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Journal articles on the topic 'Voluntary disclosure index'
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Charumathi, B., and Latha Ramesh. "Impact of Voluntary Disclosure on Valuation of Firms: Evidence from Indian Companies." Vision: The Journal of Business Perspective 24, no. 2 (May 7, 2020): 194–203. http://dx.doi.org/10.1177/0972262920914138.
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This article investigates the effect of voluntary corporate disclosures on the firm value from the market value perspective. Financial reporting includes disclosures as prescribed by regulators, but few companies go beyond mandatory requirements and provide additional information voluntarily. This study empirically tests the extent of such voluntary disclosures using Corporate Voluntary Disclosure Index containing 81 items of both financial and non-financial information and panel data regression to test the hypotheses. The sample for this study is the non-financial companies in the BSE 100 Index and the period is five financial years from 2010–2011 to 2014–2015. This study finds a positive association between voluntary disclosures and firm value as measured by Tobin’s Q. Especially the market gives a higher valuation for companies disclosing optional information on social and environmental, corporate governance and financial information. This finding has a significant implication for emerging economies like India and it supports various disclosure theories such as agency, stakeholders and positive accounting theories.
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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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Gunawan, Andrew. "The Role Of Corporate Governance Mechanism On Voluntary Disclosure." Jurnal Akuntansi 23, no. 1 (July 2, 2019): 127. http://dx.doi.org/10.24912/ja.v23i1.467.
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Basically, the purpose of this research is to examine empirically whether the Corporate Governance is the proportion of independent commissioners, the commissioners who have accounting capabilities, and the proportion of independent auditors can influence disclosure voluntarily. Voluntary disclosure is measured through the complete disclosure of voluntary index (IPS). This index contains 37 items in disclosure in the annual report. The sample is a manufacturing company listed on the Indonesia Stock Exchange, where the data analysis technique that will use the Multiple Regression Analysis using SPSS 23.
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Albassam, Waleed M., and Collins G. Ntim. "The effect of Islamic values on voluntary corporate governance disclosure." Journal of Islamic Accounting and Business Research 8, no. 2 (April 10, 2017): 182–202. http://dx.doi.org/10.1108/jiabr-09-2015-0046.
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Purpose The study aims to examine the effect of Islamic values on the extent of voluntary corporate governance (CG) disclosure. In addition, the authors investigate the effect of traditional ownership structure and CG mechanisms on the extent of voluntary CG disclosure. Design/methodology/approach The authors distinctively construct Islamic values and voluntary CG disclosure indices using a sample of 75 Saudi-listed firms over a seven-year period in conducting multivariate regressions of the effect of Islamic values on the extent of voluntary CG disclosure. The analyses are robust to controlling for firm-level characteristics, fixed-effects, endogeneities and alternative measures. Findings The authors find that corporations that depict greater commitment towards incorporating Islamic values into their operations through high Islamic values disclosure index score engage in higher voluntary CG disclosures than those that are not. Additionally, the authors find that audit firm size, board size, government ownership, institutional ownership and the presence of a CG committee are positively associated with the level of voluntary CG disclosure, whereas block ownership is negatively associated with the extent of voluntary CG disclosure. Practical implications The study has clear practical implications for future research, practice and broader society by demonstrating empirically that corporations that voluntarily incorporate Islamic values into their operations are more likely to be transparent about their CG practices and thereby providing new crucial insights on the effect of Islamic values on voluntary CG compliance and disclosure. Originality/value This is the first empirical attempt at explicitly examining the effect of Islamic values on the extent of voluntary CG disclosure. The authors also offer evidence on the effect of traditional CG and ownership structures on the extent of voluntary CG disclosure.
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Morris, Richard D., and Per Christen Tronnes. "The determinants of voluntary strategy disclosure: an international comparison." Accounting Research Journal 31, no. 3 (September 3, 2018): 423–41. http://dx.doi.org/10.1108/arj-10-2015-0126.
