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Journal articles on the topic 'Corporate disclosure'
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G., Ezhilarasi, and K. C. Kabra. "The Impact of Corporate Governance Attributes on Environmental Disclosures: Evidence from India." Indian Journal of Corporate Governance 10, no. 1 (June 2017): 24–43. http://dx.doi.org/10.1177/0974686217701464.
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This article empirically investigates the impact of corporate governance attributes on companies’ decision to disclose environmental information since corporate governance ensures fair, responsible, credible and transparent corporate behaviours to its stakeholders. The corporate governance attributes used in the study are board size, chief executive officer duality, domestic institutional ownership and foreign institutional ownership. Environmental disclosures are measured by a checklist of items based on Global Reporting Initiative guidelines as well as environmental regulations prevailing in India. Disclosure scores are drawn individually by using content analysis of annual reports for a sample of 177 most polluting companies in India for a period of 6 years, that is, from 2009–2010 to 2014–2015. Employing panel data regression model, the result indicates that foreign institutional ownership is the most important corporate governance attribute that engages corporates in environmental disclosure behaviour. In addition to this, firm-specific characteristics such as company size and environmental certification are more likely to influence environmental disclosures. For better environmental disclosure, the Securities and Exchange Board of India (SEBI) should mandate all the companies to disclose detailed monetary and non-monetary information on environmental issues in their companies’ periodic report and also more emphasis should be given to strengthen the corporate governance attributes.
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Bloomfield, Robert J. "A Pragmatic Approach to More Efficient Corporate Disclosure." Accounting Horizons 26, no. 2 (June 1, 2012): 357–70. http://dx.doi.org/10.2308/acch-10261.
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SYNOPSIS This paper uses a Pragmatic theory of language (drawn from philosophy and linguistics) to diagnose the causes of excessive financial disclosure and propose a regulatory solution. The diagnosis is that existing disclosure regulations are one sided, effectively encouraging firms to disclose any information that might be relevant, but failing to discourage disclosure of information that adds little to what investors already know. This one-sidedness limits investors' ability to draw inferences that items the firm chooses not to disclose are not newsworthy (an inference Pragmatic theorists call “implicature”). The solution is to encourage or require firms to supplement comprehensive disclosures with an “elevated” disclosure that is brief enough to force firms to be selective in choosing what information to include. Regulations can enhance implicature through rules that prohibit firms from elevating disclosures that are less newsworthy than disclosures that are not elevated.
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Alnabsha, Abdalrhman, Hussein A. Abdou, Collins G. Ntim, and Ahmed A. Elamer. "Corporate boards, ownership structures and corporate disclosures." Journal of Applied Accounting Research 19, no. 1 (February 12, 2018): 20–41. http://dx.doi.org/10.1108/jaar-01-2016-0001.
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Purpose The purpose of this paper is to investigate the effect of corporate board attributes, ownership structure and firm-level characteristics on both corporate mandatory and voluntary disclosure behaviour. Design/methodology/approach Multivariate regression techniques are used to estimate the effect of corporate board and ownership structures on mandatory and voluntary disclosures of a sample of Libyan listed and non-listed firms between 2006 and 2010. Findings First, the authors find that board size, board composition, the frequency of board meetings and the presence of an audit committee have an impact on the level of corporate disclosure. Second, results indicate that ownership structures have a non-linear effect on the level of corporate disclosure. Finally, the authors document that firm age, liquidity, listing status, industry type and auditor type are positively associated with the level of corporate disclosure. Research limitations/implications Future research could investigate disclosure practices using other channels of corporate disclosure media, such as corporate websites. Useful insights may be offered also by future studies by conducting in-depth interviews with corporate managers, directors and owners regarding these issues. Practical implications The evidence relating to the important role that corporate governance mechanisms play in shaping the expectations relating to the level of corporate voluntary and/or mandatory disclosures may be useful in informing investor decisions, as well as future policy and regulatory initiatives. Originality/value This paper contributes to the existing literature by examining the governance-disclosure nexus relating to both mandatory and voluntary disclosures in both listed and non-listed firms operating in a developing country setting.
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Hoelscher, Seth A. "Voluntary hedging disclosure and corporate governance." Review of Accounting and Finance 19, no. 1 (June 10, 2019): 5–29. http://dx.doi.org/10.1108/raf-01-2018-0001.
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Purpose This paper aims to investigate the implications of governance quality on a firm’s information environment in the context of voluntary changes in hedging disclosures made by oil and gas companies. Design/methodology/approach The research utilizes a Factiva-guided search to hand-collect public disclosures related to changes in hedging policies along with the hand collection of financial derivatives positions and operational hedging contracts data using 10-K filings. The paper addresses self-selection bias, which typically plagues voluntary disclosure studies, by implementing a Heckman (1979) two-step model to estimate the decision process, make changes in their hedge program and, conditional on making changes to their hedging activities, provide disclosure. Findings Oil and gas firms with relatively poor governance are more likely to voluntarily disclose hedging changes and do so more frequently (substitution hypothesis). There is evidence that poorly governed firms in the presence of large shareholders (i.e. high institutional ownership) are more likely to provide transparency of hedging policy changes. Originality/value This is the first study to combine hand-collected changes in hedging voluntary disclosures and hand-collected derivative position data to investigate the interaction of corporate governance and voluntary disclosure. The sample allows for analysis between three sub-samples: companies that do not make changes in hedging and do not hedge, firms that make changes in their hedging policies but do not disclose the changes during a given year and companies that change their hedging activities and provide voluntary disclosure. This unique setting helps to alleviate concerns of self-selection bias associated with voluntary disclosure.
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Ramdhony, Dineshwar. "Corporate Social Reporting By Mauritian Banks." International Journal of Accounting and Financial Reporting 5, no. 2 (July 28, 2015): 56. http://dx.doi.org/10.5296/ijafr.v5i2.8067.
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The paper examines CSR disclosures by commercial banks operating in Mauritius. Annual reports for the year 2011 were scrutinized using content analysis. Five categories of disclosure were chosen in line with the Code of corporate governance and prior studies. Due to the small number (20) of banks operating in the country all banks were selected. Findings show that banks with higher visibility disclose more CSR information thus confirming that the legitimacy theory is an explanation for CSR disclosure by Mauritian banks. CSR reporting is prevalent among all banks but forty percent of banks disclose CSR information relating to one category only showing a narrow view of CSR. The primary area of disclosure is ‘Human resources’ which is at odds with previous studies. The paper contributes to the scarce literature on CSR disclosures by banks in a developing country.
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Czernkowski, Robert, Stephen Kean, and Stephen Lim. "Impact of ASX corporate governance guidelines on sustainability reporting." Accounting Research Journal 32, no. 4 (November 4, 2019): 692–724. http://dx.doi.org/10.1108/arj-07-2017-0122.
