Accounting for whom? The financialisation of the environmental economic transition

References

• AAA, 1966. A statement of basic accounting theory. Evanston: American Accounting Association.
   Google Scholar
• Abela, M., 2022. “A new direction? The “mainstreaming” of sustainability reporting”. Sustainability accounting, management and policy journal. doi:10.1108/SAMPJ-06-2021-0201.
   Web of Science ®Google Scholar
• Adams, C.A. and Abhayawansa, S., 2022. Connecting the COVID-19 pandemic, environmental, social and governance (ESG) investing and calls for ‘harmonisation’ of sustainability reporting. Critical perspectives on accounting, 82. doi:10.1016/j.cpa.2021.102309.
   Web of Science ®Google Scholar
• Adams, C.A. and Larrinaga-González, C., 2007. Engaging with organisations in pursuit of improved sustainability accounting and performance. Accounting, auditing & accountability journal, 20 (3), 333–355. doi:10.1108/09513570710748535.
   Google Scholar
• Adams, C.A. and McNicholas, P., 2007. Making a difference: sustainability reporting, accountability and organisational change. Accounting, auditing & accountability journal, 20 (3), 382–402. doi:10.1108/09513570710748553.
   Google Scholar
• Adams, C.A. and Mueller, F., 2022. Academics and policymakers at odds: the case of the IFRS foundation trustees’ consultation paper on sustainability reporting. Sustainability accounting, management and policy journal. doi:10.1108/SAMPJ-10-2021-0436.
   Web of Science ®Google Scholar
• Aykut, S.C. and Maertens, L., 2021. The climatization of global politics: Introduction to the special issue. International politics, 58 (4), 501–518. doi:10.1057/s41311-021-00325-0.
   Web of Science ®Google Scholar
• Backus, M., Conlon, C., and Sinkinson, M., 2021. Common ownership in America: 1980–2017. American economic journal: microeconomics, 13 (3), 273–308. doi:10.1257/mic.20190389.
   Web of Science ®Google Scholar
• Baines, J. and Hager, S.B., 2022. From passive owners to planet savers? Asset managers, carbon majors and the limits of sustainable finance. CITYPERC Working Paper2022-04. London City: University of London.
   Google Scholar
• Bebbington, J., et al., 2001. Full cost accounting: an agenda for action. London: Certified Accountants Educational Trust.
   Google Scholar
• Bebbington, J., et al., 2021. Routledge handbook of environmental accounting. New York: Routledge.
   Google Scholar
• Best, J., 2010. The limits of financial risk management: or what we didn’t learn from the Asian crisis. New political economy, 15 (1), 29–49. doi:10.1080/13563460903553582.
   Web of Science ®Google Scholar
• Birch, K. and Muniesa, F., 2020. Assetization: turning things into assets in technoscientific capitalism. Cambridge, MA: The MIT Press.
   Google Scholar
• Boyer, R., 2000. Is a finance-led growth regime a viable alternative to Fordism? A preliminary analysis’. Economy and society, 29 (1), 111–145. doi:10.1080/030851400360587.
   Web of Science ®Google Scholar
• Bracking, S., 2012. How do investors value environmental harm/care? Private equity funds, development finance institutions and the partial financialization of nature-based industries. Development and change, 43 (1), 271–293. doi:10.1111/j.1467-7660.2011.01756.x.
   Web of Science ®Google Scholar
• Bracking, S., et al., 2020. Financialization and the environmental frontier. In: P. Mader, ed. The Routledge international handbook of financialization. New York: Routledge, 213–223.
   Google Scholar
• Braun, B., et al., 2021. Asset manager capitalism as a corporate governance regime. In: J.S. Hacket, ed. The American political economy: politics, markets, and power. New York: Cambridge University Press, 270–294.
