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Rahi, F., Johansson, J., Blomkvist, M. & Hartwig, F. (2023). Corporate sustainability and financial performance: A hybrid literature review. Corporate Social Responsibility and Environmental Management
Open this publication in new window or tab >>Corporate sustainability and financial performance: A hybrid literature review
2023 (English)In: Corporate Social Responsibility and Environmental Management, ISSN 1535-3958, E-ISSN 1535-3966Article in journal (Refereed) Epub ahead of print
Abstract [en]

The discussion of “whether it pays to be green” is ongoing. This review does not intend to solve the debate, rather it soothes it by contributing to the concept of “when it pays to be green.” By focusing on the shortcomings of existing literature reviews on the topic of corporate sustainability and financial performance (CSFP) in this bibliometric review, issues were identified that had been overlooked earlier. In general, CSFP holds a positive relationship but in a time lag. Nonconclusive results about the relationship within CSFP are due to self-selection bias, endogeneity issues, and the use of multiple datasets and industry categories. Surprisingly, we also discovered that the impact of sustainability on financial performance is illusive in capitalist countries considered to be economically rational. Institutional and legitimacy requirements are a good starting point for shaping corporate behaviors in the short term; however, they might not be equally appropriate in the long term in cases when corporations shift operations to pollution havens. A multifaceted, synergistic interaction between governmental institutions, corporations, and other stakeholders is required—without imposing authority—to ensure durable sustainable development.

Place, publisher, year, edition, pages
John Wiley & Sons, 2023
Keywords
Sustainability, corporate performance, financial performance, sustainable development, stakeholder engagement, bibliometric analysis, literature review
National Category
Business Administration
Identifiers
urn:nbn:se:hig:diva-42840 (URN)10.1002/csr.2600 (DOI)001060666600001 ()2-s2.0-85169055193 (Scopus ID)
Available from: 2023-08-15 Created: 2023-08-15 Last updated: 2024-01-30Bibliographically approved
Huq, A. M., Hartwig, F., Bai, W. & Rudholm, N. (2023). Institutional Isomorphism and CSR Reporting of Small and Medium Sized Enterprises. Institute of Retail Economics
Open this publication in new window or tab >>Institutional Isomorphism and CSR Reporting of Small and Medium Sized Enterprises
2023 (English)Report (Other academic)
Abstract [en]

In this paper, we investigate the direct and indirect effects of the EU-wide mandatory CSR reporting reform (2014/95/EU). We argue and find that, in addition to direct effects, coercive pressure also has spillover effects. An example of such a spillover effect of coercive pressure due to the reform is the change in reporting behavior of firms not subject to the reform, i.e., not directly coerced by the regulation. We exploit the Swedish implementation of the reform as a natural experiment to test our hypotheses and find that firms coerced by the reform increase their CSR reporting by 3.5 issues on average. However, firms not coerced by the regulation but close to being regulated increase their CSR reporting by 5.2 issues. As such, firms close to being regulated change their behavior more at the time of the reform than do those that are actually regulated. We also find that the spillover effects are significantly higher for low than high prereform reporters. On the other hand, the direct effects on low prereform reporters are insignificant. Together, the results refine our understanding of the institutionalization process of CSR reporting in a mandatory setting. The results are robust for various model specifications and provide useful insights for regulators and managers. 