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Purpose This paper aims to examine the impact of the Australian Securities Exchange Corporate Governance recommendations on the breadth (amount of items covered) of (environmental and social) sustainability reporting by the firms in the Top 100, around the change from G3.1 to G4 disclosure regimes. Design/methodology/approach This paper undertakes comparisons of means and regression models to investigate the changes between disclosure scores of 98 listed entities from the 2013 G3.1 to the 2015 G4 disclosure regimes. Findings This paper finds that average disclosure levels did not change. Nonetheless, disclosure practices did vary by entity size and performance. Analysis of 2015 disclosures contingent on 2013 disclosure practice indicates that disclosure changes are consistent with a pattern of mean reversion. Practical implications Evidence that low disclosers increased disclosure and high disclosers reduced disclosers is consistent with the idea that sustainability disclosure is not so much driven by any ethical considerations, but rather by a desire to not be a disclosure outlier. Reliance on voluntary disclosure to achieve a socially desired level of disclosure is unlikely to bear fruit. Originality/value This paper contributes to the literature on sustainability by examining firm responses to change in disclosure regimes, and concluding that size and peer relativities drive the disclosure process.
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Elberry, Noha, and Khaled Hussainey. "Does corporate investment efficiency affect corporate disclosure practices?" Journal of Applied Accounting Research 21, no. 2 (April 13, 2020): 309–27. http://dx.doi.org/10.1108/jaar-03-2019-0045.
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PurposeThe authors examine the impact of corporate investment efficiency on corporate voluntary disclosure for a sample of UK non-financial companies.Design/methodology/approachThe authors use a sample of FTSE All-Share firms for the period of 2007–2014. Disclosure scores are collected from Corporate Financial Information Environment (CFIE). They follow Biddle et al. (2009) and Chen et al. (2011) in measuring corporate investment efficiency.FindingsThe authors find that high level of performance-related disclosure is associated with high level of corporate investment efficiency, while high level of good news information is associated with low level of corporate investment efficiency. They also find evidence on a bidirectional relation between disclosure and corporate investment efficiency.Research limitations/implicationsThe authors’ findings would be of importance to stakeholders and corporations. Stakeholders' investment decisions could be facilitated by understanding the disclosures provided by their firms and how these firms' performance is presented. Corporations become aware of the language which must be used to signal their performance.Practical implicationsCorporations become aware of the language which must be used in their disclosures. As firms may reflect their efficient investments but not in the form of good news in order to avoid revealing their competitive advantage to competitors.Originality/valueThis paper adds to disclosure studies by introducing a new variable, corporate investment efficiency, as a determinant of corporate disclosure practice.
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Zhang, Haifeng, Zhuo Zhang, Adrian Tan, and Ekaterina Steklova. "Quantity, Quality, and Performance of Corporate Social Responsibility Information Disclosure by Listed Enterprises in China: A Regional Perspective." International Journal of Environmental Research and Public Health 17, no. 7 (March 27, 2020): 2245. http://dx.doi.org/10.3390/ijerph17072245.
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The purpose of this article is to promote an increase in the number of enterprises that will disclose corporate social responsibility (CSR) information, and to improve on their quality of CSR information disclosure. Using the theory of organizational ecology, we propose that the density of companies that disclose CSR information in a region has an impact on both the quality and the performance of CSR disclosures. The study results suggest that an increase in the density of CSR information disclosing enterprises in a region will increase the number of enterprises with disclosure intentions. A density increase has a nonlinear influence on the quality of CSR information disclosure and on corporate performance, where the influence of disclosing enterprises’ density on corporate performance is partly mediated by the quality of CSR information disclosure. Our research also shows that the impact of density change of disclosing enterprises on the quality of CSR information disclosure is mediated by corporate capital structure.
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Samuel, Abass Olabode, Umaru Zubairu, and Bilkisu Abubakar. "Evaluating the Corporate Social Responsibility Disclosure of Nigeria’s Most Profitable Companies." TIJAB (The International Journal of Applied Business) 4, no. 2 (November 17, 2020): 106. http://dx.doi.org/10.20473/tijab.v4.i2.2020.106-115.
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This study evaluated Corporate Social Responsibility (CSR) disclosure in the most profitable companies in Nigeria, a review was carried out on the annual reports and websites of the five most profitable companies in Nigeria according to the market cap list 2018. This research focused on the quantity and quality of CSR disclosures, provided by these companies. The method of analysis used was content analysis. The result of this study revealed that from the three dimensions constituting Community disclosure, Environmental disclosure and Human Resource disclosure, Community disclosure was the most disclosed dimension from the top profitable companies in Nigeria. Findings revealed that these companies disclosed a lot about the different CSR activities they had undertaken within the span of one year, but the quality of these disclosures were relatively low. CSR disclosure should be encouraged by the Nigerian government by publicly recognizing companies who disclose CSR activity, this will motivate other companies to practice and disclose CSR.
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Blanc, Renata, Muhammad Azizul Islam, Dennis M. Patten, and Manuel Castelo Branco. "Corporate anti-corruption disclosure." Accounting, Auditing & Accountability Journal 30, no. 8 (October 16, 2017): 1746–70. http://dx.doi.org/10.1108/aaaj-02-2015-1965.
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Purpose The purpose of this paper is to investigate whether differences in media exposure regarding corporate corruption appear to influence companies’ anti-corruption disclosures. The authors also examine whether the level of press freedom in firms’ home countries affects disclosure and the impact of media exposure in different ways. Design/methodology/approach The authors use Transparency International’s 2012 ratings of anti-corruption disclosure by the 105 largest multinational firms in the world, press freedom assessments from the non-governmental organization Reporters Without Borders, and media exposure measures based on a search using the Dow Jones Factiva database. The authors assess relations using regression analysis controlling for other firm-specific factors potentially impacting disclosure choices. Finally, the authors consider the potential effect of other country-level factors. Findings The results indicate that media exposure, using either an existence or an extensiveness measure, is positively related to differences in sample companies’ anti-corruption disclosures. The authors also find that disclosure is more (less) extensive where home country press freedom is less (more) restricted and that reduced press freedom appears to reduce the impact of media exposure on the disclosure. The authors further document that press freedom levels explain more difference in anti-corruption disclosures than other country-level factors potentially influencing the practice. Research limitations/implications Because the investigation is limited to very large international firms for a single year, the degree to which the findings apply to other companies and time periods cannot be assessed. Further, the authors cannot determine how the findings would hold using an alternative disclosure rating scheme. Finally, the authors do not assess whether differences in the source of media exposure impact the findings. Social implications The findings suggest that, to the extent that improved anti-corruption disclosure reflects greater corporate attention to corruption issues, the media may be a powerful player in addressing this social ill. Unfortunately, the results also indicate that media efforts may not be sufficient to bring about change in locations where the freedom of the press is limited. Further, the results suggest that disclosure appears to be a function of exposure to social and political exposures, and the authors therefore question whether it will actually lead to improved corruption performance. Originality/value The study is the first to consider the impacts of media exposure and press freedom on corporate social disclosures.
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Arshad, Roshayani, Ruhaya Atan, and Faizah Darus. "Board structure, institutional pressures and corporate voluntary disclosures." Corporate Ownership and Control 6, no. 3 (2009): 360–70. http://dx.doi.org/10.22495/cocv6i3c3p2.