   Google Scholar
• Brown, H.S., de Jong, M., and Lessidrenska, T., 2009. The rise of the global reporting initiative: a case of institutional entrepreneurship. Environmental politics, 18 (2), 182–200. doi:10.1080/09644010802682551.
   Web of Science ®Google Scholar
• Brown, J. and Dillard, J., 2018. Sustainability is the new critical? In: R. Roslender, ed. The Routledge companion to critical accounting. London: Routledge, 427–441.
   Google Scholar
• Büscher, B. and Fletcher, R., 2015. Accumulation by conservation. New political economy, 20 (2), 273–298. doi:10.1080/13563467.2014.923824.
   Web of Science ®Google Scholar
• Chiapello, E., 2008. Accounting at the heart of the performativity of economics. Economic sociology: the European electronic newsletter, 10 (1), 12–15.
   Google Scholar
• Christophers, B., 2017. Climate change and financial instability: risk disclosure and the problematics of neoliberal governance. Annals of the American Association of Geographers, 107 (5), 1108–1127. doi:10.1080/24694452.2017.1293502.
   Web of Science ®Google Scholar
• Christophers, B., 2019. Environmental beta or how institutional investors think about climate change and fossil fuel risk. Annals of the American Association of Geographers, 109 (3), 754–774. doi:10.1080/24694452.2018.1489213.
   Web of Science ®Google Scholar
• Christophers, B., 2021. Fossilised capital: price and profit in the energy transition. New political economy, 27 (1), 146–159. doi:10.1080/13563467.2021.1926957.
   Web of Science ®Google Scholar
• Clapp, J. and Dauvergne, P., 2011. Paths to a green world. The political economy of the global environment. 2nd ed. Cambridge, MA: MIT Press.
   Google Scholar
• Clark, C.E., 2019. How do standard setters define materiality and why does it matter? Business ethics, the environment & responsibility, 30 (3), 378–391. doi:10.1111/beer.12351.
   Google Scholar
• Dempsey, J., 2016. Enterprising nature: Economics, markets, and finance in global biodiversity politics. Chichester: Wiley.
   Google Scholar
• Dempsey, J. and Suarez, D.C., 2016. Arrested development? The promises and paradoxes of ‘selling nature to save it’. Annals of the American Association of Geographers, 106 (3), 653–671. doi:10.1080/24694452.2016.1140018.
   Web of Science ®Google Scholar
• de Villiers, C., La Torre, M., and Molinari M., 2022. The global reporting initiative’s (GRI) past, present and future: critical reflections and a research agenda on sustainability reporting (standard-setting). Pacific accounting review. doi:10.1108/PAR-02-2022-0034.
   Web of Science ®Google Scholar
• de Villiers, C. and Maroun, W., eds. 2018. Sustainability accounting and integrated reporting. London: Routledge.
   Google Scholar
• Dingwerth, K. and Eichinger, M., 2010. Tamed transparency: how information disclosure under the global reporting initiative fails to empower. Global environmental politics, 10 (3), 74–96. doi:10.1162/GLEP_a_00015.
   Web of Science ®Google Scholar
• Donnelly, S., 2007. The international accounting standards board. New political economy, 12 (1), 117–125. doi:10.1080/13563460601068875.
   Web of Science ®Google Scholar
• Epstein, G.A., 2006. Financialization and the world economy. Cheltenham: Edward Elgar.
   Google Scholar
• European Commission, 2019. The European green deal. Brussels: European Commission.
   Google Scholar
• European Commission, 2021a. Commission puts forward new strategy to make the EU’s financial system more sustainable and proposes new European green bond standard. Brussels: European Commission. https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3405.
   Google Scholar
• European Commission, 2021b. Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL Amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as Regards Corporate Sustainability Reporting. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52021PC0189.
   Google Scholar
• Fichtner, J. and Heemskerk, E.M., 2020. The new permanent universal owners: index funds, patient capital, and the distinction between feeble and forceful stewardship. Economy and society, 49 (4), 493–515. doi:10.1080/03085147.2020.1781417.
