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Corporate Social and Environmental Disclosure in Developing Countries: Evidence from Bangladesh
Hail Community College, Saudi Arabia, firstname.lastname@example.org
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This conference paper was originally published as Hossain, MA, Islam, KS and Andrew, J, Corporate social and environmental disclosure in developing coutries: evidence from Bangladesh, in Proceedings of the Asian Pacific Conference on International Accounting Issues, Hawaii, October 2006.
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Corporate Social and Environmental Disclosure in Developing Countries: Evidence from Bangladesh
This is an exploratory study designed to investigate the extent and nature of social and environmental reporting in corporate annual reports. Specifically, we examine the relationship between social and environmental disclosure and several corporate attributes in a developing country, Bangladesh. In order to do this, we have developed and utilized a disclosure index to measure the extent of disclosure made by companies in corporate annual reports. This study reports significant differences in levels of social and environmental disclosure, as measured by the mean values of the social and environmental disclosure index in Bangladesh. This study reports that a very few companies in Bangladesh are making efforts to provide social and environmental information on a voluntary basis, which are mostly qualitative in nature. Companies in Bangladesh appeared to have the lowest levels of social and environmental disclosure. It was also found that significant number of the lowest ranking companies suffered losses during the period under study and significant proportions of the ranking companies were subsidiaries of multinational companies or large corporations.
Social and Environment Disclosure, annual report, Company Characteristics, Corporate Annual Reports, Social Reporting, Social Accounting, Developing Countries, Bangladesh, listed companies, Disclosure Index
This conference paper was originally published as Hossain, MA, Islam, KS and Andrew, J, Corporate social and environmental disclosure in developing coutries: evidence from Bangladesh, in Proceedings of the Asian Pacific Conference on International Accounting Issues, Hawaii, October 2006.
This conference paper is available at Research Online: http://ro.uow.edu.au/commpapers/179
In order to do this. This study reports significant differences in levels of social and environmental disclosure. Northfields Ave. NSW. as measured by the mean values of the social and environmental disclosure index in Bangladesh.au
This is an exploratory study designed to investigate the extent and nature of social and environmental reporting in corporate annual reports.
Key Words: Social and Environment Disclosure. Box 2440 Hail. It was also found that significant number of the lowest ranking companies suffered losses during the period under study and significant proportions of the ranking companies were subsidiaries of multinational companies or large corporations. 2500 Australia Email: firstname.lastname@example.org. Bangladesh.au or mkazi62@yahoo. listed companies. Developing Countries.com or mahossain108@hotmail. we examine the relationship between social and environmental disclosure and several corporate attributes in a developing country. we have developed and utilized a disclosure index to measure the extent of disclosure made by companies in corporate annual reports. annual report. Social Reporting. Disclosure Index
.com Dr. Corporate Annual Reports. Tel: 966-6-5345382 (Residence) FAX: 966-6-531-0500 E-mail: monirulhossain@yahoo. Kingdom of Saudi Arabia. Company Characteristics. which are mostly qualitative in nature. Companies in Bangladesh appeared to have the lowest levels of social and environmental disclosure. This study reports that a very few companies in Bangladesh are making efforts to provide social and environmental information on a voluntary basis. Bangladesh.com Md Kazi Saidul Islam School of Accounting and Finance University of Wollongong Email: mksi747@uow. Specifically.edu. Jane Andrew School of Accounting and Finance The University of Wollongong. Social Accounting.O.Corporate Social and Environmental Disclosure in Developing Countries: Evidence from Bangladesh
Dr. Wollongong. Monirul Alam Hossain Assistant Professor in Accounting Department of Accounting and MIS Hail Community College P.
South Africa and USA). followed by a summary and conclusions.
2. In the decade of 1980. The sample represents the whole population of the non-financial companies listed on the Dhaka Stock Exchange. social audit. The sample of firms and the methodology employed and discussed in section two.1 Introduction
Dhaka and Mexico City continue to compete for the less than salubrious title of the world’s most polluted city. show that a firm’s activities can have significant impact on the environment. Singapore and India) and no such study was carried out with special reference to Bangladesh. most of these studies gave concentrated on developed countries (e. scoring scheme of the social and environmental information comprising SEDI and development of a regression model to measure the relationship between the extent of corporate social and environmental disclosure and several corporate attributes. Results of both the measured content and the statistical analyses are presented in section three. 1999). 1992) and the Union Carbide gas leak in India (Blacconiere and Patten. The Government of Bangladesh has promulgated an Act entitled Environment Protection Act 1995.g. social responsibility accounting and social and environmental reporting have been used interchangeably in the literature. 1999). 1994). the corporate annual reports of 107 non-financial
. Over the last twenty years. such as Exxon Valdez oil spill in Alaska (Patten. Survey and anecdotal evidence show that corporations are disclosing social and environment information in corporate annual reports and this has increased over years. Historical events. Lundholm and Myers 2002). However. However as economies grow and outlook become more global. The implications for Bangladeshi social and environmental accounting policies. It has been argued by the researchers that the level of Corporate Social and Environmental Disclosure is dependent on several corporate attributes and there are studies which empirically examined the extent of social and environmental disclosure and measured the relationship between environment disclosure and several corporate attributes However.g. Europe. 2.1 Sample of the Companies The sample covers the annual reports of companies for the year 2002-2003. Healy and Palepu 2001. Out of 150 companies. recommendation for future research and limitations of the study are also discussed. Singapore. Social performance information. the focus switched over from corporate social disclosure to corporate disclosure and reporting of environmental information and the trend continued in the 1990s as well as beyond. The planned size of the sample represented approximately 150 companies. where a systematic method for quantifying the content of social and environmental disclosures made by the companies is developed. The researcher collected the address books of companies listed on the Dhaka Stock Exchange (DSE). Social and environmental disclosure as well as philosophical discussions on social and environmental accounting dominated the financial research agenda during 1990s (Belal. socio-economic accounting.1 Research Design
This section deals with selection of sample companies. Section four of this study contains a general discussion on the results. we are likely to see an increasing convergence in corporate social and environmental disclosure practices (Ismail and Koh. Very few studies focus on developing countries (e.g. construction of social and environmental disclosure index (SEDI). corporate social and environmental reporting has become an issue of interest for researchers. Corporate environmental disclosure is a part of social reporting and the environmental disclosures are mainly non-financial in nature. It has been argued that corporate social and environmental disclosure may not apply universally to all countries which are in various stages of economic development and with corporations having differing levels of awareness and attitudes towards corporate environmental disclosure. social accounting. there is a lack of specific studies regarding Corporate Social and Environmental Disclosures (CSEDs) both in developed and developing countries. Bangladesh has not been experiencing rapid economic growth since its inception in 1971 although a number of industries have been established at an accelerated rate and there is a demand for a cleaner environment. This apparently gives testimony to social and environmental concerns of two countries.1.. Korea. The extent of literature on corporate disclosure focuses on the determinants of voluntary disclosure and on the effect of voluntary disclosures on returnearnings relation (see e.
