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  • 1. Cerin, Pontus
    et al.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE). Åbo Akademi University, Turku, Finland.
    Semenova, Natalia
    Åbo Akademi University, Turku, Finland.
    Energy performance and housing prices2014In: Sustainable Development, ISSN 0968-0802, E-ISSN 1099-1719, Vol. 22, no 6, 404-419 p.Article in journal (Refereed)
    Abstract [en]

    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.

  • 2.
    Cunningham, Gary
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Budget effectiveness in multinational companies: a systems-fit approach2008In: Journal for Global Business Advancement, ISSN 1746-966X, Vol. 1, no 2/3, 204-224 p.Article in journal (Refereed)
    Abstract [en]

    Budget effectiveness in multinational companies receives research interest because of globalisation. Research to date has used contingency-theory methods which have limitations. A systems-fit approach, which views organisations and systems holistically, is a complementary alternative. Compared with reductionistic contingency framework methods using regression analysis, it emphasises holistic methods related to effectiveness and deals with the inherent complexity of multinationals. This study examines the effectiveness of budget control systems in a Finnish multinational company using the systems approach. The tests examined the correlation of the fit of different profiles with effectiveness of the budget control system for both domestic and foreign subunits under conditions of high and low environmental uncertainty. No significant difference between domestic and foreign subunits is detected. Reliance on budget control is not inherently dysfunctional. The study demonstrates the viability of the systems-fit research approach.

  • 3.
    Durden, Chris H.
    et al.
    Department of Accountancy and Buiness Law, Massey University, Palmerston North. New Zealand.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Upton, David R.
    Department of Accountancy and Buiness Law, Massey University, Palmerston North. New Zealand.
    Cost accounting and performance measurement in a just-in-time production environment1999In: Asia Pacific Journal of Management, ISSN 0217-4561, E-ISSN 1572-9958, Vol. 16, no 1, 111-125 p.Article in journal (Refereed)
    Abstract [en]

    There are normative statements in the literature, backed up by case observations and anecdotal evidence, which indicate that manufacturing companies operating just-in-time (JIT) production management systems should also change their cost accounting systems and place greater reliance on non-financial performance indicators. This study provides empirical evidence suggesting that JIT manufacturing companies which have made some degree of modification to their costing system demonstrate higher performance than JIT companies which have not made changes. The results also suggest that greater use of non-financial performance indicators is associated with higher performance irrespective of the production management system adopted.

  • 4.
    Fagerström, Arne
    et al.
    Linköping University.
    Hassel, Lars
    Åbo Akademi University, Turku, Finland.
    Cunningham, Gary
    Bilkent University, Faculty of Management, Ankara, Turkey.
    Compliance with consolidation (group) accounting standards - the vertical adjustment issue: A survey of Swedish multinationals2007In: Journal for Global Business Advancement, ISSN 1746-966X, Vol. 1, no 1, 37-48 p.Article in journal (Refereed)
    Abstract [en]

    Previous research into consolidated financial reporting of multinational companies has focused on horizontal adjustments, adjustments at the headquarters level to comply with accounting standards of the country where a stock exchange listing is made, e.g. US GAAP, or IFRS. An equally, if not more, important issue is vertical adjustments made by foreign subsidiaries when information is transmitted to the headquarters for consolidation. This study surveys all Swedish multinational companies listed on the Stockholm Stock Exchange, firstly in the early 1990s and again some 10 years later to determine whether vertical adjustments were made as an indicator of compliance with Swedish accounting standards. The results indicate that while most Swedish multinational companies made vertical adjustments, the large number that did not indicates a potentially high degree of non-compliance with accounting standards. In all cases, though, the companies claimed they had complied and their auditors concurred.