   Web of Science ®Google Scholar
• Fichtner, J., Heemskerk, E.M., and Garcia-Bernardo, J., 2017. Hidden power of the Big Three? Passive index funds, re-concentration of corporate ownership, and new financial risk. Business and politics, 19 (2), 298–326. doi:10.1017/bap.2017.6.
   Web of Science ®Google Scholar
• Gabor, D., 2021. The Wall Street consensus. Development and change, 52 (3), 429–459. https://doi.org/10.1111/dech.12645.
   Web of Science ®Google Scholar
• Garcia, C., 2020. From financial to ‘sustainable’ capital maintenance. InterEULawEast: Journal for the International and European Law, Economics and Market Integrations, 7 (2), 229–243. doi:10.22598/iele.2020.7.2.9.
   Google Scholar
• Georgiou, O. and Jack, L., 2011. In pursuit of legitimacy: a history behind fair value accounting. The British accounting review, 43 (4), 311–323. doi:10.1016/j.bar.2011.08.001.
   Google Scholar
• Giner, B. and Luque-Vílchez, M., 2022. A commentary on the “new” institutional actors in sustainability reporting standard-setting: a European perspective. Sustainability accounting, management and policy journal. doi:10.1108/SAMPJ-06-2021-0222.
   Web of Science ®Google Scholar
• Gray, R., 1990. Greening of accountancy: The profession after Pearce. London: Chartered Association of Certified Accountants.
   Google Scholar
• Gray, R., 2006. Social, environmental and sustainability reporting and organisational value creation? Whose value? Whose creation? Accounting, auditing & accountability journal, 19 (6), 793–819. doi:10.1108/09513570610709872.
   Google Scholar
• Gray, I., 2021. Hazardous simulations: pricing climate risk in US coastal insurance markets. Economy and society, 50 (2), 196–223. doi:10.1080/03085147.2020.1853358.
   Web of Science ®Google Scholar
• Gray, R., Adams, C., and Owen, D., 2014. Accountability, social responsibility & sustainability: accounting for society & the environment. Boston: Trans-Atlantic Publications.
   Google Scholar
• Green, J., et al., 2021. Transition, hedge, or resist? Understanding political and economic behavior toward decarbonization in the oil and gas industry. Review of international political economy, doi:10.1080/09692290.2021.1946708.
   Web of Science ®Google Scholar
• GRI, 2016. GRI 101: Foundation. Global Reporting Initiative.
   Google Scholar
• GRI, 2022. GRI – IFRS Foundation and GRI to align capital market and multi-stakeholder standards. https://www.globalreporting.org/about-gri/news-center/ifrs-foundation-and-gri-to-align-capital-market-and-multi-stakeholder-standards/?utm_campaign=13081249_Newsletter-March-2022&utm_medium=Engagement%20Cloud&utm_source=Global%20Reporting%20Initiative&dm_i=4J5,7SDK1,SJE29Y,VRMG7,1.
   Google Scholar
• Haslam, C., Tsitsianis, N., and Katechos, G., 2018. Financialization. In: R. Roslender, ed. The Routledge companion to critical accounting. London: Routledge, 301–318.
   Google Scholar
• Hermann, M.G., 2008. Content analysis. In: A. Klotz, and P. Deepa, eds. Qualitative methods in international relations: a pluralist guide. London: Palgrave Macmillan, 151–67.
   Google Scholar
• Hines, R.D., 1988. Financial accounting: in communicating reality, we construct reality. Accounting, organizations and society, 13 (3), 251–261.
   Web of Science ®Google Scholar
• Hiss, S., 2013. The politics of the financialization of sustainability. Competition & change, 17 (3), 234–247. doi:10.1179/1024529413Z.00000000035.
