Abstract
The research for the investigation of the quality of the Corporate Annual Reports (CAR) and particularly the part of the narrative information contained in it has long been underestimated, mainly due to the lack of tools that allow an objective measurement and analysis of the narrative disclosed information of each company. The concept of narrative portion is extremely difficult and multidimensional, most studies use ESG composite scores to measure the CSP. The studies which investigate this issue are facing two major problems. The first problem related with the aggregation number of Key Performance Indicators while the second problem is that all ESG factors are not equal importance. This research focuses on the detailed presentation of a new method of reliable measurement of the quality of the narrative part of the CARs, which is greatly enhanced by using two composite indices, the unweighted index Ma.Co.I and the weighted one Ma.Co.Iw. These specific indices, for the first time, offer a comprehensive and coded checklist (for the measurement of the quality of the narrative information) which follows the guidelines set by the International Accounting Standards Board in 2010. Finally, this article proposes a novel weighting scheme of narrative portion and suggest specific minimum and maximum weights per ESG factors with purpose to contribute to a better understanding of the complexity of composite scores and to improve the quality of their outputs.
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Notes
The PCA method extracts factors based on the maximum variance between the variables. Statistical analysis revealed that the variables were explained by factorial analysis. It turned out that all components contributed more than 75% of the total variation. Both the eigenvalues and percentages of the total variance that are explained indicate the size or relative power of each factor. Also, in this paper we use the Varimax rotation method, which maximizes the sum of squared loadings’ variations (squared correlations between variables and factors).
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Appendices
Appendix 1: Sectors
Sector | Sector name |
|---|---|
Sector A | Equipment/Materials |
Sector B | Utilities |
Sector C | Industrial & Commerce |
Sector D | Pharmaceutical |
Sector E | Household Products& Goods |
Sector F | Services |
Appendix 2: The Management Commentary Index (Ma.Co.I)
Number of Points | Description of Points | Number of KPIs | Description of KPIs |
|---|---|---|---|
A. Nature of the Business | |||
1 | Description of the nature of the business AND business segments | 1 | A detailed description of a company’s operations. It may include any or all of the following items: A general comment concerning the company’s type of business (1) The size of the company, if relevant (2) Number of offices, stores, restaurants, (3) Represent the Business line as reported by the company….. |
2 | Discussion of products | 2 | Does the company have a policy to protect customer health & safety? AND Does the company have a products and services quality policy? |
3 | Does the company describe the implementation of its product responsibility policy? | ||
4 | Does the company monitor the impact of its products or services on consumers or the community more generally? | ||
3 | Discussion of business/board structure | 5 | Does the company describe the implementation of its balanced board structure policy? |
4 | Discussion of operating environment | 6 | Does the company have a policy for ensuring equal treatment of minority shareholders, facilitating shareholder engagement or limiting the use of anti-takeover devices? |
7 | Does the company describe the implementation of its shareholder rights policy? | ||
B. Objective and strategies | |||
5 | Discussion on financial objectives/strategies of the business | 8 | Does the company describe the implementation of its integrated strategy through a public commitment from a senior management or board member? AND Does the company describe the implementation of its integrated strategy through the establishment of a CSR committee or team? |
6 | Time frame for achieving financial objective | 9 | The maximum time horizon of targets to reach compensation incentives. |
7 | How non-financial objectives monitoring and create or preserve value | 10 | Does the company monitor its integrated strategy through belonging to a specific sustainability index or conducting external audits on its reporting? |