  • 5.
    Fagerström, Arne
    et al.
    Åbo Akademi University, Department of Business Administration, FIN-20500 Turku, Finland.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Cunningham, Gary
    Åbo Akademi University, Department of Business Administration, FIN-20500 Turku, Finland.
    Compliance with consolidation (group) accounting standards – the vertical adjustment issue: Field studies of multi-nationals2007In: International Journal of Accounting, Auditing and Performance Evaluation, ISSN 1740-8008, Vol. 4, no 6, 650-665 p.Article in journal (Refereed)
    Abstract [en]

    Compliance with accounting standards is a major issue in Europe and elsewhere. Research on the horizontal dimension shows non-compliance even though financial reports state compliance and auditors concur. The vertical dimension is more relevant to discover the extent and reasons for non-compliance. Previous research shows that financial executives of multi-nationals indicated non-compliance when asked directly, even though financial reports and auditors state compliance. This follow-on study uses field-studies of subsidiaries of multi-nationals in three countries to explore the extent and reasons for non-compliance for vertical adjustments when consolidating. The method of agreement and method of differences were used to analyse data. Results show substantial non-compliance and some reasons for non-compliance, notably income smoothing. The vertical dimension is appropriate for continued research and this study provides a model for similar research.

  • 6.
    Fagerström, Arne
    et al.
    Department of Business Administration, Åbo Akademi University, Turku, Finland.
    Hassel, Lars
    Department of Business Administration, Åbo Akademi University, Turku, Finland.
    Cunningham, Gary
    Jönköping International Business School, Jönköping University, Sweden.
    Financial reporting of Brazilian subsidiaries to Swedish multinational parent companies: a field study2009In: Journal for International Business and Entrepreneurship Development, ISSN 1549-9324, E-ISSN 1747-6763, Vol. 4, no 3, 179-190 p.Article in journal (Refereed)
    Abstract [en]

    With significant foreign direct investment in emerging economies and the European Union requirement that publicly held multinationals present consolidated financial reports, vertical adjustments to information provided by subsidiaries to conform to parent company accounting standards have become important. Yet, this issue has not been investigated significantly. In this study, we explore Brazilian subsidiaries' adjustments for Swedish multinationals to comply with Swedish accounting standards for consolidated financial reports as typical of the issue of vertical adjustments in general. Results show that subsidiaries that are material in consolidated groups seemingly make appropriate adjustments. Other subsidiaries that are not material are inconsistent. Also, some subsidiaries often distort financial results by inappropriately making adjustments before translating to the functional currency. Most subsidiaries use adjustments to smooth income. Lack of guidance and tacit approval from the parent company are possible factors subsidiaries' to make appropriate vertical adjustments. Laxity in the external audit process is apparent.

  • 7.
    Hamilton, Ian
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Isaksson, Anders
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Lundgren, Rickard
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Carbon disclosure project Nordic report 20092009Report (Other academic)
  • 8.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Ansvarsfulla investeringar och hållbar affärsutveckling2011In: Hållbar utveckling: från risk till värde / [ed] Lars G. Hassel, Lars-Olle Larsson och Elisabeth Nore, Lund: Studentlitteratur , 2011, 1, 13-20 p.Chapter in book (Other academic)
  • 9.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Budget communication moderate incongruent budget emphasis between the superior and subordinate1998In: The Finnish Journal of Business Economics, ISSN 0024-3469, no 1, 11-23 p.Article in journal (Refereed)
    Abstract [en]

    Subsequent research on the moderating impact of budgetary participation on superior budget emphasis to promote functional budget behaviour has either provided inconsistent (Brownell, 1982; Hirst, 1987 and Dunk, 1989; Hassel, 1993) or situation specific (Brownell and Hirst, 1986; Brownell and Dunk 1991) results.

    This study follows the early argument by Otley (1978) that critical for promoting functional budget control is not so much the absolute degree of superior budget emphasis. Instead, incongruent budget emphasis between the superior and the subordinate is the critical factor in the budget process. Incongruent budget emphasis exists when the superior is perceived by the subordinate to place relatively more importance on the budget, than the subordinate himself.

    The results from a questionnaire survey in a decentralised corporation support the hypothesis that budget communication, as a dimension of budgetary participation, moderates incongruent budget emphasis. The negative consequences of incongruent budget emphasis are present only when budget communication is low. High budget communication enhances performance even if the incongruence in budget emphasis increases. The paper demonstrates the needs to match budget communication with relative budget emphasis and not the absolute degree of superior budget emphasis as previous studies have argued.

