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Dr Maria Balatbat

Dr Maria Balatbat

Senior Lecturer

PhD (Economics) University of Sydney, Australia

Master of Commerce (Economics & Finance) University of New South Wales, Sydney, Australia

Bachelor of Science in Commerce (major in Accounting) University of Santo Tomas, Manila, Philippines

Climate Change Adaptation, GCAP Academy, University of Oxford

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Business School
School of Accounting, Auditing and Taxation

My research interests include environmental and social accounting, corporate reporting and assurance of non-financial information such as Environmental, Social and Governance (ESG) and the value relevance of these information to the capital markets. I am also a founding member of a UNSW network, the Collaboration on Energy and Environmental Markets (CEEM). I have been teaching financial accounting in the undergraduate and postgraduate accounting programs for several decades. Recently, I have developed a postgraduate course on reporting for climate change and sustainability which is now taught to business, engineering and environmental studies students. I also teach and have co-developed a course on Integrated Reporting, a new course in the Business School that is accredited by the International Integrated Reporting Council (IIRC). Before joining UNSW, I worked as a Teaching Fellow at Nanyang Business School, Singapore and a Lecturer and RJ Chambers scholar at the University of Sydney. I have published my works in Australian and international refereed journals. Prior to my academic career, I have worked as a consultant and auditor in large accounting firms in the US and Asia. I am a Fellow at CPA Australia and a member of the Chartered Accountants of Australia and New Zealand.

