Weitere Kapitel dieses Buchs durch Wischen aufrufen
The aim of this chapter is to investigate change in financial firms relative to environmental, social and governance issues (ESG). An embryonic ‘behavioural theory of the financial firm’ (BTFF) is outlined to provide a conceptual framework to analyse ESG change issues in financial firms. This is used to explore how financial firms and others can understand processes of: learning, strategic design of the firm, mobilisation of resources, and reporting, relative to growing ESG concerns. It is also used to identify problems and barriers to change (historic, current, potential) in ESG areas and propose a coherent response. Climate change is used as a major ESG issue to discuss change. The chapter illustrates how ‘top teams’, advisory policy bodies, legislators, and regulators can use the BTFF to inform their actions and change proposals. This can support an integrated view of the financial firm and encourage a coherent pursuit of financial and ESG aims throughout the financial firm. Such actions should be adopted to improve firm decision-making, match the needs of stakeholders, improve reporting and hence improve legitimacy of the financial firm (DiMaggio and Powell 1991) with stakeholders (Guthrie and Parker 1990).
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Antonacopoulou, E. (2006). The relationship between individual and organizational learning. Management Learning, 37, 455–473. CrossRef
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. CrossRef
BSB. (2016, March). Banking standards board. Available at: http://www.bankingstandardsboard.org.uk/banking-standards-board-publishes-first-annual-review/.
Chahal, H., & Bakshi, P. (2015). Examining intellectual capital and competitive advantage relationship. International Journal of Bank Marketing, 33(3), 376–399. CrossRef
Chen, L., Danbolt, J., & Holland, J. (2014). Rethinking bank business models: The role of intangibles. Accounting, Auditing, and Accountability Journal, 27(3), 563–589. CrossRef
Chen, L., Danbolt, J., & Holland, J. (2016). Analyst information intermediation and the role of knowledge and social forces in the ‘market for information’. Presented at APIRA Melbourne.
Chivers, G. (2011). Supporting informal learning by traders in investment banks. Journal of European Industrial Training, 35(2), 154–175. CrossRef
Coleman, L. (2015). Facing up to fund managers: An exploratory field study of how institutional investors make decisions. Qualitative Research in Financial Markets, 7(2), 111–135. CrossRef
Coleman, T., & La Plante, A. (2016). Climate change: Why financial institutions should take note. Global Risk Institute: Toronto. Available at: http://globalriskinstitute.org/publications/climate-change-why-financial-institutions-should-take-note/.
Cyert, R., & March, J. (1963). A behavioral theory of the firm. New York: Prentice-Hall.
DiMaggio, J., & Powell, W. (1991). Introduction. In W. W. Powell & P. J. DiMaggio (Eds.), The new institutionalism in organizational analysis. Chicago: Chicago University Press.
Etzion, D., & Ferraro, F. (2010). The role of analogy in the institutionalization of sustainability reporting. Organization Science, 21(5), 1092–1107. Available at: https://www.mcgill.ca/desautels/files/desautels/the_role_of_analogy_in_the_institutionalization_of_sustainability_reporting_0.pdf. CrossRef
European Commission. (2011). A renewed EU strategy 2011–2014 for corporate social responsibility. Available at: http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52011DC0681&from=EN.
European Commission. (2017a). Guidelines on disclosure of non-financial information. Brussels. Available at: https://ec.europa.eu/transparency/regdoc/rep/3/2017/EN/C-2017-4234-F1-EN-MAIN-PART-1.PDF.
European Commission. (2017b, July). Financing a sustainable European economy, interim report. By the high-level expert group on sustainable finance. Available at: https://ec.europa.eu/info/sites/info/files/170713-sustainable-finance-report_en.pdf.
FCA. (2015, July 7). Senior bank management held accountable in responsibility area. Available at: https://www.fca.org.uk/news/fca-publishes-final-rules-to-make-those-in-the-banking-sector-more-accountable.
FSB. (2017). Recommendations of the task force on climate-related financial disclosures. Basel: BIS. Available at: https://www.fsb-tcfd.org/wp-content/uploads/2017/06/Press-Release-FSB-Task-Force-publishes-recommendations-on-climate-related-financial-disclosures-29-June-2017.pdf.
Gray, R., Kouhy, R., & Lavers, S. (1995). Corporate social and environmental reporting. Accounting, Auditing & Accountability Journal, 8(2), 47–77. CrossRef
Green Bank Network. (2017). Available at: http://greenbanknetwork.org/about-gbn/.