  • 10.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Det ansvarsfulla företaget skapar mervärde för ägarna2008In: CSR - Från risk till värde: en skrift om corporate social responsibility, CSR / [ed] Öhrlings PricewaterhouseCoopers i Sverige, Lund: Studentlitteratur , 2008, 9-25 p.Chapter in book (Other academic)
    Abstract [sv]

    Är företagens hantering av ansvarsfrågor med bäring på exempelvis yttre miljö, arbetsmiljö och mänskliga rättigheter värdepåverkande? I denna skrift hävdas, med forskning som grund, att företagens arbete med Corporate Social Responsibility, CSR, faktiskt är värdepåverkande och därför också på väg att bli en stark rörelse som näringsliv, investerare, regeringar och media börjar se som ett nödvändigt förhållningssätt.

    För att överleva häftiga marknadsförändringar, allmänna ekonomiska nedgångar och generationsväxlingar i företagsledningar måste företagen fastställa och kommunicera vilka hållbara värderingar och uppföranderegler som ligger till grund för deras verksamheter. Dessutom ska företagen också redovisa hur de lever efter sina deklarerade principer. Hållbarhetsredovisningen har därför på allvar börjat etableras i de stora företagen.

    Med den här skriften vänder vi oss i första hand till företagsledningar och styrelser i börsnoterade företag, men också till alla andra som är intresserade av CSR.

  • 11.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Företagens miljöarbete: behärskad omställning på markandens villkor2010In: Sverige i nytt klimat: våtvarm utmaning / [ed] Birgitta Johansson, Stockholm: Formas , 2010, 411-422 p.Chapter in book (Other academic)
  • 12.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Har hållbarhetsrapporteringen värderelevans?2008In: Röster om transparens och hållbarhetsredovisning / [ed] Öhrlings PricewaterhouseCoopers (PWC), Lund: Studentlitteratur , 2008, 1, 33-39 p.Chapter in book (Other academic)
    Abstract [sv]

    Kvaliteten i redovisningen och företagets externa rapportering är, och har alltid varit, av stor betydelse för företagens kommunikation och förtroendet. Utvecklingen inom bolagsstyrningen och ett ökat behov av transparens gör områden som intern kontroll och riskhantering allt viktigare när det gäller att skapa förtroende. Ett ytterligare område är företagets arbete med hållbar utveckling, där regeringen skyndat på utvecklingen genom de nya kraven på bestyrkt hållbarhetsredovisning för statliga företag.

    Företagets intressenter ska få svar på vad revisorn faktiskt anser. När Global Reporting Initiative, GRI, nu rekommenderar företag och organisationer att addera en oberoende granskning till hållbarhetsredovisningen ökar utmaningen.

    I den här antologin ger företrädare för politik, civilsamhälle, akademi, investerare, finansanalytiker, rådgivare, näringslivsorgan och företag sina tankar om värdet av transparens och hållbarhetsredovisning.

    Skriften vänder sig i första hand till företagsledningar och styrelser i börsnoterade företag, men också till alla andra som är intresserade av transparent redovisning av hållbar affärsutveckling.

  • 13.
    Hassel, Lars
    Åbo Akademi University, Finland.
    Headquarter reliance on accounting performance measures in a multinational context1991In: Journal of International Financial Management & Accounting, ISSN 0954-1314, E-ISSN 1467-646X, Vol. 3, no 1, 17-38 p.Article in journal (Refereed)
    Abstract [en]

    Headquarter (HQ) reliance on accounting performance measures (APMs) is studied in a European multinational organization. European MNCs typically manage their foreign operations as a portfolio of relatively independent national businesses (Bartlett and Goshal, 1989). In line with previous work on APMs in a limited country setting (Govindarajan, 1984; Brownell, 1987), the HQ relies less on APMs in monitoring domestic units that face environmental instability. However, in the case of geographically dispersed foreign subsidiaries, the HQ emphasizes APMs more when dynamism increases. The financial control pattern towards foreign subsidiaries is similar to Egelhof s (1988) findings in a broad sample of MNCs. This contrasting result is consistent with the greater cost and difficulty of using information-intensive alternatives to APMs for units that are geographically and culturally distant from the HQ. There is no indication that tight APM-based management would have a negative impact on work conditions of managers facing instability, but foreign managers find it more difficult to accept the evaluative framework if high reliance is placed on APMs when their environment is dynamic.