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Purpose The purpose of this paper is to examine the roles of country-level characteristics versus firm-level characteristics in explaining variations in firms’ voluntary strategy disclosures. Design/methodology/approach Strategy disclosure in annual reports is measured using an index of 40 items derived from the strategy literature. The sample is 204 large companies from 12 Asian and European countries in 2005. The disclosure index is subdivided into four underlying latent constructs using principal components analysis. The authors then use OLS regression to test whether total disclosure score, and the latent constructs are associated with country-level characteristics and firm-level characteristics. Findings The authors find that total strategy disclosures are more prevalent in stakeholder-oriented countries, in countries with greater levels of financial transparency, but are less prevalent in countries with a culture of secrecy, and strategy disclosures are more likely to occur in companies with greater economic incentives to disclose, with a Big 4 auditor or which are listed in New York. These findings also occur but not as consistently with the four latent constructs. Research limitations/implications The sample used in this paper comprises large public companies, so the findings may not be generalisable to all companies. Nevertheless, the findings demonstrate that both country- and firm-level variables matter in explaining voluntary strategy disclosure. Practical implications The IASB released an IFRS Practice Statement in 2010, which recommends, but does not require, disclosure of information about corporate strategy in Management Commentary statements. The findings of this paper may help inform the issue of whether regulators should make strategy disclosures mandatory. Originality/value The paper contains the first detailed examination of the roles of country-level characteristics versus firm-level characteristics in explaining variations in corporate voluntary strategy disclosures.
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Scaltrito, Davide. "Voluntary disclosure in Italy." EuroMed Journal of Business 11, no. 2 (July 4, 2016): 272–303. http://dx.doi.org/10.1108/emjb-07-2015-0032.
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Purpose – The purpose of this paper is to assess the level of voluntary disclosure in the companies listed on the Italian Stock Exchange. Voluntary disclosure refers to the discretionary release of financial and non-financial information which companies are not obliged to disclose by a standard-setting accounting body. In particular, this paper analyses the effect that certain determinants (leverage, firm size, sector auditor, performance and ownership concentration) could have on voluntary information disclosed by Italian listed companies. In order to do this, 203 annual reports of Italian listed companies for the year 2012 were analysed. Design/methodology/approach – To assess the extent of voluntary disclosure, an index is created and used as a dependent variable in an OLS model to understand the relationship between the above-mentioned determinants. The disclosure score is composed mainly of 38 items per firm (a total of 7,714 items were collected and analysed) regarding firm performance, general information, forward-looking information, human capital, research and development projects, stock market information, segment reporting information and other information. In order to differentiate the information presented in annual reports, a score was assigned to each item on the index (2 points if an item was reported in qualitative and quantitative terms, 1 point if the item was reported in qualitative terms, 0 points if the item was absent). The score is not weighted because all items are equally important for the research purpose. Repeated information is considered only once. Findings – According to the research findings, human resource information is the voluntary disclosure item reported with the highest frequency, and both firm size and auditors positively affect the total amount of voluntary information disclosed by Italian listed companies. Financial firms provide a lower level of voluntary disclosure than do industrial firms. Originality/value – The paper contributes in improving knowledge about Italian firms’ voluntary disclosure of firm-specific determinants, analysing a wide number of items provided in 2012 annual reports.
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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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Melati, Indah, Ramesh Nair, Roshayani Arshad, Farah Aida Ahmad Nadzri, and Ancella Anitawati Hermawan. "An Examination of the Quality of Web Disclosure Practices Through an Analysis of Firm Characteristics, Semantic Properties and Tone." Asia-Pacific Management Accounting Journal 17, no. 1 (April 30, 2022): 153–86. http://dx.doi.org/10.24191/apmaj.v17i1-06.
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This research aimed to measure the quality of voluntary web-disclosure by listed companies in Indonesia, using a voluntary web-disclosure index to capture both quality and quantity of web-disclosures. Focussing on the dimensions of web-content and the presentation of information, this study scored 44 web-disclosure items using a dichotomous score to examine the variety of information and an ordinal score to examine the depth of the disclosure. The findings revealed that on average, the quality of voluntary web-disclosure in Indonesia is relatively low. Disclosure appeared heavily centred on financial information, with information on corporate governance and corporate social responsibility being only moderately disclosed. The differences of firm size and industry type among sample companies were found to be significantly positive when matched to the web-disclosure index. This confirms postulations of the Agency Theory and Signalling Theory which suggest that companies were motivated to signal accountability and transparency through their websites. This study extends prior research on web-disclosure by demonstrating that the use of semantic properties contributes to the richness of examining voluntary web-disclosure as it offers greater insights into the transparent reporting practices by corporate entities. Keywords: agency theory, signalling theory, voluntary web-disclosure, semantic properties, firm characteristics
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Rouf, Md Abdur. "Board diversity and corporate voluntary disclosure (CVD) in the annual reports of Bangladesh." Risk Governance and Control: Financial Markets and Institutions 6, no. 4 (2016): 48–55. http://dx.doi.org/10.22495/rcgv6i4art7.