Phone
+61 2 9385 5808
Location
Room 3061A, Quadrangle building - Ref E15
  • Book Chapters | 2020
    Carmichael DG; Balatbat MCA, 2020, 'An alternative valuation of energy options for atypical markets', in Handbook of Energy Finance: Theories, Practices and Simulations, pp. 579 - 594,
    Book Chapters | 2019
    Carmichael DG; Balatbat MCA, 2019, 'An Alternative Valuation of Energy Options for Atypical Markets', in Goutte S; Nguyen DK (ed.), Handbook of Energy Finance: Theories, Practices and Simulations, World Scientific Publishing, Singapore,
    Book Chapters | 2015
    Balatbat MCA; Lin C-Y; Carmichael DG, 2015, 'Management efficiency performance of construction businesses: Australian data', in Built Environment and Property Management - A Focus on Australia, Emerald Group Publishing Limited, Bingley, United Kingdom, pp. 21 - 42
  • Journal articles | 2016
    Carmichael DG; Lea KA; Balatbat MCA, 2016, 'The financial additionality and viability of CDM projects allowing for uncertainty', Environment, Development and Sustainability, 18, pp. 129 - 141,
    Journal articles | 2016
    Siew RYJ; Balatbat MCA; Carmichael DG, 2016, 'A proposed framework for assessing the sustainability of infrastructure', International Journal of Construction Management, 16, pp. 281 - 298,
    Journal articles | 2016
    Siew RYJ; Balatbat MCA; Carmichael DG, 2016, 'Measuring project sustainability maturity level - A fuzzy-based approach', International Journal of Sustainable Development, 19, pp. 76 - 100,
    Journal articles | 2016
    Siew RYJ; Balatbat MCA; Carmichael DG, 2016, 'The impact of ESG disclosures and institutional ownership on market information asymmetry', Asia-Pacific Journal of Accounting and Economics, 23, pp. 432 - 448,
    Journal articles | 2015
    Carmichael DG; Ballouz JJ; Balatbat MCA, 2015, 'Improving the attractiveness of CDM projects through allowing and incorporating options', Energy Policy, 86, pp. 784 - 791,
    Journal articles | 2015
    Jackson AB; Gallery G; Balatbat MCA, 2015, 'The impact of litigation risk on the strategic timing of management earnings forecasts', Accounting and Finance, 55, pp. 467 - 495,
    Journal articles | 2013
    Siew RYJ; Balatbat MCA; Carmichael DG, 2013, 'A Review of Building/Infrastructure Sustainability Reporting Tools (SRTs)', Smart and Sustainable Built Environment, 2, pp. 106 - 139,
    Journal articles | 2013
    Siew RYJ; Balatbat MCA; Carmichael DG, 2013, 'The Relationship between Sustainability Practices and Financial Performance of Construction Companies', Smart and Sustainable Built Environment, 2, pp. 6 - 27,
    Journal articles | 2012
    Balatbat MC; Czernkowski R; Lu F, 2012, 'Does consideration matter to China’s split share structure reform?', Accounting and Finance, 52, pp. 439 - 466,
    Journal articles | 2012
    Balatbat MC; Findlay E; Carmichael DG, 2012, 'Performance Risk Associated with Renewable Energy CDM Projects', Journal of Management in Engineering, 28, pp. 51 - 58,
    Journal articles | 2011
    Balatbat MCA; Lin C; Carmichael DG, 2011, 'Management Efficiency Performance of Construction Businesses – Australian Data', Engineering, Construction and Architectural Management, 18, pp. 140 - 158,
    Journal articles | 2011
    Carmichael DG; Balatbat MCA, 2011, 'On the Analysis of Property Unit Sales over Time', International Journal of Strategic Property Management, 15, pp. 329 - 339,
    Journal articles | 2010
    Balatbat MCA; Lin C; Carmichael DG, 2010, 'Australian Construction Growth Ratios: Industry and Company Analyses', The International Journal of Construction Management, 10, pp. 23 - 43,
    Journal articles | 2010
    Balatbat MCA; Lin C; Carmichael DG, 2010, 'Comparative Performance of Publicly Listed Construction Companies: Australian Evidence', Construction Management and Economics, 28, pp. 919 - 932,
    Journal articles | 2010
    Carmichael DG; Balatbat MCA, 2010, 'A Contractor's Analysis of the Likelihood of Payment of Claims', Journal of Financial management of property and construction, 15, pp. 102 - 117,
    Journal articles | 2010
    Carmichael DG; Balatbat MCA, 2010, 'A Review and Study of Project Investment Cash Flow Correlations', International Journal of Project Planning and Finance, 1, pp. 1 - 21,
    Journal articles | 2010
    Johar K; Carmichael DG; Balatbat MCA, 2010, 'A Study of Correlation Aspects in Probabilistic NPV Analysis', The Engineering Economist, 55, pp. 181 - 199,
    Journal articles | 2008
    Balatbat MC; Bertinshaw ST, 2008, 'Use of proceeds disclosures in IPO prospectuses: do issuers come clean?', JASSA - Journal of the Securities Institute of Australia, 2, pp. 17 - 21
    Journal articles | 2008
    Carmichael DG; Balatbat MC, 2008, 'Probabilistic DCF Analysis and Capital Budgeting and Investment - A Survey', The Engineering Economist, 53, pp. 84 - 102,
    Journal articles | 2008
    Carmichael DG; Balatbat MCA, 2008, 'The Influence of extra projects on overall investment feasibility', Journal of Financial Management of Property and Construction, 13, pp. 161 - 174,
    Journal articles | 2006
    Balatbat MC, 2006, 'Discussion of explaining the short- and long-term IPO anomalies in the US by R&D', Journal of Business Finance and Accounting, 33, pp. 580 - 586,
    Journal articles | 2006
    Balatbat MCA, 2006, 'Discussion of Explaining the Short- and Long-Term IPO Anomalies in the US by R&D', Journal of Business Finance <html_ent glyph="@amp;" ascii="&amp;"/> Accounting, pp. 060428035417005 - 060428035417005,
    Journal articles | 2004