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Corporate disclosure has been subjected to calls for corporate transparency by corporate governance movement as a matter of good corporate governance. Managers face substantial pressure to make more transparent disclosure of their activities to promote efficient governance of their companies or risk losing legitimacy from the perspectives of the investors and other stakeholders. Using the annual reports of 155 Malaysian listed companies, this study investigates the competing effects of board structure and institutional pressures on the extent and credibility of corporate voluntary disclosure during the period when public listed companies in Malaysia faced new corporate governance regulation. This study provides evidence that under the influence of dominant owners on board, management voluntary disclosure decisions are driven by mimetic pressures when their company is structured to meet expectations of good corporate governance. Managers’ voluntary disclosure strategy to gain legitimacy seems to override their incentives to disclose credible information to outside investors. This inference is consistent with the evidence that management voluntary disclosures are not viewed as credible by outside investors. These findings contribute to a better understanding of the relationships between various board structures and institutional pressures on management disclosure decisions in particular agency settings.
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Serrasqueiro, Rogério Marques, and Tânia Sofia Mineiro. "Corporate risk reporting: Analysis of risk disclosures in the interim reports of public Portuguese non-financial companies." Contaduría y Administración 63, no. 2 (April 10, 2018): 34. http://dx.doi.org/10.22201/fca.24488410e.2018.1615.
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<p class="Default">Fast changing environments, globalization, coupled with financial scandals, and the advance of information technologies made corporate risk a very central issue in management and accounting. Current governance codes require that management disclose in annual reports its responsibility for the adequacy of risk management and internal control systems and the disclosure of risk and uncertainties faced by companies are required by both governance codes and corporate reporting. This study seeks to capture risk disclosure patterns adopted by public Portuguese companies in interim reports and to investigate whether the audit quality may explain the observed risk disclosures practices. Manual content analysis has been carried out in the interim reports of 35 non-financial Portuguese firms ranked by decreasing market capitalization to create indexes of corporate risk disclosure, which have been used for observing the tone of disclosure and for testing an explanatory model with proxies of audit quality together with other explanatory variables widely used in disclosure research. Results point out that quantified risk disclosure prevails in interim reports and that firm’s risk disclosure policies are not influenced by auditor’s quality. This work contributes to academic and regulatory environments, filling the gap about risk disclosure in the interim report, identifying the nature of corporate risk disclosures, assessing the quality of risk information and updating research about determinants of risk disclosure in interim reports.</p>
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Mai Tran, Ngoc, and Manh Ha Tran. "Corporate social responsibility disclosure and firm performance: Evidence from Vietnam." Investment Management and Financial Innovations 19, no. 3 (July 21, 2022): 49–59. http://dx.doi.org/10.21511/imfi.19(3).2022.05.
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Corporate social responsibility (CSR) is quite a new concept to business and society in Vietnam. Information on CSR reflects a firm’s commitment to ethical behavior in its activities and reputation. However, it is questioned whether the information disclosure has any relationship with firm performance. Employing panel regression of about 200 listed firms on the Vietnam Stock Exchange and space-based measurement of CSR disclosure, the study confirms a positive impact of CSR disclosure on firm performance. Firms use CSR disclosures to indirectly improve their performance. Firms that disclose CSR with greater degree of information experience higher marginal profitability. This finding supports stakeholder theory, legitimacy theory, and signaling theory in using CSR disclosure as a tool to improve firms’ reputation and transparency, maintain long-term operation, and hence improve financial performance. During the COVID-19 pandemic, firms that engage more in CSR will suffer less from the pandemic than firms that do not. Thus, the study implies a promising CSR picture for corporations in Vietnam. Investors, policy makers and any related authorities can utilize these findings to get more insight into the business through CSR disclosures.
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Elgammal, Mohammed M., Khaled Hussainey, and Fatma Ahmed. "Corporate governance and voluntary risk and forward-looking disclosures." Journal of Applied Accounting Research 19, no. 4 (November 12, 2018): 592–607. http://dx.doi.org/10.1108/jaar-01-2017-0014.
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PurposeThe purpose of this paper is to examine the impact of corporate governance on risk and forward-looking disclosures in Qatar.Design/methodology/approachThe authors automatically measure levels of risk and forward-looking disclosures in the annual reports of Qatari firms for the period 2008–2014. The authors also use two ways clustered error pooled panel regressions to examine the determinants of these disclosures.FindingsThe authors find that firms with a higher percentage of foreign ownership disclose more forward-looking information; conversely, board size has a negative impact on the forward-looking disclosure. Financial firms tend to disclose less forward-looking information, however, they tend to disclose more forward-looking information after the 2008 global financial crisis. The authors also find negative relationships between the risk disclosure and both the number of non-executive members of the board of directors and duality role of the CEO.Research limitations/implicationsThe study uses the quantity of disclosure as a proxy for the quality of disclosure.Practical implicationsThe findings should help the users of corporate annual reports in Qatar to understand managerial incentives for reporting risk and forward-looking information. This should help regulators to set a proper set of disclosure rules. Moreover, this study increases our understanding of the behavior of international investors and the board characteristics (i.e. board size) in motivating risk and forward-looking disclosures in Qatari firms.Originality/valueThe authors provide the original empirical evidence on the impact of corporate ownership and board characteristics on risk and forward-looking disclosures for Qatari firms using two ways clustered error pooled panel regressions.
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Muliaturrohmah Ikhwani, Ananda, Irma Paramita, and Karsam Sunaryo. "Pengaruh Ukuran Perusahaan dan Corporate Governance Terhadap Konerja Keuangan Dengan Pengungkapan Sustaunability Report Sebagai Variabel Intervening." JRB-Jurnal Riset Bisnis 2, no. 2 (June 27, 2019): 147–69. http://dx.doi.org/10.35592/jrb.v2i2.407.
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Financial performance can provide an overview of past performance and future prospects of a company. Many companies carry out business activities related to nature but do not disclose sustainability reports. Companies that have a large company size should disclose more information than small companies, including disclosures about the implementation of Corporate Governance and sustainability reports disclosure. With these disclosures of information, it is expected to increase public trust in the company and improve the company's financial performance. This research aims to obtain evidence that company size and Corporate Governance influence financial performance, and the role of Sustainability Report disclosure as mediating the relationship between these variables in nine state-owned enterprises and the mining sector for five years (2013-2017). The results of this study indicate that (1) company size has effects on financial performance; (2) audit committee has effects on financial performance; (3) the board of directors does not affect financial performance; (4) company size has not affect the disclosure of sustainability report; (5) the audit committee has not affect the disclosure of sustainability report; (6) the board of directors has effect the disclosure of sustainability report; and (7) Sustainability Report disclosure can’t mediate the influence between company size/Corporate Governance on financial performance.
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Louie, Judy, Kamran Ahmed, and Xu-Dong Ji. "Voluntary disclosures practices of family firms in Australia." Accounting Research Journal 32, no. 2 (July 1, 2019): 273–94. http://dx.doi.org/10.1108/arj-04-2016-0042.
