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Accounting for Sustainability in Asia: Stock Market Regulation and Reporting in Hong Kong and Singapore

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Accounting for Sustainability in Asia : Stock Market Regulation and Reporting in Hong Kong and Singapore. / Liu, Felicia H.M.; Demeritt, David; Tang, Samuel.

In: ECONOMIC GEOGRAPHY, Vol. 95, No. 4, 08.2019, p. 362-384.

Research output: Contribution to journalArticlepeer-review

Harvard

Liu, FHM, Demeritt, D & Tang, S 2019, 'Accounting for Sustainability in Asia: Stock Market Regulation and Reporting in Hong Kong and Singapore', ECONOMIC GEOGRAPHY, vol. 95, no. 4, pp. 362-384. https://doi.org/10.1080/00130095.2018.1544461

APA

Liu, F. H. M., Demeritt, D., & Tang, S. (2019). Accounting for Sustainability in Asia: Stock Market Regulation and Reporting in Hong Kong and Singapore. ECONOMIC GEOGRAPHY, 95(4), 362-384. https://doi.org/10.1080/00130095.2018.1544461

Vancouver

Liu FHM, Demeritt D, Tang S. Accounting for Sustainability in Asia: Stock Market Regulation and Reporting in Hong Kong and Singapore. ECONOMIC GEOGRAPHY. 2019 Aug;95(4):362-384. https://doi.org/10.1080/00130095.2018.1544461

Author

Liu, Felicia H.M. ; Demeritt, David ; Tang, Samuel. / Accounting for Sustainability in Asia : Stock Market Regulation and Reporting in Hong Kong and Singapore. In: ECONOMIC GEOGRAPHY. 2019 ; Vol. 95, No. 4. pp. 362-384.

Bibtex Download

@article{54eadbda2dfb419f8c1e53416f7c4f0a,
title = "Accounting for Sustainability in Asia: Stock Market Regulation and Reporting in Hong Kong and Singapore",
abstract = "Sustainability reporting nudges firms into behaving more sustainably by forcing them to account publicly for their wider social and environmental performance. This libertarian paternalist approach to governance through disclosure rather than command-and-control regulation is well established in Anglo-Saxon jurisdictions but comparatively untested in the emerging markets of Asia, where different state traditions and forms of business organization raise questions about its transferability and effectiveness. This article contributes to research on corporate social responsibility, neoliberal environmental governance, and Asian varieties of capitalism by providing the first comparative analysis of the origins, design, and initial impact of new sustainability reporting requirements on the stock markets of Hong Kong and Singapore. In mandating sustainability reporting, both exchanges were similarly concerned with following international norms and competitors but differed in the style and granularity of their company disclosure requirements. These policy design choices reflected different developmental state traditions and the different audiences that market regulators in Hong Kong and Singapore sought to influence through these public accounts. Notwithstanding substantial differences between Hong Kong{\textquoteright}s rules-based and Singapore{\textquoteright}s principles-based approach to reporting, the response in both markets was remarkably similar. In both cases, sustainability reporting was largely ignored by local market players who dismissed it as a foreign practice of interest to only a small number of Western institutional investors and providing little incentive to go beyond tick box compliance. These findings raise questions about the effectiveness of disclosure requirements at nudging Asian businesses toward sustainability.",
keywords = "Asian capitalism, corporate sustainability reporting, D22, developmental state, environmental regulation, G14, G38, M48, nudge",
author = "Liu, {Felicia H.M.} and David Demeritt and Samuel Tang",
year = "2019",
month = aug,
doi = "10.1080/00130095.2018.1544461",
language = "English",
volume = "95",
pages = "362--384",
journal = "ECONOMIC GEOGRAPHY",
issn = "0013-0095",
publisher = "Taylor and Francis Ltd.",
number = "4",

}

RIS (suitable for import to EndNote) Download

TY - JOUR

T1 - Accounting for Sustainability in Asia

T2 - Stock Market Regulation and Reporting in Hong Kong and Singapore

AU - Liu, Felicia H.M.

AU - Demeritt, David

AU - Tang, Samuel

PY - 2019/8

Y1 - 2019/8

N2 - Sustainability reporting nudges firms into behaving more sustainably by forcing them to account publicly for their wider social and environmental performance. This libertarian paternalist approach to governance through disclosure rather than command-and-control regulation is well established in Anglo-Saxon jurisdictions but comparatively untested in the emerging markets of Asia, where different state traditions and forms of business organization raise questions about its transferability and effectiveness. This article contributes to research on corporate social responsibility, neoliberal environmental governance, and Asian varieties of capitalism by providing the first comparative analysis of the origins, design, and initial impact of new sustainability reporting requirements on the stock markets of Hong Kong and Singapore. In mandating sustainability reporting, both exchanges were similarly concerned with following international norms and competitors but differed in the style and granularity of their company disclosure requirements. These policy design choices reflected different developmental state traditions and the different audiences that market regulators in Hong Kong and Singapore sought to influence through these public accounts. Notwithstanding substantial differences between Hong Kong’s rules-based and Singapore’s principles-based approach to reporting, the response in both markets was remarkably similar. In both cases, sustainability reporting was largely ignored by local market players who dismissed it as a foreign practice of interest to only a small number of Western institutional investors and providing little incentive to go beyond tick box compliance. These findings raise questions about the effectiveness of disclosure requirements at nudging Asian businesses toward sustainability.

AB - Sustainability reporting nudges firms into behaving more sustainably by forcing them to account publicly for their wider social and environmental performance. This libertarian paternalist approach to governance through disclosure rather than command-and-control regulation is well established in Anglo-Saxon jurisdictions but comparatively untested in the emerging markets of Asia, where different state traditions and forms of business organization raise questions about its transferability and effectiveness. This article contributes to research on corporate social responsibility, neoliberal environmental governance, and Asian varieties of capitalism by providing the first comparative analysis of the origins, design, and initial impact of new sustainability reporting requirements on the stock markets of Hong Kong and Singapore. In mandating sustainability reporting, both exchanges were similarly concerned with following international norms and competitors but differed in the style and granularity of their company disclosure requirements. These policy design choices reflected different developmental state traditions and the different audiences that market regulators in Hong Kong and Singapore sought to influence through these public accounts. Notwithstanding substantial differences between Hong Kong’s rules-based and Singapore’s principles-based approach to reporting, the response in both markets was remarkably similar. In both cases, sustainability reporting was largely ignored by local market players who dismissed it as a foreign practice of interest to only a small number of Western institutional investors and providing little incentive to go beyond tick box compliance. These findings raise questions about the effectiveness of disclosure requirements at nudging Asian businesses toward sustainability.

KW - Asian capitalism

KW - corporate sustainability reporting

KW - D22

KW - developmental state

KW - environmental regulation

KW - G14

KW - G38

KW - M48

KW - nudge

UR - http://www.scopus.com/inward/record.url?scp=85059912711&partnerID=8YFLogxK

U2 - 10.1080/00130095.2018.1544461

DO - 10.1080/00130095.2018.1544461

M3 - Article

AN - SCOPUS:85059912711

VL - 95

SP - 362

EP - 384

JO - ECONOMIC GEOGRAPHY

JF - ECONOMIC GEOGRAPHY

SN - 0013-0095

IS - 4

ER -

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