which were used in social and environmental index formulations.2.
d = 1 if the item di is disclosed 0 if the item di is not disclosed n = number of items
2. Here.g. The explanatory variables used in the study have taken into the account previous studies undertaken by other researchers. In the unweighted environmental disclosure index disclosure of individual items has been treated as a dichotomous variable. The major task of the present research is to develop a suitable disclosure index comprising items of social and environmental information that are expected to be disclosed in corporate annual report from the view point of developing countries. Wiseman. Porwal and Sharma (1991). the items of social and environmental information included in the social and environmental disclosure index have been developed based on the following criteria: i) Items of social and environmental information commonly required by the statutes in Bangladesh. Porwal and Sharma (1991) and Singh.2. all items of information in the index are considered equally important to the average user.. iv) Disclosure indices generally used in developed countries (e. The disclosure index constructed for this study included 60 items. ii) Disclosure items identified in other studies examining disclosure in Bangladesh (if any). Among the alternative approaches.3. If a company discloses an item of social and environmental information in its annual report it will be awarded `1' and if not it will be awarded `0'. The disclosure model for the unweighted social and environmental disclosure thus measures the total disclosure (TD) score for a company as additive as follows:
TD= Where.. iii) Disclosure indices generally used in developing countries other than Bangladesh (e. and Singh.1 The Dependent Variables.g. the only consideration is whether or not a company discloses an item of environmental information in its corporate annual report. There is no generally accepted theory to predict user information needs and there is an absence of an appropriate generally accepted model for the selection of the items of social and environmental information to be included in a disclosure index.and Ahuja (1983) which were considered essential for complete environmental disclosure. Under an unweighted environmental disclosure index.2 Scoring in the Social and Environmental Disclosure Index There are various approaches available to develop a scoring scheme to determine the disclosure level of corporate annual reports from the works of other researchers. An unweighted environmental index is the ratio of the value of the number of items a company discloses divided by total value that it could disclose. To summarize.
2. The items of environmental information included in the disclosure were selected from the study of Wiseman (1992). The list of this social and environmental disclosure information can be found as Appendix B. The
. There is a problem as to the measurement of corporate social and environmental disclosure.and Ahuja (1983).Data for evaluating social and environmental information were extracted from corporate annual reports of the sample listed companies. 1992). Explanatory Variables and Hypotheses The dependent variable used in this study is Social and Environmental Disclosure Index (SEDI) and the disclosure index has been calculated for each of the companies studied. 2. unweighted disclosure index approach has been used to measure the extent of disclosure of social and environmental information where an item scores one if disclosed and zero if not disclosed.1 Information Items Included in the Social and Environmental Disclosure Index Disclosure Index Approach has been used to provide an evaluation of the social and environmental disclosure in CARs.
corporate attributes considered are size (proxied by sales and assets). There are researchers those used log of profits and among these researchers. These two variables were labeled as ASSETS and SALES. profitability (proxied by rate of return on assets and net profit margin). Profitability or Corporate Financial Performance Profitability as well as corporate financial performance was used by a number of researchers as an explanatory variable for differences in disclosure level.. The following specific hypotheses have been tested regarding profitability:
. al (1987) found no association between the variables. Among these researchers found a positive association between profitability and the extent of corporate social and environmental disclosure (Waddock and Gravess. Roberts (1992) has found a positive relationship between profitability level of a company and corporate social and environmental disclosure. which in turn. total asset value. could reduce wealth of a firm. The proponents argue that there are additional costs associated with the social and environmental disclosure and. the results Belkaoui and Kirkpik (1989) tend to be more intriguing.g. the relationship between corporate financial performance and corporate social and environmental disclosure is arguably one of the most controversial issues yet to be solved (Choi. Size of the company There are several studies which have been found that a significant positive association between the size of the company and the extent of corporate social and environmental disclosure in the corporate annual report in both developed and developing countries. These two variables are labeled as NPMARGIN and ROASSETS. and audit fees. H1(b): firms with greater sales turnover disclose social and environmental information to a greater extent than do those firms with lower sales turnover. it is inferred that there will be a positive size and corporate social and environmental disclosure relationship. In this study. However. number of employees. these three proxies for size are highly correlated.). yet an insignificant negative regression co-efficient for return on assets and corporate social and environmental disclosure. The following specific hypotheses have been tested regarding size of the firm: H1(a): firms with greater total assets disclose social and environmental information to a greater extent than do those firms with fewer total assets. As the magnitude of political costs is highly dependent on firm size. 1998). 1997) whereas Cowen et. However. However. Larger companies may be hypothesized to disclose corporate social and environmental information in their company annual reports than smaller companies for a variety of reasons. The results of different studies measuring the relationship between corporate financial performance and corporate social and environmental disclosure show mixed results. They showed a significantly pair-wise correlation. and international link of the audit firm. 2. social responsibility disclosure campaigns can be used to reduce political costs. For profitable companies if the rate of return or return on investment is more than the industry average. other researchers like Roberts (1992). industry type. In the present study. Patten (1992) fails to find any significant positive relationship between profitability and corporate social and environmental disclosure. multinationality (subsidiaries of the multinational companies). According to the Agency Theory. The following paragraphs provide a rationale for taking into consideration the corporate variables chosen as explanatory variables: 1. Again. sales volume. However. sales turnover and total assets will be used as the measures of company size. etc. the management of a company has an incentive to communicate more information (including social and environmental information) which is favourable to it as the basis of explanations of good news and is likely to disclose social and environmental information in their corporate annual reports as a result. Ng (1985) and Davey (1982) found that the size of the company did not significantly explain an association with the level of corporate social and environmental disclosure and its variability. the profitability of the reporting company is depressed. There are several measures of size available (e. net profit to sales and rate of return on assets have been used as the measures of profitability.
The model is created one using UADI.. A dichotomous variable labeled as MNCS was used with the value of ‘1’ if the company was a subsidiary of a multinational parent. SEDI = total score received each sample company under social and environmental disclosure index. their labels and expected signs and relationships are present in Table 1.. Audit firm Several studies have examined empirically the relation between the characteristics of the audit firm (size of audit firm or international link of the auditing firm) and the extent of social and environmental disclosure and found positive association between the audit firm size and the level of disclosure.. otherwise a ‘0’.. manufacturing and non-manufacturing) for the purpose of analysis.. It is hypothesized that companies under the contract with larger audit firms are likely to disclose more social and environmental information. It is believed to be an important responsibility of auditors to recommend their client companies to practice socially responsible accounting practices (Choi. SEDI= + 1 ROASSETS + 2 NPMARGIN + 3 MULTICOM + 4 INDUTYPE + 5 SALES + 6 INLINK + 7 ASSETS + 8 AGE + .4.. 3. This study divides industries into two categories (viz. ‘1’ for larger domestic audit firms or audit firms having international link with audit firms including. The following specific hypothesis has been tested regarding the audit firm size or international link of the audit firm: H5 : firms that engage international audit firms or larger domestic audit firms disclose social and environmental information to a greater extent than do those firms that engage domestic audit firms. otherwise ‘0’.1) Where..
