title: Integrated reporting in Sri Lankan PLCs

authors: Attanayake Mudiyanselage, Ishara Lakshan

subjects: Integrated Reporting (IR)

abstract: This thesis focuses on the Integrated Reporting (IR) adoption decision by Sri Lankan Public Listed Companies (PLCs) from different perspectives. The thesis adopts an institutional theory with special reference to institutional isomorphism and institutional entrepreneurs as a theoretical framework for describing and analysing how external and internal forces drive Sri Lankan PLCs towards the adoption of IR. The thesis also identifies the expected benefits of adopting IR through an institutional theoretical lens. Subsequently, the thesis recognises the challenges faced by Sri Lankan PLCs during IR implementation. 
This thesis identifies the determination of materiality levels for non-financial information in the integrated reports of the sample companies including; interviewees’ perception of materiality level, managers’ awareness about the difficulty of determining materiality, techniques used by the sample companies to determine materiality levels, participants in the materiality determination decision and available guidance to determine materiality. 
The International Integrated Reporting Council (IIRC) provides the challenging question to integrated report preparers: “Where does the organisation want to go and how does it get there?” This thesis provides empirical evidence for this question by identifying the extent of future-oriented predictions, the risk inherent in future-oriented predictions and the mechanisms used by the sample companies to manage the risk of predictions in integrated reports. Finally, the expected benefits as specified by the IIRC and the literature are used as a basis against which the perceptions of the interviewees and the individual company’s integrated annual reports (IARs) are assessed.
A qualitative method approach was adopted to answer the research questions. Qualitative semi-structured interviews were conducted with 55 interviewees (who were involved in the IR process) from 12 sample companies (who were practicing IR at different levels). Fourteen annual reports (ARs) before IR adoption and 50 IARs after IR adoption from the sample companies were examined. Qualitative data were analysed thematically. NVivo software was used to organise and manage the qualitative data. 
Findings revealed three types of isomorphic forces (coercive, mimetic and normative) that collectively act to influence the decision to adopt IR by the Sri Lankan PLCs. Of the 55 interviewees, one clear example of institutional entrepreneurship was identified. A path-creating/path-changing individual introduced IR into the company in 2010/11 before the IIRC introduced the consultation draft of the international IR framework.
As early adopters of IR, the sample companies have experienced several challenges during the IR implementation period. Due to newness, lack of experience, lack of research and a lack of clarity in IR guidance, the knowledge the first movers have of IR (including implementation and practical requirements) is limited. There were several challenges with the IIRC guidelines: inadequate guidelines, confusion, understanding the framework and its requirements, business model, connectivity and making a concise report. There were several challenges from employees’ perspectives; lack of knowledge and expertise, changing employees’ mindset in favour of IR, obtaining the support of top management and burden for employees. Lack of proper information systems, lack of communication and coordination among different business units, and a lack of support from other divisions were the internal challenges faced during IR implementation.
All the sample companies placed a high importance on the concept of materiality for non-financial information. While most of the companies used only the GRI guidelines, a few interviewees indicated the use of both IIRC and GRI guidelines to determine materiality levels. The companies used different methodologies to determine materiality levels for non-financial information. Methodologies were based on value creation, investor requirements/stakeholder analysis, relationship with KPIs/strategy, the usefulness of information for decisions, judgments, impact on stakeholders, and benchmarking. In some instances, companies used a combination of two or more techniques in the materiality level determination process. Most of these methods are consistent with IIRC criterion for materiality determination for non-financial information.
The interviewees used preventive and continuing measures to mitigate the risk of making predictions about the future. The interviewees were more prepared to understate future performance predictions than to disclose the growth potential sought by management. They applied some measures to mitigate the risk of not achieving forecasts. These measures are listed under seven themes. However, most of the measures cause to deviate the IIRC objectives of disclosing future-oriented information in integrated reports and hinder the usefulness of information for informed decisions by stakeholders.  The need to reduce risk and make predictions as accurately and realistically as possible is recognised. Another strategy to reduce the likelihood of a negative outcome is to be conservative in predictions, possibly rendering the disclosure less useful. The predictions are not likely to present the best reflection of the future direction of the companies. Another strategy is the incorporation of these predictions in the companies’ strategic planning process. Integration of financial predictions with non-financial predictions is also applied. Integrated reporting impacted each organisation’s risk management process. There was an increase in the frequency of monitoring, and special internal risk assessment procedures were introduced.
The interview findings and analysis of the IARs provide evidence that the sample companies achieved a substantial number of benefits, particularly from external reporting perspectives. The companies achieved benefits at varying degrees according to the IIRC (2011) categorisation: better alignment of reported information with investor needs, availability of more accurate non-financial information, enhanced risk management, greater engagement with investors and other stakeholders, and lower reputational risk. Engagement with stakeholders improved.  However, no evidence was found in support of higher levels of trust with key stakeholders, except from one company. Only a few of the sample companies achieved the following benefits: better resource allocation decisions, better identification of opportunities, an integrated corporate culture, and greater collaboration across different functions within the company. 
The thesis contributes to the emerging field of integrated reporting from multiple perspectives. It provides directions and insights for companies practicing IR, companies considering adopting IR, policymakers, accounting and non-accounting bodies.  This thesis assists understanding of the IR phenomenon and provides an appreciation of the achieved benefits and implementation issues as well as the challenges IR implementers face during the adoption period.