    Balatbat MC; Taylor SL; Walter TS, 2004, 'Corporate Governance, Insider Ownership and Operating Performance of Australian Initial Public Offerings', Accounting and Finance, 44, pp. 299 - 328,
  • Reports | 2022
    Kobelentz K; Balatbat M; Nagrath K; Hunt P; Blair J; Nakagawa-Lagisz M, 2022, Finance & Investment Rapid Review: Identification and measurement of circular assets and risks for the finance and investment sector in the transition to a circular economy, Collaboration on Energy and Environmental Markets (CEEM), UNSW Sydney., ,
    Conference Papers | 2018
    Chard G; Balatbat M; Wiedmann T, 2018, 'The use of Environmentally Extended Input and Output Analysis to measure and evaluate the carbon and employment footprint of an equity investment', Milan, Italy, presented at European Accounting Association, Milan, Italy, 30 May 2018 - 01 June 2018,
    Conference Presentations | 2016
    Balatbat MCA; Lee K; Carmichael DG, 2016, 'Reconciling Accounting and Engineering Reporting for Infrastructure Projects', presented at International Conference on Business and Management 2016, ICBM-2016, Virata School of Business, The University of the Philippines, Diliman, Quezon City, 13 July 2016 - 15 July 2016
    Conference Papers | 2014
    Carmichael DG; Lea LO; Balatbat MCA, 2014, 'Emissions Management of Urban Earthmoving Fleets', in Tamosaitiene J; Panuwatwanich K; Mishima N (eds.), Fifth International Conference on Engineering, Project, and Production Management, Nelson Mandela Metropolitan University, Nelson Mandela Metropolitan University, Port Elizabeth, South Africa, pp. 262 - 271, presented at Fifth International Conference on Engineering, Project, and Production Management, Nelson Mandela Metropolitan University, Port Elizabeth, South Africa, 26 November 2014 - 28 November 2014
    Conference Papers | 2014
    Carmichael DG; Malcolm CJ; Balatbat MCA, 2014, 'Carbon Abatement and Its Cost in Construction Activities', in Construction Research Congress 2014, American Society of Civil Engineers, pp. 534 - 543, presented at Construction Research Congress 2014,
    Conference Papers | 2014
    Carmichael DG; Malcolm CJ; Balatbat MCA, 2014, 'Carbon Abatement and its Cost in Construction Activities', in Castro-Lacouture D; Irizarry J; Ashuri B (eds.), Proceedings of the 2014 Construction Research Congress, American Society of Civil Engineers, Atlanta, Georgia USA, pp. 534 - 543, presented at ASCE Construction Research Congress, Atlanta, Georgia USA, 19 May 2014 - 21 May 2014,
    Conference Papers | 2013
    Balatbat MC; Jackson A; Lu F, 2013, 'Did the evolution of accounting standards in China improve earnings quality?', in American Accounting Association (ed.), American Accounting Association, International Accounting Section, American Accounting Association, Savannah USA, presented at American Accounting Association, Savannah USA, 21 February 2013 - 23 February 2013,
    Conference Presentations | 2013
    Balatbat MC, 2013, 'Accounting for Carbon Allowances', presented at China-Australia Carbon Market Design Expert Workshop: Allocation Approaches and Lessons learnt so Far, Tsinghua University, China, 12 October 2013 - 12 October 2013
    Conference Presentations | 2013
    Balatbat MC, 2013, 'Financial Reporting Implications of a Carbon Price in Australia and International Developments', presented at CEEM China-Australia Carbon Market Design Workshop, ASB Experimental Laboratory, UNSW, Sydney, 26 March 2013 - 26 March 2013
    Conference Papers | 2013
    Balatbat MCA; Siew RYJ; Carmichael DG, 2013, 'A review of building/infrastructure sustainability reporting tools (SRTs).', in NA (ed.), A review of building/infrastructure sustainability reporting tools (SRTs)., American Accounting Association, presented at Built Environment, 21 February 2013 - 23 February 2013
    Conference Papers | 2013
    Carmichael DG; Balatbat MCA, 2013, 'Valuing Flexibility In Infrastructure', in Proceedings of the New Developments in Structural Engineering and Construction, Research Publishing Services, pp. 1585 - 1590, presented at The Seventh International Structural Engineering and Construction Conference, - 23 June 2013,
    Conference Papers | 2013
    Carmichael DG; Balatbat MCA, 2013, 'Valuing flexibility in infrastructure', in Yazdani S; Singh A (ed.), ISEC 2013 - 7th International Structural Engineering and Construction Conference: New Developments in Structural Engineering and Construction, Research Publishing Services, University of Hawaii, Manoa, Hawaii, pp. 1585 - 1590, presented at The Seventh International Structural Engineering and Construction, University of Hawaii, Manoa, Hawaii, 18 June 2013 - 23 June 2013,
    Conference Papers | 2013
    Wong LK; Balatbat M; Khoo LM, 2013, 'Value Relevance of Greenhouse Gas (GHG) Emissions Disclosures on Stock Market Performance: an International Study', in European Accounting Association (ed.), European Accounting Association 2013 Annual Congress, Paris, France, presented at European Accounting Association 2013 Annual Congress, Paris, France, 06 May 2013 - 08 May 2013,
    Conference Papers | 2012
    Balatbat MC; Siew RYJ; Carmichael DG, 2012, 'ESG Score and its Influence on Firm Performance: Australian Evidence', in Programme & Proceedings 35th Annual Congress of the European Accounting Association, 35th Annual Congress of the European Accounting Association, Slovenia, presented at 35th Annual Congress of the European Accounting Association, Llujbana, Slovenia, 09 May 2012 - 11 May 2012,
    Conference Papers | 2011
    Balatbat MC; Jackson AB; Gallery G, 2011, 'The Strategic Timing of Management Earnings Forecasts', in Accounting and Finance Association Australia and New Zealand Papers and Proceedings, Accounting and Finance Association Australia and New Zealand, Australia, presented at Accounting and Finance Association Australia and New Zealand Conference, Darwin, Australia, 03 July 2011 - 05 July 2011,