   Google Scholar
• IASB, 2018. Conceptual framework for financial reporting. https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwi4uPGwl8r2AhVciv0HHbE0AgUQFnoECA4QAQ&url=https%3A%2F%2Fwww.ifrs.org%2Fcontent%2Fdam%2Fifrs%2Fpublications%2Fpdf-standards%2Fenglish%2F2021%2Fissued%2Fpart-a%2Fconceptual-framework-for-financial-reporting.pdf&usg=AOvVaw10B0t0G9Pn5rHrbqVvyfe7.
   Google Scholar
• IFRS, 2019. IFRS feature: materiality modernised. January. https://www.ifrs.org/news-and-events/news/2019/01/materiality-modernised/.
   Google Scholar
• IFRS Foundation, 2020. Consultation paper on sustainability reporting. London: IFRS.
   Google Scholar
• IFRS Foundation, 2022a. [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-Related Financial Information.
   Google Scholar
• IFRS Foundation, 2022b. [Draft] IFRS S2 Climate-Related Disclosures.
   Google Scholar
• Ioannou, I. and Serafeim, G., 2017. The consequences of mandatory corporate sustainability reporting. Rochester, NY: Social Science Research Network. https://papers.ssrn.com/abstract=1799589.
   Google Scholar
• Jinnah, S. and Morin, J.-F., 2020. Greening through trade: how American trade policy is linked to environmental protection abroad. Cambridge, MA: The MIT Press.
   Google Scholar
• KPMG, 2014. A new vision of value. Connecting corporate and societal value creation. Amstelveen: KPMG.
   Google Scholar
• KPMG, 2020. The time has come. The KPMG survey of sustainability reporting 2020. Amstelveen: KPMG International Entities.
   Google Scholar
• Langley, P. and Morris, J.H., 2020. Central banks: climate governors of last resort? Environment and planning A: economy and space, 52 (8), 1471–1479. doi:10.1177/0308518X20951809.
   Web of Science ®Google Scholar
• Laux, C. and Leuz, C., 2010. Did fair-value accounting contribute to the financial crisis? Journal of economic perspectives, 24 (1), 93–118. doi:10.1257/jep.24.1.93.
   Web of Science ®Google Scholar
• Leaver, A. and Martin, K., 2021. ‘Dams and flows’: boundary formation and dislocation in the financialised firm. Review of evolutionary political economy, 2 (3), 403–429. doi:10.1007/s43253-021-00057-0.
   Google Scholar
• Leblond, P., 2011. EU, US and international accounting standards: a delicate balancing act in governing global finance. Journal of European public policy, 18 (3), 443–461. doi:10.1080/13501763.2011.551083.
   Web of Science ®Google Scholar
• Leins, S., 2020. ‘Responsible investment’: ESG and the post-crisis ethical order. Economy and society, 49 (1), 71–91. doi:10.1080/03085147.2020.1702414.
   Web of Science ®Google Scholar
• Levidow, L., 2020. Turning nature into an asset: corporate strategies for rent-seeking. In: K. Birch, and F. Muniesa, eds. Assetization: turning things into assets in technoscientific capitalism. Boston: The MIT Press, 225–258.
   Google Scholar
• Levy, D.L. and Palpacuer, F., 2017. Global production networks and the changing corporation. In: G. Baars, and A. Spicer, eds. The corporation. Cambridge: Cambridge University Press, 336–345.
   Google Scholar
• Lovell, H. and MacKenzie, D., 2012. Accounting for carbon: the role of accounting professional organisations in governing climate change. In: P. Newell et al., eds. The new carbon economy: constitution, governance and contestation. Chichester: Wiley-Blackwell, 107–134.
   Google Scholar
• Maechler, S. and Graz, J.-C., 2020. The standardisation of natural capital accounting methodologies. In: K. Jakobs, ed. Shaping the future through standardization. Pennsylvania: IGI Global, 27–53.
   Google Scholar
• Maechler, S. and Graz, J.-C., 2022. Is the sky or the earth the limit? Risk, uncertainty and nature Review of international political economy, 29 (2), 624–645. doi: 10.1080/09692290.2020.1831573.