Place, publisher, year, edition, pages
Institute of Retail Economics, 2023. p. 46
Keywords
SMEs, CSR, NFRD, Isomorphism, Natural experiment, Manufacturing industry
National Category
Business Administration
Research subject
Intelligent Industry
Identifiers
urn:nbn:se:hig:diva-42207 (URN)
Available from: 2023-06-16 Created: 2023-06-16 Last updated: 2023-06-16Bibliographically approved
Huq, A. M., Hartwig, F., Bai, W. & Rudholm, N. (2023). Institutional Isomorphism and CSR Reporting of SMEs: An Analysis of Swedish Manufacturing Industry. In: : . Paper presented at 45th Annual Congress of the European Accounting Association (EAA), 24-26 May 2023, Helsinki, Finland.
Open this publication in new window or tab >>Institutional Isomorphism and CSR Reporting of SMEs: An Analysis of Swedish Manufacturing Industry
2023 (English)Conference paper, Oral presentation with published abstract (Refereed)
National Category
Business Administration
Research subject
Intelligent Industry
Identifiers
urn:nbn:se:hig:diva-40598 (URN)
Conference
45th Annual Congress of the European Accounting Association (EAA), 24-26 May 2023, Helsinki, Finland
Available from: 2023-02-09 Created: 2023-02-09 Last updated: 2023-02-16Bibliographically approved
Hartwig, F. (2023). Koncernredovisningens grunder (1ed.). Lund: Studentlitteratur AB
Open this publication in new window or tab >>Koncernredovisningens grunder
2023 (Swedish)Book (Other academic)
Abstract [sv]

I denna bok beskrivs och förklaras koncernredovisningens grunder. Såväl de tekniker som används för att upprätta ett koncernbokslut presenteras som den bakomliggande logik som ligger till grund för teknikerna. Dessutom beskrivs hur en elementär analys av koncernredovisningsdata går till.

Stor möda läggs genomgående på att läsaren ska förstå poängen med de tekniker som används vid upprättande av koncernbokslut och vid analysen av detta koncernbokslut. Det finns ett stort antal exempel och övningar, alla med fullständiga lösningar. För att underlätta framställningen så att läsaren ser skogen snarare än träden är såväl löpande text som exempel och övningar i möjligaste mån befriade från skymmande detaljer.

Bokens innehåll har använts av författaren i undervisningen i mer än ett årtionde med gott resultat. Text, exempel och övningar har författats och kontinuerligt reviderats baserat på studenters återkoppling.  

Boken är avsedd för högskole- och universitetskurser i extern redovisning på i första hand grundnivån, men vänder sig även till redovisningspraktiker som vill förvärva grundläggande kunskaper i koncernredovisning.  

Place, publisher, year, edition, pages
Lund: Studentlitteratur AB, 2023. p. 196 Edition: 1
National Category
Business Administration
Research subject
Intelligent Industry
Identifiers
urn:nbn:se:hig:diva-38143 (URN)9789144158112 (ISBN)
Available from: 2022-03-12 Created: 2022-03-12 Last updated: 2023-02-06Bibliographically approved
Hartwig, F., Hansson, E., Nielsen, L. & Sörqvist, P. (2023). The relation between auditing and accounting timeliness in Swedish private firms. Journal of Financial Regulation and Compliance, 31(3), 379-396
Open this publication in new window or tab >>The relation between auditing and accounting timeliness in Swedish private firms
2023 (English)In: Journal of Financial Regulation and Compliance, ISSN 1358-1988, E-ISSN 1740-0279, Vol. 31, no 3, p. 379-396Article in journal (Refereed) Published
Abstract [en]

Purpose: The purpose of this study is to examine the relationship between auditing/non-auditing and accounting timeliness among Swedish private firms.

Design/methodology/approach: This paper uses regression analysis to test the relationship between auditing and two measurements of timeliness; lead time and late filing. The sample consists of Swedish private firms.

Findings: The paper finds that audited firms, when compared with unaudited firms, are significantly less timely. Moreover, greater profitability was associated with more timeliness but only for audited firms. The results also show that firms being audited by a big 4-auditor are significantly timelier than firms being audited by a non-big 4 auditor.

Practical implications: The findings in this paper suggests that one aspect of accounting quality, timeliness, does not seem to benefit from auditing in a Swedish context. There is a debate about whether the threshold levels in Sweden should be raised so that more firms voluntarily can opt out of audit. Those opposing a raised threshold level claim that auditing has positive effects on accounting quality and consequently that a raised level would have adverse effects. The findings in this paper do not support such a claim.

Originality/value: Little is known about timeliness in private firms compared to public firms and this paper fills that void. Contrary to prior research, findings show that unaudited firms in a Swedish regulatory setting actually are timelier than their audited counterparts. This questions one of the (presumed) benefits of auditing and should stimulate more research on this issue.