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Purpose This paper aims to examine the voluntary disclosure practices of family and non-family listed firms and whether family firms have improved their disclosure practices following the introduction of the Principles of Good Corporate Governance and Best Practice Recommendations in 2003 in Australia. Design/methodology/approach Voluntary disclosures are measured by constructing an index specifically for this study. Such indexes consist of corporate governance disclosure, strategic disclosure and future disclosures. They are then regressed on firm-specific variables while controlling for family and non-family firms. A total of 60 family firms and 60 non-family firms in Australia are randomly chosen from 2001 to 2006 for examining their disclosure practices. Findings The research findings show that family firms disclose information voluntarily to signal to the market regarding their growth potentials and abide by government regulations to improve their reputation. Despite the fact that compliance with the Principles of Good Corporate Governance and Best Practice Recommendations was not compulsory, this paper finds that the recommendation encouraged family and non-family firms to disclose more corporate governance information. Practical implications The findings from this research will help investors and regulators make more strategic decisions on investments and regulations respectively in family firms. Originality/value There has been limited empirical evidence on the disclosure practices and their determinants of family firms in Australia. The study will thus significantly contribute to the current knowledge in this regard.
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Saraswati, Erwin, Alfizah Azzahra, and Ananda Sagitaputri. "Corporate Governance Mechanisms and Voluntary Disclosure." AKRUAL: Jurnal Akuntansi 11, no. 2 (October 14, 2020): 82. http://dx.doi.org/10.26740/jaj.v11n2.p82-94.
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Corporate disclosure and corporate governance are two inseparable instruments of investor protection. This research sought to find evidence on how corporate governance mechanisms affect the extent of voluntary disclosures. Voluntary disclosures were measured using content analysis on published annual reports. The sample of this research consisted of 81 firm-year observations from 27 firms of consumer goods sector listed on Indonesian Stock Exchange from 2016 to 2018. Using multiple regression method, the result has shown that board size and board independence increase voluntary disclosures, indicating that the commissioners have effectively represented the interests of shareholders by monitoring and encouraging the management to increase disclosure. This research provided new evidence that family ownership increases voluntary disclosure, suggesting that family firms are more concerned by the costs of non-disclosure. Meanwhile, institutional ownership does not significantly affect voluntary disclosure.
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Talpur, Shabana, Mohd Lizam, and Nazia Keerio. "Determining firm characteristics and the level of voluntary corporate governance disclosures among Malaysian listed property companies." MATEC Web of Conferences 150 (2018): 05010. http://dx.doi.org/10.1051/matecconf/201815005010.
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This study examined the level of voluntary corporate governance disclosures and the influence of firm characteristics (i.e., firm size, firm age, and firm market listing) on the level of these disclosures among Malaysian property listed companies. The check-list to measure the voluntary corporate governance disclosures was adopted from Malaysian corporate governance index 2011 by Minority Shareholder Watchdog Group (MSWG). The voluntary corporate governance disclosure practices and firm specific characteristics were obtained from annual reports of property listed companies on Bursa Malaysia for the period of 2012 to 2015. The findings suggested an improving voluntary corporate governance reforms in Malaysia. However, the firm size was found as an inflicting factor in determining the level and quality of voluntary corporate governance disclosure practices. On the contrary, the results found were contradicting the hypothesis related to firm age and firm market listing, as no relation of voluntary corporate governance disclosures and firm age and firm market listing. The study has made an interesting contribution toward the disclosure and corporate governance by contributing in understanding the importance of quality disclosure and good governance practices.
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Tello, Edward, James Hazelton, and Shane Vincent Leong. "Australian corporate political donation disclosures." Accounting, Auditing & Accountability Journal 32, no. 2 (February 18, 2019): 581–611. http://dx.doi.org/10.1108/aaaj-04-2016-2515.
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Purpose A primary tool for managing the democratic risks posed by political donations is disclosure. In Australia, corporate donations are disclosed in government databases. Despite the potential accountability benefits, corporations are not, however, required to report this information in their annual or stand-alone reports. The purpose of this paper is to investigate the quantity and quality of voluntary reporting and seek to add to the nascent theoretical understanding of voluntary corporate political donations. Design/methodology/approach Corporate donors were obtained from the Australian Electoral Commission database. Annual and stand-alone reports were analysed to determine the quantity and quality of voluntary disclosures and compared to O’Donovan’s (2002) legitimation disclosure response matrix. Findings Of those companies with available reports, only 25 per cent reported any donation information. Longitudinal results show neither a robust increase in disclosure levels over time, nor a clear relationship between donation activity and disclosure. The findings support a legitimation tactic being applied to political donation disclosures. Practical implications The findings suggest that disclosure of political donations in corporate reports should be mandatory. Such reporting could facilitate aligning shareholder and citizen interests; aligning managerial and firm interests and closing disclosure loopholes. Originality/value The study extends the literature by evaluating donation disclosures by companies known to have made donations, considering time-series data and theorising the findings.
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Joanne Shaza Janang, Corina Joseph, and Roshima Said. "Corporate Governance and Corporate Social Responsibility Society Disclosure: The Application of Legitimacy Theory." International Journal of Business and Society 21, no. 2 (July 21, 2020): 660–78. http://dx.doi.org/10.33736/ijbs.3281.2020.
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It is important for companies to adhere to society’s values by engaging in corporate social responsibility activities to remain legitimate, which in turn, translated into disclosures in annual reports. Corporate governance mechanisms have been used as explanatory factors in determining the level of disclosures. This paper aims to determine the influence of corporate governance mechanisms on the society disclosure in Malaysian companies’ annual reports using the legitimacy theory. The level of society disclosure is examined against the Modified Society Disclosure Index (MoSDI), which was developed based on the society indicatorof Global Reporting Initiative Version 4.0, preliminary observation on the 2016 NACRA winners’ annual reports and past literature. The analysis involved 234 top Malaysian companies’ annual reports from 2014 to 2016. The results found that audit committee, independent directors, and size are significantly associated withthe level of society disclosure. By complying with good corporate governance practice, awareness can be raised and preventive measures can be taken in addressing society’s issues through proper society disclosure.The legitimacy gap can be reduced via the society disclosure.
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Andayani, Wuryan. "Factors of Corporate Social Responsibility Disclosure." Journal of Advanced Research in Dynamical and Control Systems 12, no. 1 (February 13, 2020): 122–29. http://dx.doi.org/10.5373/jardcs/v12i1/20201019.
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Abraham, Santhosh, Claire Marston, and Edward Jones. "Disclosure by Indian companies following corporate governance reform." Journal of Applied Accounting Research 16, no. 1 (May 11, 2015): 114–37. http://dx.doi.org/10.1108/jaar-05-2012-0042.
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Purpose – The purpose of this paper is to investigate Indian companies’ compliance with the mandatory and voluntary corporate governance disclosure requirements of the Stock Exchange Board of India’s Clause 49. Design/methodology/approach – The authors develop a corporate governance disclosure index and sub-indices based on Clause 49. Annual reports of listed Indian companies are scored according to their disclosures in two periods – pre and post amendments to Clause 49. Findings – Indian companies are highly compliant with corporate governance disclosure requirements of Clause 49. Disclosure increases significantly after amendments to Clause 49 as the penalties for non-compliance increase in severity. Government controlled firms disclose significantly less than privately owned firms. Research limitations/implications – The findings are consistent with bonding theory and the authors note that the presence of an independent regulator (with powers to take action against violators) provides corporate India with additional incentives to comply with corporate governance reform. Practical implications – These findings have important implications for policy makers and regulators as they contribute to the debate on the choice between formal corporate governance regulation versus informal self-regulation. The study also has implications for understanding factors associated with the adoption of disclosure practices in general. Originality/value – This is the first study to examine disclosure compliance in a major developing country pre and post amendments to mandatory corporate governance requirements. Prior evidence indicates a low level of disclosure in India but our results demonstrate an improvement in line with our theoretical predictions that suggests, India is converging towards an Anglo-Saxon model of corporate governance.
