The relationship between the firm a

The relationship between the firm and its shareholders is embedded within an institutional background that regulates the capital markets. Although these markets in Australia, the UK and the US share many characteristics, differences do exist. In terms of reporting, Aerts, Cormier, and Magnan (2008) find differences in environmental disclosure between North American
firms and European firms and the KPMG survey (KPMG, 2005, 2008) shows some significant differences in corporate responsibility reporting between the top firms in the US, UK and Australia. These differences could be the result of different shareholder expectations