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This is an exploratory study designed to investigate the extant and nature of corporate voluntary disclosure (CVD) in corporate annual reports of Bangladesh. Specifically, examine the relationship between board diversity and corporate voluntary disclosures. The paper is based on a sample of 106 listed non-financial companies in Dhaka Stock Exchanges (DSE) from the period 2007-2011 and all the companies are selected by Judgment Sampling. The study is used ordinary least squares regression model to examine the relationship between explanatory variables and voluntary disclosure. Using an unweighted relative disclosure index for measuring voluntary disclosure, the empirical results indicate that Percentage Female Director (PFD), Board Leadership Structure (BLS) and Total Assets (TA) are positively association with corporate voluntary disclosure (CVD). In contrast, the extent of corporate voluntary disclosure is negatively associated with a Percentage of equity owned by the insiders to all equity of the firm higher management ownership.
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Hoq Masum, Mofijul, Ahmed Razman Abdul Latiff, and Mohammad Noor Hisham Osman. "Determinants of corporate voluntary disclosure in a transition economy." Problems and Perspectives in Management 18, no. 4 (November 23, 2020): 130–41. http://dx.doi.org/10.21511/ppm.18(4).2020.12.
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Corporate voluntary disclosure becomes a burning issue in the literature of accounting throughout the last two decades. The study aims to explore the most crucial determinants that influence corporate voluntary disclosure in a transition economy. A cross-sectional study based on the pharmaceutical and chemical companies listed in the Dhaka Stock Exchange is conducted to reconnoiter the crucial determinants affecting the voluntary disclosure. Based on the agency theory, stakeholder theory, and previous literature, the determinants are selected. An unweighted disclosure index is used to measure the extent of voluntary disclosure; after that, a multivariate analysis is steered to reconnoiter the key determinants of voluntary disclosure. It is found that firm leverage and firm liquidity are the key determinants that significantly influence the corporate voluntary disclosure in a transition economy. In contrast, no significant positive association is found between voluntary disclosure and board size. In additon, it is also found that market category significantly influences voluntary disclosure with an inverse direction. This study has important implications for both the corporate people and the regulatory bodies of the transition economy. The study also helps various stakeholders of the transition economy – Bangladesh, in designing their strategies regarding the most significant determinants of voluntary disclosure. Acknowledgment We are very thankful to the Institute of Advanced Research (IAR), United International University, Bangladesh, to grant us the fund by mobilizing which we generate our required data for the study and complete this empirical study.
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Jessica, Novertasya, and Sugi Suhartono. "PENGARUH INTERGOVERNMENTAL REVENUE, INDEKS PEMBANGUNAN MANUSIA, KEKAYAAN DAERAH, DAN OPINI AUDIT TERHADAP PENGUNGKAPAN SUKARELA." Jurnal Akuntansi 9, no. 1 (February 15, 2020): 14–27. http://dx.doi.org/10.46806/ja.v9i1.637.
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Voluntary disclosure is a disclosure made by the company outside the matters required by the accounting standards set. Voluntary disclosure on local government websites to the public is still very lacking. The sample of the study consisted of 134 local government websites on the island of Sumatra in the year 2018. The objective of this research is to determine the effect of Intergovernmental Revenue, Human Development Index, regional wealth, and Audit opinion on voluntary disclosure. The data analysis techniques used in this study are classical assumption test, descriptive statistical test, F test, t test, and coefficient of determination test by using SPSS 20.0. The source of the company's data is obtained from www.bps.go.id. The results of the F test with a 0.007 result of the < 0.05 stated that intergovernmental revenue, Human Development index, regional wealth, and audit opinions simultaneously have an effect on voluntary disclosure indices. The result of a coefficient of determination test explains that all variables are able to explain the variation of the voluntary Disclosure index by 10.2%. The results showed that the human development index and the audit opinion were positively effect in voluntary disclosure. While the Intergovernmental Revenue and wealth areas are negatively effect in voluntary disclosure.