. 4.(1. even the threat including nationalisation.H2(a) : firms with higher net profit to sales disclose social and environmental information to a greater extent than do those firms with lower net profit to sales ratios. Again. and = the error term. 3. The companies belong to manufacturing industries were assigned ‘1’. it has been argued that the political costs for these subsidiaries may be more in developing countries than in developed countries and subsidiaries of multinational companies in developing countries may be considered as significant in the economies of their host countries and such companies may risk the threat of government control. This variable is a dummy variable and labeled as INLINK.. 5. The following specific hypotheses will be tested regarding industry type: H5: firms falling within a specific industry type disclose different amounts of social and environmental information than do those firms in other industry types... H2(b): firms with higher rates of return on assets disclose social and environmental information to a greater extent than do those firms with lower rates of return on assets.. Subsidiaries of Multinational Company The subsidiaries in developing countries of parent multinational companies from developed countries are likely to disclose social and environmental information than their local counterparts. = the constant. and is used in the regression and correlation analyses. 1998).1 Multiple Regression Models Multiple linear regression techniques are used to test hypotheses. The following specific hypothesis has been tested regarding the multinationality: H3: firms with the mutinationality connections (subsidiaries of multinational companies) disclose social and environmental information to a greater extent than do with those of their domestic counterparts. and ‘0’ otherwise. The parent companies of these multinationals’ subsidiaries usually operate their businesses in developed countries where these parent MNCs in many cases disclose social and environmental information in their CARs... Industry Type Industry type has been used by a very few number of researchers as an explanatory variable for differences in disclosure level.... The description of the ten independent variables..
69 3. In most of the studies reviewed.
Table-2 Descriptive statistics of the social and disclosures in Bangladesh Mean Standard Deviation Minimum Maximum 5.1. and Ordinary Least Square (OLS) regression were used to test the hypotheses of the study.69 0 19
. A summary descriptive statistics of values for the companies are provided in Table 2. 4. their labels and expected signs and relationships in the regression Variable Labels Variables INTLINK International link of auditing firms ASSETS NPMARGIN ROASSETS MNCS SALES DEBENTURE AFEES INDUSTRY Total Assets Net profit margin Rate of return on total assets Multinationality of companies (Subsidiary of a multinational company) Total assets Presence of Public Debenture Total of Audit Fees Industry Type Expected sign and relationship INLINK has a significant positive relationship with the level of social and environmental disclosure ASSETS has a significant positive relationship with the level of social and environmental disclosure NPMARGIN has a significant positive relationship with the level of social and environmental disclosure ROASSETS has a significant positive relationship with the level of social and environmental disclosure MNCS has a significant positive relationship with the level of social and environmental disclosure SALES has a significant positive relationship with the level of social and environmental disclosure DEBENTURE has a significant positive relationship with the level of social and environmental disclosure AFEES has a significant positive relationship with the level of social and environmental disclosure INDUSTRY a significant positive relationship with the level of social and environmental disclosure
The score received by all individual companies in the sample has been made. Bangladesh. The second section focussed on the discussion on multivariate analysis of correlation co-efficient and results of multiple regression model of the corporate social and environmental disclosure and six corporate attributes are presented in the third section.1 Disclosure Levels by the Sample Companies in Bangladesh This section focuses on the measurement and analysis of the extent of social and environmental disclosure in corporate annual reports in a developing country. the nature and extent of the corporate social and environmental disclosure has been analysed and discussed. a disclosure index was prepared in order to measure the extent of social and environmental disclosure in the annual reports of the companies under study. In the first section.1 Results of the Study The results of the study are presented in three sections. Spearman Rank Correlation Co-efficient.Table 1 List of independent variables.
. The distribution shows a skew towards relatively low levels of the social and environmental disclosure for the sample companies in Bangladesh..00 11.00 11. Items Disclosed 19. Aftab Automobiles Ltd. Table 4 indicates that the highest disclosure index in Bangladesh was obtained Anlima Yarn Dyeing Ltd.00 11. It is interesting to note that of the fifteen companies ten are shown to be loss-making concerns for the year under study when their profit and loss accounts are
. Chittagong Cement Clinker Grinding Co. and so on. followed by Beximco Denims Ltd.20 5 4. Kohinoor Chemical Co. Table 3 shows the modal disclosure to be less than 6 items made by in Bangladeshi companies in their corporate annual reports. Beximco Knitting Ltd. 4. Chittagong Cement Clinker Grinding Co. Ashraf Textile Mills Ltd. Beximco Knitting Ltd.00 Total 107 100. Table 4 shows the top and bottom ranked companies by the size of the disclosure index.2 Top and Lowest Ranking Companies The sample companies were ranked on the basis of the value of the disclosure for each of the companies. The lowest scores were obtained by Gachihata Aquaculture Farms Ltd.00 18. these provide insights about which industries are disclosing more social and environmental information in the corporate annual reports. Ltd.1.10 6-10 36 36..00 10..00 18. National Tea Company Ltd.. of companies Total number of items in Disclosure index 0. Beximco Synthetics Ltd. it was found that five of them came from the “Textile” category.80 16 .00 10. when these companies were classified into industrial categories. Table 3 Disclosure Levels made by the Sample Bangladeshi companies Score Range Companies with Disclosure % in the sample No.00 Ranking 1 2 2 2 5 6 6 6 9 9 9
Table 5 presents the lowest ranked twelve companies in Bangladesh using the unweighted disclosure index as the basis of the rankings.5 60 56. Column one of Table 3 distinguishes ranges of disclosure performances in these terms.00 18.70 20-Over 0 0. Table 3 contains data on the dispersion of the disclosure scores (range as given by the differences between minimum and maximum scores and standard deviation). Further. Table 4
Ranking of the companies based on the disclosure of Social and Environmental Disclosure
Name of the Companies Anlima Yarn Dyeing Ltd. The table also provides the disclosure score and the percentage of disclosure made by the companies under study. Aramit Cement Ltd. (BD) Ltd.00 17.00 Table 3 shows the distribution of disclosure performance by expressing the number of items disclosed as percentages of the total of 60 comprising the social and environmental disclosure score.00 10.. Beximco Synthetics Ltd. Further. Ltd. Confidence Cement Ltd.Comparison of social and environmental disclosure patterns may also be made by comparing the distribution of scores under the disclosure index in the Bangladesh. Beximco Denims Ltd. and Shyampur Sugar Mills Ltd.10 11-15 6 2. Non of the top ranking companies are subsidiaries of multinational companies.
