June Cao

Motivated by the growing concerns over environmental sustainability and the increasing relevance of environmental, social, and governance (ESG) metrics in corporate decision‐making, this study examines the impact of ESG‐related uncertainty on corporate waste management. Using comprehensive data from 21 countries across the globe, we find that ESG uncertainty significantly shapes corporate waste management practices, leading firms to reduce waste generation. The additional analyses show that the relationship is concentrated among firms with stronger sustainability governance structures, namely, higher board gender diversity, the presence of a sustainability committee, and sustainability‐linked executive compensation, suggesting that these mechanisms condition firms' waste management responses to ESG uncertainty. Further results indicate that the relationship is particularly pronounced in countries with high institutional quality, as reflected by strong government effectiveness and robust regulatory frameworks. The findings remain robust across a comprehensive set of sensitivity analyses, including (i) the use of alternative waste measures, (ii) alternative perspectives on waste management, (iii) a 5‐year lag specification to capture long‐term effects, (iv) the inclusion of additional control variables, (v) the exclusion of dominant countries, and (vi) additional tests addressing potential endogeneity concerns. The findings broaden the theoretical understanding of how policy uncertainty influences corporate behavior and offer practical insights for both firms and policymakers aiming to strengthen waste management practices in unpredictable environments.

Purpose: This study examines whether and why ex ante disclosure of detailed auditor information influences investor decisions. Prior research focuses solely on ex post disclosure of auditor names, which is often embedded in annual reports, arrives too late, and conveys too little. China's 2020 reform mandates pre-engagement disclosure of comprehensive auditor backgrounds, allowing us to test whether timely, granular disclosure reduces information acquisition costs and enables quality differentiation. The study shifts the audit disclosure debate from ex post verification to ex ante expectation formation, addressing when, what, and how auditor information matters. Design/methodology/approach: Using an event study approach, we first examine investor reactions to post-reform announcements containing auditor identity information. We then compare these reactions to pre-reform announcements without such disclosure to isolate the causal effect of ex ante auditor information. We further test how information acquisition costs moderate investors' differentiation of auditor quality and examine the roles of analyst coverage and media attention. Findings: Ex ante disclosure of auditor identity elicits positive market reactions, moderated by information acquisition costs. Responses to high-quality auditors, especially audit partners, are strongest when directly disclosed, weaken with low-cost search, and vanish under high-cost inference. This cost gradient confirms information accessibility as the key mechanism. Analyst coverage and media attention amplify reactions by interpreting and disseminating information, thereby reducing investors' processing costs. Originality/value: This study contributes by identifying information acquisition costs as the key mechanism linking ex ante disclosure to investor decisions, a mechanism overlooked in ex post settings. It provides direct evidence on audit partners' relative importance and offers regulatory insights showing that mandated pre-engagement disclosure of structured auditor backgrounds reduces information frictions and enables quality differentiation.

We bridge a research gap concerning whether varying strategic orientations can be aligned with the transition to greener business practices. Drawing on resource‐based theory and stakeholder theory, we investigate how growth‐ and profit‐oriented strategic orientations shape firms’ capacity to generate green revenues that integrate economic objectives with environmental responsibility. Using a panel dataset of all Chinese listed firms, we find that growth‐oriented firms are more likely to generate green revenues, whereas profit‐oriented firms are less inclined to do so, and that green innovation investment is an underlying mechanism. Our study advances sustainability research by demonstrating that distinct resource configurations associated with different strategic orientations shape firms’ adaptive capabilities to align economic value creation with responsiveness to stakeholder‐driven environmental pressures.

Unintended consequences of environmental regulations can diverge from their original goals, undermining the validity and effectiveness and potentially leading to new challenges separate from those originally targeted for resolution. This study addresses the hot-debated question of whether and how green revenues serve as a pivotal factor in mitigating the unintended consequences of stringent environmental regulations. Using a difference-in-differences model, we find firms significantly enhance their greenwashing practices after China’s Emission Trading Scheme (ETS). However, we document that ETS firms generating green revenues significantly reduce their greenwashing practices. We identify firms’ green awareness, ability for green innovations, and environmental transformation as the underlying mechanisms. Our findings align with the resource-based view and stakeholder theory. Our study provides policymakers and practitioners with ex ante evidence on how to mitigate the unintended consequences of environmental regulations, preserving their validity and effectiveness. Data Availability: Data used in this study are available from the sources identified in the text. JEL Classifications: G38; M41; Q56.

