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Unseen Link Between Sustainability Reporting and Financial Reporting: Behavioral Finance Paradigm

Unseen Link Between Sustainability Reporting and Financial Reporting: Behavioral Finance Paradigm
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Author(s): Sibel Dinç Aydemir (Sabanci University, Turkey)
Copyright: 2021
Pages: 21
Source title: Sustainability Reporting, Ethics, and Strategic Management Strategies for Modern Organizations
Source Author(s)/Editor(s): Ionica Oncioiu (Titu Maiorescu University, Romania), Sorinel Căpușneanu (Titu Maiorescu University, Romania), Dan Ioan Topor (1 Decembrie 1918 University, Romania) and Dana Maria (Oprea) Constantin (University of Bucharest, Romania)
DOI: 10.4018/978-1-7998-4637-6.ch003

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Abstract

The accounting profession has intensely witnessed compelling challenges in the 21st century. Due to increased number in stakeholders and huge informational need, the traditional model has become unsatisfactory in meeting this need and evaluating company's future performance. Apparently, companies trying to survive in globally competitive markets couldn't attain this goal by focusing merely on financial outcomes. Thus, sustainability reporting has emerged as a vital non-financial information demanded by stakeholders. However, ethical insights on credibility and accountability of this information have been documented and discussed in the literature. Tapping into behavioral finance paradigm and upper echelon approach, this chapter exerts an effort to link financial reporting/audit quality to sustainability reporting and discusses those ethical issues on these processes. Further, while drawing attention to overconfidence bias in individuals involved in reporting and assurance stages, it suggests influential role of decision-makers' personal traits on these mechanisms in a misleading way.

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