Advances in Risk Management in Accounting for Environmental, Social, and Governance (ESG)

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: 30 June 2024 | Viewed by 177

Special Issue Editor


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Guest Editor
Department of Accounting, School of Accounting Information Systems and Supply Chain, RMIT University, Melbourne, Australia
Interests: management accounting; public management; risk management; performance measurement; social and environmental accounting

Special Issue Information

Dear Colleagues,

In recent years, the importance of Environmental, Social, and Governance (ESG) in accounting literature and practice has grown exponentially. The intersection between risk management and ESG has become a prominent subject of academic research in accounting. This Special Issue aims to cultivate fresh insights, fostering the new development of risk management and ESG within the accounting domain.

ESG principles are a primary measure of how well a company manages its environmental impact, engages with social issues, and practices ethical governance. They indicate a company's commitment to sustainable and responsible business practices. Many investors and analysts see strong ESG performance as indicative of a company's long-term financial health and stability. Companies that adhere to ESG principles are often considered better positioned to mitigate both short-term (protests, social unrest, etc.) and long-term risks (e.g., environmental damage and liabilities). For investors, particularly those focused on sustainable or impact investing, ESG metrics serve as a key determinant in decision-making. ESG principles often align with regulatory requirements related to environmental protection, labor practices, and corporate governance. High ESG standards can enhance a company's reputation and reduce the risk of regulatory penalties. Companies that integrate ESG principles are often at the forefront of innovation, developing new products and services that meet evolving environmental and social needs. This can provide a competitive advantage in the market.

ESG factors introduce a range of non-financial risks (such as environmental risks, social risks, and governance-related risks) that need to be identified and assessed. Accounting literature often discusses how traditional risk management frameworks can be expanded and adapted to incorporate these ESG risks, which can have significant financial implications. There is a growing emphasis in accounting on integrated reporting, which includes not only financial data but also information on a company's ESG performance. This approach reflects a more holistic view of a company's risk profile and long-term sustainability. Accounting literature discusses methodologies and frameworks for effectively integrating ESG information into financial reports. Accounting research increasingly recognizes the materiality of ESG factors in assessing a company's financial health and future performance. This materiality is linked to the potential for ESG factors to significantly impact financial outcomes, necessitating their inclusion in risk management and decision-making processes.

It is in this context that this Special Issue aims to boost new knowledge, with the ultimate aim of developing synergies in risk management research in accounting on various issues. We encourage authors to submit original research work (case studies, surveys, experiments, and mixed method design) that combines theory and practice related, but not limited, to the following topics:

  • Historical perspective on risk management and ESG;
  • Theoretical foundations of risk management and ESG;
  • Methodological innovation of risk management and ESG;
  • ESG risk assessment tools/frameworks;
  • Impact of risk and ESG performance measurement;
  • Risk tools and risk technologies for ESG;
  • The role of ESG on risk and risk management;
  • The role of risk in ESG practices on management control systems;
  • Incorporating risk considerations for ESG in management control systems;
  • Embedding risk management within management control systems that specifically address ESG;
  • Risk management of ESG integration in investment or portfolio management;
  • Regulatory developments of managing ESG risks;
  • Innovation in ESG risk assessment models;
  • Risk management and ESG in the digitized world;
  • Role of technology and technological developments in ESG monitoring and reporting;
  • Risk and risk-sharing in outsourcing for ESG;
  • Risk management and ESG in supply chain;
  • Risk management and ESG in inter-organizational contexts;
  • Risk management and ESG in public sector;
  • Risk management and ESG in non-governmental organizations (NGOs);
  • Management accountant as risk manager for ESG practices;
  • Balancing financial and non-financial risks related to ESG;
  • Organizational risk culture and ESG;
  • Cross-cultural studies on the implementation of management control systems for ESG risk management;
  • Analyzing the long-term strategic implications of integrating ESG into management control systems;
  • The role of management control systems in shaping future business strategies with a focus on ESG;
  • A resilience framework for integrating ESG and risk management.

Dr. Tarek Rana
Guest Editor

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. Risks 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 1800 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

  • management control systems
  • ESG risk management
  • sustainable accounting
  • corporate governance
  • environmental accounting
  • social responsibility
  • performance measurement
  • balanced scorecard
  • risk assessment frameworks
  • regulatory compliance
  • stakeholder engagement
  • sustainability reporting
  • non-financial risks
  • organizational culture and ESG
  • digital transformation in ESG
  • AI and big data in ESG
  • corporate sustainability
  • ESG strategies
  • global ESG practices
  • long-term value creation
  • ESG compliance
  • ethical business practices
  • integrated reporting
  • corporate social performance
  • environmental, social, and governance factors
  • ESG performance indicators
  • sustainable business models
  • green accounting
  • ESG investment
  • corporate responsibility

Published Papers

This special issue is now open for submission.
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