text: Integrated reporting in Sri Lankan PLCs This thesis focuses on the Integrated Reporting (IR) adoption decision by Sri Lankan Public Listed Companies (PLCs) from different perspectives. The thesis adopts an institutional theory with special reference to institutional isomorphism and institutional entrepreneurs as a theoretical framework for describing and analysing how external and internal forces drive Sri Lankan PLCs towards the adoption of IR. The thesis also identifies the expected benefits of adopting IR through an institutional theoretical lens. Subsequently, the thesis recognises the challenges faced by Sri Lankan PLCs during IR implementation. 
This thesis identifies the determination of materiality levels for non-financial information in the integrated reports of the sample companies including; interviewees’ perception of materiality level, managers’ awareness about the difficulty of determining materiality, techniques used by the sample companies to determine materiality levels, participants in the materiality determination decision and available guidance to determine materiality. 
The International Integrated Reporting Council (IIRC) provides the challenging question to integrated report preparers: “Where does the organisation want to go and how does it get there?” This thesis provides empirical evidence for this question by identifying the extent of future-oriented predictions, the risk inherent in future-oriented predictions and the mechanisms used by the sample companies to manage the risk of predictions in integrated reports. Finally, the expected benefits as specified by the IIRC and the literature are used as a basis against which the perceptions of the interviewees and the individual company’s integrated annual reports (IARs) are assessed.
A qualitative method approach was adopted to answer the research questions. Qualitative semi-structured interviews were conducted with 55 interviewees (who were involved in the IR process) from 12 sample companies (who were practicing IR at different levels). Fourteen annual reports (ARs) before IR adoption and 50 IARs after IR adoption from the sample companies were examined. Qualitative data were analysed thematically. NVivo software was used to organise and manage the qualitative data. 
Findings revealed three types of isomorphic forces (coercive, mimetic and normative) that collectively act to influence the decision to adopt IR by the Sri Lankan PLCs. Of the 55 interviewees, one clear example of institutional entrepreneurship was identified. A path-creating/path-changing individual introduced IR into the company in 2010/11 before the IIRC introduced the consultation draft of the international IR framework.
As early adopters of IR, the sample companies have experienced several challenges during the IR implementation period. Due to newness, lack of experience, lack of research and a lack of clarity in IR guidance, the knowledge the first movers have of IR (including implementation and practical requirements) is limited. There were several challenges with the IIRC guidelines: inadequate guidelines, confusion, understanding the framework and its requirements, business model, connectivity and making a concise report. There were several challenges from employees’ perspectives; lack of knowledge and expertise, changing employees’ mindset in favour of IR, obtaining the support of top management and burden for employees. Lack of proper information systems, lack of communication and coordination among different business units, and a lack of support from other divisions were the internal challenges faced during IR implementation.
All the sample companies placed a high importance on the concept of materiality for non-financial information. While most of the companies used only the GRI guidelines, a few interviewees indicated the use of both IIRC and GRI guidelines to determine materiality levels. The companies used different methodologies to determine materiality levels for non-financial information. Methodologies were based on value creation, investor requirements/stakeholder analysis, relationship with KPIs/strategy, the usefulness of information for decisions, judgments, impact on stakeholders, and benchmarking. In some instances, companies used a combination of two or more techniques in the materiality level determination process. Most of these methods are consistent with IIRC criterion for materiality determination for non-financial information.
The interviewees used preventive and continuing measures to mitigate the risk of making predictions about the future. The interviewees were more prepared to understate future performance predictions than to disclose the growth potential sought by management. They applied some measures to mitigate the risk of not achieving forecasts. These measures are listed under seven themes. However, most of the measures cause to deviate the IIRC objectives of disclosing future-oriented information in integrated reports and hinder the usefulness of information for informed decisions by stakeholders.  The need to reduce risk and make predictions as accurately and realistically as possible is recognised. Another strategy to reduce the likelihood of a negative outcome is to be conservative in predictions, possibly rendering the disclosure less useful. The predictions are not likely to present the best reflection of the future direction of the companies. Another strategy is the incorporation of these predictions in the companies’ strategic planning process. Integration of financial predictions with non-financial predictions is also applied. Integrated reporting impacted each organisation’s risk management process. There was an increase in the frequency of monitoring, and special internal risk assessment procedures were introduced.
The interview findings and analysis of the IARs provide evidence that the sample companies achieved a substantial number of benefits, particularly from external reporting perspectives. The companies achieved benefits at varying degrees according to the IIRC (2011) categorisation: better alignment of reported information with investor needs, availability of more accurate non-financial information, enhanced risk management, greater engagement with investors and other stakeholders, and lower reputational risk. Engagement with stakeholders improved.  However, no evidence was found in support of higher levels of trust with key stakeholders, except from one company. Only a few of the sample companies achieved the following benefits: better resource allocation decisions, better identification of opportunities, an integrated corporate culture, and greater collaboration across different functions within the company. 
The thesis contributes to the emerging field of integrated reporting from multiple perspectives. It provides directions and insights for companies practicing IR, companies considering adopting IR, policymakers, accounting and non-accounting bodies.  This thesis assists understanding of the IR phenomenon and provides an appreciation of the achieved benefits and implementation issues as well as the challenges IR implementers face during the adoption period.

