection only if there is proper legal theories and rules that is important for them to follow and in case they don’t it would lead to penalties.
Based on the overall analysis and research it can be said that companies have been performing on many grounds to make sure that they are completing the reporting requirements which is needed and also the companies are making sure that the steps that they are taking are as per the needs of the stakeholders (Kaufmann, 2017). The companies will not get societal validation in case they fail to that. We are also seeing based on the three articles that have been discussed above that corporate disclosures are an important point for taking internal and external decision making. It also highlights the importance of operational legitimacy for the companies on many grounds. We thus see that in case the companies fail they would not get the necessary support that they need from the stakeholders. Also, in case the companies fail, the companies will be penalized in a legal way by the authorities (Iggers, 2018). The rules and regulations have been framed after a lot of analysis and seeing the major affect that is being caused on the environment due to the various activities that the companies are doing. Like the activities of the mining companies is causing a very bad impact on the environment as it is causing a lot of land and air pollution and it is causing a lot of effect on the health of the human beings and causing environmental degradation. So, the aim should be that the companies need to be aware that they do not cross the environmental limits that are within permissible limits by the authorities of the companies. Based on all this it can be said that companies have been taking a stand and making sure that they are following the environmental norms which they should. This is because there is a direct contact between the legitimacy theory and the stakeholder theory and stakeholders are very important for the companies (Webster, 2017). As they are the ones who would be investing in the company to generate profits, so we see that companies will respond in a positive manner to the various issues of environmental reporting and state the same in their annual report (Coate & Mitschow, 2017). This would give the stakeholders the much-needed information about the rules that the companies are following and how much they are concerned about the environmental regulations and rules and taking necessary steps with respect to that. This would give them social validation and prompt stakeholders to invest in the company and help in establishing responsibility of the management of the company with following the rules and regulations for the organizations on many grounds. This is a win-win situation for the stakeholders, the companies and the society in which the companies are operating (Charles H, et al., 2015).
References
Abdullah, W. & Said, R., 2017. Religious, Educational Background and Corporate Crime Tolerance by Accounting Professionals. State-of-the-Art Theories and Empirical Evidence, pp. 129-149.
Andrew, J. and Cortese, C. L. (2011) Carbon disclosures: comparability, the Carbon Disclosure Project and the Greenhouse Gas Protocol, Australian Accounting Business and Finance Journal, Vol 5(4) pp. 5-18
Belton, P., 2017. Competitive Strategy: Creating and Sustaining Superior Performance. London: Macat International ltd.
Boghossian, P., 2017. The Socratic method, defeasibility, and doxastic responsibility. Educational Philosophy and Theory, 50(3), pp. 244-253.
Charles H, C., Giovanna, M., Dennis M, P. & Robin W, R., 2015. CSR disclosure: the more things change…?. Accounting, Auditing & Accountability Journal, 28(1), pp. 14-35.
Coate, C. & Mitschow, M., 2017. Luca Pacioli and the Role of Accounting and Business: Early Lessons in Social Responsibility. s.l.:s.n.
Iggers, J., 2018. Good News, Bad News: Journalism Ethics And The Public Interest. s.l.:s.n.
Kaufmann, W., 2017. The Problem of Regulatory Unreasonableness. First ed. New York: Routledge.
Lindblom, C. K., (1994) ‘The implications of organisational legitimacy for corporate social performance and disclosure’, paper presented to the Critical Perspectives on Accounting Conference, New York, NY
Webster, T., 2017. Successful Ethical Decision-Making Practices from the Professional Accountants’ Perspective. ProQuest Dissertations Publishing.
Yongvanich, K. and Guthrie, J. (2007) ‘Legitimation strategies in Australian mining; extended performance reporting ‘ , Journal of Human Resource Costing and Accounting, Volume 11, Issue 3, pp. 156-177
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