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Mendes-da-Silva, Wesley, Theodore E. Christensen, and Vernon J. Richardson. "Determinants of internet financial disclosure in an emerging market: lessons from Brazil." Corporate Ownership and Control 5, no. 2 (2008): 379–92. http://dx.doi.org/10.22495/cocv5i2c3p7.
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Disclosure transparency is one of the pillars of good corporate governance. Moreover, the digital age has produced a dramatic shift in the corporate communication paradigm. As a result, companies increasingly use the Internet as a means of disseminating and disclosing financial information to shareholders, analysts and other interested capital market participants. This research examines the determinants of voluntary disclosure of financial information on the Internet by Brazilian firms. Cross-sectional analyses based on 291 non-financial companies listed on the São Paulo Stock Exchange in 2002 indicate that both firm size and the quality of corporate governance are positively related to the level of voluntary disclosure of financial information on the Internet. These results are consistent with the notion that Brazilian firms with incentives to improve financial transparency disclose more financial information on the Internet. Compared to similar Internet disclosures of U.S.-domiciled companies, this study finds that corporate governance is an incremental determinant of Internet financial disclosure for Brazilian enterprises
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Haque, Shamima, and Muhammad Azizul Islam. "Stakeholder pressures on corporate climate change-related accountability and disclosures: Australian evidence." Business and Politics 17, no. 2 (August 2015): 355–90. http://dx.doi.org/10.1017/s1369525800001674.
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This study investigates stakeholder pressures on corporate climate change-related accountability and disclosure practices in Australia. While existing scholarship investigates stakeholder pressures on companies to discharge their broader accountability through general social and environmental disclosures, there is a lack of research investigating whether and how stakeholder pressures emerge to influence accountability and disclosure practices related to climate change. We surveyed various stakeholder groups to understand their concerns about climate change-related corporate accountability and disclosure practices. We present three primary findings: first, while NGOs and the media have some influence, institutional investors and government bodies (regulators) are perceived to be the most powerful stakeholders in generating climate change-related concern and coercive pressure on corporations to be accountable. Second, corporate climate change-related disclosures, as documented through the Carbon Disclosure Project (CDP), are positively associated with such perceived coercive pressures. Lastly, we find a positive correlation between the level of media attention to climate change and Australian corporate responses to the CDP. Our results indicate that corporations will not disclose climate change information until pressured by non-financial stakeholders. This suggests a larger role for non-financial actors than previously theorized, with several policy implications.
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Lajili, Kaouthar. "Corporate Risk Disclosure and Corporate Governance." Journal of Risk and Financial Management 2, no. 1 (December 31, 2009): 94–117. http://dx.doi.org/10.3390/jrfm2010094.
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Landgraf, Ellen, and Ahmed Riahi‐Belkaoui. "Corporate Disclosure Quality and Corporate Reputation." Review of Accounting and Finance 2, no. 1 (January 2003): 86–95. http://dx.doi.org/10.1108/eb027003.
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Jiang, Yabing, and Wullianallur Raghupathi. "IT-Enabled Corporate Governance." Information Resources Management Journal 23, no. 4 (October 2010): 1–20. http://dx.doi.org/10.4018/irmj.2010100101.
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Sophisticated information technologies allow companies to provide stakeholders with more transparency. Web-based disclosures have the advantages of low cost, mass reach, frequency and speed, and yet the extent of Internet disclosure varies across companies and industries. Drawing on interdisciplinary work in information technology and corporate governance, in this paper, the authors examine the S&P 100 companies’ use of the Web for corporate governance information disclosure and analyze the association between the Web disclosing practice and firm attributes. Their findings support the proposition that Web-based disclosure decisions were associated with various firm specific attributes. This study has implications for the strategic role of the Internet and Web in disclosure and transparency.
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Zhang, Yi, Gin Chong, and Ruixin Jia. "Fair value, corporate governance, social responsibility disclosure and banks’ performance." Review of Accounting and Finance 19, no. 1 (November 13, 2019): 30–47. http://dx.doi.org/10.1108/raf-01-2018-0016.
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Purpose The purpose of this paper is to investigate the interaction between mandatory disclosures and voluntary disclosures of banks and the information content of corporate disclosures on firm performance. Design/methodology/approach Based on the US-listed banks from 2007 to 2015, this paper examines the interplay among the fair-value measurement, corporate governance disclosure and voluntary social responsibility disclosure. In addition, the paper examines the extent of such disclosure of mandatory items (fair-value measurement) versus voluntary items (corporate governance and social responsibility issues) on banks’ performance in terms of their return on equity and return on asset. Findings This paper finds that banks with a higher social responsibility disclosure score and stronger corporate governance tend to have lower percentages of Level 3 fair-value assets. Banks with a higher Level 3 fair-value asset disclosure have a lower financial performance. Practical implications This paper provides evidence of the interplay of various corporate disclosures by banks and implies that banks use fair-value measurements to disguise their poor performance. The findings provide insights for the policymakers, investors and regulators to assess banks’ disclosure. Originality/value This paper extends the study of banks’ fair-value measurements and is the first study to examine the interaction between voluntary and mandatory disclosures. This study sheds lights on the theories of performativity, agency and stakeholder by demonstrating the information contents of corporate disclosures on firm performance.
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الابراشى, احمد محمود أحمد, and احمد محمود الابراشی. "Corporate Governance Attributes, Corporate Risk Disclosure and Sustainability Disclosure: Egyptian Case." المجلة العلمیة للدراسات المحاسبیة 2, no. 2 (March 1, 2020): 1–64. http://dx.doi.org/10.21608/sjar.2020.119383.
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Firmansyah, Amrie, Mitsalina Choirun Husna, and Maritsa Agasta Putri. "Corporate Social Responsibility Disclosure, Corporate Governance Disclosures, and Firm Value In Indonesia Chemical, Plastic, and Packaging Sub-Sector Companies." Accounting Analysis Journal 10, no. 1 (March 5, 2021): 9–17. http://dx.doi.org/10.15294/aaj.v10i1.42102.
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This study aims to examine environmental disclosure, social disclosure, economic disclosure, and corporate governance disclosures on the firm value in Indonesia. This study uses a quantitative method with multiple regression. This study employs data from chemical, plastic, and packaging sub-sector companies which listed in the IDX. After purposive sampling was conducted, the final sample consists of eleven companies from 2016 up to 2019. The result suggests that environmental disclosure positively affects firm value. Meanwhile, economic and social disclosures do not affect firm value. Also, the disclosure of corporate governance does not affect firm value. The companies should consider that environmental activities as a strategy for the company, and these activities show that the company's success in the capital market is related to investors' positive response.
Keywords: Corporate Governance, Economic, Environmental, Social, Disclosure
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Liu, Yang Stephanie, and Jessica Hong Yang. "A longitudinal analysis of corporate greenhouse gas disclosure strategy." Corporate Governance: The International Journal of Business in Society 18, no. 2 (April 3, 2018): 317–30. http://dx.doi.org/10.1108/cg-11-2016-0213.
