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Special Issues
Financial and Sustainability Reporting in a Digital Era
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Financial and Sustainability Reporting in a Digital Era

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Sustainability and Finance".

Deadline for manuscript submissions: closed (1 July 2023) | Viewed by 13453

Special Issue Editors

Dr. Albertina Paula Monteiro

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Guest Editor
CEOS.PP, Porto Accounting and Business School, Polytechnic Institute of Porto, 4465-004 Porto, Portugal
Interests: financial accounting; corporate social responsibility reporting; sustainability reporting; accounting information systems; digital accounting
Dr. Cláudia Pereira

E-Mail Website
Guest Editor
CEOS.PP, Porto Accounting and Business School, Polytechnic Institute of Porto, 4465-004 Porto, Portugal
Interests: financial accounting; international accounting; corporate social responsibility reporting; accounting information systems
Dr. Amélia Silva

E-Mail Website
Guest Editor
CEOS.PP, Porto Accounting and Business School, Polytechnic Institute of Porto, 4465-004 Porto, Portugal
Interests: management accounting; corporate social responsibility reporting; business failure; accountability; digitalization in accounting

Special Issue Information

Dear Colleagues,

Stakeholders increasingly demand information on social and environmental responsibility to be considered in organizational resource-allocation decisions, which implies the existence of accounting standards that ensure the recognition of social effects at a level that allows for the production of quality and useful information for decision making. Therefore, financial and non-financial reporting should promote the rigor and transparency of information disclosed by organiations for stakeholders to make a fair evaluation of organizational economic, social, and environmental performance. In a global and digital world, this becomes more difficult to achieve.

This Special Issue focuses on the broad topic "Financial and Sustainability Reporting in a Digital Era" and aims to encourage submissions building on interdisciplinary research in fields, such as accounting, business, economy, governmental policies, gender and diversity studies, artificial intelligence, national and international regulations/standards and digital transformation, or other studies that contribute to the development of sustainability and financial reporting in a digital era.  We welcome papers based on a broad conceptualization of Financial and Sustainability Reporting, including, but not limited to, topics, such as new challenges for information actors, financial and non-financial reporting today and in the future and the risk relevance of international financial and sustainability reporting.

We invite contributions of unpublished original research papers that promote the use of different methodological approaches (theoretical and empirical, both quantitative and qualitative).

Dr. Albertina Paula Monteiro
Dr. Cláudia Pereira
Dr. Amélia Silva
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • financial accounting
  • sustainability development goals
  • corporate social responsibility
  • digitalisation in accounting
  • gender and diversity
  • challenges for accounting
  • challenges for information actors
  • risk and assurance of financial and non-financial reporting
  • financial reporting standards
  • sustainability reporting standards
  • accounting information systems
  • digital transformation
  • accounting management and control
  • financial and non-financial reporting quality
  • corporate governance
  • organization innovation
  • artificial intelligence
  • ethics in business and accounting
  • green accounting
  • sustainable finance
  • sustainability and relational architecture

Published Papers (6 papers)