Keywords: Voluntary disclosure, Intergovernmental Revenue, Human Development Index, regional wealth, Audit opinion
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Ntim, Collins G., Teerooven Soobaroyen, and Martin J. Broad. "Governance structures, voluntary disclosures and public accountability." Accounting, Auditing & Accountability Journal 30, no. 1 (January 16, 2017): 65–118. http://dx.doi.org/10.1108/aaaj-10-2014-1842.
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Purpose The purpose of this paper is to investigate the extent of voluntary disclosures in UK higher education institutions’ (HEIs) annual reports and examine whether internal governance structures influence disclosure in the period following major reform and funding constraints. Design/methodology/approach The authors adopt a modified version of Coy and Dixon’s (2004) public accountability index, referred to in this paper as a public accountability and transparency index (PATI), to measure the extent of voluntary disclosures in 130 UK HEIs’ annual reports. Informed by a multi-theoretical framework drawn from public accountability, legitimacy, resource dependence and stakeholder perspectives, the authors propose that the characteristics of governing and executive structures in UK universities influence the extent of their voluntary disclosures. Findings The authors find a large degree of variability in the level of voluntary disclosures by universities and an overall relatively low level of PATI (44 per cent), particularly with regards to the disclosure of teaching/research outcomes. The authors also find that audit committee quality, governing board diversity, governor independence and the presence of a governance committee are associated with the level of disclosure. Finally, the authors find that the interaction between executive team characteristics and governance variables enhances the level of voluntary disclosures, thereby providing support for the continued relevance of a “shared” leadership in the HEIs’ sector towards enhancing accountability and transparency in HEIs. Research limitations/implications In spite of significant funding cuts, regulatory reforms and competitive challenges, the level of voluntary disclosure by UK HEIs remains low. Whilst the role of selected governance mechanisms and “shared leadership” in improving disclosure, is asserted, the varying level and selective basis of the disclosures across the surveyed HEIs suggest that the public accountability motive is weaker relative to the other motives underpinned by stakeholder, legitimacy and resource dependence perspectives. Originality/value This is the first study which explores the association between HEI governance structures, managerial characteristics and the level of disclosure in UK HEIs.
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Alfraih, Mishari M., and Abdullah M. Almutawa. "Voluntary disclosure and corporate governance: empirical evidence from Kuwait." International Journal of Law and Management 59, no. 2 (March 13, 2017): 217–36. http://dx.doi.org/10.1108/ijlma-10-2015-0052.
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Purpose The purpose of this paper is to assess and analyse the level of voluntary disclosure practices in the annual reports of Kuwait Stock Exchange (KSE) listed firms and explore the association between corporate governance mechanisms and voluntary disclosure practices. Design/methodology/approach Panel data analysis was undertaken over a period from 2005-2008 with an aim to examine the influence of corporate governance mechanisms on voluntary disclosures made by 52 listed firms in their four years of annual reports. An unweighted voluntary disclosure index has been used for hand-collecting data from annual reports. Findings The findings show that the mean voluntary disclosure level over the four years is 23 per cent. Four out of eight corporate governance mechanisms examined found to be significantly associated with the level of voluntary disclosure, three negatively, one positively. Cross directorship, board size and role duality are negatively related to voluntary disclosure, while government ownership is positively related to voluntary disclosure. In contrast, the proportion of non-executive directors, family members on the board, the presence of an audit committee and the presence of the ruling family on the board have an insignificant influencer on voluntary disclosure practices. Practical implications The study provides an assessment of KSE-listed firm voluntary disclosure practices and its determents and highlights that that corporate governance attributes affect the voluntary disclosure practices of KSE-listed firms. Originality/value The findings of this study contribute to the arguments concerning the role of corporate governance mechanisms in improving the level of disclosure and information transparency.
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Bhojraj, Sanjeev, Walter G. Blacconiere, and Julia D. D'Souza. "Voluntary Disclosure in a Multi-Audience Setting: An Empirical Investigation." Accounting Review 79, no. 4 (October 1, 2004): 921–47. http://dx.doi.org/10.2308/accr.2004.79.4.921.