8 | Significant changes in objectives and strategy | 11 | Does the company set specific objectives to be achieved on resource efficiency? AND Does the company comment on the results of previously set objectives? |
12 | Does the company have the necessary internal improvement and information tools to develop attractive and performance-oriented compensation policy? | ||
9 | A strategy of the vision and value of the business | 13 | Does the company have a policy for maintaining an overarching vision and strategy that integrates financial and extra-financial aspects of its business? |
10 | Discussion of how value & objectives relates to strategy | 14 | Does the company set specific objectives to be achieved on the integrated strategy? |
C. Key resources, risks and relationships | |||
11 | Discussion of key financial resources available to the company | 15 | Return on equity (ROE). |
16 | The company’s credit rating as provided by Fitch (AAA (24 points); AA + (23 points); AA (22 points); AA- (21 points); A + (20 points); A (19 points); A- (18 points); BBB + (17 points); BBB (16 points); BBB- (15 points); BB + (14 points); BB (13 points); BB- (12 points); B + (11 points); B (10 points); B- (9 points); CCC + (8 points); CCC (7 points); CCC- (6 points); CC + (5 points); CC (4 points); CC- (3 points); C (2 points); D (1 points); DD (1 points); DDD (1 points)). | ||
17 | Net debt to equity. | ||
18 | Long-term debt to equity. | ||
19 | Retained earnings divided by equity. | ||
20 | Dividend payout ratio. | ||
12 | Discussion of the key non-financial resources available to the company | 21 | Does the company describe the implementation of its shareholder loyalty policy through a public commitment from a senior management or board member to avoid the misuse of inside information? AND Does the company describe the implementation of its shareholder loyalty policy by having the processes in place to avoid the misuse of inside information? |
22 | Does the company describe the implementation of its board functions policy? | ||
23 | Does the company describe the implementation of its compensation policy? | ||
24 | Does the company describe the implementation of its diversity and opportunity policy? | ||
13 | Adequancy of financial and non-financial resources | 25 | Does the company report about the challenges or opportunities linked to the integration of financial and extra-financial issues? |
14 | Analysis of capital structure | 26 | Return on invested capital (ROIC). |
27 | Average of the last 5 years of capital expenditures divided by sales | ||
15 | Analysis of financial arrangements | 28 | Does the company set specific objectives to be achieved on the use of inside information? |
16 | Discussion of liquidity and cash flows of the business | 29 | Operating cash flow (or unlevered free cash flow (UFCF)) growth (3-year annual growth). |
30 | Current ratio (Total Current Assets/Total Current Liabilities). | ||
17 | Plans to address any identified inadequacies or surplus of resources | 31 | Does the company have a policy for reducing the use of natural resources? AND Does the company have a policy to lessen the environmental impact of its supply chain? |
18 | Potential impact of the identified risks and how they are managed | 32 | Does the company claim to apply quality management systems, such as ISO 9000, Six Sigma, Lean Manufacturing, Lean Sigma, TQM or any other similar quality principles? |
19 | Identification of key external and internal risks and opportunities | 33 | Does the company reports about take-back procedures and recycling programmes to reduce the potential risks of products entering the environment? OR Does the company report about product features and applications or services that will promote responsible, efficient, cost-effective and environmentally preferable use? |
20 | Explanation changes in risk management | 34 | Does the company report on crisis management systems or reputation disaster recovery plans to reduce or minimize the effects of reputation disasters? |
21 | Discussion of key relationship in place e.g. employees | 35 | Does the company have a policy for maintaining a loyal and productive employee base? |
36 | Does the company describe the implementation of its employee satisfaction policy? | ||
37 | Does the company monitor its reputation or its relations with communities? | ||
38 | Does the company have a competitive employee benefits policy or ensuring good employee relations within its supply chain? AND Does the company have a policy for maintaining long term employment growth and stability? | ||