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Research

16 pages, 525 KiB  
Article
Determining the Appropriate Accounting Treatment of Cryptocurrencies Based on Accounting Theory
by Nicolette Klopper and Sophia Magaretha Brink
J. Risk Financial Manag. 2023, 16(9), 379; https://doi.org/10.3390/jrfm16090379 - 23 Aug 2023
Viewed by 2028
Abstract
The International Financial Reporting Standards (IFRS) do not make explicit provisions, in terms of a specifically dedicated standard, for the accounting treatment of cryptocurrencies. This creates uncertainty, and guidance is therefore required in terms of accounting for such investments. Accounting theory has the [...] Read more.
The International Financial Reporting Standards (IFRS) do not make explicit provisions, in terms of a specifically dedicated standard, for the accounting treatment of cryptocurrencies. This creates uncertainty, and guidance is therefore required in terms of accounting for such investments. Accounting theory has the potential to provide the foundation for this guidance. This study aimed to determine the most appropriate accounting treatment for cryptocurrencies based on the International Accounting Standards Board’s (IASB) Conceptual Framework for Financial Reporting (as a form of accounting theory) that results in decision-useful information. The research further investigated the proposed accounting treatment in terms of IFRS and sought to determine whether this treatment was aligned with the IASB’s conceptual framework. This qualitative study conducted a non-empirical interpretative analysis of the literature (focusing specifically on accounting theory) to address the research aim. The conceptual framework indicated that the most appropriate way to account for cryptocurrencies was to recognise an asset at fair value. This accounting treatment aligns with accounting for assets under International Accounting Standard (IAS) 2 commodities held by broker-traders and the IAS 38 revaluation model. Addressing the problem of accounting for cryptocurrencies with reference to accounting theory makes this study novel. The guidance provided could reduce uncertainty among entities holding investments in cryptocurrencies and could increase the decision-usefulness of financial information. Full article
(This article belongs to the Special Issue Financial and Sustainability Reporting in a Digital Era)
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15 pages, 508 KiB  
Article
Social Performance Disclosed by European Companies: The Role of the Board Attributes and the Country’s Legal System
by Albertina Paula Monteiro, Catarina Cepêda, Cláudia Pereira and Amélia Silva
J. Risk Financial Manag. 2023, 16(6), 284; https://doi.org/10.3390/jrfm16060284 - 25 May 2023
Viewed by 1519
Abstract
This paper aims to analyze factors that influence social performance-related information disclosure in European countries. Specifically, the objective is to investigate the Board’s attributes (Diversity, Inclusion, People Development and Controversies). To achieve the goal, an empirical analysis was conducted with 2494 listed companies [...] Read more.
This paper aims to analyze factors that influence social performance-related information disclosure in European countries. Specifically, the objective is to investigate the Board’s attributes (Diversity, Inclusion, People Development and Controversies). To achieve the goal, an empirical analysis was conducted with 2494 listed companies in Europe as support for the economic year 2021. To measure a possible link between the variables under study, a regression analysis was performed. Our results show that Board Diversity, Inclusion and People Development contribute positively to social performance disclosure, whereas Board Controversies negatively affect the dependent variable. Furthermore, the study results reveal that the country’s legal system is relevant to the company’s transparency. The model variables determine 62% of the social performance reporting variance. Our Results are useful for all non-financial information users, governments and organizations in developing sustainability reporting standards. Full article
(This article belongs to the Special Issue Financial and Sustainability Reporting in a Digital Era)
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17 pages, 400 KiB  
Article
An Analysis of the Use of Accounting Information by Portuguese SMEs
by Ana Catarina Santos, Rui Pires and Maria-Ceu Alves
J. Risk Financial Manag. 2023, 16(4), 225; https://doi.org/10.3390/jrfm16040225 - 04 Apr 2023
Viewed by 1986
Abstract
Despite the significant economic contribution of small and medium-sized enterprises (SMEs), little is known about the extent to which they make use of accounting information (AI). Although AI is considered one of the main sources of information for SMEs, many continue to ignore [...] Read more.
Despite the significant economic contribution of small and medium-sized enterprises (SMEs), little is known about the extent to which they make use of accounting information (AI). Although AI is considered one of the main sources of information for SMEs, many continue to ignore its potential, considering that this information is only intended to meet tax obligations. The literature stresses the influence of several factors on AI usage. However, the conclusions of the studies are fragmented, contradictory, and not very enlightening. Following these studies, the purpose of this paper is to explore which characteristics of decision makers, companies, and accounting services influence the importance and use of AI in SMEs. Data were collected through an online questionnaire survey applied to Portuguese SMEs. The findings show that the decision makers’ level of education, as well as their educational background, influence the importance they attribute to AI. It has also been found that smaller companies and SMEs that use outsourced accounting services make the least use of AI. Therefore, in addition to providing empirical evidence on the importance and use of AI, a debate that has been mainly theoretical, and on the importance of SMEs in any economy, this paper aims to raise awareness of the need to further study the decision-making process in such firms. Full article