    Conference Papers | 2011
    Siew RYJ; Balatbat MCA; Carmichael DG, 2011, 'Impact of environmental, social and governance (ESG) disclosures on firm performance', in Dynamics of Investing Responsibly Research Forum program & proceedings, University of Sydney Business School, Australia, presented at Dynamics of Investing Responsibly Research Forum, USYD Business School, 25 November 2011 - 25 November 2011,
    Conference Papers | 2011
    Tran H; Carmichael DG; Balatbat MCA, 2011, 'Tree Form Classification of Owner Payment Behaviour', in Fourth International Conference on Construction Engineering and Project Management, The University of New South Wales/ICCEPM, Sydney, pp. S15.3/1 - S15.3/8, presented at Fourth International Conference on Construction Engineering and Project Management, Sydney, 16 February 2011 - 18 February 2011
    Conference Papers | 2009
    Balatbat MC; Lu F, 2009, 'An empirical study of IPO underpricing in China after the split share structure reform', Las Vegas, USA, presented at Asian-Pacific Conference on International Accounting Issues 2009, Las Vegas, USA, 22 November 2009 - 25 November 2009
    Conference Papers | 2009
    Carmichael DG; Balatbat MCA, 2009, 'Sustainability on Construction Projects as a Business Opportunity', in SSEE 2009 International Conference, Solutions for a Sustainable Planet, Society for Sustainability and Environmental Engineering, Engineers Australia, Melbourne, presented at SSEE 2009 International Conference, Solutions for a Sustainable Planet, Society for Sustainability and Environmental Engineering, Engineers Australia, Melbourne, 23 November 2009 - 24 November 2009
    Conference Papers | 2009
    Carmichael DG; Balatbat MCA, 2009, 'The Incorporation of Uncertainty Associated with Climate Change into Investment Appraisal', in APES2009, Asia Pacific Expert Seminar – Managing Projects, Programs and Ventures in Times of Uncertainty and Disruptive Change, Asia Pacific International College, Sydney, presented at APES2009, Asia Pacific Expert Seminar: Managing Projects, Programs and Ventures in Times of Uncertainty and Disruptive Change, Sydney, 19 November 2009 - 20 November 2009
    Conference Papers | 2008
    Balatbat MC; Lu F; Czernkowski RM, 2008, 'The reform of split share structure in China and its effects on the capital market: An empirical study', in Program & Proceedings - Accounting & Finance Association of Australia Conference 2008, Sydney, presented at AFAANZ 2008 Accounting and Finance Association of Australia Conference, Sydney, 06 July 2008 - 08 July 2008
    Conference Papers | 2008
    Balatbat MCA; Carmichael DG, 2008, 'Cash Flow Correlation Approximations in Capital Budgeting', in Programme & Proceedings - 20th Asian Pacific Conference on International Accounting Issues, 20th Asian Pacific Conference on International Accounting Issues, Paris, France, presented at 20th Asian Pacific Conference on International Accounting Issues, Paris, France, 09 November 2008 - 12 November 2008
    Conference Papers | 2008
    Balatbat MCA; Carmichael DG, 2008, 'Gain and Risk in Sustainable-style Investments', in Program and Proceedings - 6th Symposium on Accountability, Governance and Performance: meeting Sustainability, Griffith University Centre for Organisational Governance and Performance Measurement, Griffith University, Qld, presented at 6th Symposium on Accountability, Governance and Performance: meeting Sustainability, Griffith University, Qld, 15 February 2008 - 15 February 2008
    Conference Papers | 2008
    Balatbat MCA; Carmichael DG, 2008, 'Sensitivity to one or more investments in DCF analysis with uncertainty.', in Program & Proceedings - Accounting & Finance Association of Australia Conference 2008, Accounting and Finance Association of Australia and New Zealand (AFAANZ), Sydney, presented at AFAANZ 2008 Accounting and Finance Association of Australia Conference, Sydney, 06 July 2008 - 08 July 2008
    Conference Papers | 2008
    Balatbat MCA; Carmichael DG, 2008, 'The extension of probabilistic DCF analysis to multiple project investments', in Programme & Proceedings American Accounting Association Conference 2008, American Accounting Association (AAA), Anaheim, California, presented at American Accounting Association Annual Meeting 2008, Anaheim, California, 03 August 2008 - 06 August 2008
    Conference Papers | 2007
    Balatbat MC; Feigin B, 2007, 'The Impact of Disclosures by Biotechnology Firms on the Capital Markets.', in 19th Asian-Pacific Conference on International Accounting Issues, Kuala Lumpur, Malayasia, presented at 19th Asian-Pacific Conference on International Accounting Issues, Kuala Lumpur, Malayasia, 11 November 2007 - 14 November 2007
    Conference Papers | 2007
    Balatbat MC, 2007, 'An alternative to earned value reporting on project performance', presented at International Symposium on Advancement of Construction Management and Real Estate 2007
    Conference Papers | 2007
    Balatbat MC, 2007, 'Coming Clean ¿ The impact of disclosures by Biotechnology firms on the capital market', in Proceedings of the AFAANZ Annual Conference, Gold Coast, Qld, presented at AFAANZ 2007 Annual Conference, Gold Coast, Qld, 01 July 2007 - 03 July 2007
    Preprints |
    Balatbat MCA; Gallery GT; Jackson AB, The Strategic Timing of Management Earnings Forecasts,
    Preprints |
    Lu F; Balatbat MCA; Czernkowski RMJ, The Role of Consideration in China's Split Share Structure Reform,