  • 14.
    Hassel, Lars
    Department of Business Administration, Åbo Akademi University, Turku, Finland.
    Interaction between reliance on accounting performance measures and budgetary participation: A further test of performance effects1993In: Journal of Applied Accounting Research, ISSN 0967-5426, E-ISSN 1758-8855, Vol. 1, no 1, 88-106 p.Article in journal (Refereed)
  • 15.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    The responsible company creates added value for owners2008In: CSR - from risk to value: the business case for corporate social responsibility, CSR / [ed] Öhrlings PricewaterhouseCoopers, Lund: Studentlitteratur , 2008Chapter in book (Other academic)
  • 16.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    The value relevance of environmental information2008In: Carbon disclosure project: Nordic report 2008, Ethix SRI Advisors AB , 2008, 36-37 p.Chapter in book (Other academic)
  • 17.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    The value relevance of environmental information2008In: Carbon Disclosure project: Nordic report, 36-37 p.Article, review/survey (Other (popular science, discussion, etc.))
  • 18.
    Hassel, Lars
    et al.
    Åbo Akademi USA.
    Cunningham, Gary
    Bryant College USA.
    Budget effectiveness in multinational companies: An empirical examination of environmental interaction on cognitive and affective effects of two dimensions of budgetary participation1993In: Scandinavian Journal of Management, ISSN 0956-5221, E-ISSN 1873-3387, Vol. 9, no 4, 299-316 p.Article in journal (Refereed)
    Abstract [en]

    This study examines the interaction between two dimensions of budgetary participation and environmental dynamism on perceptions of budget effectiveness in multinational companies. Unique features are dichotomies of: (i) domestic and foreign subunits; (ii) two dimensions of budget participation, communication and influence; and (iii) two facets of effectiveness perceptions, higher level involvement and outcomes of budget process. Results show that benefits of budgetary participation are limited and not consistent. Significant differences between foreign and domestic subunits are apparent. The primary perceived benefits are associated with communication. Budget influence is associated with positive perceptions of top-level involvement in foreign subunits but negative perceptions of outcomes of budget process in both domestic and foreign subunits.

  • 19.
    Hassel, Lars
    et al.
    Department of Accounting, Turku School of Economy and Business Administration and Åbo Academy University, Turku, Finland.
    Cunningham, Gary
    U.S.A..
    Budget effectiveness in multinational corporations: An empirical test of the use of budget controls moderated by two dimensions of budget participation under high and low environmental dynamism1996In: Management International Review, ISSN 0025-181X, Vol. 36, no 3, 245-266 p.Article in journal (Refereed)
    Abstract [en]

    Normative discussions suggest that budget process should be different in foreign subsidiaries than those of domestic subunits of a multinational corporation, but little is known about these differences. This study examines budget effectiveness of foreign and domestic units in a European multinational company by considering the three-way interaction of headquarter reliance on budget controls, subsidiary budget communication or influence, and environmental dynamism. A major feature is studying two dimensions of budgetary participation, communication and influence. Methodological advances over previous studies test the impact of three-way interactions.

  • 20.
    Hassel, Lars
    et al.
    Åbo Akademi University.
    Cunningham, Gary
    American University of Beirut.
    Psychic distance and budget control of foreign subsidiaries2004In: Journal of International Accounting Research, ISSN 1542-6297, E-ISSN 1558-8025, Vol. 3, no 2, 79-93 p.Article in journal (Refereed)
    Abstract [en]

    This paper has two purposes: (1) to develop a theory about the impact of psychic distance on management control of multinational companies, and (2) to establish that psychic distance is an important factor for future research. We develop the concept of psychic distance, the interaction between geographic distance and culture, and test its impact empirically in a Finnish multinational company.

    Results show that psychic distance interacts significantly with reliance on budget control in multinational companies, but not in the manner proposed. High budget emphasis is associated with high subunit performance in countries with small psychic distances, but not in countries with larger psychic distances. Budget participation dilutes this impact. This study confirms that psychic distance is a relevant factor to be considered in future research.

