Business Sustainability Reporting & Analysis, 1e
by Dechow, Sloan
| ISBN: 978-1-61853-6-556 | Copyright 2025
Instructor Requests
Welcome to Business Sustainability Reporting & Analysis
We wrote Business Sustainability Reporting & Analysis to emphasize that sustainability reporting is much more than just a few additional disclosures in the traditional financial statements. Instead, sustainability reporting is a new type of reporting that complements traditional financial reporting by enabling a much broader range of business stakeholders to cooperate for their mutual benefit.
The need for sustainability reporting has been amplified by the enormous success of traditional financial reporting. Financial reporting facilitates cooperation between just two sets of business stakeholders: managers and owners. It does so through a singular focus on business financial performance. In doing so, it has facilitated the efficient allocation of capital and resulted in enormous economic growth.
Unfortunately, the singular focus on financial performance has had negative impacts on other stakeholder groups. These impacts include environmental damage, harmful products and services, abusive working conditions, and price fixing. The negative impacts of profit-seeking businesses are nothing new. The prevailing view has historically been that affected stakeholders should develop “rules of the game” that require businesses to operate sustainably. For example, most countries have long had rules banning forced labor, toxic discharges, and anti-competitive behavior.
Rules protecting stakeholders, however, are not static. They are continuously developing as impacts evolve. Developing effective rules requires good information and takes time. Historically, many rules have evolved crisis-by-crisis. We have seen humanitarian crises, environmental crises, and financial crises. As the negative impacts of business continue to evolve, stakeholders are increasingly demanding better information to facilitate the more rapid development of effective rules that guide profit-seeking businesses to operate for the mutual benefit of all stakeholders. Global warming is a prime example. Experts tell us that the costs of global warming are expected to far exceed the benefits from uncontrolled emissions. Yet, these costs mostly manifest as externalities that are not borne by the emitter. In the absence of good information and clear rules, we can’t expect profit-seeking businesses to voluntarily curb their emissions.
Businesses have responded to stakeholder demand for sustainability information through the production of sustainability reports. Currently, the reporting of sustainability-related information is largely voluntary and unregulated. This unregulated reporting has resulted in incomplete and unreliable disclosures that are of limited use to stakeholders, not unlike the financial reports of a century ago. Fortunately, the situation is rapidly improving. Numerous organizations and government agencies are developing comprehensive standards for the preparation of sustainability reports. Regulators are requiring a wide range of businesses to prepare reports in accordance with these standards and to obtain external assurance. Finally, numerous intermediaries are helping stakeholders to interpret and act on the information in the reports.
These developments hold great promise for guiding businesses to act in the mutual best interests of all stakeholders. They also require a whole new ecosystem of intermediaries to help produce and interpret the associated reports. This book introduces students to sustainability reporting and the key players in the sustainability reporting ecosystem.
The book goes beyond simply providing lists of reporting rules and technical protocols. Instead, it also provides readers with a solid grounding in the problems being addressed by sustainability reporting. Foremost are problems in which the individual pursuit of financial performance makes everyone worse off. These problems can be resolved through information sharing and cooperation. In the process, we explain the world’s most pressing environmental and social challenges. We also explain the governance structures that have been developed to oversee large businesses with disparate ownership. Finally, we explain how stakeholders can promote the development of rules and institutions that guide businesses to operate for the common good.
Sustainability reporting plays several important roles, including
- Informing stakeholders about the environmental, social, and economic impacts of businesses so that stakeholders can promote the development of governance and regulatory structures that guide businesses to act in their mutual best interests.
- Informing investors about the risks and opportunities associated with emerging environmental, social, and economic issues so that investors can allocate capital more efficiently.
- Informing managers and directors about the environmental, social, and economic impacts of their businesses so that they can take preemptive action to promote the mutual interests of stakeholders.
These goals are intertwined. Sustainability reports are demanded by and targeted at a broad set of stakeholders. If businesses can engage with these stakeholders on favorable terms, the value of the business will be improved, and the business model will be sustainable. Good information is essential for understanding the impacts of businesses on different stakeholder groups and how to optimize business activities for the long-run benefit of all stakeholders.