. Information about support for day-care.00 2. 7 Alpha Tobacco Manufacturing Co.00 2. 10 Modern Cement Ltd. 6 Paper Converting and Packaging Ltd. 15 Standard Ceramic Industries Ltd.00 2.01) between certain variables (i. between DEBENTURE and NPMARGIN variables (. and AFEES and ASSETS variables are higher than the coefficient of the correlation between every two of the other corporate attributes.00 2.00 . A correlation matrix of all the values of r for the explanatory variables along with the dependent variables was constructed and is reported. However.186) and between AFEES and ASSETS variables (. five of these four lowest ranked Bangladeshi companies are from the ‘Cement and Ceramic’ industrial category.00 2. Support for public or private action designed to protect the environment. Future estimates of expenditures for pollution control equipment and facilities. However.00
105 105 105 102 102 93 93 93 93 93 93 93 93 93
4.examined. 8 Bangladesh Zipper Industries Ltd. Table-6
Items of environmental items of information not disclosed by any sample companies
Item Number Item of information Past and current expenditure for pollution control equipment and facilities.3 Items Not Disclosed by any Sample Companies in Bangladesh
There are some items of information. 12 Rahima Food Corporation Ltd.2. 9 Fu-Wang Ceramic Industries Ltd. Further. which were not disclosed by any of the companies in the sample countries under study.00 1.1 Correlation analysis To examine the correlation between the independent variables.00 1. 4 Intech Online Ltd.00 2. Table 2 shows a noteworthy collinearity ( p 0.
. 14 Raspit Data Management & Telecommunications Ltd. the number of such items of information disclosed by the sample companies varied from one company than another.00 2.
.00 2. 11 Nilon Cement Industries Ltd. These items of information belong to the category of voluntary disclosure. Table-5 Ranking of the companies based on the lowest Social and Environmental Disclosure 1 Gachihata Aquaculture Farms Ltd. maternity and paternity leave Public Hall and/or Auditorium Utilisation of waste materials for energy conservation Providing information for conducting safety research on the company’s products Discussion of accidental statistics ]4.00 2. 2 Shyampur Sugar Mills Ltd.e.322). between ROASSET and NPMARGIN.90 and above whereas Emory. Past and current operating costs of pollution control equipment and facilities. It is evident from the table that the magnitude of the correlation between variables seems to indicate no severe multicollinearity problems. The Pearson product-moment coefficients of the correlation between DEBENTURE and NPMARGIN. Future estimates of operating costs for pollution control equipment and facilities.00 . Kaplan (1982) suggests that multicollinearity may be a problem when the correlation between independent variables is 0.177). Ltd. (1982) considered more than 0. ROASSET and NPMARGIN variables (.1. 3 Eastland Camelia Ltd. Pearson product moment correlation coefficients (r) were computed.80 to be problematic. 13 Keya Detergent Ltd.
D.197E 10 1.042 4.90% of the variability of the disclosure of social and environmental information in the sample Bangladeshi companies under study.007 42. The adjusted R2 indicate that 23.836 1.561 .691 2.598 .365 1.F.000 .174 Standard Error 3.652 .235 1.3. and net profit margin (NPMARGIN) were positively significant at 5% level.143 . MNCS.218 .453 .281 1.218 .000 .000 .031 .022 -.099 2.060 .724 .321 1.024 -. NPMARGIN.353 .90 percent of the variation in the dependent
.300 1.360 . INLINK.094 .030 .186* . ROASSET.018
4.747 11.001) *coefficient of correlation significant at 5% level or better (p 0.4231 Analysis of Variance Sum of Squares Mean Squares 343.090
1.085 INDUSTRY -.000 DEBENTURE .785 .000 .062 -.034 -.489.197 2.348 . 8 93
Variable (constant) NPROFIT INDUSTRY INLINK ASSETS MNCS ROASSETS DEBENTURE ADITFEES
T 1.320 .285 .041 -.000 ASSETS -.367E-06 .432 2. It was found industry variable (INDUSTRY).177* 1.026 5.075 .035 -.087 . Table 7 Summary of the regression output Coefficient of multiple regression (Multiple R) .1 Results of Regression Analysis It was hypothesised that for the sample companies. ASSETS. presence of debenture in financial statements (DEBENTURE).027 -.701
Sig T .072 MNCS ** coefficient of correlation significant at 1% level or better (p 0.000 -.Table 6
Spearman Rank Correlation
VARIABLES ASSETS DEBENTURE AFEES 1.020 -.150 .239 Adjusted R2 .000 AFEES .000 .017 .117 ROASSETS .273 4.059
1.876 1089.718 -----------------Variables in the Equation -----------------Unstandardized Coefficients Standardized Coefficients B Standard Error Beta 2.100 LINK .924 1.749 . DEBENTURE and INDUSTRY variables would be positively associated with the extent of social and environmental disclosure.05) INDUSTRY LINK
1. The relationship between social and environmental disclosure and other five were found not to be significant.081 .054 -.421 2. which indicates that the model is capable of explaining 48.037 .005 1.065
Regression Residual F ratio = 3.485
The R2 under the model was .034 .390 .050 -. AUDITFEES.489 2 Coefficient of determination (R ) .322** NPMARGIN .
we found that manufacturing companies with higher profitability and those that had issued debentures tended to disclose more social and environmental information. in Bangladesh. Contrary to the developed and some developing countries. This paper has reported the results of multiple linear regressions to test the association between a number of corporate attributes and the extent of social and environmental disclosure in company annual reports for a developing country. Further research can be undertaken to measure the extent of environmental disclosure longitudinally to determine whether quality of disclosure has improved over time. Specifically. The extent of social and environmental disclosure was measured using an unweighted environmental disclosure index. For Bangladesh. Such a study would provide additional insights on corporate disclosure practices in Bangladesh. However. These disclosures were voluntary in nature and largely qualitative.e.g.33% of Bangladeshi companies disclose social and environmental information in their corporate annual reports. The F-ratio indicates that the model significantly explains the variations in environmental disclosure of annual reports in Bangladesh Table 7 ndicates that the actual sign of one of the variables were not in the direction predicted. The results showed that corporate environmental disclosure levels are associated with some company characteristics. the disclosure of environmental information made by the listed companies in their corporate annual reports in Bangladesh is very disappointing. 2002-2003).. This study considers the annual reports for a single year (i.variable in the model used here is explained by variations in the independent variables. This study does not concentrate on any particular industry type. much more research is needed if we are to contribute to a more socially and environmentally responsible corporate practices in all corners of the world. and the net profit margin (NPMARGIN). the variables those were found to be positively significant in determining disclosure levels are the nature of the company (INDUSTRY). As always. it is not clear why the subsidiaries of the multinational companies in Bangladesh did not disclose social and environmental information adequately.