  • Cooperative Research Centre for Low Carbon Living (CRCLCL) Grant 2018, International best practice on financing models for low carbon/energy efficient buildings: Rapid systematic overview of evidence ($10,000).
  • ARC Linkage Infrastructure, Equipment and Facilities (LIEF) Grant 2016-2017. Enhance modelling capacity for the industrial ecology virtual laboratory ($352,000).
  • Cooperative Research Centre for Low Carbon Living (CRCLCL), Developing a Built Environment Impact Framework and Decision-Making Tool to Measure and Value the Economic, Social and Environmental Impact of Projects in the Built Environment, 2015 ($200,000).
  • ARC Linkage Infrastructure, Equipment and Facilities (LIEF) Grant 2016-2017. Enhance modelling capacity for the industrial ecology virtual laboratory ($352,000).
  • Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education (DIICCSRTE), 2014-2016, Australia-China Climate Change Research Forum on Climate Change Mitigation Policy, ($60,016)
  • UNSW Contestable Funding Scheme, 2013, The Rise of Carbon Markets in China ($30,000)
  • ARC Linkage Grant 2012-2016 (with the Institute of Chartered Accountants in Australia and CPA Australia): Enhancing integrated reporting: implications for internal and external reporting and assuranceÌý($329,604)
  • Accounting and Finance Association in Australia and New Zealand Research Grant Scheme 2011-2012, The journey to Integrated Reporting: What needs to be done by Australian and New Zealand firms and does it matter in creating and sustaining value? ($7,452)
  • CPA Australia Global Research Perspectives, 2010, Adopting a multi-disciplinary approach to investigate how economic, social and governance (ESG) information impacts on external and internal stakeholders ($32,967)
  • UNSW Contestable Funding for International Strategic Projects, 2010, Accounting, reporting and assurance for a sustainable future: ÌýRisks and opportunities ($10,000)
  • Institute of Chartered Accountants in Australia Research Grant, 2010, Environmental, social and governance (ESG) disclosures in public equity offerings and its implications on investment decision-making ($8,000)
  • Australian School of Business Research Grant (ASBRG), 2009, Ensuring the effectiveness of the proposed CPRS Scheme: ÌýUnderstanding the economic consequences of accounting policy choices for carbon emission permits ($20,650)
  • Australian School of Business Special Research Grant (ASBSRG), 2009, An assessment of transparency and accountability in the Philippines to identify improvements that will assist policymakers address the challenges of the global financial crisis ($6,480)
  • UNSW Contestable Funding Scheme, 2008, Role of carbon financing in developing nations in mitigating GHG emissions ($30,000)
  • CPA Australia Research Grant Scheme, 2005, Accuracy of uses of IPO proceeds and its effects on long-run performance ($9,000)