  • 21.
    Hassel, Lars G
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Kallunki, Juha-Pekka
    Nilsson, Henrik
    Stockholm school of economics.
    Do personal traits matter?: CEO's and directors' risk taking and environmental firm performance2015In: CEO branding: theory and practice / [ed] Marc Fetscherin, Routledge, 2015, 137-154 p.Chapter in book (Refereed)
  • 22.
    Hassel, Lars G.
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Larsson, Lars-OlleNore, Elisabeth
    Hållbar utveckling: från risk till värde2011Collection (editor) (Other academic)
  • 23.
    Hassel, Lars G (Programme Director)
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Frisk, Anders (Editorial Content)
    IMCG.
    Do sustainable investments add value?2012Report (Other academic)
  • 24.
    Hassel, Lars
    et al.
    Åbo Akademi University.
    Nilsson, Henrik
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Nyqkvist, Siv
    Swedish University of Agricultural Sciences.
    The value relevance of environmental performance2005In: The European Accounting Review, ISSN 0963-8180, E-ISSN 1468-4497, Vol. 14, no 1, 41-61 p.Article in journal (Refereed)
    Abstract [en]

    This paper provides insight into how environmental information is reflected in the market value of listed Swedish companies. Using the residual income valuation model, we express market value of equity as a function of book value of equity, accounting earnings, and environmental performance, where the last variable is used as a proxy for other value-relevant information. Our research is motivated by the recommendation of the Swedish Society of Financial Analysts regarding environmental reporting. This recommendation assumes that environmental information has value relevance, since it is likely to affect the expected future earnings of listed companies. We contribute empirical findings to current debate on the relationship between environmental performance and shareholder value. The cost-concerned school argues that environmental investments represent only increased costs, resulting in decreased earnings and lower market values. The value creation school regards environmental efforts as a way to increase competitive advantage and improve financial returns to the investors. The current research finds support for the cost-concerned school, because the results indicate that environmental performance has a negative influence on the market value of firms.

  • 25.
    Hassel, Lars
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Semenova, Natalia
    The Added Value of Environmental, Social and Governance Performance and Sustainable and Responsible Investment on Company and Portfolio Levels: What Can We Learn from Research?2013In: CSR and Beyond: A Nordic Perspective / [ed] Atle Midttun, Oslo: Cappelen Damm AS, 2013, 137-164 p.Chapter in book (Refereed)
  • 26.
    Hassel, Lars
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration. Åbo Akademi University.
    Semenova, Natalia
    Åbo Akademi University.
    Value of Corporate Responsibility2011In: Corporate Reponsibility, Kahbarovsk: Khabarovsk State Academy of Economics and Law , 2011, 144-148 p.Chapter in book (Other academic)
  • 27.
    Lal, Mohan
    et al.
    Department of Accountancy, Massey University at Albany, Auckland, New Zealand.
    Hassel, Lars
    Department of Business Administration, Åbo Akademi University, Finland.
    The joint impact of environmental uncertainty and tolerance of ambiguity on top managers' perceptions of the usefulness of non-conventional management accounting information1998In: Scandinavian Journal of Management, ISSN 0956-5221, E-ISSN 1873-3387, Vol. 14, no 3, 259-271 p.Article in journal (Refereed)
    Abstract [en]

    This study investigates the effects of environmental uncertainty, organizational size, and tolerance of ambiguity of managers on the perceived usefulness of information characteristics of management accounting systems (MAS). An overall measure of usefulness based on the four non-conventional MAS information characteristics of scope, timeliness, level of aggregation, and information for integration were selected based on previous MAS studies (Chenhall and Morris, 1986, The Accounting Review61, 16–35). Tolerance of ambiguity was introduced as a moderator between environment and information usefulness because information is an important individual resource which makes individuals value information differently depending on the context. Size was included as a surrogate for organizational complexity to further test the strength of the person-environment interaction on information usefulness. The usefulness of MAS information is seen to be affected by interaction patterns between the individual, organizational and environmental levels. Data from 64 managers of New Zealand manufacturing companies suggests that managers of large firms with high tolerance of ambiguity perceive non-conventional MAS information to be most useful when the environment is uncertain.

