Beyond Ledgers: The Theoretical Framework of Blockchain Technology in Enhancing Sustainability Reporting
Abstract
This paper is to examine the extent to which quality of non-financial information presented in sustainability reporting can be improved by blockchain, and the extent to which organization’s level of understanding and commitment on the utilization of blockchain technology for sustainability reporting. Data will be collected through semi-structured interview with the top management and accountants of public organization who already utilized blockchain in reporting their sustainability information. Thematic analysis will be used in analysing the collected interview data. The findings may prompt more public organisations to provide training and enhance the skills of their managers and employees in utilising blockchain technology for a more comprehensive and meaningful disclosure of non-financial information. Additionally, it may encourage organisations, particularly those in the public sector, to prioritise and focus on specific qualities that enable managers to be more attentive and meticulous in structuring the completeness of non-financial information before it is recorded in the blockchain. This includes ensuring that relevant stakeholders have access to the appropriate information and exploring the adoption of standardised blockchain protocols.
Downloads
References
Alam, S., Shuaib, M., Khan, W. Z., Garg, S., Kaddoum, G., Hossain, M. S., & Zikria, Y. B. (2021). Blockchain-based Initiatives: Current state and challenges. Computer Networks, 198, 108395. DOI:10.1016/j.comnet.2021.108395
Almeshal, T. A., & Alhogail, A. A. (2021). Blockchain for businesses: a scoping review of suitability evaluations frameworks. IEEE Access, 9, 155425-155442.
Bakarich, K. M., Castonguay, J. J., & O'Brien, P. E. (2020). The use of blockchains to enhance sustainability reporting and assurance. Accounting Perspectives, 19(4), 389-412. DOI 10.1111/1911-3838.12241
Bai, C., Quayson, M., & Sarkis, J. (2022). Analysis of Blockchain's enablers for improving sustainable supply chain transparency in Africa cocoa industry. Journal of Cleaner Production, 358, 131896.
Belfo, F., & Trigo, A. (2013). Accounting information systems: Tradition and future directions. Procedia Technology, 9, 536-546. DOI 10.1016/j.protcy.2013.12.060
Benedetti, H., Nikbakht, E., Sarkar, S., & Spieler, A. C. (2020). Blockchain and corporate fraud. Journal of Financial Crime. DOI 10.1108/JFC-09-2020-0187
Bons, E., & Bednárová, M. (2019). Blockchain and its implications for accounting and auditing implications. Meditari Accountancy Research, 27(5), 725-740.
Bonsón, E., & Bednárová, M. (2019). Blockchain and its implications for accounting and auditing. Meditari Accountancy Research. DOI 10.1108/MEDAR-11-2018-0406
Borhani, S. A., Babajani, J., Raeesi Vanani, I., Sheri Anaqiz, S., & Jamaliyanpour, M. (2021). Adopting blockchain technology to improve financial reporting by using the technology acceptance model (TAM). International Journal Of Finance & Managerial Accounting, 6(22), 155-171.
Caldarelli, G., Zardini, A., & Rossignoli, C. (2021). Blockchain adoption in the fashion sustainable supply chain: Pragmatically addressing barriers. Journal of Organizational Change Management. DOI 10.1108/JOCM-09-2020-0299
Cole, R., Stevenson, M., & Aitken, J. (2019). Blockchain technology: implications for operations and supply chain management. Supply Chain Management: An International Journal, 24(4), 469-483.
Dalci, I., & Taniş, V. N. (2004). Benefits of computerized accounting information systems on the JIT production systems. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13(1).
De Filippi, P., Mannan, M., & Reijers, W. (2020). Blockchain as a confidence machine: The problem of trust & challenges of governance. Technology in Society, 62, 101284.
Di Vaio, A., Syriopoulos, T., Alvino, F., & Palladino, R. (2021). “Integrated thinking and reporting” towards sustainable business models: A concise bibliometric analysis. Meditari Accountancy Research, 29(4), 691-719.
Ducas, E., & Wilner, A. (2017). The security and financial implications of blockchain technologies: Regulating emerging technologies in Canada. International Journal, 72(4), 538-562. DOI: 10.1177/0020702017741909
Farooq, M. B., & De Villiers, C. (2017). The market for sustainability assurance services: A comprehensive literature review and future avenues for research. Pacific Accounting Review, 29(1), 79-106.
Fonseca, L., & Carvalho, F., (2019). The reporting of SDGs by quality, environmental, and occupational health and safety-certified organizations. Sustainability, 11(20), 5797. DOI:10.3390/su11205797
Ghasemi, M., Shafeiepour, V., Aslani, M., & Barvayeh, E. (2011). The impact of Information Technology (IT) on modern accounting systems. Procedia-Social and Behavioral Sciences, 28, 112-116. DOI 10.1016/j.sbspro.2011.11.023
Hamdan, A. R., Yahaya, J. H., Deraman, A., & Jusoh, Y. Y. (2016). The success factors and barriers of information technology implementation in small and medium enterprises: an empirical study in Malaysia. International Journal of Business Information Systems, 21(4), 477-494.