This book is designed to serve as a foundation text in the emerging field of business sustainability reporting and analysis. After reading the book, students will have a solid understanding of the key sustainability issues affecting our planet and society. Students will also understand the strengths and weaknesses of current sustainability reporting practices. Finally, they will understand how various stakeholders use the information in sustainability reports to guide their decisions.
TARGET AUDIENCE
The material in this book has been used in introductory-level business sustainability reporting classes at both the undergraduate and the graduate levels. It doesn’t assume any prior college-level work in related areas such as sustainability, accounting, finance, or economics. That said, students with backgrounds in one or more of these areas are more likely to hit the ground running. We have found it helpful to encourage enrollment from students with diverse backgrounds. The perspectives of students from different majors (accounting, public policy, finance, environmental science, etc.), different geographies, and different socioeconomic backgrounds greatly facilitate group learning.
While the material has been used in elective classes, it is also suitable for business programs looking to add a required or core introductory course on sustainability. Just as financial reporting is the language of business, sustainability reporting is the language of sustainability.
Flexibility for Courses of Varying Lengths
We have been asked for suggested class structures based on courses of varying length. Here is a table of suggested course designs.
Organizing Framework
This book is structured in two parts.
PART ONE focuses on the preparation of sustainability reports.
- Chapter 1 introduces the concept of sustainable development, the impact of businesses on sustainable development, and the role of business sustainability reporting in promoting sustainable development.
- Chapter 2 introduces the critical role of reporting standards in producing reports that provide complete, comparable, and consistent information that facilitates good stakeholder decision-making. This chapter also introduces the most popular reporting standards currently in use. Next, we discuss specific reporting topics. We begin by explaining the underlying sustainability issues. We then discuss the associated reporting standards and measurement protocols.
- Chapter 3 introduces the major environmental issues facing humanity.
- Chapter 4 covers reporting on climate impacts.
- Chapter 5 covers reporting on other environmental impacts.
- Chapter 6 introduces the major social issues facing humanity.
- Chapter 7 covers reporting on social impacts.
- Chapter 8 discusses governance and economic impacts and the associated reporting standards. We next introduce important intermediaries that assist in the preparation of high-quality sustainability reports.
- Chapter 9 introduces assurance providers.
- Chapter 10 introduces regulators.
- Chapter 11 introduces NGOs. NGOs not only assist in the preparation of high-quality sustainability reports but also assist users in taking actions based on information in the reports. Chapter 11 covers both roles.
PART TWO focuses on the analysis of sustainability reports.
- Chapter 12 introduces ESG rating agencies that offer a one-stop shop for the analysis of sustainability-related information.
- Chapter 13 introduces the role of asset managers in providing investors with products that meet their sustainability-related objectives.
- Chapter 14 introduces shareholder activism, describing how fractional business owners can influence business activities.
Organizing Framework
At the end of each chapter, we provide Discussion Questions and Real-Time Case Study Questions.
Discussion questions help students to check that they understand and can apply the concepts
introduced in the chapter. Some discussion questions simply require students to summarize
concepts presented in the chapter. Other questions include links to material on the web, providing
students with the opportunity to apply the concepts to real-world situations. A few questions present
issues on which students are likely to have differing opinions, encouraging them to share and
learn from each other. Most discussion questions require qualitative answers. Two exceptions are
Chapter 4, where several questions require greenhouse gas emissions calculations, and Chapter 13,
where a couple of questions involve some basic present value computations.
One challenge in writing a book on an emerging topic like sustainability reporting is the
incorporation of real-world examples. Standards and regulations are constantly evolving, making
historical examples rapidly obsolete. Moreover, disclosures vary widely by industry—the environmental
and social issues facing a mining company are very different from those facing a technology
company. Thus, while we include a few examples for established metrics like greenhouse gas
emissions, we rely primarily on the real-time case study for real-world examples. This case study
requires students to perform a detailed analysis of the sustainability reporting for a company of
their own choosing. Each chapter provides a series of questions requiring students to apply the concepts
learned in the chapter to their selected company. After answering all the case study questions
in the book, students should be experts on their company’s reporting. The final chapter of the book
also includes a capstone question that requires students to provide an overall evaluation of their
company’s reporting. As the course progresses, it is helpful for students to present and compare
their answers to the case study questions. In doing so, they see and learn from a broad range of
real-world sustainability reporting examples.