   Web of Science ®Google Scholar
• Martinez-Diaz, L., 2005. Strategic experts and improvising regulators: explaining the IASC’s rise to global influence, 1973–2001. Business and politics, 7 (3), 1–26. doi:10.2202/1469-3569.1135.
   Google Scholar
• Maunders, K.T. and Burritt, R.L., 1991. Accounting and ecological crisis. Accounting, auditing & accountability journal, 4 (3), doi:10.1108/09513579110003277.
   Google Scholar
• Mennicken, A. and Miller, P., 2012. Accounting, territorialization and power’. Foucault studies, 4–24. doi:10.22439/fs.v0i13.3503.
   Google Scholar
• Milne, M.J. and Gray, R., 2013. W(h)ither ecology? The triple bottom line, the global reporting initiative, and corporate sustainability reporting. Journal of business ethics, 118 (1), 13–29. doi:10.1007/s10551-012-1543-8.
   Web of Science ®Google Scholar
• Moyser, G. and Wagstaffe, M., 1987. Research methods for elite studies. London: Allen and Unwin.
   Google Scholar
• Mügge, D. and Stellinga, B., 2015. The unstable core of global finance: Contingent valuation and governance of international accounting standards. Regulation & governance, 9 (1), 47–62. doi:10.1111/rego.12052.
   Web of Science ®Google Scholar
• Muniesa, F. and Doganova, L., 2020. The time that money requires: use of the future and critique of the present in financial valuation. Finance and society, 6 (2), 95–113.
   Google Scholar
• Neville, Kate J., et al., 2019. Can shareholder advocacy shape energy governance? The case of the US antifracking movement. Review of international political economy, 26 (1), 104–33. doi:10.1080/09692290.2018.1488757.
   Web of Science ®Google Scholar
• Newell, P., 2020. Global green politics. New York: Cambridge University Press.
   Google Scholar
• O’Dwyer, B., 2003. Conceptions of corporate social responsibility: the nature of managerial capture. Accounting, auditing & accountability journal, 16 (4), 523–557. doi:10.1108/09513570310492290.
   Google Scholar
• Ortiz, H., 2021. The everyday practice of valuation and investment: political imaginaries of shareholder value. New York: Columbia University Press.
   Google Scholar
• Paterson, M., 2021. In search of climate politics. New York: Cambridge University Press.
   Google Scholar
• Pattberg, P., 2012. How climate change became a business risk: analyzing nonstate agency in global climate politics. Environment and planning C: Government and policy, 30 (4), 613–626. doi:10.1068/c1179.
   Web of Science ®Google Scholar
• Peake, S. and Ekins, P., 2017. Exploring the financial and investment implications of the Paris Agreement. Climate policy, 17 (7), 832–852. doi:10.1080/14693062.2016.1258633.
   Web of Science ®Google Scholar
• Perry, J. and Nölke, A., 2006. The political economy of international accounting standards. Review of international political economy, 13 (4), 559–586. doi:10.1080/09692290600839790.
   Web of Science ®Google Scholar
• Power, M., 2010. Fair value accounting, financial economics and the transformation of reliability. Accounting and business research, 40 (3), 197–210. doi:10.1080/00014788.2010.9663394.
   Web of Science ®Google Scholar
• Puroila, J. and Mäkelä, H., 2019. Matter of opinion: exploring the socio-political nature of materiality disclosures in sustainability reporting. Accounting, auditing & accountability journal, 32 (4), 1043–1072. doi:10.1108/AAAJ-11-2016-2788.
   Web of Science ®Google Scholar
• PwC, 2015. Valuing corporate environmental impacts. London: PwC.