22 | How key relationships are managed and likely impact on business | 39 | Does the company set specific objectives to be achieved on the employee satisfaction strategy? |
40 | Does the company have a policy for maintaining a well-balanced membership of the board? | ||
41 | Does the company have a policy to strive to be a good corporate citizen or endorse the Global Sullivan Principles? AND Does the company have a policy to respect business ethics or has the company signed the UN Global Compact or follow the OECD guidelines? | ||
D. Results and prospects | |||
23 | Explanation of the development and performance of the entity during the year | 42 | Does the company report data or studies which generally show improvements in the satisfaction and loyalty of its employees? |
43 | Has the company issued a profit warning during the year? | ||
24 | Explanation of the financial position at the end of the year | 44 | Does the company publish a separate CSR/H&S/Sustainability report or publish a section in its annual report on CSR/H&S/Sustainability? |
25 | Discussion of significant changes in financial position | 45 | Does the company’s extra-financial report take into account of the global activities of the company? |
26 | Variability of quarterly sales over the last 3 years. AND Net Income growth (3-year annual growth). | 46 | Variability of quarterly sales over the last 3 years. |
27 | Extent to which past results are indicative of future progress/results | 47 | Is the management and board members remuneration partly linked to objectives or targets which are more than 2 years forward looking? |
28 | The management of the firm set specific objectives and explain how to achieve them? | 48 | Does the company set specific objectives to be achieved on resource efficiency? AND Does the company comment on the results of previously set objectives? |
29 | Analysis of improvements/prospects of the entity AND how implement its targets/strategies about future. | 49 | Is the senior executive’s compensation linked to CSR/H&S/Sustainability targets |
50 | Does the company have the necessary internal improvement and information tools to develop appropriate shareholder rights principles? | ||
30 | Identification of objectives/targets for non-financial measures | 51 | Does the company set specific objectives to be achieved on emission reduction? |
52 | Does the company set specific objectives to be achieved on its products or services quality and responsibility? | ||
53 | Does the company set specific objectives to be achieved on its reputation or its relations with communities? | ||
54 | Does the company set specific objectives to be achieved on employment quality? | ||
E. Performance measures and indicators | |||
31 | Discussion of key financial measures used to measure and assess improvement progress | 55 | Does the company report data or studies which generally show improvements in the satisfaction and loyalty of its customers? |
32 | Discussion of key non-financial measures used to measure and assess progress | 56 | Does the company describe the implementation of its community policy through a public commitment from a senior management or board member? AND Does the company describe the implementation of its community policy through the processes in place? |
57 | Does the company monitor or measure its performance on employment quality? | ||
33 | Changes in the quantified measures or indicators reported | 58 | Operating income percentage change in the last 3 years. |
59 | Does the company have a golden parachute or other restrictive clauses related to changes of control? | ||
34 | Identification of key financial and non-financial indicators that it uses to monitor progress | 60 | Does the company monitor the use of inside information through the use of surveys or measurements? |
61 | Does the company monitor the customer satisfaction or its reputation and relations with communities through the use of surveys or measurements? | ||
62 | Does the company describe, claim to have or mention the processes it uses to accomplish environmental product innovation? | ||
35 | Explanation of how each measure, or quantified indicator, reported in MC has been defined and calculated | 63 | Does the company monitor the employee satisfaction through the use of surveys or measurements? |
64 | Does the company set specific objectives to be achieved on customer satisfaction or fair competition? | ||