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Theory suggests that voluntary disclosure decisions are a function of conflicting incentives vis-a`-vis multiple audiences. However, few opportunities exist to investigate this issue empirically. We identify a setting that offers us such an opportunity: the electric utility industry as it transitions toward deregulation. We consider two types of voluntary disclosures: strategies to protect the firm's existing customer base and plans to exploit emerging opportunities under deregulation. We examine these particular disclosures since they are voluntary, relevant to all sample firms, and convey positive information about the firm's prospects in a deregulated environment. We consider three target audiences: industry regulators, capital market participants, and product market competitors. We find that our disclosure index is negatively associated with the magnitude of utilities' stranded costs in jurisdictions where the stranded cost recovery issue is unresolved, consistent with our predicted regulatory incentives. Further, our evidence indicates that capital market-related incentives are positively associated with our disclosure index. Finally, we find that product market-related incentives play a deterrent role in disclosure, but only after regulatory concerns have been resolved.
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Giannarakis, Grigoris, George Konteos, Nikolaos Sariannidis, and George Chaitidis. "The relation between voluntary carbon disclosure and environmental performance." International Journal of Law and Management 59, no. 6 (November 13, 2017): 784–803. http://dx.doi.org/10.1108/ijlma-05-2016-0049.
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Purpose The purpose of this study is to investigate the effect of environmental performance on the environmental disclosure level. Design/methodology/approach Carbon disclosure leadership index score is considered as a proxy of carbon disclosure level, while greenhouse gas (GHG) emissions as a proxy of environmental performance. In addition, six control variables are used: return on assets, financial leverage, company’s size, CEO duality, board size and percentage of independent directors on board. The sample comprises 102 companies from a population of Standard & Poor’s 500 (S&P 500) companies over a five-year period, 2009-2013. Findings Results revealed that higher pollution levels in terms of GHG emissions affect negatively the dissemination of carbon disclosure information, suggesting a positive relationship between environmental performance and environmental disclosure level. In addition, companies with good environmental performance in relation to their average environmental performance disseminate more carbon information in their disclosures. Thus, the carbon disclosure level is indicative of environmental performance consistent with the voluntary disclosure theory. Practical implications The managerial behavior regarding the relation of environmental disclosure and environmental performance is explained. In addition, the findings should be of use to those investors interested in finding carbon emission information so that they assess investments and evaluate their current portfolios in terms of environmental sustainability. Originality/value It is intended to ascertain the reliability level of carbon disclosure regarding carbon emission information by incorporating the carbon disclosure leadership index score and GHG emissions.
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Nugraheni, Peni, and Hairul Azlan Anuar. "Implications of Shariah on the voluntary disclosure of Indonesian listed companies." Journal of Financial Reporting and Accounting 12, no. 1 (July 1, 2014): 76–98. http://dx.doi.org/10.1108/jfra-11-2011-0018.
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Purpose – The purpose of this paper is to investigate and compare the extent of voluntary disclosure in the annual reports of Shariah- and non–Shariah-compliant companies in Indonesia. Further, the study examines the relationship between voluntary disclosure and company characteristics (i.e. size of company, profitability, type of auditor, type of industry and ownership structure). Design/methodology/approach – Voluntary disclosure was measured using a disclosure index with 30 items and content analysis of the 2009 annual report. Statistical analysis included descriptive, Mann–Whitney U and regression. Findings – The result revealed that there is a statistically significant difference in the quantity and quality of voluntary disclosure value of Shariah- and non–Shariah-compliant companies. For regression results, the company size significantly influences the quantity of voluntary disclosure while the quality of voluntary disclosure is affected by company size and type of industry. Research limitations/implications – Although this study only analyses voluntary disclosure in the annual report for a single year (2009), it is hoped to provide a description of the voluntary disclosure in Shariah- and non–Shariah-compliant companies. Practical implications – The findings might be used by regulators to set regulations that encourage the quantity and quality of disclosure practice of Shariah-compliant companies to expand the scope of disclosure related to religious activities. Originality/value – This study measures voluntary disclosure using the disclosure index based on Indonesian regulations and the quantity and quality measurement of Shariah-compliant companies, which may differ from previous Indonesian studies.