Han, H., Shiwakoti, R. K., Jarvis, R., Mordi, C., & Botchie, D. (2022). Accounting and auditing with blockchain technology and artificial Intelligence: A literature review. International Journal of Accounting Information Systems, 48, 100598. DOI:10.1016/j.accinf.2022.100598 R
Hastig, G. M., & Sodhi, M. S. (2020). Blockchain for supply chain traceability: Business requirements and critical success factors. Production and Operations Management, 29(4), 935-954. DOI:10.1111/poms.13147
Hoffmann, E., Dietsche, C., & Christine, H. (2018). Between mandatory and voluntary: non-financial reporting by German companies. Sustainability Management Forum, 26 (1-4), 47-63.
Jans, M., Aysolmaz, B., Corten, M., Joshi, A., & van Peteghem, M. (2022). Digitalization in accounting–Warmly embraced or coldly ignored?. Accounting, Auditing & Accountability Journal, 36(9), 61-85.
Kuruppu, S. C., Dissanayake, D., & de Villiers, C. (2022). How can NGO accountability practices be improved with technologies such as blockchain and triple-entry accounting?. Accounting, Auditing & Accountability Journal, 35(7), 1714-1742.
Michelon, G., Pilonato, S., & Ricceri, F. (2015). CSR reporting practices and the quality of disclosure: An empirical analysis. Critical perspectives on accounting, 33, 59-78.
Neogy, D. (2014). Evaluation of efficiency of accounting information systems: A study on mobile telecommunication companies in Bangladesh. Global Disclosure of Economics and Business, 3(1), 40-59.
Ojo, A., & Adebayo, S. (2017). Blockchain as a next generation government information infrastructure: A review of initiatives in D5 countries. Government 3.0–Next Generation Government Technology Infrastructure and Services, 283-298. DOI: 10.1007/978-3-319-63743-3_11
Pärl, Ü., Paemurru, E., Paemurru, K., & Kivisoo, H. (2020). Dialogical turn of accounting and accountability integrated reporting in non-profit and public-sector organisations. Journal of Public Budgeting, Accounting & Financial Management. DOI:10.1108/JPBAFM-11-2019-0178
Pizzi, S., Caputo, A., Venturelli, A., & Caputo, F. (2022). Embedding and managing blockchain in sustainability reporting: A practical framework. Sustainability Accounting, Management and Policy Journal, 13(3), 545-567.
Radhakrishnan, B. D., Sinha, B. R., & Uhlig, R. P. (2019). Blockchain technology enabling sustainable develop-ment veri
Rasche, A. (2020). 15. The United Nations Global Compact and the Sustainable Development Goals. Research handbook of responsible management, 228.
Roszkowska, P. (2021). Fintech in financial reporting and audit for fraud prevention and safeguarding equity investments. Journal of Accounting & Organizational Change, 17(2), 164-196.
Sarajoti, P., Chatjuthamard, P., Papangkorn, S., & Phiromswad, P. (2022). CSR reporting and blockchain technology. In Corporate Social Responsibility. IntechOpen. DOI: 10.5772/intechopen.105512
Shahaab, A., Khan, I. A., Maude, R., Hewage, C., & Wang, Y. (2023). Public service operational efficiency and blockchain–A case study of Companies House, UK. Government Information Quarterly, 40(1), 101759.
Smith, S. S., & Castonguay, J. J. (2020). Blockchain and accounting governance: Emerging issues and considerations for accounting and assurance professionals. Journal of Emerging Technologies in Accounting, 17(1), 119-131. DOI:10.2308/jeta-52686
Spanò, R., Massaro, M., Ferri, L., Dumay, J., & Schmitz, J. (2022). Blockchain in accounting, accountability and assurance: an overview. Accounting, Auditing & Accountability Journal, 35(7), 1493-1506.
Sung, C. S., & Park, J. Y. (2021). Understanding of blockchain-based identity management system adoption in the public sector. Journal of Enterprise Information Management, 34(5), 1481-1505.
Tandon, A., Kaur, P., Mäntymäki, M., & Dhir, A. (2021). Blockchain applications in management: A bibliometric analysis and literature review. Technological Forecasting and Social Change, 166, 120649.
Torres, M. V. (2021, May). Intelligent Management and Control of Data Contained in Non-financial Reporting: A Proposal on the Applicability of Robotics, Artificial Intelligence and Blockchain. In International Conference on Inclusive Robotics for a better Society (pp. 185-191). Cham: Springer International Publishing.
Treiblmaier, H. (2020). Toward more rigorous blockchain research: recommendations for writing blockchain case studies. In Blockchain and distributed ledger technology use cases (pp. 1-31). Springer, Cham. DOI: 10.3389/fbloc.2019.00003
Turzo, T., Marzi, G., Favino, C., & Terzani, S. (2022). Non-financial reporting research and practice: Lessons from the last decade. Journal of Cleaner Production, 131154. DOI: 10.1016/j.jclepro.2022.131154
Wu, J., Xiong, F., & Li, C. (2019). Application of Internet of Things and blockchain technologies to improve accounting information quality. IEEE Access, 7, 100090-100098. DOI: 10.1109/ACCESS.2019.2930637
Yadav, S., & Singh, S. P. (2020). Blockchain critical success factors for sustainable supply chain. Resources, Conservation and Recycling, 152, 104505.