year: 2018

title: Characterizing heart rate differences across rugby union competition levels

authors: Koumandarakis, Nikolas

subjects: Internal load

abstract: Heart rate (HR) monitoring provides insight into the demands of rugby union and may be able to help discriminate between different levels of competition. There is limited data examining the differences in physiological responses among different levels of rugby union. Rugby union athletes from different levels of competition (n=15 School, n=15 Club, n=15 Professional, and n=15 International) were included in the study. HR was measured via chest straps worn during the game with specific variables compared between levels of competition (e.g. Average (Avg) HR (bpm), and HR during worst-case scenario (WCS) periods of play (1, 2, 3, 4 and 5 minutes). Data was collected from eight matches for International, six matches for Professional and Club, and with School only able to play four due to season constraints. A one-way ANOVA revealed statistically significant differences in Avg HR across the four competition levels (p < 0.05). School players recorded the highest Avg HR (175 ± 10 bpm), while International players had the lowest (159 ± 9 bpm). Club and Professional teams had similar values, with no significant difference between them (p = 0.72). This trend was consistent across both forwards and backs. WCS HRs over rolling 1–5-minute intervals followed the same pattern, with School players consistently recording the highest values and International players the lowest. The largest WCS difference was observed at the 2-minute interval between School (191 ± 9 bpm) and International (179 ± 6 bpm) teams. Tukey post-hoc tests confirmed that School and International were significantly different from all other groups, while Club and Professional teams did not differ significantly. To the authors knowledge, this study is the first to compare heart rate metrics through different levels of competition in rugby union and is timely as the age of professional players is getting lower. Coaches should consider accurately tailor training to prepare athletes for optimal performance across different levels of competition as HR provides an accurate measure of internal load and could be more effective than the commonly used measures of external load e.g. GPS.