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About the Authors (pg. iii) | |
Preface (pg. iv) | |
CHAPTER 1: Introduction (pg. 1-1) | |
1.1 The Emergence of Sustainability Reporting (pg. 1-1) | |
1.2 Defining Sustainability (pg. 1-2) | |
Sustainable Development Goals (SDGs) (pg. 1-3) | |
1.3 The Role of Sustainability Reporting (pg. 1-5) | |
Double Materiality (pg. 1-6) | |
Dynamic Materiality (pg. 1-7) | |
1.4 The Sustainability Reporting Ecosystem (pg. 1-8) | |
Consultants (pg. 1-9) | |
Standard Setters (pg. 1-9) | |
Assurance Providers (pg. 1-10) | |
Regulators (pg. 1-10) | |
Nongovernmental Organizations (pg. 1-10) | |
Data Aggregators (pg. 1-11) | |
Rating Agencies (pg. 1-11) | |
Index Providers (pg. 1-12) | |
Asset Managers (pg. 1-12) | |
Proxy Advisories (pg. 1-12) | |
1.5 Closing Words (pg. 1-13) | |
1.6 Questions And References (pg. 1-13) | |
Discussion Questions (pg. 1-13) | |
Real-Time Case Study Questions (pg. 1-14) | |
References (pg. 1-14) | |
CHAPTER 2: Sustainability Reporting Standards (pg. 2-1) | |
2.1 Introduction (pg. 2-1) | |
2.2 Conceptual Frameworks (pg. 2-1) | |
Objective of Standards (pg. 2-2) | |
2.3 Overview of the GRI Standards (pg. 2-7) | |
2.4 Overview of the SASB Standards (pg. 2-9) | |
2.5 Other Reporting Standards And Frameworks (pg. 2-11) | |
TCFD (pg. 2-11) | |
ISSB (pg. 2-12) | |
ESRS (pg. 2-13) | |
Other Sustainability Reporting Frameworks and Standards (pg. 2-14) | |
2.6 Closing Words (pg. 2-16) | |
2.7 Questions and References (pg. 2-16) | |
Discussion Questions (pg. 2-16) | |
Real-Time Case Study Questions (pg. 2-17) | |
References (pg. 2-17) | |
CHAPTER 3: Environmental Issues (pg. 3-1) | |
3.1 Introduction (pg. 3-1) | |
3.2 Economics of Environmental Governance (pg. 3-1) | |
Negative Externalities (pg. 3-2) | |
Common Pool Resources and the Tragedy of the Commons (pg. 3-5) | |
The Role of Sustainability Reporting (pg. 3-7) | |
3.3 Climate Change and Greenhouse Gas Emissions (pg. 3-10) | |
Reducing Greenhouse Gas Emissions (pg. 3-12) | |
3.4 Other Harmful Air Emissions (pg. 3-14) | |
Emissions Causing Depletion of the Stratospheric Ozone Layer (pg. 3-14) | |
Emissions Causing Localized Air Pollution (pg. 3-14) | |
3.5 Biodiversity and Ecological Impacts (pg. 3-15) | |
3.6 Water and Effluents (pg. 3-16) | |
3.7 Materials and Waste (pg. 3-18) | |
1. Waste Prevention. (pg. 3-19) | |
2. Waste Minimization. (pg. 3-19) | |
3. Waste Management. (pg. 3-19) | |
3.8 Closing Words (pg. 3-20) | |
3.9 Questions and References (pg. 3-21) | |
Discussion Questions (pg. 3-21) | |
Real-Time Case Study Questions (pg. 3-21) | |
References (pg. 3-21) | |
CHAPTER 4: Reporting on Climate Impacts (pg. 4-1) | |
4.1 Introduction (pg. 4-1) | |
4.2 An Introduction To GHG Accounting (pg. 4-1) | |
Reporting Principles (pg. 4-2) | |
Setting the Organizational Boundary: Equity Share and Control (pg. 4-2) | |
Setting the Operational Boundary: Scope 1, Scope 2, and Scope 3 Emissions (pg. 4-3) | |
A Simple Example (pg. 4-6) | |
Tracking Emissions Over Time (pg. 4-10) | |
Identifying, Calculating, and Reporting GHG Emissions (pg. 4-11) | |
1. Identify Sources (pg. 4-11) | |
2. Select Calculation Approach (pg. 4-11) | |
3. Collect Data and Choose Emissions Factors (pg. 4-11) | |
4. Apply Calculation Tools (pg. 4-12) | |
5. Roll Up Data to Corporate Level (pg. 4-12) | |