  • The Oustanding Paulinian Alumni Series Award 2023, St Paul's Colege Quezon City Alumni Association.
  • CPA Australia, Excellence in Service to the Profession, 2022
  • UNSW Business School UN PRME Excellence in Teaching Award, 2015
  • UNSW Business School Teaching Award: Excellence in Academic Engagement, 2014
  • RJ Chambers PhD Scholarship in Accounting, 1995-1998
  • Best Paper and Presentation, PhD Conference in Business and Economics, Perth, W.A., 1997

In recent years, I have worked in the evaluation of environmental and social dimensions in corporate reporting and the connectivity of these aspects to the value creation of organisations in the Built Environment Sector. Most notable is my involvement as Lead Investigator in a Cooperative Research Centre for Low Carbon Living project that developed a Built Environment Impact Framework and a Decision Making Tool to measure and value the economic, social and environmental impact of projects in the Built Environment Sector. I also examine how the capital markets perceive the disclosure of Environmental, Social and Governance indicators. I am also currently working on developing indicators for the reporting of sustainable value creation.

ELECTED OFFICE

Councilor, NSW Divisional Council, CPA Australia (2019-2022)

DIRECTORSHIP

Director, Australasian Reporting Awards (Since 2019)

PROFESSIONAL AFFILIATIONS

Fellow, CPA Australia

Member, TWG Climate Disclosure Standards Board (CDSB)

Member Chartered Accountants in Australia and New Zealand (CAANZ)

Member, Accounting and Finance Association of Australia and New Zealand (AFAANZ)

Member, American Accounting Association (AAA)

Member, European Accounting Association (EAA)

Member, Philippine Institute of Certified Public Accountants (PICPA)

Member, Centre for Social and Environmental Accounting Research (ACSEAR)

Member, Pacioli Society

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EDITORIAL BOARD MEMBERSHIP

PSU Research Review: An International Journal, Editorial Board Member, 2016-Present

Managerial Auditing Journal, Guest Editor, 2012-2013

Philippine Management Review, Guest Editor, 2011-2012

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ASSESSOR

Australian Research Council, since 2000

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REFEREEING ACTIVITIES

Abacus

Accounting and Finance

American Accounting Association

Australasian Accounting Business and Finance Journal

Australian Accounting Review

Australian Journal of Management

Corporate Governance:Ìý An International Review

Energy Policy

Journal of Business Ethics

Journal of Industrial Ecology

Sustainability Accounting, Management and Policy Journal

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Invited Presentations

My Teaching

ACADEMIC TEACHINGÌý

Undergraduate (BCom)Ìý

  • Corporate Financial Reporting & Analysis - Pass and Honours (Course coordinator and CourseÌýDeveloper)Ìý
  • Issues in Financial Reporting & Analysis – Pass and HonoursÌý

Graduate (MCom/Masters of Professional Accounting)Ìý

  • Advanced Financial Reporting (Course Coordinator and Course Developer)Ìý
  • Corporate Financial Reporting and AnalysisÌý
  • International Financial Statement AnalysisÌý
  • Reporting for Climate Change and Sustainability (Course Coordinator and Course Developer)Ìý
  • Integrated Reporting, Integrated Thinking and Value Creation (Course Coordinator and Course Developer)Ìý

Executive Program – AGSM Hong KongÌý

  • Reporting for Climate Change and Sustainability (Course Coordinator and Course Developer)Ìý

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