  • 28. Latvanen, Silja
    et al.
    Hassel, Lars
    Department of Business Administration, Åbo Akademi University, Turku, Finland.
    Rewarding results among production personnel1992In: The Finnish Journal of Business Economics, ISSN 0024-3469, Vol. 41-42, no 4, 312-324 p.Article in journal (Refereed)
  • 29.
    Manzhynski, Siarhei
    et al.
    Belarussian State Technological University.
    Figge, Frank
    Kedge Business School.
    Hassel, Lars G.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Sustainable value creation of nine countries of the Baltic region: value, changes and drivers2015In: Journal of Cleaner Production, ISSN 0959-6526, E-ISSN 1879-1786, Vol. 108, 637-646 p.Article in journal (Refereed)
    Abstract [en]

    The Baltic region comprises countries of great diversity. They have in common that they all face the challenge to combine a sound economic development with the stewardship for their environmental, social and economic resources. Using the Sustainable Value approach we first analyse their overall sustainability performance. We then further develop the value drivers of Sustainable Value to enhance the explanatory power of our analysis. We find that there are significant differences between countries. We show both conceptually and using our examples that there is no unambiguous link between economic growth, environmental and social stewardship and the efficient use of resources.

  • 30.
    Manzhynski, Siarhei
    et al.
    Belarusian State Technological University.
    Hassel, Lars G
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Sustainability as a Business Model2014In: Resilience - The New research Frontier, Glöshaugen, Norway, 2014, 430-438 p.Conference paper (Refereed)
    Abstract
  • 31.
    Mutiganda, Jean C
    et al.
    Åbo Akademi.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Fagerström, Arne
    Högskolan i Gävle.
    Accounting for Competition, "Circuits of Power" and Negotiated Order between Not-For-Profit and Public Sector Organisations2013In: Financial Accountability and Management, ISSN 0267-4424, E-ISSN 1468-0408, Vol. 29, no 4, 378-396 p.Article in journal (Refereed)
    Abstract [en]

    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.

  • 32.
    Nilsson, Henrik
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Cunningham, Gary
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    A study of the provision of environmental information in financial analysts' research reports2008In: Sustainable Development, ISSN 0968-0602, Vol. 16, no 3, 180-194 p.Article in journal (Refereed)
    Abstract [en]

    Reporting of environmental information along with financial information has become an important research topic. Research to date has focused on the nature of the information reported by companies. This study extends prior research by examining the inclusion of environmental information by financial analysts in their research reports on companies in the chemical and in the oil and gas industries. Both companies and financial analysts are divided into subsets by geographic region, Europe and North America. Results show that only 35 per cent of financial analysts' reports have environmental information. Those reports that do have such information have more environmental information for North American companies than for European companies and analysts tend to report more information for companies in their regions. The chemical industry receives more attention, especially for downside information. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.

  • 33.
    Scholtens, Bert
    et al.
    Centre for International Banking, Insurance and Finance, University of Groningen, Groningen, The Netherlands.
    Cerin, Pontus
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Sustainable development and socially responsible finance and investing2008In: Sustainable Developlent, ISSN 0968-0602, Vol. 16, no 3, 137-140 p.Article in journal (Refereed)
  • 34.
    Semenova, Natalia
    et al.
    Department of Accounting, Åbo Akademi University, Turku, Finland.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
    Financial outcomes of environmental risk and opportunity for US companies2008In: Sustainable Development, ISSN 0968-0602, Vol. 16, no 3, 195-212 p.Article in journal (Refereed)
    Abstract [en]

    The study extends previous research on the relation between environmental and financial performance in two ways. First, we recognize that inherent environmental risk differs among industries. Increased levels of industry risk cause companies to have lower market values even if they are more profitable than companies in low risk industries. Second, we decompose the multi-dimensional environmental opportunity construct into dimensions of preparedness and performance. As an extension of previous research on the economic value of environmental performance, we show that the reputational benefits of environmental preparedness mainly increase market value, while environmental performance also can bring operational benefits to financial performance. In high risk or polluting industries, environmental management is costly and reduces the operating performance of companies. Copyright © 2008 John Wiley & Sons, Ltd and ERP Environment.