Accounting for Emissions Reductions (pg. 4-12) | |
Reporting and Verification of GHG Emissions (pg. 4-14) | |
4.3 Setting GHG Targets (pg. 4-15) | |
4.4 Reporting Frameworks and Standards (pg. 4-17) | |
GRI Reporting on Climate Impacts (pg. 4-17) | |
SASB Reporting on Climate Impacts (pg. 4-18) | |
TCFD Reporting on Climate Impacts (pg. 4-20) | |
ISSB Reporting on Climate Impacts (pg. 4-21) | |
ESRS Reporting on Climate Impacts (pg. 4-22) | |
SEC’s Climate-Related Disclosure Rules (pg. 4-22) | |
California Climate Disclosure Bills (pg. 4-23) | |
4.5 Recent Developments in GHG Accounting (pg. 4-24) | |
4.6 Questions References (pg. 4-25) | |
Discussion Questions (pg. 4-25) | |
Real-Time Case Study Questions (pg. 4-26) | |
References (pg. 4-27) | |
CHAPTER 5: Reporting on Other Environmental Impacts (pg. 5-1) | |
5.1 Introduction (pg. 5-1) | |
5.2 Other Harmful Air Emissions (pg. 5-2) | |
GRI Reporting on Other Harmful Air Emissions (pg. 5-2) | |
SASB Reporting on Other Harmful Air Emissions (pg. 5-3) | |
ESRS Reporting on Other Harmful Air Emissions (pg. 5-3) | |
5.3 Biodiversity and Ecological Impacts (pg. 5-4) | |
GRI Reporting on Biodiversity and Ecological Impacts (pg. 5-4) | |
SASB Reporting on Biodiversity and Ecological Impacts (pg. 5-4) | |
ESRS Reporting on Biodiversity and Ecological Impacts (pg. 5-5) | |
TNFD Reporting on Biodiversity and Ecological Impacts (pg. 5-6) | |
GRI Reporting on Water and Effluents (pg. 5-6) | |
SASB Reporting on Water and Effluents (pg. 5-7) | |
ESRS Reporting on Water (pg. 5-8) | |
5.5 Materials and Waste (pg. 5-8) | |
GRI Reporting on Materials and Waste (pg. 5-8) | |
SASB Reporting on Materials and Waste (pg. 5-9) | |
ESRS Reporting on Materials and Waste (pg. 5-10) | |
5.6 Supplier and Customer Environmental Impacts (pg. 5-11) | |
GRI Reporting on Supplier Environmental Impacts (pg. 5-11) | |
SASB Reporting on Supplier and Customer Environmental Impacts (pg. 5-11) | |
ESRS Reporting on Supplier and Customer Environmental Impacts (pg. 5-14) | |
5.7 Closing Words (pg. 5-14) | |
5.8 Questions and References (pg. 5-14) | |
Discussion Questions (pg. 5-14) | |
Real-Time Case Study Questions (pg. 5-15) | |
References (pg. 5-15) | |
CHAPTER 6: Social Issues (pg. 6-1) | |
6.1 Introduction (pg. 6-1) | |
6.2 Human Cooperation (pg. 6-1) | |
6.3 Overview Of Global Inequality (pg. 6-5) | |
6.4 Labor Practices (pg. 6-7) | |
Child Labor (pg. 6-7) | |
Forced Labor (pg. 6-8) | |
Freedom of Association and Collective Bargaining (pg. 6-9) | |
Training and Education (pg. 6-10) | |
6.5 Diversity and Inclusion (pg. 6-11) | |
Equality versus Equity (pg. 6-13) | |
6.6 Health and Well-Being (pg. 6-14) | |
6.7 Indigenous Peoples’ Rights and Community Relations (pg. 6-15) | |
6.8 Closing Words (pg. 6-17) | |
6.8 Closing Words (pg. 6-18) | |
Discussion Questions (pg. 6-18) | |
Real-Time Case Study Questions (pg. 6-18) | |
References (pg. 6-18) | |
CHAPTER 7: Reporting on Social Impacts (pg. 7-1) | |
7.1 Introduction (pg. 7-1) | |
7.2 Labor Practices (pg. 7-2) | |
GRI Reporting on Labor Practices (pg. 7-2) | |
SASB Reporting on Labor Practices (pg. 7-4) | |
ESRS Reporting on Labor Practices (pg. 7-5) | |
7.3 Diversity and Inclusion (pg. 7-6) | |
GRI Reporting on Diversity and Inclusion (pg. 7-6) | |
SASB Reporting on Diversity and Inclusion (pg. 7-7) | |
ESRS Reporting on Diversity and Inclusion (pg. 7-7) | |