. Bangladesh. This calls for further investigation.
Relationship between corporate environmental disclosure and corporate attributes for Bangladeshi Sample companies Variable labels Expected sign Actual sign Significance level + + * NPMARGIN + + AUDITFEES + + * INDUSTRY + INLINK + MNCS + + ASSETS + ROASSETS + + ** DEBENTURE * Significance level at 5% ** Significance level at 1%
5. Further research can be undertaken based on particular industry type (e. the pharmaceutical industry and textile industries in Bangladesh). The study shows that on average 8.1 Summary and Conclusion
It is very interesting to note that some companies in Bangladesh are making efforts to provide social and environmental information on a voluntary basis in their corporate annual reports. It should also be noted that the number of social and environmental disclosure items was limited to 60 items and the results may be different if the numbers of environmental information were increased or another set of environmental disclosure items was examined. presence of debentures in the corporate annual reports (DEBENTURE).
Miracle Industries Ltd. Alltex Industries Ltd. Atlas Bangladesh Ltd. National Tubes Ltd. Raspit Inc. 35. Padma Printers and Colour Ltd. 3. Monno Fabrics Ltd. 41. Mithun Knitting and Dyeing (CEPZD) Ltd. Ltd. Anwar Galvanizing Ltd. 22. 40. 30. 58. Fu-Wang Foods Ltd. 29. 12. Mona Food Industry Ltd. Aziz Pipes Ltd. 32. 14. 19. Square Textiles Ltd. Monno Ceramic Industries Ltd. 37. Meghna Cement Mills Ltd. Beximco Fisheries Limited Beximco Knitting Ltd. Delta Millers Ltd. 7. 38. 26. Lexco Ltd. GQ Ball Pen Industries Ltd. 21. 53. 9. 33. 27. 6. 20. Apex Tannery Ltd. Alpha Tobacco Manufacturing Co. Yusuf Flour Mills Ltd. 36. Bangladesh Zipper Industries Ltd. 47.Appendix A List of the companies surveyed 1. Eastern Cables Ltd. Mita Textile Mills Ltd. 13. 52. Ltd. 46. Intech Online Ltd. Beximco Synthetics Ltd. Bionic Seafood Exports Ltd. Chittagong Cement Clinker Grinding Co. Modern Cement Ltd. Aftab Automobiles Ltd. 5. Aramit Ltd. 17. 18. Beximco Denims Ltd. Bangladesh Thai Aluminium Ltd. Ltd.R. Ltd. Anlima Yarn Dyeing Ltd. 48. Bangladesh Monospul Paper Manufacturing Co. Aramit Cement Ltd. Gachihata Aquaculture Farms Ltd. 50. Chictex Ltd. 42. (BD) Ltd. Bangladesh Export Import Company Ltd. Apex Weaving & Finishing Mills Ltd. Tallu Spinning Mills Ltd. Eastern Lubricants Blenders Ltd. 8. 56. 54. Bangas Ltd. 31. 15. 43. 10. 2. Textile Mills Ltd. 55. Ashraf Textile Mills Ltd. 57. Metro Spinning Ltd. 45. Bengal Biscuits Ltd. Eastern Housing Ltd. Apex Footwear Ltd. 25. 24. Apex Foods Ltd. 34. 23. 44. 39. Zeal-Bangla Sugar Mills Ltd. 51. Niloy Cement Industries Ltd. H. 49. Confidence Cement Ltd. 11. Agricultural Marketing Co. Bangladesh Welding Electrodes Ltd. 28. 4.
. 16. Fu-Wang Ceramic Industries Ltd.
Metro Spinning Ltd. Rangpur Foundry Ltd. Rahima Food Corporation Ltd. Tamijuddin Textile Mills Ltd. Desh Garments Ltd. 102. Wonderland Toys Ltd. Jajneswar & Co. Renwick. Pharma Aids Ltd. 65. 98. National Polymer Industries Ltd. Reckitt Bencksier (Bangladesh) Ltd. Apex Spinning & Knitting Mills Ltd. Sinobangla Industries Ltd. Saiham Textile Mills Ltd. 76. Keya Detergent Ltd. 61. 75. Paper Converting and Packaging Ltd. 62. Quasem Textile Mills Ltd. 67. Aftab Automobiles Ltd. 107. 83. National Tea Company Ltd. 103. First Lease International Ltd. 106. 72. 96. 87. 81. Niloy Cement Industries Ltd. Olympic Industries Ltd. 64. 66. Olympic Industries 95. 94. Raspit Data Management & Telecommunications Ltd. 104. 84. 77. 82. Samata Leather Complex Ltd. Quasem Drycells Ltd. 105. Dulamia Cotton Spinning Mills Ltd. Rose Heaven Ball Pen Ltd.
. Imam Button Industries Ltd. 92. Rahim Textile Mills Ltd. Manola Perfume Chemical Industries Limited 63. (BD) Ltd. Eastland Camelia Ltd. 99. 91. (BD) Ltd. Rangamati Food Products Ltd. 80. 73. Padma Oil Company Ltd. Al-Amin Chemical Industries Ltd. Standard Ceramic Industries Ltd. Prime Textile Spinning Mills Ltd. 78. Padma Cement Ltd. 101. Paper Processing and Packaging Ltd. 86. 89. Safko Spinning Mills Ltd. Gulf Foods Ltd. Singer Bangladesh Ltd. Keya Cosmetics Ltd. BDCOM Online Ltd. 88. Kohinoor Chemical Co. 85. Quasem Silk Mills Ltd. 68. Samorita Hospital Ltd. 70. Bengal Fine Ceramics Ltd. 74.59. 100. 97. 93. 71. 60. 90. 69. 79. Dhaka Fisheries Ltd. Shyampur Sugar Mills Ltd.
(i) Fixed asset (Book value): (ii) Total assets (Net of depreciation): (iii) Assets-in-place: 5. Research on new methods of production to reduce environmental pollution 17. Water discharge information. Audit fees
Appendix C Disclosure Index A. Installation of effluent treatment plant 13. 2. (i) Profit after tax: (ii) Total capital employed: (iii) Return on investment: 4. Conservation of natural resources. yes/no (manufacturing/non-manufacturing) yes/no
International link of audit company : Name of the Audit Firm yes/no yes/no
8. Raw materials conservation 18. Air emission information. 7. Pollution control of industrial process 16. 10. Subsidiary of multinational company 9.Appendix B Questionnaire on Social and Environmental Disclosure Company Information Name of the company: 1. 11. Financing for pollution control equipment or facilities. 8. Recycling plant of waste products 12. 6. Solid waste disposal information. Past and current operating costs of pollution control equipment and facilities. (i) Debt: (ii) Equity: (iii) Debt equity ratio: 2. (i) Net profit: (ii) Sales: (iii) Profit margin (net): 3. Past and current expenditure for pollution control equipment and facilities. Nature of industry 7. Anti-litter and conservation campaign 14. Environmental Information 1. 3. Land reclamation and forestation programmes 15. Future estimates of operating costs for pollution control equipment and facilities. 4. 5. Support for public or private action designed to protect the environment.