  • 35.
    Semenova, Natalia
    et al.
    Handelshögskolan Åbo Akademi.
    Hassel, Lars G
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration. Åbo Akademi University, Turku, Finland.
    Asymmetry in Value Relevance of Environmental Performance (EP) Information: Contingency Effects of Size and Industry 2013In: Journal of Modern Accounting and Auditing, ISSN 1548-6583, E-ISSN 1935-9683, Vol. 9, no 6, 777-789 p.Article in journal (Refereed)
    Abstract [en]

    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.

  • 36.
    Semenova, Natalia
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Hassel, Lars G
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    On the Validity of Environmental Performance Metrics2015In: Journal of Business Ethics, ISSN 0167-4544, E-ISSN 1573-0697, Vol. 132, no 2, 249-258 p.Article in journal (Refereed)
    Abstract [en]

    Different proprietary databases have been used extensively in research to assess the environmental performance and environmental risk of companies. This study explores the convergent validity of the environmental ratings of MSCI ESG STATS (formerly known as Kinder, Lydenberg, and Domini Research & Analytics; KLD), Thomson Reuters ASSET4 (ASSET4) and Global Engagement Services (GES). The study shows that the ratings have common dimensions, but on aggregate, they do not converge. On the environmental opportunity side, KLD environmental strengths, and ASSET4 and GES environmental performance metrics correlate highly and provide convergent scores for US companies from 2003–2011. On the environmental risk side, KLD environmental concerns converge with the GES environmental industry risk and company emissions from the ASSET4 database. Further analysis confirms that industry-related risks are drivers of company-specific environmental performance.

  • 37.
    Semenova, Natalia
    et al.
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    Hassel, Lars G
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE), Business Administration.
    The moderating effects of environmental risk of the industry on the relationship between corporate environmental and financial performance2016In: Journal of Applied Accounting Research, ISSN 0967-5426, E-ISSN 1758-8855, Vol. 17, no 1, 97-114 p.Article in journal (Refereed)
    Abstract [en]

    Purpose–Industries differ in their environmental impacts, such as emissions, water and energy use, fuel consumption and hazardous wastes, which will have implications for how environmental performance translates to operating performance and market value at company level. By incorporating industry-specific differences of environmental impacts, this paper includes industry-level environmental risk as a moderating factor on the relationship between two indicators of corporate environmental performance (CEP) (management and policy) and corporate financial performance (profitability and market value). The paper aims to discuss these issues. Design/methodology/approach– Using panel data of US companies across all industries, the paper empirically tests a regression model, which includes an interaction effect representing both the form and strength of dependency of CEP on the environmental risk of the industry. The paper adopts the natural resource based theory to argue that financial returns are a decreasing function of CEP in high environmental impact industries, where environmental spending beyond compliance is costly and there is not much opportunity for consumer orientation. Findings– The results show that environmental management has different impacts on operating performance at high and low environmental risk of the industry (form of relationship) while environmental policy (reporting) has a stronger signal on market premium in industries with low rather than high environmental risk (strength of relationship). Differences in both form and strength of moderating effects are demonstrated. Research limitations/implications– Further research can introduce other industry-specific moderating factors, such as the disclosure maturity of the industry and the institutionalization of environmental disclosures across boarders in the industries, in order to explore the complexity of the relationship. Practical implications– The results of the paper are relevant to investors, company managers and a broad group of stakeholders when considering both industry- and company-level environmental risks. Originality/value– Previous studies have relied on controlling for industry membership. This paper uses an industry-specific environmental variable, environmental risk of the industry, to examine the form and strength of moderating effects.

  • 38.
    Semenova, Natalia
    et al.
    School of Business and Economics, Åbo Akademi University.
    Hassel, Lars
    Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE). Åbo Akademi University.
    Nilsson, Henrik
    Stockholm School of Economics.
    The value relevance of environmental and social performance: evidence from Swedish SIX 300 companies2010In: Liiketaloudellinen Aikakauskirja, ISSN 0024-3469, E-ISSN 2242-4296, Vol. 3, no 10, 265-292 p.Article in journal (Refereed)
    Abstract [en]

    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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