7.4 Occupational Safety and Health (pg. 7-8) | |
GRI Reporting on Occupational Safety and Health (pg. 7-8) | |
SASB Reporting on Occupational Safety and Health (pg. 7-8) | |
ESRS Reporting on Occupational Safety and Health (pg. 7-8) | |
7.5 Customer Welfare (pg. 7-9) | |
GRI Reporting on Customer Welfare (pg. 7-9) | |
SASB Reporting on Customer Welfare (pg. 7-10) | |
ESRS Reporting on Customer Welfare (pg. 7-15) | |
7.6 Indigenous Peoples’ Rights and Community Relations (pg. 7-15) | |
GRI Reporting on Indigenous Peoples’ Rights and Community Relations (pg. 7-15) | |
SASB Reporting on Human Rights and Community Relations (pg. 7-16) | |
ESRS Reporting on Community Relations (pg. 7-16) | |
7.7 Supplier Social Assessment (pg. 7-17) | |
GRI Reporting on Supplier Social Assessment (pg. 7-18) | |
SASB Reporting on Supplier Social Assessment (pg. 7-18) | |
ESRS Reporting on Supplier Social Assessment (pg. 7-19) | |
7.8 Closing Words (pg. 7-20) | |
7.9 Questions (pg. 7-20) | |
Discussion Questions (pg. 7-20) | |
Real-Time Case Study Questions (pg. 7-20) | |
CHAPTER 8: Reporting on Governance and Economic Impacts (pg. 8-1) | |
8.1 Introduction (pg. 8-1) | |
8.2 Overview of Corporate Governance (pg. 8-2) | |
Principles of Corporate Governance (pg. 8-4) | |
8.3 Reporting on Corporate Governance (pg. 8-6) | |
GRI Reporting on Governance (pg. 8-7) | |
Governance (pg. 8-7) | |
Strategy (pg. 8-7) | |
Stakeholder Engagement (pg. 8-7) | |
SASB Reporting on Governance (pg. 8-8) | |
ISSB Reporting on Governance (pg. 8-10) | |
ESRS Reporting on Governance (pg. 8-11) | |
8.4 Benefit Corporations and B Corps (pg. 8-11) | |
8.5 Reporting on Economic Impacts (pg. 8-14) | |
GRI Reporting on Economic Impacts (pg. 8-15) | |
SASB Reporting on Economic Impact (pg. 8-19) | |
ESRS Reporting on Economic Impact (pg. 8-19) | |
8.6 Closing Words (pg. 8-20) | |
8.7 Questions and References (pg. 8-21) | |
Discussion Questions (pg. 8-21) | |
Real-Time Case Study Questions (pg. 8-22) | |
References (pg. 8-22) | |
CHAPTER 9: Assurance Providers (pg. 9-1) | |
9.1 Introduction (pg. 9-1) | |
9.2 Overview of External Assurance (pg. 9-3) | |
Qualifications of Assurance Provider (pg. 9-4) | |
Ethics, Independence, and Quality Control Requirements (pg. 9-4) | |
Assurance Rules and Standards (pg. 9-5) | |
Scope (Subject Matter Covered) (pg. 9-7) | |
Criteria (Basis) (pg. 9-8) | |
Level of Assurance (pg. 9-9) | |
Assurance Opinion or Conclusion (pg. 9-10) | |
9.3 Reporting and Regulatory Requirements for External Assurance (pg. 9-10) | |
GRI Reporting Requirements (pg. 9-11) | |
European Commission’s Corporate Sustainability Reporting Directive Assurance Requirements (pg. 9-11) | |
SEC Climate-Related Disclosure Rule Assurance Requirements (pg. 9-11) | |
California Climate Bill Assurance Requirements (pg. 9-12) | |
9.4 Concluding Comments (pg. 9-12) | |
9.5 Questions and References (pg. 9-13) | |
Discussion Questions (pg. 9-13) | |
Real-Time Case Study Questions (pg. 9-14) | |
References (pg. 9-14) | |
CHAPTER 10: Regulators (pg. 10-1) | |
10.1 Introduction (pg. 10-1) | |
10.2 Regulation in the United States (pg. 10-3) | |
Government Structure (pg. 10-3) | |
Sustainability Reporting Regulations in the US (pg. 10-5) | |
10.3 Regulation in the European Union (pg. 10-11) | |
EU Requirements on the Disclosure of Sustainability-Related Information (pg. 10-14) | |