Place, publisher, year, edition, pages
Emerald Group Publishing Limited, 2023
Keywords
Accounting timeliness, auditing, big 4-auditor, accounting lead time, late filing of annual report
National Category
Business Administration
Research subject
Intelligent Industry
Identifiers
urn:nbn:se:hig:diva-40557 (URN)10.1108/JFRC-03-2022-0040 (DOI)000919949500001 ()2-s2.0-85147202405 (Scopus ID)
Available from: 2022-12-04 Created: 2022-12-04 Last updated: 2023-06-02Bibliographically approved
Hartwig, F., Landström, M. & Sörqvist, P. (2022). Averaging bias in firm acquisition processes. Journal of Behavioral and Experimental Economics, 96, Article ID 101809.
Open this publication in new window or tab >>Averaging bias in firm acquisition processes
2022 (English)In: Journal of Behavioral and Experimental Economics, ISSN 2214-8043, E-ISSN 2214-8051, Vol. 96, article id 101809Article in journal (Refereed) Published
Abstract [en]

When a firm acquires 100% of the shares in another firm and finances this acquisition with available funds, the debt level and return on equity of the two firms in combination goes up (under certain conditions). In three experiments, we empirically demonstrate that individuals intuitively think these variables become lower after the acquisition, contrary to what is actually the case. The findings stress the role of psychological processes in business valuation and accounting and are consistent with an averaging account of judgment under uncertainty. On this view, people's judgments of objects in combination are biased toward the average rather than the sum of the objects’ individual characteristics. The experiments also show that informing the participants of the accurate evaluations removes the bias. The third experiment reinforced these results by replicating the same pattern with a sample of “high-accounting literacy” participants who all reported formal university training in accounting. One takeaway of the study is that, in acquisition settings, investors potentially could base their assessment of firm value on false premises which in turn (at least in the short run) leads to a higher level of asset mispricing and a less efficient capital market.

Place, publisher, year, edition, pages
Elsevier, 2022
Keywords
firm acquisition, debt level, return on equity, averaging bias, cognitive biases
National Category
Business Administration
Research subject
Intelligent Industry
Identifiers
urn:nbn:se:hig:diva-37188 (URN)10.1016/j.socec.2021.101809 (DOI)000731074200002 ()2-s2.0-85120784810 (Scopus ID)
Available from: 2021-10-20 Created: 2021-10-20 Last updated: 2022-01-04Bibliographically approved
Grek, Å., Hartwig, F. & Dougherty, M. (2022). Determinants of Debt Leverage Ratios in Swedish Listed Companies. In: : . Paper presented at The 26th Nordic Academy of Management Conference:"Bringing Research Together", August 24-26 2022 Örebro University, Sweden..
Open this publication in new window or tab >>Determinants of Debt Leverage Ratios in Swedish Listed Companies
2022 (English)Conference paper, Oral presentation with published abstract (Refereed)
National Category
Business Administration
Research subject
Intelligent Industry
Identifiers
urn:nbn:se:hig:diva-38077 (URN)
Conference
The 26th Nordic Academy of Management Conference:"Bringing Research Together", August 24-26 2022 Örebro University, Sweden.
Available from: 2022-03-08 Created: 2022-03-08 Last updated: 2022-03-10Bibliographically approved
Huq, A. M., Hartwig, F. & Rudholm, N. (2022). Do audited firms have a lower cost of debt?. International Journal of Disclosure & Governance, 19(2), 153-175
Open this publication in new window or tab >>Do audited firms have a lower cost of debt?
2022 (English)In: International Journal of Disclosure & Governance, ISSN 1741-3591, E-ISSN 1746-6539, Vol. 19, no 2, p. 153-175Article in journal (Refereed) Published
Abstract [en]

The purpose of this study is to investigate if audited financial statements add value for firms in the private debt market. Using an instrumental variable method, we find that firms with audited financial statements, on average, save 0.47 percentage points on the cost of debt compared to firms with unaudited financial statements. We also find that using the big, well-known auditing firms does not yield any additional cost of debt benefits. Lastly, we investigate if there are industries where alternative sources of information make auditing less valuable in reducing the cost of debt. Here, we find that auditing is less important in lowering cost in one industry, agriculture, where one lender has a 74% market share and a 100-year history of lending to firms within that industry. As such, it seems that lenders having high exposure to a certain industry might act as an alternative to auditing in reducing the information asymmetry between the firm and the lender.