Group of Thirty (G30). (2015, July). Banking conduct and culture. Washington.
Group of 300. (2017). Available at: https://www.the300club.org/white-papers/.
Guthrie, J., & Parker L. (1990). Corporate social disclosure practice. Advances in Public Interest Accounting, 3, 159–173.
Harris, L. (2002). The learning organisation—Myth or reality? The Learning Organisation, 9(2), 78–88. CrossRef
Holland, J. (1993). Bank-corporate relations—Change issues in the international enterprise. Accounting and Business Research, 23(91), 273–283. CrossRef
Holland, J. (2005). A grounded theory of corporate disclosure. Accounting and Business Research, 35(3), 249–267. CrossRef
Holland, J. (2010). Banks, knowledge and crisis: A case of knowledge and learning failure. Journal of Financial Regulation and Compliance, 18(2), 87–105. CrossRef
Holland, J. (2016). A behavioural theory of the fund management firm. European Journal of Finance, 22(11), 1004–1039. CrossRef
Holland, J. (2017). The market for information. Qualitative Research in Financial Markets, 9(3), 263–291. CrossRef
Holland, J. (2018). A new approach to research and theory development for financial firms. Journal of Financial Regulation and Compliance (forthcoming).
International Integrated Reporting Council (IIRC). (2013). The international integrated reporting framework. London, UK: International Integrated Reporting Council.
International Institute for Sustainable Development (IISD). (2013). Sustainable banking. Available at: https://www.iisd.org/business/banking/sus_banking.aspx.
Larsen, M., & Tan, S. (2015, August). Applying the integrated reporting concept of ‘capitals’ in the banking industry. Published on behalf of Banking Network.
Larsen, M. (2017, March). Innovation in banking—Are we communicating the value created? Published on behalf of <IR> Banking Network.
Lyon, F., (2017), “ Filling the finance gap for sustainable prosperity: The challenge for green entrepreneurial finance”, 16th FRAP and 2nd SSFII, 25th Sept 2017, Hughes Hall, Cambridge University.
Meritum. (2002). Guidelines for managing and reporting on intangibles (Intellectual capital report). Tucson, AZ.
OECD. (2016). Green investment banks. http://www.oecd.org/environment/cc/Green-Investment-Banks-POLICY-PERSPECTIVES-web.pdf.
Pavoni, S. (2017, September 1). Will climate change cause the next financial crisis ? The Banker.
Pedler, M., Burgoyne, J., & Boydell, T. (1997). The learning company (2nd ed.). London: McGraw Hill.
Porter, M., & Kramer, M. (2011, January–February). The big idea: Creating shared value, rethinking capitalism. Harvard Business Review.
Royal, C., & Rowley, C. (2012, May 22). Knowledge acquisition in investment banking. London: Cass Business School, City University.
Shih, K., Chang, C., & Lin, B. (2010). Assessing knowledge creation and intellectual capital in banking industry. Journal of Intellectual Capital, 11(1), 74–89. CrossRef
Sims, D., Dougherty, S., & Bergöö, B. (2017). NRDC, national development banks and green investment banks. Available at: https://www.nrdc.org/sites/default/files/national-development-banks.pdf.
Smallridge, D., et al. (2013). The role of national development banks in catalyzing international climate finance. Washington, DC: Inter-American Development Bank.
Trang, D. (2016). Has bank culture changed to ensure ethical behavior? Seven Pillars Institute. Available at: http://sevenpillarsinstitute.org/case-studies/has-bank-culture-changed-to-ensure-ethical-behavior.
UK GIB. (2016). UK Green Investment Bank plc, annual report and accounts, 2015–16. Available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/537293/gib-annual-report-2015-16-web.pdf.
UN. (2015). Trends in private sector climate finance. Available at: http://www.un.org/climatechange/wp-content/uploads/2015/10/SG-TRENDS-PRIVATE-SECTOR-CLIMATE-FINANCE-AW-HI-RES-WEB1.pdf.
UNEP. (2016). Greening the banking system—Taking stock of G20 green banking market practice. Available at: http://wedocs.unep.org/bitstream/handle/20.500.11822/10604/greening_banking_system.pdf?sequence=1&isAllowed=y.
- Changing Financial Firms Relative to ESG Issues
Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, digitale Transformation/© Maksym Yemelyanov | Fotolia