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| 2. |
- Cerin, Pontus, et al.
(författare)
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Energy performance and housing prices
- 2014
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Ingår i: Sustainable Development. - : Wiley-Blackwell. - 0968-0802 .- 1099-1719. ; 22:6, s. 404-419
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Tidskriftsartikel (refereegranskat)abstract
- We investigate whether mandatory energy performance certificates of existing residential properties contribute to property price premiums after the implementation of the EU directive on the energy performance of buildings in the Swedish private housing market. Analysing mandatory energy performance certificates of the 2009–2010 private housing transactions, we find that energy performance is associated with transaction price in situations when it is conditional on a reference benchmark. We also document property price premiums for energy performance within housing segments built before 1960 and those with a lower transaction price per square metre. Our results suggest that the property market values energy performance, and we make recommendations on which housing segments need policy support to encourage energy improvements.
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| 3. |
- Cunningham, Gary, et al.
(författare)
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The impact of IFRS on reporting for business combinations: an in-depth analysis using the telecommunications industry
- 2010
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Konferensbidrag (refereegranskat)abstract
- The mandatory use of IFRS by all publicly listed companies in the European Union created challenges for accounting and reporting of business combinations, goodwill impairment and disclosures for these items. Major issues are allocation of amounts to goodwill and specific intangible assets arising from acquisition. This study presents an in-depth exploration of compliance with IFRS 3 and IAS 36 using content analysis methodology of annual reports of eight European telecommunications companies that were chose because the industry is well known for significant acquisitions involving intangibles. The results show only partial compliance with little change over the four year period since mandatory IFRS adoption. While results cannot be generalized outside this group, the in-depth analysis yielded important insights for continued research using broader research methods.
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| 7. |
- Mutiganda, Jean Claude, et al.
(författare)
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Accounting for Competition, "Circuits of Power" and Negotiated Order between Not-For-Profit and Public Sector Organisations
- 2013
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Ingår i: Financial Accountability and Management. - : Wiley-Blackwell. - 0267-4424 .- 1468-0408. ; 29:4, s. 378-396
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Tidskriftsartikel (refereegranskat)abstract
- This study analyses the role of accounting information in negotiating contractual relationships in the framework of circuits of power during a competitive tendering process. The study asks how institutionalised accounting information affects taken-for-granted ways of thinking and acting by institutional actors in negotiating inter-organisational order when analysed using the framework of circuits of power. Field research took place in a Finnish not-for-profit aged care organisation and municipality from 2008 to 2012. The study shows that institutionalised accounting information cannot be taken-for-granted to prevail in obligatory passage points of the circuits of power in negotiating order.
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| 8. |
- Semenova, Natalia, et al.
(författare)
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Asymmetry in Value Relevance of Environmental Performance (EP) Information : Contingency Effects of Size and Industry
- 2013
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Ingår i: Journal of Modern Accounting and Auditing. - USA : David Publishing Company. - 1548-6583 .- 1935-9683. ; 9:6, s. 777-789
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Tidskriftsartikel (refereegranskat)abstract
- Contemporary research documents a positive but weak price premium from environmental performance (EP). The specific circumstances of pricing EP of large and small companies and in polluting and clean industries have not, however, been investigated. This study predicts that financial markets price EP beyond financial fundamentals differently, depending on company size and the environmental risk of the industry and provides evidence relying on a set of the Sweden Stock Market 300 (SIX 300) companies listed on the Stockholm Stock Exchange (OMX Stockholm). Applying a value relevance model, the average results are in line with previous findings that EP adds value beyond the book value of equity and earnings. The asymmetry in EP is. however, driven by company size and the environmental risk of the industry. This study suggests that large companies in low-risk industries obtain strong price premiums from being environmental industry leaders. In contrast, small companies and also companies in high-risk industries do not necessarily accrue the same market benefits.
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| 9. |
- Semenova, Natalia, et al.
(författare)
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The value relevance of environmental and social performance : evidence from Swedish SIX 300 companies
- 2010
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Ingår i: The Finnish Journal of Business Economics. - : Association for business administration studies. - 0024-3469 .- 2242-4296. ; 3:10, s. 265-292
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Tidskriftsartikel (refereegranskat)abstract
- Environmental, social, and governance performance has attracted close attention around the world and is becoming a focus of many companies, investors, financial analysts, and accounting policy makers.This paper provides insight into how environmental and social performance is reflected in the market value of listed SIX 300 companies on OMX Stockholm. Applying the Ohlson valuation model, we express the market value of equity as a function of the book value of equity, accounting earnings, and environmental and social performance, where the last two variables are the proxies for other valuerelevant information. We test this model with data from the GES Investment Services® risk ratings that enable us to create a holistic view on the long-term extra-financial performance and to disaggregate the effects of various dimensions of environmental and social performance on stock prices. The evidence presented in this study finds support for the value relevance of environmental performance at both aggregated and sub-aggregated levels. In the social dimension, support is found for community and supplier relations. We contribute empirical findings to the current debate on the relations between environmental and social performance and shareholder value, and demonstrate the extra-financial value of environmental and social performance.
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