   Google Scholar
• Reclaim Finance, 2021. HIJACKED: Exposing BlackRock’s grip on the EU’s climate finance plans. https://reclaimfinance.org/site/en/2021/06/30/hijacked-exposing-blackrocks-grip-on-the-eus-climate-finance-plans/
   Google Scholar
• Richard, J., 2012. Comptabilite et developpement durable. Paris: Economica.
   Google Scholar
• Robertson, M.M., 2006. The nature that capital can see: science, state, and market in the commodification of ecosystem services. Environment and planning D: Society and space, 24 (3), 367–387. doi:10.1068/d3304.
   Web of Science ®Google Scholar
• Sandberg, J., et al., 2009. The heterogeneity of socially responsible investment. Journal of business ethics, 87 (4), 519–533. doi:10.1007/s10551-008-9956-0.
   Web of Science ®Google Scholar
• Sullivan, S., 2017. Making nature investable: From legibility to leverageability in fabricating ‘nature’ as ‘natural capital’. Science & technology studies, 20 (November), 1–30.
   Google Scholar
• Sullivan, R. and Gouldson, A., 2012. Does voluntary carbon reporting meet investors’ needs? Journal of cleaner production, 36, 60–67. doi:10.1016/j.jclepro.2012.02.020.
   Web of Science ®Google Scholar
• Tarim, E., 2021. Modern finance theory and practice and the Anthropocene. New political economy. doi:10.1080/13563467.2021.1994537.
   Web of Science ®Google Scholar
• Taylor, N., 2022. ‘Making financial sense of the future’: actuaries and the management of climate-related financial risk. New political economy, doi:10.1080/13563467.2022.2067838.
   Web of Science ®Google Scholar
• TCFD, 2017. Recommendations of the task force on climate related financial disclosures. Task Force on Climate-Related Financial Disclosures.
   Google Scholar
• Tett, G., 2020. The alphabet soup of green standards needs a new recipe. Financial Times. Available from: https://www.ft.com/content/b3fadc18-3851-11ea-a6d3-9a26f8c3cba4
   Google Scholar
• Thistlethwaite, J., 2011. Counting the environment: The environmental implications of international accounting standards. Global environmental politics, 11 (2), 75–97. doi:10.1162/GLEP_a_00056.
   Web of Science ®Google Scholar
• Thistlethwaite, J., 2015. The politics of experimentation in climate change risk reporting: the emergence of the Climate Disclosure Standards Board (CDSB). Environmental politics, 24 (6), 970–990. doi:10.1080/09644016.2015.1051325.
   Web of Science ®Google Scholar
• Thistlethwaite, J. and Paterson, M., 2016. Private governance and accounting for sustainability networks. Environment and planning C: Government and policy, 34 (7), 1197–1221. doi:10.1177/0263774X15604841.
   Google Scholar
• Tregidga, H. and Milne, M.J., 2006. From sustainable management to sustainable development: a longitudinal analysis of a leading New Zealand environmental reporter. Business strategy and the environment, 15 (4), 219–241. doi:10.1002/bse.534.
   Google Scholar
• van der Zwan, N., 2014. Making sense of financialization. Socio-economic review, 12 (1), 99–129. doi:10.1093/ser/mwt020.
   Web of Science ®Google Scholar
• Whittington, G., 2008. Fair value and the IASB/FASB conceptual framework project: an alternative view. Abacus, 44 (2), 139–168. doi:10.1111/j.1467-6281.2008.00255.x.
   Web of Science ®Google Scholar
• Williams, K., 2000. From shareholder value to present-day capitalism. Economy and society, 29 (1), 1–12. doi:10.1080/030851400360532.
   Web of Science ®Google Scholar
• Young, J.J., 2006. Making up users. Accounting, organizations and society, 31 (6), 579–600. doi:10.1016/j.aos.2005.12.005.
   Web of Science ®Google Scholar
• Zeff, S.A., 1999. The evolution of the conceptual framework for business enterprises in the United States. Accounting historians journal, 26 (2), 89–131.
   Google Scholar