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Purpose This paper aims to investigate the extent to which greenhouse gas (GHG)-sensitive companies in the FTSE 100 disclose carbon emission information in their annual reports and stand-alone reports during the period of 2004-2012 and how they respond to the launch of legally binding GHG-reduction schemes – the European (EU) Emission Trading Scheme (EU ETS) and the Climate Change Act (CCA). Design/methodology/approach A 42-item disclosure index is constructed to analyse the quality of corporate GHG disclosures. The authors initially chart the development of corporate GHG disclosure from 2004 to 2012, analyse the trend of disclosure development and compare variances for the convergence of disclosures. Subsequently the authors carry out a t-test to assess the significance of post-EU ETS and -CCA changes and the difference between GHG trading account holders (AH) and non-account holders (NAH). Findings The results show that GHG disclosures have been increasing over time, both in number of firms making disclosures and in the amount of information being reported, which indicate the movement towards normativity. The authors also find that the disclosures reach the peak after the enactment of EU ETS and CCA, and firms with carbon trading accounts are more responsive to these schemes than those without accounts. Nevertheless, the quality of the disclosure remains low, which may justify the further government intervention of mandating carbon reporting. Originality/value This is the first paper that has examined the regulatory effects on GHG disclosures in an environment where GHG emission triggers direct cost for companies.
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Ould Daoud Ellili, Nejla, and Haitham Nobanee. "Corporate risk disclosure of Islamic and сonventional banks." Banks and Bank Systems 12, no. 3 (October 26, 2017): 247–56. http://dx.doi.org/10.21511/bbs.12(3-1).2017.09.
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This study examines the degree of the corporate risk disclosure and its impact on the banking performance using annual data of banks listed on the UAE financial markets: Abu Dhabi Stock Exchange (ADX) and Dubai Financial Market (DFM) during the period 2003–2013. The authors conduct the content analysis of the annual reports to measure the degree of the corporate risk disclosure. In addition, they use the panel data regressions to analyze the impact of the corporate risk disclosure on the performance of the banks. The results show low degree of the overall corporate risk disclosure index, strategic risk disclosure index, operational risk disclosure index, damage risk disclosure index, and risk management disclosure index for UAE listed banks. In addition, the results reveal significant differences in the overall corporate risk disclosure, strategic risk disclosure, financial risk disclosure, and risk management disclosure between conventional and Islamic banks. However, the effect of the degree of the overall corporate risk disclosure on the performance of UAE bank has been found insignificant. The findings of this paper contribute by providing a better understanding of risk disclosure practices in UAE and help the banks to optimally disclose their risk, improve the quality of their disclosure practices and enhance the quality of their financial reports. The impact of the corporate risk disclosure on the performance of the banks has not been examined by any of the prior researches. In addition, this paper examines the potential difference between Islamic and conventional banks in their corporate risk disclosure practices.
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Koernia, Mellany, and Ari Dewi Cahyati. "The Impact of Corporate Governance, Leverage, and Profitability on Intellectual Capital Disclosure with Company Size as a Moderating Variable." Journal of Auditing, Finance, and Forensic Accounting 10, no. 1 (April 3, 2022): 27–43. http://dx.doi.org/10.21107/jaffa.v10i1.13299.
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This research focuses to examine the impact of Corporate Governance, Leverage, and Profitability on Intellectual Capital Disclosure with Company Size as a Moderating Variable. This research method is descriptive method with a quantitative approach. The data used in this study is secondary data, namely the annual report obtained from www.IDX.co.id and the corporate governance perception index report obtained from The Indonesian Institute for Corporate Governance. The number of samples is 46 data with the technique of taking using the purposive sampling method. The findings of this study demonstrate that the Corporate Governance variable has no impact on Intellectual Capital Disclosure, Leverage and Profitability variables have a negative and significant impact on Intellectual Capital Disclosure, the company Size variable cannot moderate the relationship linking Corporate Governance and Intellectual Capital Disclosure, and the company Size variable can strengthen the relationship linking Leverage and Profitability on Intellectual Capital Disclosure. This study can be implemented by corporates to analyze the role of corporate governance, leverage, and profitability on intellectual capital disclosure with company size as a moderating variable and is expected to be a reference in policy making by corporates management to increase its intellectual capital.disclosure.
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Ramananda, Dimaz, and Apriani Dorkas Rambu Atahau. "Corporate social disclosure through social media: an exploratory study." Journal of Applied Accounting Research 21, no. 2 (September 24, 2019): 265–81. http://dx.doi.org/10.1108/jaar-12-2018-0189.
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Purpose The purpose of this paper is to determine the extent of voluntary corporate social responsibility (CSR) disclosure by Indonesian firms on their social media and to compare it with the mandatory disclosure on their annual reports. Design/methodology/approach The authors use publicly listed Indonesian firms that are included in the SRI-KEHATI Index as the sample. Further, by using NVIVO software, the authors qualitatively analyze CSR activities disclosed on firms’ social media and annual reports with an interpretive approach. Findings The findings indicate that Indonesian firms still exhibit early stages of social media-based voluntary CSR disclosure. Further, issues on training, education and skill building dominate firms’ disclosure. Finally, Indonesian firms disclose less CSR information in their social media than in their annual reports, thus confirming the early stages of social media-based CSR disclosure. Research limitations/implications The small sample size limits the generalizability of the results. Practical implications This paper provides insights on which CSR issues are commonly disclosed in firms’ social media. This study may also inform regulators the extent of disclosures that could be regulated in social media. Originality/value Social media-based CSR disclosure in developing countries is relatively understudied. Thus, this paper empirically shows the topic and intensity of CSR disclosure in social media and the comparison between this type of CSR disclosure with CSR disclosure using other media.
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Gladys Malobi OKOLIE and Edirin JEROH. "CORPORATE DISCLOSURES AND STOCK PERFORMANCE IN NIGERIA." Finance & Accounting Research Journal 4, no. 4 (November 28, 2022): 231–42. http://dx.doi.org/10.51594/farj.v4i5.414.
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This work empirically assessed whether corporate disclosures exert significant influence on stock performance of publicly listed firms in Nigeria. Specifically, we measured corporate disclosures using four dimensions – profit-related disclosure, governance-related disclosure, dividend-related disclosure, and CSR-related disclosure; whereas stock performance was gleaned by the published stock prices of companies for the relevant years. Secondary data from 25 sampled companies proportionately drawn from 5 different industrial groupings on the Nigerian Exchange Group (NGX) were obtained and analysed with the least square regression technique along with selected tools and diagnostic tests. The study covered a time frame of 10 years (2012 to 2021). Research evidence proved that corporate disclosures which encompass all such disclosures that are either profit-related, governance-related, dividend-related or CSR-related significantly influence stock performance of publicly quoted firms. Pursuant of the findings, our recommendation amongst others was that public firms should improve on the volume, timeliness and accuracy of their disclosures to further improve positive stock performance.
Keywords: Disclosures, Profitability, Governance, Dividend, Social Responsibility, Stock, Nigeria.