. Future estimates of expenditures for pollution control equipment and facilities. Environmental policies or company concern for the environment. 9. Public debenture 6.
arts. ISO 9. Information on developments related to the company’s products including its packaging (e. Energy 50. Sponsoring educational conferences. seminars or art exhibitions 37. Discussion of accidental statistics 28. making containers re-usable). Discussion on staff accommodation/staff home ownership schemes 31. Health and Safety Arrangements (i. Providing information on the stability of the workers’ job and company’s future 38. 24. assets per employee. industrial actions/activities and the resultant losses in terms of time and productivity C. Social welfare 43.Verifiable information that the quality of the firms’ product has increased (e. Providing information on the company/management relationships with the employees in an effort to improve job satisfaction and employee motivation 36. Pensions 23. Canteen. Parks and Gardens 49. Discussion on the company’s relationship with trade unions and/or works 39. Number of employees in the company 33.
. Providing information on the qualification of employees recruited 35. Discussion on any strikes. sports. Establishment of Educational Institution (s).Recreation Clubs and public libraries 26. Seminars and conferences 44. statistics on employee turnover and sales per employee) 34. 47. Utilisation of waste materials for energy conservation 52. Information on research projects set up by the company to improve its product in any way 56. Holidays and Vacations. Community and Others 40. Medical Establishments 48. Products 53. 22. Transportation. 54. Providing information for conducting safety research on the company’s products 58. safety of the employees). maternity and paternity leave 25. Information about support for day-care. Training of the employees through in-house programmes 29. Providing information on the safety of the company’s product 59. Training Programme/Scheme) 20. Relations with local population 42. The amount/percentage figures of research and development expenditures and/or its benefits 55. Employees Information 19.000).e.g.g. Establishment of training centres 30. etc 41. Educational Facilities 21. Donations to the charity. or hazards in the work environment 27. Discussion of the company’s efforts to reduce energy consumption E. Information whether the product(s) need(s) applicable safety standards 57. Human Resource Development (e. Policies for the company’s remuneration package/scheme 32.g. irritants. Providing per employee statistics (e. 45. and crèches for the employees’ children. Public Hall and/or Auditorium D. Information on the quality of the company’s product as reflected in prizes/awards received 60.g. Reduction or elimination of pollutants. Conservation of energy in the conduct of business operations 51. Rehabilitation Programmes 46.B.
90% 0.1% 2. Past and current operating costs of pollution control equipment and facilities. Air emission information.00% . Water discharge information.7% 0. Solid waste disposal information.00% 18.90% 0.7% 1. Future estimates of operating costs for pollution control equipment and facilities. maternity and paternity leave Recreation Clubs and public libraries Reduction or elimination of pollutants.00% 26.90% 1.5% 22.7% 8. Recycling plant of waste products Installation of effluent treatment plant Anti-litter and conservation campaign Land reclamation and forestation programmes Pollution control of industrial process Research on new methods of production to reduce environmental pollution Raw materials conservation Support for public or private action designed to protect the environment. Information about support for day-care.4% 18. or hazards in the work environment Discussion of accidental statistics Training of the employees through in-house programmes Establishment of training centres Discussion on staff accommodation/staff home ownership schemes Policies for the company’s remuneration package/scheme Number of employees in the company Providing per employee statistics Providing information on the qualification of employees recruited Providing information on the company/management relationships with the employees in an effort to improve job satisfaction and employee motivation Sponsoring educational conferences.80% 1.Appendix D Social and environmental items of information disclosed by sample companies Item No.8% 42.90% 2.90% 0.7% 4. Future estimates of expenditures for pollution control equipment and facilities. Conservation of natural resources.9% 2.8% 15%
.00% 27.90% 0.8% 0.4% 41.20% 1. Human Resource Development Educational Facilities Health and Safety Arrangements Pensions Holidays and Vacations.90% 4.90% 1. seminars or art exhibitions Providing information on the stability of the workers’ job and company’s future Disclosed 0 0 0 0 1 2 1 2 15 1 1 3 2 5 5 1 1 0 28 2 40 44 1 0 20 9 0 24 3 7 24 20 2 3 45 3 16 Not Disclosed 107 107 107 107 106 105 106 105 92 106 106 104 105 102 102 106 106 107 79 105 67 63 106 107 87 98 107 83 104 100 83 87 105 104 62 104 91 % of disclosure .00% .1% 0. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Item of Environmental Information Past and current expenditure for pollution control equipment and facilities.4% 0.00% .90% 14.4% 2. irritants. Financing for pollution control equipment or facilities.00% .9% 37.8% 6.00% 0. Environmental policies or company concern for the environment.
00 9.5% 0. Items Disclosed 19. Bangladesh Welding Electrodes Ltd. industrial actions/activities and the resultant losses in terms of time and productivity Donations to the charity. Apex Foods Ltd. Confidence Cement Ltd. 7.38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60
Discussion on the company’s relationship with trade unions and/or works Discussion on any strikes. 6. arts.00 10. National Tea Company Ltd.8% 15.00 10. Rehabilitation Programmes Establishment of Educational Institution (s).g. 9.00 Ranking 1 2 2 2 5 6 6 6 9 9 9 12 12 12
.5% 2.8% 6.3%
Ranking of the companies based on the disclosure of Social and Environmental Disclosure No.00% 1.9% 39.90% 0.00 11. Aramit Cement Ltd. The amount/percentage figures of research and development expenditures and/or its benefits Information on research projects set up by the company to improve its product in any way Information whether the product(s) need(s) applicable safety standards Providing information for conducting safety research on the company’s products Providing information on the safety of the company’s product Information on the quality of the company’s product as reflected in prizes/awards received Verifiable information that the quality of the firms’ product has increased (e. 1.00 18.00 11.00% 0. 5. ISO 9.g. making containers reusable).90% 2. 11. 8. Apex Weaving & Finishing Mills Ltd.000).00% 2. 1.00 17. Name of the Companies Anlima Yarn Dyeing Ltd. Beximco Synthetics Ltd. 10. 12. etc Relations with local population Social welfare Seminars and conferences Canteen.9% 9.2% 1. and crèches for the employees’ children.7% 15. 4.00 5. Beximco Knitting Ltd. Transportation. Kohinoor Chemical Co. Appendix E
1 2 74 2 42 4 16 1 3 16 6 0 3 0 2 38 3 7 1 0 2 2 10
106 105 33 105 65 103 91 106 104 91 101 107 104 107 105 69 104 100 106 107 105 105 97
0.9% 35. sports.8% 0.00 11.00 10.9% 1.90% 1.00 18. Aftab Automobiles Ltd.00% 1. Beximco Denims Ltd. Medical Establishments Parks and Gardens Public Hall and/or Auditorium Conservation of energy in the conduct of business operations Utilisation of waste materials for energy conservation Discussion of the company’s efforts to reduce energy consumption Information on developments related to the company’s products including its packaging (e.00 9. 3. Ashraf Textile Mills Ltd. 13. (BD) Ltd.9% 69.3% 3.00 18.6% 0. 2. Ltd.00 9. Chittagong Cement Clinker Grinding Co.