65 | Does the company monitor the board functions through the establishment of a corporate governance committee? | ||
66 | Does the company have an external auditor of its CSR/H&S/Sustainability report? | ||
67 | Does the company monitor the shareholder rights through the establishment of a corporate governance committee? | ||
36 | Consistent reporting of performance measures and indicators | 68 | Does the company claim to apply quality management systems, such as ISO 9000, Six Sigma, Lean Manufacturing, Lean Sigma, TQM or any other similar quality principles? |
37 | Discussion of the purpose of each reported measure should be disclosed | 69 | Does the company explain how it engages with its stakeholders? |
70 | Is the company’s CSR report published in accordance with the GRI guidelines? | ||
Appendix 3: The Coding of 70 KPIs in SPSS
KPIs | Coding for SPSS |
|---|---|
1 | 1A12 |
2 | 1A13 |
3 | 1A14 |
4 | 1A15 |
5 | 1A16 |
6 | 1A17 |
7 | 1A18 |
8 | 2A20 |
9 | 2A21 |
10 | 2A22 |
11 | 2A23 |
12 | 2A24 |
13 | 2A26 |
14 | 2A27 |
15 | 3A29 |
16 | 3A30 |
17 | 3A31 |
18 | 3A32 |
19 | 3A33 |
20 | 3A34 |
21 | 3A35 |
22 | 3A36 |
23 | 3A37 |
24 | 3A38 |
25 | 3A39 |
26 | 3A40 |
27 | 3A41 |
28 | 3A42 |
29 | 3A43 |
30 | 3A44 |
31 | 3A45 |
32 | 3A46 |
33 | 3A47 |
34 | 3A48 |
35 | 3A49 |
36 | 3A50 |
37 | 3A51 |
38 | 3A52 |
39 | 3A53 |
40 | 3A54 |
41 | 3A55 |
42 | 4A57 |
43 | 4A58 |
44 | 4A60 |
45 | 4A63 |
46 | 4A65 |
47 | 4A66 |
48 | 4A67 |
49 | 4A68 |
50 | 4A69 |
51 | 4A72 |
52 | 4A73 |
53 | 4A74 |
54 | 4A75 |
55 | 5A77 |
56 | 5A78 |
57 | 5A79 |
58 | 5A80 |
59 | 5A81 |
60 | 5A82 |
61 | 5A83 |
62 | 5A84 |
63 | 5A85 |
64 | 5A86 |
65 | 5A87 |
66 | 5A88 |
67 | 5A89 |
68 | 5A90 |
69 | 5A91 |
70 | 5A92 |
Appendix 4: Factors loadings of Ma.Co.I
KPIs | Code of. SPSS | P-IFRS | A-IFRS | ||
|---|---|---|---|---|---|
Factors loadings | Cumulative % | Factors loadings | Cumulative % | ||
Categ. 1 | 80.55 | 68.42 | |||
1 | 1A12 | 0.532 | 0.183 | ||
2 | 1A13 | 0.498 | 0.819 | ||
3 | 1A14 | 0.994 | 0.717 | ||
4 | 1A15 | 0.995 | 0.849 | ||
5 | 1A16 | 0.879 | 0.776 | ||
6 | 1A17 | 0.89 | 0.769 | ||
7 | 1A18 | 0.851 | 0.677 | ||
Categ. 2 | 72.72 | 70.38 | |||
8 | 2A20 | 0.593 | 0.575 | ||
9 | 2A21 | 0.926 | 0.897 | ||
10 | 2A22 | 0.62 | 0.625 | ||
11 | 2A23 | 0.398 | 0.479 | ||
12 | 2A24 | 0.785 | 0.682 | ||
13 | 2A26 | 0.815 | 0.738 | ||
14 | 2A27 | 0.953 | 0.931 | ||
Categ. 3 | 93.69 | 69.66 | |||
15 | 3A29 | 0.994 | 0.712 | ||
16 | 3A30 | 0.625 | 0.4 | ||
17 | 3A31 | 0.995 | 0.674 | ||
18 | 3A32 | 0.992 | 0.583 | ||
19 | 3A33 | 0.961 | 0.706 | ||
20 | 3A34 | 0.996 | 0.072 | ||
21 | 3A35 | 0.911 | 0.339 | ||
22 | 3A36 | 0.983 | 0.801 | ||
23 | 3A37 | 0.978 | 0.682 | ||
24 | 3A38 | 0.954 | 0.68 | ||
25 | 3A39 | 0.975 | 0.903 | ||
26 | 3A40 | 0.901 | 0.943 | ||
27 | 3A41 | 0.995 | 0.975 | ||
28 | 3A42 | 0.995 | 0.972 | ||
29 | 3A43 | 0.959 | 0.257 | ||
30 | 3A44 | 0.901 | 0.946 | ||
31 | 3A45 | 0.995 | 0.717 | ||
32 | 3A46 | 0.994 | 0.722 | ||
33 | 3A47 | 0.994 | 0.722 | ||
34 | 3A48 | 0.956 | 0.83 | ||
35 | 3A49 | 0.993 | 0.655 | ||
36 | 3A50 | 0.994 | 0.678 | ||
37 | 3A51 | 0.959 | 0.87 | ||
38 | 3A52 | 0.597 | 0.52 | ||
39 | 3A53 | 0.995 | 0.941 | ||
40 | 3A54 | 0.981 | 0.918 | ||
41 | 3A55 | 0.728 | 0.592 | ||
Categ. 4 | 83.87 | 68.83 | |||
42 | 4A57 | 0.94 | 0.755 | ||
43 | 4A58 | 0.874 | 0.784 | ||
44 | 4A60 | 0.808 | 0.386 | ||
45 | 4A63 | 0.328 | 0.143 | ||
46 | 4A65 | 0.943 | 0.806 | ||
47 | 4A66 | 0.789 | 0.507 | ||
48 | 4A67 | 0.854 | 0.745 | ||
49 | 4A68 | 0.94 | 0.777 | ||
50 | 4A69 | 0.839 | 0.57 | ||
51 | 4A72 | 0.94 | 0.919 | ||
52 | 4A73 | 0.884 | 0.95 | ||
53 | 4A74 | 0.883 | 0.937 | ||
54 | 4A75 | 0.882 | 0.669 | ||
Categ. 5 | 89.13 | 78.73 | |||
55 | 5A77 | 0.986 | 0.621 | ||
56 | 5A78 | 0.996 | 0.887 | ||
57 | 5A79 | 0.996 | 0.901 | ||
58 | 5A80 | 0.997 | 0.934 | ||
59 | 5A81 | 0.994 | 0.784 | ||
60 | 5A82 | 0.994 | 0.739 | ||
61 | 5A83 | 0.997 | 0.936 | ||
62 | 5A84 | 0.993 | 0.726 | ||
63 | 5A85 | 0.992 | 0.698 | ||
64 | 5A86 | 0.829 | 0.928 | ||
65 | 5A87 | 0.865 | 0.769 | ||
66 | 5A88 | 0.892 | 0.808 | ||
67 | 5A89 | 0.829 | 0.928 | ||
68 | 5A90 | 0.888 | 0.932 | ||
69 | 5A91 | 0.3 | 0.3 | ||
70 | 5A92 | 0.751 | 0.753 | ||
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Garefalakis, A., Dimitras, A. Looking back and forging ahead: the weighting of ESG factors. Ann Oper Res 294, 151–189 (2020). https://doi.org/10.1007/s10479-020-03745-y
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DOI: https://doi.org/10.1007/s10479-020-03745-y