Place, publisher, year, edition, pages
Springer, 2022
Keywords
Agency theory; Audit complexity; Audit reform; Cost of capital; Endogenous switching model; External audit; Private limited firms; Regulation
National Category
Business Administration
Research subject
Intelligent Industry
Identifiers
urn:nbn:se:hig:diva-37587 (URN)10.1057/s41310-021-00133-1 (DOI)000736932300001 ()2-s2.0-85122062262 (Scopus ID)
Available from: 2022-01-10 Created: 2022-01-10 Last updated: 2022-05-15Bibliographically approved
Fagerström, A., Hartwig, F. & Mutiganda, J. C. (2021). A New and Extended Balance Sheet for Sustainable Business. Sustainability and Climate Change, 14(5), 282-287
Open this publication in new window or tab >>A New and Extended Balance Sheet for Sustainable Business
2021 (English)In: Sustainability and Climate Change, ISSN 2692-2924, Vol. 14, no 5, p. 282-287Article in journal (Refereed) Published
Abstract [en]

Driven by external pressure, enterprises have begun to recognize the importance of sustainability. However, current sustainability reporting systems require improvements to include ways of measuring sustainability. This article presents a framework of a sustainable balance sheet (SBS) that is an extended version of a traditional balance sheet. The conceptual tools of this SBS framework come from relevant parts of resource theory and Vatter’s fund theory (Vatter, 1947).

Place, publisher, year, edition, pages
Mary Ann Liebert, 2021
Keywords
Balance sheet, sustainability accounting, sustainability reporting
National Category
Business Administration
Research subject
Health-Promoting Work; Intelligent Industry
Identifiers
urn:nbn:se:hig:diva-36970 (URN)10.1089/scc.2021.0023 (DOI)2-s2.0-85117500425 (Scopus ID)
Available from: 2021-08-30 Created: 2021-08-30 Last updated: 2021-11-01Bibliographically approved
Huq, A., Daunfeldt, S.-O., Hartwig, F. & Rudholm, N. (2021). Free to choose: Do voluntary audit reforms increase employment growth?. International Journal of the Economics of Business, 28(1), 163-178
Open this publication in new window or tab >>Free to choose: Do voluntary audit reforms increase employment growth?
2021 (English)In: International Journal of the Economics of Business, ISSN 1357-1516, E-ISSN 1466-1829, Vol. 28, no 1, p. 163-178Article in journal (Refereed) Published
Abstract [en]

Many European countries have abolished mandatory audits for small firms to reduce the regulatory and administrative burden for these firms. However, we still lack knowledge on whether such legislative changes affect employment growth for those firms that become free to choose to have external audits. We investigate this question using a Swedish reform that made audits voluntary for small firms fulfilling certain requirements. The reform created an almost ideal natural experiment, which we use to evaluate the effects of voluntary audits on employment growth for small firms using a difference-in-difference estimator. We find that firms which fulfilled the requirements for voluntary auditing, compared to a control group of similar firms that did not, increased their employment growth rate by 0.59%. This corresponds to 2,770 jobs being created in the year following the reform, suggesting that mandatory audits act as a growth barrier for small firms.

Place, publisher, year, edition, pages
Taylor & Francis, 2021
Keywords
Auditing, firm growth, barriers, regulation, voluntary audit, Sweden
National Category
Business Administration
Research subject
Intelligent Industry
Identifiers
urn:nbn:se:hig:diva-34003 (URN)10.1080/13571516.2020.1802963 (DOI)000570781100001 ()2-s2.0-85091035773 (Scopus ID)
Available from: 2020-09-24 Created: 2020-09-24 Last updated: 2021-01-27Bibliographically approved
Organisations
Identifiers
ORCID iD: ORCID iD iconorcid.org/0000-0002-5043-6289

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