(This article belongs to the Special Issue Financial and Sustainability Reporting in a Digital Era)
17 pages, 455 KiB  
Article
Data Valuation Model for Estimating Collateral Loans in Corporate Financial Transaction
by Hyongmook Cheong, Boyoung Kim and Ivan Ureta Vaquero
J. Risk Financial Manag. 2023, 16(3), 206; https://doi.org/10.3390/jrfm16030206 - 22 Mar 2023
Cited by 1 | Viewed by 2428
Abstract
The importance of data assets as intangible corporate assets is being emphasized as more business activities based on digital technology are being carried out. This study proposes the development of a data valuation model that can enable companies to use data assets as [...] Read more.
The importance of data assets as intangible corporate assets is being emphasized as more business activities based on digital technology are being carried out. This study proposes the development of a data valuation model that can enable companies to use data assets as collateral for loans in financial transactions. To this end, a model was designed with a focus on the cost approach, which is less likely to involve arbitrariness and error among other valuation model approaches. Furthermore, a model simulation was conducted after securing transaction data of a Korean secondhand marketplace provider. Among the total costs of this marketplace provider, the cost of using data reflecting the ratio of data activities was derived, focusing on financial statements and tangible and intangible assets for the last five years. The data asset acquisition costs were derived, and the data replacement costs were calculated by reflecting the past price and wage growth rates. The results revealed that simulation companies could use a total of KRW 26.8 billion worth of data as collateral for a loan. Accordingly, the data valuation model developed in this study will contribute to reinforcing the value of corporate data assets and proposing a new means of corporate financing. Full article
(This article belongs to the Special Issue Financial and Sustainability Reporting in a Digital Era)
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21 pages, 426 KiB  
Article
The Usefulness of Accounting Information and Management Accounting Practices under Environmental Uncertainty
by Rui Pires, Maria-Ceu Gaspar Alves and Catarina Fernandes
J. Risk Financial Manag. 2023, 16(2), 102; https://doi.org/10.3390/jrfm16020102 - 08 Feb 2023
Cited by 4 | Viewed by 3327
Abstract
The purpose of this paper is twofold. Firstly, we aim to investigate the relationships among environmental uncertainty, broad-scope and timely management accounting information usefulness, and (traditional and contemporary) management accounting practices (MAPs) usage. Secondly, we intend to explore how these relationships influence decision-makers’ [...] Read more.
The purpose of this paper is twofold. Firstly, we aim to investigate the relationships among environmental uncertainty, broad-scope and timely management accounting information usefulness, and (traditional and contemporary) management accounting practices (MAPs) usage. Secondly, we intend to explore how these relationships influence decision-makers’ satisfaction with management accounting information. Survey data were obtained through an online questionnaire from 114 large manufacturing companies operating in Portugal. The findings indicate a positive relationship between environmental uncertainty and timely management accounting information usefulness and between (broad-scope and timely) management accounting information usefulness and (traditional and contemporary) MAPs usage. The findings also show that decision-makers’ satisfaction with management accounting information improves when there is a good fit between environmental uncertainty, broad-scope and timely management accounting information usefulness, and MAPs usage. In this way, organisations need to adjust the implementation and usage of MAPs to contextual factors, using both contemporary and traditional MAPs, to achieve greater decision-makers’ satisfaction with management accounting information. Thus, the results achieved in this study are useful for both theory and practice and have several implications for professionals engaged in MAPs implementation and decision-making activities. Full article
(This article belongs to the Special Issue Financial and Sustainability Reporting in a Digital Era)
16 pages, 286 KiB  
Article
Hedging Performance and Fair-Value Financial Reporting: Evidence from Bank Holding Companies
by Hui Zhou
J. Risk Financial Manag. 2023, 16(2), 65; https://doi.org/10.3390/jrfm16020065 - 23 Jan 2023
Viewed by 1333
Abstract
This study investigates whether the inclusion of the fair-value-based hedging performance measure improves the value and risk relevance of accounting earnings using data from the regulatory filings of bank holding companies required by the Federal Reserve Bank. Statement of Financial Accounting Standards No. [...] Read more.
This study investigates whether the inclusion of the fair-value-based hedging performance measure improves the value and risk relevance of accounting earnings using data from the regulatory filings of bank holding companies required by the Federal Reserve Bank. Statement of Financial Accounting Standards No. 133 (SFAS 133) requires most types of hedge ineffectiveness to be measured on a fair value basis and reported in earnings. This earnings recognition requirement was the focal point of controversy surrounding the adoption of SFAS 133. This study provides new evidence that the fair-value-based earnings component required under SFAS has predictive power over future performance. I further show that incorporating this fair-value-based hedging performance measure helps improve the value and risk relevance of accounting earnings. The findings of this study help inform the broader debate over the effect of fair-value-based financial reporting on capital markets. Full article
(This article belongs to the Special Issue Financial and Sustainability Reporting in a Digital Era)
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