10.4 Regulation in China (pg. 10-16) | |
Chinese Requirements on the Disclosure of Sustainability-Related Information (pg. 10-18) | |
10.5 Regulation in India (pg. 10-19) | |
Indian Requirements on the Disclosure of Sustainability-Related Information (pg. 10-20) | |
10.6 Regulations In Other Jurisdictions (pg. 10-22) | |
10.7 Closing Words (pg. 10-23) | |
10.8 Questions and References (pg. 10-24) | |
Real-Time Case Study Questions (pg. 10-24) | |
References (pg. 10-24) | |
CHAPTER 11: Non-Governmental Organizations (NGOs) (pg. 11-1) | |
11.1 Introduction (pg. 11-1) | |
11.2 Overview of NGOs (pg. 11-4) | |
11.3 Taxonomy of NGOs (pg. 11-7) | |
NGOs Facilitating Reporting (pg. 11-8) | |
NGOs Evaluating Information (pg. 11-8) | |
NGOs Advocating for Policy Change (pg. 11-9) | |
NGOs Managing Impacts (pg. 11-9) | |
NGOs Engaging in Business Activism (pg. 11-9) | |
11.4 A Note on the Role of the Media (pg. 11-10) | |
11.5 Closing Words (pg. 11-10) | |
11.6 Questions and References (pg. 11-10) | |
Discussion Questions (pg. 11-10) | |
Real-Time Case Study Questions (pg. 11-11) | |
References (pg. 11-11) | |
CHAPTER 12: Rating Agencies and Index Providers (pg. 12-1) | |
12.1 Introduction (pg. 12-1) | |
12.2 Nature and Purpose of ESG Ratings (pg. 12-2) | |
12.3 Construction of ESG Ratings (pg. 12-3) | |
12.4 Overview of Popular ESG Rating Systems (pg. 12-4) | |
MSCI ESG Ratings (pg. 12-5) | |
Sustainalytics ESG Risk Ratings (pg. 12-6) | |
S&P Global ESG Scores (pg. 12-7) | |
LSEG ESG Scores (pg. 12-7) | |
Other ESG Ratings and Rankings (pg. 12-8) | |
12.5 Rating ESG Ratings (pg. 12-10) | |
12.6 Nature and Purpose of ESG Indices (pg. 12-11) | |
12.7 Construction and Use of ESG Indices (pg. 12-11) | |
12.8 Closing Words (pg. 12-14) | |
12.9 Questions and References (pg. 12-14) | |
Discussion Questions (pg. 12-14) | |
Real-Time Case Study Questions (pg. 12-15) | |
References (pg. 12-16) | |
CHAPTER 13: Asset Managers (pg. 13-1) | |
13.1 Introduction (pg. 13-1) | |
13.2 The Importance of Fiduciary Duty (pg. 13-1) | |
13.3 The Range of Investment Approaches (pg. 13-5) | |
ESG Integration (pg. 13-6) | |
Screening (pg. 13-8) | |
Thematic (pg. 13-10) | |
Stewardship (pg. 13-11) | |
Impact (pg. 13-11) | |
13.4 Sustainable Investment Trends (pg. 13-15) | |
13.5 Closing Words (pg. 13-17) | |
13.6 Questions and References (pg. 13-18) | |
Discussion Questions (pg. 13-18) | |
Real-Time Case Study Questions (pg. 13-19) | |
References (pg. 13-19) | |
CHAPTER 14: Activist Investors and Proxy Advisories (pg. 14-1) | |
14.1 Introduction (pg. 14-1) | |
14.2 Fiduciary Duty REDUX (pg. 14-2) | |
14.3 Overview of Activist Investing (pg. 14-3) | |
Voting on Management Proposals (pg. 14-3) | |
Voting on Shareholder Proposals (pg. 14-4) | |
Private Engagement with Management (pg. 14-6) | |
Public Campaign Against Management (pg. 14-7) | |
Submission of a Shareholder Proposal (pg. 14-8) | |
Shareholder Litigation (pg. 14-11) | |
Proxy Contest (pg. 14-12) | |
Hostile Takeover (pg. 14-13) | |
14.4 The Role of Proxy Advisories (pg. 14-14) | |
14.5 Closing Words (pg. 14-16) | |
14.6 Questions and References (pg. 14-17) | |
Discussion Questions (pg. 14-17) | |
Real-Time Case Study Questions (pg. 14-18) | |
Real-Time Case Study Capstone Project: Overall Evaluation (pg. 14-18) | |
References (pg. 14-18) | |