22. Eastern Lubricants Blenders Ltd.00 8. Ltd. Paper Processing and Packaging Ltd. Renwick. Aziz Pipes Ltd.00 6.00 Miracle Industries Ltd. 48. Tallu Spinning Mills Ltd. 70. Bengal Fine Ceramics Ltd. 65. 21. Quasem Silk Mills Ltd.00 6. 50.00 9. 63. Desh Garments Ltd. Mithun Knitting and Dyeing (CEPZD) Ltd. 47. 26. 59. 15. Lexco Ltd.00 6. (BD) Ltd. Bangladesh Thai Aluminium Limited Bengal Biscuits Ltd. Safko Spinning Mills Ltd. 58. 25.00 5. 64. 49. Padma Oil Company Ltd.00 7.00 5. 52. Saiham Textile Mills Ltd.00 5.00 6. Ltd. 34. 39. Reckitt Bencksier (Bangladesh) Ltd. 16. Olympic Industries Apex Footwear Ltd. Jajneswar & Co. Sinobangla Industries Ltd.14.00 6. 27. 18. Apex Tannery Ltd. 51. 60. 42. 32. 53. 43.00
12 12 12 18 18 18 18 22 22 22 22 22 22 22 22 22 22 22 33 33 33 33 33 33 33 33 33 33 33 33 33 33 33 48 48 48 48 48 48 48 48 48 48 48 48 48 48 48 52 52 52 52 52 52 52 52 52 52
. Manola Perfume Chemical Industries Limited Quasem Textile Mills Ltd. Aftab Automobiles Ltd.00 5. GQ Ball Pen Industries Ltd. Aramit Ltd.00 4. Monno Fabrics Ltd.00 5. 41.00 6.00 7.00 7. Niloy Cement Industries Ltd.00 9. Quasem Drycells Ltd. National Polymer Industries Ltd. 55.00 Bangladesh Monospul Paper Manufacturing Co. 69. Dhaka Fisheries Ltd.00 6. Rose Heaven Ball Pen Ltd. 107. 56. 48.00 4.
9. 66.00 7. 35. Pharma Aids Ltd. 23.00 6. Metro Spinning Ltd.00 7. 20. Prime Textile Spinning Mills Ltd. Atlas Bangladesh Ltd.00 5. Rangamati Food Products Ltd.00 8. Zeal-Bangla Sugar Mills Ltd.00 4. 38. National Tubes Ltd.00 5.00 6.00 4.00 5. 17. 28.00 7.00 8.00 5.00 7. 45.00 5. 24. Beximco Fisheries Limited Bionic Seafood Exports Ltd.00 7. 57. 37.00 5. 31. Rahim Textile Mills Ltd.00 5. Imam Button Industries Ltd. Meghna Cement Mills Ltd. 40.00 4. 46.00 5. Square Textiles Ltd.00 6.00 6. 30. 62. Bangas Ltd.00 4.00 4.00 4.00 7. Tamijuddin Textile Mills Ltd. Agricultural Marketing Co.00 5. 54. 61. 29. Delta Millers Ltd.00 6.00 7. 36. 71. Alltex Industries Ltd. 33. 67.00 6.00 4.00 5. 19. Yusuf Flour Mills Ltd. 68. Apex Spinning & Knitting Mills Ltd.
Eastern Cables Ltd.00 7. Chictex Ltd. 44.00 6. Monno Ceramic Industries Ltd.00 4.00 8.00 6.
00 2. 75. Paper Converting and Packaging Ltd.00 1.00 3. Samorita Hospital Ltd. Apex Weaving & Finishing Mills Ltd. Anwar Galvanizing Ltd. Nilon Cement Industries Ltd. Apex Tannery Ltd.00 2. Gachihata Aquaculture Farms Ltd. Padma Cement Ltd. 106. Ltd.00 15. Eastland Camelia Ltd.00 3.00 11.00 3.00 3. 82. Rahima Food Corporation Ltd.00 . 102.00 3.00 6.72. 94. BDCOM Online Ltd. (BD) Ltd. Aramit Cement Ltd. 105. Dulamia Cotton Spinning Mills Ltd. Apex Foods Ltd. Padma Printers and Colour Ltd.00 4. Intech Online Ltd. 103.00 . Keya Cosmetics Ltd. Modern Cement Ltd.00 2.00 2. Al-Amin Chemical Industries Ltd. Raspit Data Management & Telecommunications Ltd.00 3. 80.00 2.00 3. 89. Alpha Tobacco Manufacturing Co.67
.00 10.00 3. Raspit Inc.00 3. 87.67 11. 96.00 16.33 31. 83. 90. Anlima Yarn Dyeing Ltd.00 18.00 9.R.00 4. Anwar Galvanizing Ltd. 98. 88.00 19. Aziz Pipes Ltd. Standard Ceramic Industries Ltd.00 7. 97.00 3. Mita Textile Mills Ltd.00 1.00 15.00 7.00 4.67 16.00 3.00 Percentage of disclosure 11.33 3.00 4. 81. No. Gulf Foods Ltd.00 . 100. Mona Food Industry Ltd.33 10. Fu-Wang Ceramic Industries Ltd. Keya Detergent Ltd.00 4.00 6. Bangladesh Export Import Company Ltd.00 Singer Bangladesh Ltd. 92. First Lease International Ltd. 104. H.00 2.00
52 52 52 52 52 52 52 79 79 79 79 79 79 79 79 79 79 79 79 79 93 93 93 93 93 93 93 93 93 102 102 102 105 105 105
Appendix-F The score received by the sample companies along with percentage of disclosure Sl. Rangpur Foundry Ltd. Aramit Ltd. Alltex Industries Ltd. 95.67 11. Shyampur Sugar Mills Ltd. 86. Ltd.00 2.
59.00 2. 79. items Disclosed 7. 84.00 10.