Purpose: This study investigates how environmental, social and governance (ESG) assurance impacts a firm's cash holdings in the unique African context. Design/methodology/approach: Drawing on the spirit of the staggered difference-in-differences (DiD) framework, this study uses a panel data set based on a sample of 9,646 listed firms in 18 countries in Africa to exploit the temporal and cross-sectional variation in the impact of ESG assurance adoption on cash holdings between treated and untreated firms. The period of the sample covers 15 years, from 2009 to 2023. This study also mitigates potential endogeneity problems using a battery of tests. Findings: Based on the stakeholder-agency and resource dependence theories, we find that ESG assurance reduces cash holdings. Specifically, this impact is more evident among firms with greater information asymmetry. Furthermore, our results suggest that following ESG assurance, firms reduce cash holdings and reallocate their resource toward the improvement of green investment and ESG performance. Research limitations/implications: This study is important in projecting the need for transparency in sustainability disclosure. This is a key factor in both regional and global context due to international ownership dynamics, capital market complexities, supply chain linkages, and the impact of accounting on African social and economic development. This study assists managers, capital providers, and policymakers in leveraging ESG assurance as a mechanism to manage different interests among stakeholders and a consideration of resource allocation, and calls for investment in their capacity building to drive sustainability transparency. Originality/value: This study differs from prior research in three ways. First, we uncover the role of ESG assurance in addressing the complexity of cash holding determination, particularly regarding the trade-off between agency problems and the risk of investment opportunity loss. Second, amid the scarce discussion of sustainability governance and cash holdings, we offer incremental knowledge of proactive sustainability governance to shape the cash holdings strategy. Third, we establish an overarching framework to incorporate a big picture of how firms leverage ESG assurance as a reflection of sustainability governance to address the challenges regarding external stakeholder relationships and critical resource access.

With the growing regulatory interest in supply chain carbon footprint, we provide a foundation for future enquiry into the role of green supply chain management (GSCM) on carbon accounting. We conduct a systematic literature review on a final set of 113 articles published between 2010 and 2024 using the Web of Science ( WoS ) and Scopus databases. Our approach comprises a bibliometric descriptive analysis, a thematic analysis based on clusters and the theory, context, and methodology (TCM) framework. The findings highlight the evolution of the field over time, primary publication outlets and subject areas, and the geographical distribution based on author affiliations and research context. Moreover, the thematic analysis reveals the theories, industries, research designs, and dominant themes in the GSCM literature associated with carbon accounting. After a synthesis of the findings, we group prior research based on the interconnected dimensions of (1) theoretical vs. empirical, (2) green supply chain flows, and (3) the level of analysis. Finally, we construct a comprehensive future research agenda based on existing knowledge gaps identified using the structured framework. This review presents key implications for both academia and industry in advancing GSCM practices to align with evolving carbon accounting requirements.

Purpose: This study aims to examine Africa’s environment, social and governance (ESG) research through a systematic literature review (SLR). The authors aim to identify and discuss influential aspects of ESG accounting in Africa, focusing on prominent themes, authors and journals in published articles using Africa’s setting. It also constructs agendas for future research to advance the literature and contribute to the ESG accounting practices in Africa. Design/methodology/approach: This study uses an SLR approach, where accounting research journal articles are collated and compiled according to pre-determined criteria and analysed using bibliometric techniques. After carefully reviewing 1,387 articles, the authors selected and examined 246 academic articles published from 2006 to 2024 in 32 accounting journals indexed in the Web of Science. Findings: The authors identify four main streams of ESG accounting research in Africa, namely, ESG disclosure in primary-based economies; corporate governance dynamics in Africa; internal mechanisms in ESG reporting; and external mechanisms in ESG disclosure. According to the analysis, the authors propose future research agendas to discuss institutional perspective of ESG reporting standards implementation and enforcement; value creation impact on sustainability performance; ESG reporting effect on conflict resolution; and ESG reporting quality and environmental sustainability. Research limitations/implications: This study assists policymakers, academics, managers, accounting professionals and investors in comprehensively understanding the current state and projecting future actions to develop ESG accounting in Africa. Originality/value: To the best of the authors’ knowledge, this study is perhaps the first to examine Africa’s ESG research through an SLR. This study contributes to the body of knowledge by providing a comprehensive analysis of the existing ESG accounting landscape and tailoring future research agendas based on the distinctive characteristics of Africa.