Index (pg. I-1) |
![Patricia M. Dechow](https://cpb.cdn.ublish.com/legacy/authors/68/images/thumbnail_medium.jpg)
Patricia M. Dechow
Patricia Dechow is the Robert R. Dockson Professor of Business Administration and a professor of accounting at the Marshall School of Business at the University of Southern California.
One of the leading and most highly cited accounting researchers in the nation, Dechow research interests include accounting accruals, understanding the quality of earnings and non-GAAP earnings exclusions. She is also interested in understanding the role of corporations in supporting social movements. Her work has appeared in many journals and includes The Accounting Review, Review of Accounting Studies, Contemporary Accounting Research, and Journal of Accounting and Economics. Dechow received the American Accounting Association’s Seminal Contribution to Accounting Literature Award in 2019, the AAA Distinguished Contribution to Accounting Literature awards in 2010 and 2015, and the FARS Distinguished PhD Mentoring Award in 2020. She was inducted into the Australia Accounting Hall of Fame in 2022. Dechow earned a bachelor’s degree at the University of Western Australia and a doctorate in accounting and finance from the W.E. Simon School of Business Administration at the University of Rochester. She is an editor for the Review of Accounting Studies. She has recently been involved in developing and teaching a course on Sustainability Reporting. She is a member of the Executive Committee for the RRBM network (Responsible Research in Business & Management).
![Richard Sloan](https://cpb.cdn.ublish.com/legacy/authors/69/images/thumbnail_medium.jpg)
Richard Sloan
Richard Sloan is a professor of accounting, finance and business economics at the University of Southern California.
He has also served on the faculties of UC Berkeley’s Haas School of Business, University of Michigan’s Ross School of Business and University of Pennsylvania’s Wharton School. While at the University of Michigan, Professor Sloan was the founding director of the John R. and Georgene M. Tozzi Electronic Business and Finance Center. From 2006 to 2009, Sloan was a managing director in equity research at Barclays Global Investors (since acquired by Blackrock). Professor Sloan is a pioneer in the field of quantitative investing. He has served as a consultant to numerous firms in the investment management industry.
Professor Sloan’s research focuses on the role of accounting information in investment decisions. His research has received numerous awards, including the American Accounting Association’s Seminal Contributions to the Accounting Literature Award (2016), the American Accounting Association’s Distinguished Contributions to the Accounting Literature Award (2010) and the American Accounting Association’s Notable Contributions to the Accounting Literature Award (2001, 2009). He is the coauthor (with Russell Lundholm) of Equity Valuation and Analysis, now in its sixth edition. He is also an editor of the Review of Accounting Studies and a member of the Financial Accounting Standards Advisory Council. Professor Sloan holds a PhD in Accounting and Finance from the University of Rochester and a BCom (Hons) from the University of Western Australia. He is an FSA credential-holder.
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