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Ahmad, Syahrul Ahmar, Noraisah Sungip, Halil Paino, and Rahimah Mohamed Yunos. "Whistleblowing Policy Disclosure among Malaysian Listed Shariah-Compliant Companies." 13th GLOBAL CONFERENCE ON BUSINESS AND SOCIAL SCIENCES 13, no. 1 (June 16, 2022): 1. http://dx.doi.org/10.35609/gcbssproceeding.2022.1(73).
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According to Islamic beliefs, commercial operations must be directed by fairness, equality, and morality, as dictated by Shariah requirements. As a result, Shariah-compliant companies must include a religious dimension in their disclosures for the benefit of Muslim stakeholders. Recent research on these Shariah-compliant corporations has focused on their corporate social responsibility disclosures (Said et al., 2018) or the quality of these companies' voluntary disclosure policies in Malaysia (Ousama & Fatima, 2010). The Islamic perspective of disclosure is based on the concept of social accountability and the full disclosure concept (Baydoun and Willett, 1997, Haniffa and Hudaib, 2002). In Islamic accounting, the companies are said to be accountable to the society (Baydoun and Willett, 1997) hence they should disclose information, which can help discharge this accountability. As such, Haniffa and Hudaib (2002) argued that the full disclosure of relevant and reliable information is needed to allow users in making both economic and religious decisions while fulfilling their accountability to God and society. However, studies have shown that the level of disclosures of these Sharia-compliant companies is low (Che Azmi et al., 2016; Ousama & Fatima, 2010) and the findings were unexpected as these types of companies are generally expected to disclose more information voluntarily. Keywords: corporate governance, disclosure level, whistleblowing policy.
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Farkas, Maia, and Walied Keshk. "How Facebook influences non-professional investors’ affective reactions and judgments." Journal of Financial Reporting and Accounting 17, no. 1 (March 11, 2019): 80–103. http://dx.doi.org/10.1108/jfra-10-2017-0092.
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Purpose The use of social networking websites by companies to disclose corporate news and by investors to collect information for investment purposes is increasing rapidly. However, the role of investors’ affective reactions to corporate disclosures on social networking websites is under-researched. This paper aims to examine how the disclosure platform (disclosing news on a company’s Facebook Web page or the corporate investor relations Web page) and news valence (positive or negative) jointly influence investors’ affective reactions to corporate news and stock price change judgments. Design/methodology/approach The authors conduct an experimental study using 364 participants from Amazon’s Mechanical Turk website as a proxy for reasonably informed investors. Findings Results show that the disclosure platform influences investors’ affective reactions and stock price change judgments when the corporate news is negative, but not when the corporate news is positive. In addition, investors’ affective reactions mediate the influence of the disclosure platform on investors’ stock price change judgments when the corporate news is negative rather than positive. Originality/value This paper extends the theory on affective reactions to a social networking context by showing that differences in disclosure platforms and news valence influence investors’ affective reactions to corporate news. In addition, the study’s theory and findings have significant implications for researchers, company managers and public relations specialists, capital market participants, regulators and investor education organizations and users of social networking websites.
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Al-Bassam, Waleed M., Collins G. Ntim, Kwaku K. Opong, and Yvonne Downs. "Corporate Boards and Ownership Structure as Antecedents of Corporate Governance Disclosure in Saudi Arabian Publicly Listed Corporations." Business & Society 57, no. 2 (October 16, 2015): 335–77. http://dx.doi.org/10.1177/0007650315610611.
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This study investigates whether and to what extent publicly listed corporations voluntarily comply with and disclose recommended good corporate governance (CG) practices, and distinctively examines whether the observed cross-sectional differences in such CG disclosures can be explained by ownership and board mechanisms with specific focus on Saudi Arabia. The study’s results suggest that corporations with larger boards, a Big 4 auditor, higher government ownership, a CG committee, and higher institutional ownership disclose considerably more than those that are not. By contrast, the study finds that an increase in block ownership significantly reduces CG disclosure. The study’s results are generally robust to a number of econometric models that control for different types of disclosure indices, firm-specific characteristics, and firm-level fixed effects. The study’s results have important implications for policy makers, practitioners, and regulatory authorities, especially those in developing countries across the globe.
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Callery, Patrick J., and Jessica Perkins. "Unmasking Strategic Disclosure: Evidence from Voluntary Corporate Carbon Disclosures." Academy of Management Proceedings 2017, no. 1 (August 2017): 11436. http://dx.doi.org/10.5465/ambpp.2017.11436abstract.
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Rehman, Ramiz ur, Zahid Riaz, Charles Cullinan, Junrui Zhang, and Fanghua Wang. "Institutional Ownership and Value Relevance of Corporate Social Responsibility Disclosure: Empirical Evidence from China." Sustainability 12, no. 6 (March 16, 2020): 2311. http://dx.doi.org/10.3390/su12062311.
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We examine the relationship between corporate social responsibility (CSR) disclosure and firm value in China. Using a sample of listed companies on the Shanghai Stock Exchange from 2008 to 2012, we find that market value of a firm is higher when a company makes a lower level of CSR disclosure. Other things being equal, this relationship becomes positive when the CSR disclosure is moderated with the institutional ownership. With regard to the CSR disclosure, we found consistent results with respect to the little evidence that the amount of CSR disclosure is significantly associated with market value among those companies who chose to provide CSR disclosures. Taken together, these results indicate that the decision to disclose or not to disclose CSR information is value relevant to the level of institutional investors. These findings are important as they have made an attempt to resolve the earlier contradictory findings with respect to the relationship between market value and CSR disclosure. Furthermore, it has highlighted the value relevance of CSR disclosure regarding the type of shareholders/institutional investors.
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Gusti Ayu Putu, Wulan Rahmasari. "Pengaruh Kinerja Lingkungan, Corporate Governance Pada Pengungkapan Corporate Social Responsibility." Warmadewa Management and Business Journal (WMBJ) 2, no. 2 (August 5, 2020): 102–11. http://dx.doi.org/10.22225/wmbj.2.2.1938.102-111.
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his research examines the influence of environmental performance, institutional ownership, managerial ownership of corporate social responsibility disclosures by using mining companies incorporated in the Indonesia Stock Exchange (IDX) and also listed in PROPER. The sample meets the criteria of research is as much as 55 samples during the period of 2014-2018. The Data available is then processed using multiple regression analysis techniques.
The results of the research were seen from the test value of T test that has been done and resulted in significant value that has been shown that environmental performance has an influence on CSR disclosure. Significant results are also obtained in managerial performance variables stating this variable affects CSR disclosures. While the institutional ownership variables have a significant value greater than 0.05 resulting from the outcome, institutional ownership is stated to have no effect on CSR disclosures.
Keywords: environmental performance, institutional ownership, managerial ownership and corporate social responsibility disclosure
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Liu, Qiao, and Charl de Villiers. "Does the provision of voluntary corporate social responsibility disclosure influence the cost of equity capital? Evidence from Australia and the United Kingdom." Corporate Ownership and Control 8, no. 4 (2011): 201–13. http://dx.doi.org/10.22495/cocv8i4c1p6.
