مقاله انگلیسی رایگان در مورد استراتژی کسب و کار و حسابداری مدیریت در واکنش به خطرات تغییرات جوی – الزویر 2017

This study aims to theorise and foster a better understanding of the strategies organisations adopt to respond to the risks and opportunities emerging from changing government climate change policies and the supporting management accounting adopted. Data include interviews and archival documents from five New Zealand electricity generators. We construct a theoretical framework that links climate change risks and opportunities to strategic responses. Climate change risk exposure increased during the period due to changes in the estimation/perception of climate change risks, market opportunities and regulatory uncertainty. Organisations’ strategies changed in response, moving from a stable strategy to different combinations of anticipatory, proactive, and creative strategies, and finally regressing to a reactive strategy. Carbon management accounting changed to support the new strategy adopted in each time period. Long term physical and monetarised accounts for sustainability and extensive use of carbon information were prevalent during periods when the companies employed a proactive or creative strategy. In contrast, short-term physical accounts for unsustainability and limited use in decision-making were observed when the companies adopted stable, anticipatory or reactive strategies. Regulatory uncertainty was found to be the major constraint to a proactive strategy and carbon management accounting development in response to climate change.

Introduction

The increasing complexity and changes characterising today’s business environment mean that significant attention is being paid by academics and professionals to managing business risk (Arena et al., 2010; Bhimani, 2009; Paape & Speklé, 2012; Power, 2004). The association between risk management and management accounting has been acknowledged in the literature, but few studies provide empirically derived insights (e.g. Mikes, 2009; Woods, 2009). Risk management refers to the identification, measurement, assessment and treatment of not only risks with negative consequence on organisational performance, but also opportunities that can increase organisational value (Committee of Sponsoring Organizations of the Treadway Commission (COSO), 2004). Both risk management and management accounting have the capacity to change organisational behaviour and activities (Bhimani, 2009). Risk management strategies can set new boundaries that limit or enable organisational activities, affecting organisational change (Bhimani, 2009; Mikes, 2009). Similarly, management accounting can gain organisational significance through generating organisational debate and acquiring a language that is considered legitimate and important by top management (Burchell et al., 1980). When certain forms of management accounting are used to monitor and manage risks, they acquire a level of organisational significance, being able to influence the success and direction of organisational strategies (Simons, 1991). Therefore, management accounting that focusses on sustainability performance can promote organisational change by addressing the risks and opportunities associated with sustainability (Schaltegger, 2011). The introduction of an emissions tax or an emissions trading scheme (ETS) to combat climate change (CC) constitutes additional business risk (CERES, 2007; Deloitte, 2007; Reinaud, 2005). Before and during the introduction of an ETS, businesses face the uncertainty of how much and when additional costs will be imposed. Once emissions trading starts, there are risks of changing carbon credit prices, uncontrolled and fluctuating emissions levels, potential penalties associated with inaccurate carbon surrendering1 and reporting, and the impact on competitiveness. While organisations may respond to these risks with different strategies (Kolk & Pinkse, 2005), little empirical insight is available regarding these strategic responses (Kolk et al., 2008). The strategy adopted in response to ETS regulatory uncertainty and risk drives the carbon management accounting (CMA) introduced. CC is considered a strategic risk for many organisations (Ascui & Lovell, 2011; Burritt et al., 2011; Schaltegger & Csutora, 2012) but few studies examine these links and, therefore, they are not well understood (Mikes, 2009; Woods, 2009). This study is motivated by the need to better understand the relationships among CC risks, strategies to manage these risks, and carbon-related management accounting. In addition, the paper responds to recent calls in the literature for more insight into the role of management accounting in integrating sustainability into business strategy and risk management practices (Gond et al., 2012; Henri & Journeault, 2010; Pérez et al., 2007). Therefore, this study aims to theorise and foster a better understanding of i) the changes in the strategy companies adopt to respond to changing ETS-related risk exposure, and ii) the associated changes in carbon-related management accounting.