text: Characterizing heart rate differences across rugby union competition levels Heart rate (HR) monitoring provides insight into the demands of rugby union and may be able to help discriminate between different levels of competition. There is limited data examining the differences in physiological responses among different levels of rugby union. Rugby union athletes from different levels of competition (n=15 School, n=15 Club, n=15 Professional, and n=15 International) were included in the study. HR was measured via chest straps worn during the game with specific variables compared between levels of competition (e.g. Average (Avg) HR (bpm), and HR during worst-case scenario (WCS) periods of play (1, 2, 3, 4 and 5 minutes). Data was collected from eight matches for International, six matches for Professional and Club, and with School only able to play four due to season constraints. A one-way ANOVA revealed statistically significant differences in Avg HR across the four competition levels (p < 0.05). School players recorded the highest Avg HR (175 ± 10 bpm), while International players had the lowest (159 ± 9 bpm). Club and Professional teams had similar values, with no significant difference between them (p = 0.72). This trend was consistent across both forwards and backs. WCS HRs over rolling 1–5-minute intervals followed the same pattern, with School players consistently recording the highest values and International players the lowest. The largest WCS difference was observed at the 2-minute interval between School (191 ± 9 bpm) and International (179 ± 6 bpm) teams. Tukey post-hoc tests confirmed that School and International were significantly different from all other groups, while Club and Professional teams did not differ significantly. To the authors knowledge, this study is the first to compare heart rate metrics through different levels of competition in rugby union and is timely as the age of professional players is getting lower. Coaches should consider accurately tailor training to prepare athletes for optimal performance across different levels of competition as HR provides an accurate measure of internal load and could be more effective than the commonly used measures of external load e.g. GPS.

year: 2025

title: The processes involved in formulating a marae-based Māori language regeneration plan for Whakamārama marae: Outline, analysis and evaluation

authors: Lewis, Roger

subjects: New Zealand

abstract: We provide here a criterion referenced evaluation of the processes involved in the creation of a Māori language regeneration strategy for Whakamārama marae. Working voluntarily and often under difficult circumstances, core group members demonstrated that they possessed the essential characteristics of commitment, motivation and determination. In addition, they demonstrated the willingness and ability to use existing skills and knowledge effectively and to develop further skills and knowledge as the project proceeded. Perhaps most important, they developed a caring and effective working culture. However, the weaknesses of the project included a lack of preparation and planning prior to the commencement of the project which led to delays in producing outcomes and some loss of momentum. This also led, indirectly, to the views of two or three members of the core group being overrepresented in the language planning goals. We believe that the information and analysis provided here are likely to be of interest to any language community involved in micro-level language regeneration activities of a similar type.

text: The processes involved in formulating a marae-based Māori language regeneration plan for Whakamārama marae: Outline, analysis and evaluation We provide here a criterion referenced evaluation of the processes involved in the creation of a Māori language regeneration strategy for Whakamārama marae. Working voluntarily and often under difficult circumstances, core group members demonstrated that they possessed the essential characteristics of commitment, motivation and determination. In addition, they demonstrated the willingness and ability to use existing skills and knowledge effectively and to develop further skills and knowledge as the project proceeded. Perhaps most important, they developed a caring and effective working culture. However, the weaknesses of the project included a lack of preparation and planning prior to the commencement of the project which led to delays in producing outcomes and some loss of momentum. This also led, indirectly, to the views of two or three members of the core group being overrepresented in the language planning goals. We believe that the information and analysis provided here are likely to be of interest to any language community involved in micro-level language regeneration activities of a similar type.

year: 2008