4. Eastern Housing Ltd. Samata Leather Complex Ltd.00 3. Ashraf Textile Mills Ltd.00 6. Ltd. 91.00 2. No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Name of the companies Atlas Bangladesh Ltd.00 3.00 3. 74. Apex Footwear Ltd. Fu-Wang Foods Ltd.00 10. 101.00 2.00 4. 99.00 1. 78. Alpha Tobacco Manufacturing Co. 76. Bangladesh Zipper Industries Ltd. 93. Aftab Automobiles Ltd.00 9.67 13. 77. Textile Mills Ltd. 73.00 10. Agricultural Marketing Co.67 5. 85.00 8.
Fu-Wang Foods Ltd.00 6.00 5.67 11. Meghna Cement Mills Ltd.00 17. Textile Mills Ltd.00 1.00 2.67 6. Renwick. Confidence Cement Ltd.00 9.00 5.33 10.00 6. Ltd.00.00 5.00 5. Square Textiles Ltd. Raspit Inc. 48. Eastern Housing Ltd.67 3. Lexco Ltd.67 15.33 5.67 6.00 4.00 5.00 6.00 4.33 18.00 5.00 5.00 30. Chictex Ltd.00 8.33 5. Eastern Cables Ltd.00 5.00 2.00 5. GQ Ball Pen Industries Ltd.00 3.00 11.00 7.33 10. Bangladesh Thai Aluminium Limited Bangladesh Welding Electrodes Ltd.00 18.00 6. (BD) Ltd.33 10.67
.00 9.00 4.00 6.R. Rangpur Foundry Ltd. Monno Fabrics Ltd. Tallu Spinning Mills Ltd.00
11.00 6.00 5.00 6.67 6.00 2. Zeal-Bangla Sugar Mills Ltd.00 Miracle Industries Ltd.00 3.33 15. Quasem Silk Mills Ltd.00 3.67 28. Mithun Knitting and Dyeing (CEPZD) Ltd. Safko Spinning Mills Ltd.00 4. National Tubes Ltd.00 4. Paper Processing and Packaging Ltd.00 8. Manola Perfume Chemical Industries Limited Quasem Drycells Ltd. Chittagong Cement Clinker Grinding Co. 8.00 11. Mona Food Industry Ltd.00 3. (BD) Ltd. Rose Heaven Ball Pen Ltd.67 5. Rangamati Food Products Ltd. Yusuf Flour Mills Ltd.67 6.33 30. Gachihata Aquaculture Farms Ltd.00 4.00 4.00 6. Jajneswar & Co.00 6. Delta Millers Ltd.16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73
Bangas Ltd.00 2.00 8.00 7.00 18.67 30.67 8.33 8.00 4.00 3.00 3.33 15.00 5.00 3.00 4.33 6. Fu-Wang Ceramic Industries Ltd. Quasem Textile Mills Ltd.
7. Bangladesh Export Import Company Ltd. Modern Cement Ltd.33 3.33 10.00 8.00 3.00 5. Bangladesh Monospul Paper Manufacturing Co. Eastern Lubricants Blenders Ltd. Rahim Textile Mills Ltd. H.00 7.33 13. Ltd. Bionic Seafood Exports Ltd. Bengal Biscuits Ltd. Nilon Cement Industries Ltd. Beximco Synthetics Ltd. Beximco Denims Ltd. Intech Online Ltd.00 8.00 9.00 10.67 6. Shyampur Sugar Mills Ltd.67 5.33 5.00 18.00 5.00 4. Rahima Food Corporation Ltd.00 3. Beximco Fisheries Limited Beximco Knitting Ltd.00 3.00 3.33 6.00 3. Mita Textile Mills Ltd. Monno Ceramic Industries Ltd.67 5.00 8.00 7.00 5.00 8.67 11.67 1. Bangladesh Zipper Industries Ltd.00 4. Padma Printers and Colour Ltd.33 3.00 11. 59.00 8.00 Padma Cement Ltd.00 2.
00 3.74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107
Singer Bangladesh Ltd.00 10. 1987. Parker. Niloy Cement Industries Ltd. “An Investigation of the Initial Voluntary Environmental Disclosures Made in Korean Semi-Annual Financial Reports”.67 10. Eastland Camelia Ltd. Keya Cosmetics Ltd.67 6. Al-Amin Chemical Industries Ltd.33 15. Haire . L. Pharma Aids Ltd.00
4. Choi. The Impact of Corporate Characteristics on Social Accounting Disclosure: A Topology and Frequency Based Analysis. Dulamia Cotton Spinning Mills Ltd. Karpik . Reckitt Bencksier (Bangladesh) Ltd.00 6. BDCOM Online Ltd.00 6.00 7.00 6.67 8. National Tea Company Ltd.. 1998. J. 2.67 3.67 11.1975. S.00 7. G. No. Kohinoor Chemical Co. California Management Review.36-51. E.00 16. The Bangladesh Accountants.33 8. Raspit Data Management & Telecommunications Ltd. 107.67 8.00 1. Vol.00 10. 1999. Prime Textile Spinning Mills Ltd.00 8. Vol.33 11.00 9.00 6. Saiham Textile Mills Ltd.00 10. Desh Garments Ltd. Aftab Automobiles Ltd.00 5.00 4.00 2.00 5.33
Belal. Organisations and Society.00 5. Bowman.00 4.00 2. Keya Detergent Ltd.33 6. National Polymer Industries Ltd.67 6. 1. Determinants of the Corporate Decision to Disclose Social Information. Apex Spinning & Knitting Mills Ltd. A. Osaka University. Belkaoui.1989.00
6. Bengal Fine Ceramics Ltd.00 6. Tamijuddin Textile Mills Ltd. A.00 4.00 2. Olympic Industries Padma Oil Company Ltd. Auditing and Accountability Journal.
.00 3. (Winter): 49-58. Belkaoui. Imam Button Industries Ltd. Cowen.33 10.67 13.67 8. Metro Spinning Ltd. Samata Leather Complex Ltd. “A Strategic Posture Towards Corporate Social Responsibility”. First Lease International Ltd. Gulf Foods Ltd. Accounting.67 3.33 13. “The Impact of the Disclosure of the Environmental Effects of Organizational Behaviour on the Market”. A conference paper accepted for the Second Asian Pacific Interdisciplinary Research in Accounting. 1:. 12.00 5.67 6.H.00 7.67 11.33 10.00 1. (BD) Ltd. Paper Converting and Packaging Ltd. Ferrari. T. ( January-March): 76-81.00 6. No. 2: 111-122. Samorita Hospital Ltd.33 18.00 11. Vol 27. A. and L. and P.00 8. (Winter): 26-31.00 4.00 6.00 1. Sinobangla Industries Ltd.33 10.00 8. Financial Management.33 1. ICAB. Japan.00 5. Standard Ceramic Industries Ltd. 1976. S.00 4. and M.00 3.00 10. Accounting. Dhaka Fisheries Ltd.00 5. No.00 5. “Corporate Social Disclosure in Bangladesh Annual Reports”.00 6.
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