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The practice of managers of firms making voluntary social disclosures has become widespread. Corporate ownership (shareholders) will be interested to know whether these voluntary social disclosures affect them by influencing the firm’s cost of equity capital. This study investigates the relationship between the voluntary corporate social responsibility disclosure of Australian and UK firms, based on the 2008 KPMG International Survey of Corporate Social Responsibility Reporting and the cost of equity capital based on the Botosan and Plumlee (2005) model. Using a sample of 59 firms ranked in the top 100 of Australian and UK firms, we find that firms making voluntary corporate social responsibility disclosure in compliance with the Global Reporting Initiative Guidelines are associated with an increased cost of equity capital. Our main results are robust to several alternative measures of voluntary corporate social responsibility disclosure. These results can be attributed to two reasons. Firstly, firms making voluntary corporate social responsibility disclosure provide information that allows certain traders to make judgments about a firm’s performance that are superior to the judgments of other traders. As a result, there may be more information asymmetry amongst traders. Secondly, shareholders consider that the information production and proprietary costs associated with voluntary corporate social responsibility disclosure outweighs its potential benefits. Both explanations suggest that investors will impose a higher cost of equity on firms making voluntary corporate social responsibility disclosure. In the additional tests, we show that our main results are robust to alternative measures of voluntary corporate social responsibility disclosure.
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Yon Mi Kim. "Disclosure on Corporate Websites." Journal of hongik law review 12, no. 2 (June 2011): 341–60. http://dx.doi.org/10.16960/jhlr.12.2.201106.341.
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Chew, Don, John Graham, Trevor Harris, Amy Hutton, Charles Kantor, Tom King, Rick Passov, Erik Sirri, and Joe Willett. "Roundtable on Corporate Disclosure." Journal of Applied Corporate Finance 16, no. 4 (September 2004): 36–62. http://dx.doi.org/10.1111/j.1745-6622.2004.00006.x.
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Krasodomska, Joanna, and Charles H. Cho. "Corporate social responsibility disclosure." Sustainability Accounting, Management and Policy Journal 8, no. 1 (March 6, 2017): 2–19. http://dx.doi.org/10.1108/sampj-02-2016-0006.
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Purpose The purpose of this study is to examine the usage of non-financial information related to corporate social responsibility (CSR) issues from the perspective of sell-side analysts (SSAs) and buy-side analysts (BSAs) employed in Poland-based financial institutions. Design/methodology/approach The authors conducted a survey among financial analysts with the use of the computer-assisted telephone interview (CATI) method and an online questionnaire. The adopted methods included purposeful, quota sampling and snowball sampling. Findings Results indicate that financial analysts make use of CSR disclosures very rarely and attribute little importance to such information. Despite the limited use of CSR information and negative assessments of its quality, respondents are in favor of making a more frequent use of CSR disclosures. Finally, except for an analyst’s attitude toward the “comparability in time” information characteristic, results do not indicate any significant differences between SSAs’ and BSAs’ responses. Research limitations/implications The limited number of questionnaires prevented the use of more sophisticated statistical methods and the formulation of conclusions that could apply to the entire population. In addition, although the adopted CATI method provides a number of advantages, it also has its limitations – interviews had limited time and the questions along with the answers had to take into account the respondents’ limited perception ability. Practical implications The results of this study suggest that CSR disclosures have limited usage for financial analysts, at least in the Polish context. Further, not only do respondents rarely make use of CSR disclosures but they also give low assessments to their quality. This implies that the concept of CSR remains relatively far from becoming a priority; hence, some measures and incentives may be necessary. Originality/value The paper adds to a relatively small number of studies that have dealt with the issue of non-financial information and its usefulness for SSAs and BSAs in Central and Eastern Europe.
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Aribi, Zakaria Ali, and Simon Gao. "Corporate social responsibility disclosure." Journal of Financial Reporting and Accounting 8, no. 2 (October 26, 2010): 72–91. http://dx.doi.org/10.1108/19852511011088352.
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von Alberti‐Alhtaybat, Larissa, Khaled Hutaibat, and Khaldoon Al‐Htaybat. "Mapping corporate disclosure theories." Journal of Financial Reporting and Accounting 10, no. 1 (June 29, 2012): 73–94. http://dx.doi.org/10.1108/19852511211237453.
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PurposeThe purpose of this paper is to map corporate disclosure theories as a step towards filling a gap in the theoretical background for corporate disclosure research. The purpose of the map is to encompass a range of particular theories relating to corporate disclosure and to demonstrate the complex relationships between different notions of the financial disclosure phenomenon. This will help new researchers to understand how particular corporate disclosure theories are related, as well as help with teaching accounting theories at undergraduate and postgraduate level.Design/methodology/approachA deductive and inductive approach to theory building was applied. The deductive approach suggests identifying the gap in the literature, the inductive approach then prescribes theory building in three stages: phenomenon observation, categorisation and relationship building. This approach serves to develop a theoretical map integrating the corporate disclosure theories.FindingsThe paper discusses theories that recognise actual features of financial markets – market failure, information asymmetry and adverse selection – to provide an explanation for the existence of corporate reporting regulations and managerial incentives, which control and determine the maximum level of corporate information under these conditions. It then integrates these theories in a map seeking to explain corporate disclosure levels, mandatory and voluntary, financial and narrative. A combination of theoretical supplements – codification theory, Dye's theory of mandatory and voluntary disclosure, and disclosure transformation theory – are proposed in this framework as theories to explain processes of change in mandatory and voluntary corporate disclosure in practice.Originality/valueAnother benefit mapping these theories is to provide useful insights into existing disclosure theories, which may help to explain why some empirical results have been inconsistent with the predictions of these theories. No similar attempts have been published in the accounting literature.
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Sunder, Shyam. "Corporate Disclosure: A Symposium." Accounting Horizons 26, no. 2 (June 1, 2012): 353–55. http://dx.doi.org/10.2308/acch-10263.
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Barckow, Andreas. "Regulation in Corporate Disclosure." Schmalenbach Business Review 71, no. 2 (December 7, 2018): 249–53. http://dx.doi.org/10.1007/s41464-018-0058-y.
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Giannarakis, Grigoris. "Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure." Social Responsibility Journal 10, no. 4 (September 30, 2014): 569–90. http://dx.doi.org/10.1108/srj-02-2013-0008.
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Purpose – This study aims to investigate the relationship between corporate governance and financial characteristics and the extent of corporate social responsibility (CSR) disclosure in the USA. These corporate governance and financial characteristics are the board meetings, average age of board members, presence of women on the board, the board’s size, chief executive officer duality, financial leverage, profitability, company’s size, board composition and board’s commitment to CSR. Design/methodology/approach – The sample consists of 100 companies from the Fortune 500 list for 2011. The environmental, social and governance disclosure score calculated by Bloomberg is used as a proxy for the extent of CSR disclosure. A multiple linear regression was incorporated to investigate the association of corporate characteristics with CSR disclosure. Findings – Results indicate that the company’s size, the board commitment to CSR and profitability were found to be positively associated with the extent of CSR disclosure, while financial leverage is related negatively with the extent of CSR disclosure. Research limitations/implications – The research is based only on the presence or absence of CSR items in CSR disclosure, and it ignores the quality dimension which can lead to misinterpretation. The results should not be generalized as the sample was based on US companies for 2011. Originality/value – The study assists stakeholders to identify US companies through the extent of CSR disclosures which contributes to the understanding of determinants of CSR disclosure to improve the implementation of disclosure guidelines.