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Nofianti, Nana, Abdul Fatah, and Novita Tirtasari. "Pengaruh Pengungkapan Sukarela terhadap Kinerja Keuangan dengan Cost of Capital sebagai Variabel Intervening." Journal of Applied Accounting and Taxation 3, no. 2 (October 19, 2018): 168–73. http://dx.doi.org/10.30871/jaat.v3i2.890.
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This study aimed to analyze the influence of voluntary discloure on financial performance with cost of capital as an intervening variable. Voluntary disclosure is measured by an index, financial performance in proksikan with Return on Asset and cost of capital is proxied by the CAPM. The sample in this study are as many as 55 companies, and samples used in this study is a manufacturing company listed on the Indonesia Stock exchange. The statistical method used is regression analysis with path analysis. Based on the test results showed that the index Voluntary Disclosure affect corporate financial performance. Voluntary Disclosure Index was observed to have an influence on cost of capital. Cost of capital have an influence on the financial performance and cost of capital mediate the association of voluntary disclosure and financial performance.
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Kolsi, Mohamed Chakib. "The determinants of corporate voluntary disclosure policy." Journal of Accounting in Emerging Economies 7, no. 2 (May 2, 2017): 249–65. http://dx.doi.org/10.1108/jaee-12-2015-0089.
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Purpose The purpose of this paper is to identify the factors affecting firm voluntary disclosure policy adopted by a sample of 25 UAE companies listed on the Abu Dhabi Securities Exchange (ADX) for the period 2010-2014. Design/methodology/approach The author computes a weighted disclosure index (Botosan, 1997) for three-factor voluntary disclosure items and uses a multivariate regression analysis between disclosure index and a set of explanatory variables identified by previous research. The author also controls for endogeneity problem and uses panel data estimation. Findings It has been found that listing history, governmental sector, firm profitability and foreign listing positively affect the level of voluntary disclosure adopted by ADX listed companies. By contrast, the percentage of shares owned by block holders and industrial sector negatively affect the level of voluntary disclosure by ADX listed companies. Finally, the board and firm size, managers’ stock options and the leverage ratio do not have any impact on the level of voluntary disclosure adopted by ADX firms. The results remain unchanged to additional sensitivity checks. Research limitations/implications The research presents some limitations: first, the author does not take into account all voluntary disclosure items such as human resources and environmental data disclosed by ADX listed firms. Second, other voluntary disclosure determinants remain unexplored for UAE firms such as culture and tax incentives in the light of the new tax rules including corporate tax and value-added tax. Practical implications The study has many implications: first, it can help investors in their decision making and lead to fair allocation of resources. Second, it gives helpful directives to UAE accounting authorities to enhance the quality of financial reporting in the light of the New Commercial Company Law 2015 for mandatory adoption of IFRS by all listed companies. The paper also presents helpful directives for tax authorities planning for both company and value-added taxes. It also sheds light on factors driving corporate social responsibility disclosures as a crucial component of voluntary disclosure policy Originality/value The paper explores the new determinants of voluntary disclosure such as foreign listing, governmental status and block holding for an emerging relatively unexplored stock market: ADX.
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A. Al-Homaidi, Eissa, Karrar Khalaf Allamy, Anwar Ahmad, and Mosab I. Tabash. "The extent of voluntary disclosure in the annual reports of Islamic banks: empirical evidence from Yemen." Banks and Bank Systems 15, no. 1 (March 26, 2020): 167–84. http://dx.doi.org/10.21511/bbs.15(1).2020.16.
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This article aims to measure the level of voluntary disclosure in the published annual reports of Yemeni Islamic banks. Four full-fledged Islamic banks from Yemen are selected for the current study. A disclosure checklist covering 266 items is prepared and a 10-year period, 2005–2014, is taken. The disclosure index items were classified into seven groups, such as basic information on Islamic banks, financial ratios, corporate governance information, financial statements data, corporate social disclosure, Zakat information, and other information that has been taken as an important attribute of voluntary disclosure. The obtained results show that the amount of voluntary disclosure that Yemeni Islamic banking institutions publish in their annual reports has gradually increased over the ten years examined. The results revealed that the highest average disclosure index score over the ten years was achieved by Tadhamon Islamic International Bank (TIIB), the second highest average disclosure score was obtained by Saba Islamic Bank (SIB), and the lowest average voluntary disclosure rating score during the ten years surveyed was achieved by Shamil Bank of Yemen &amp; Bahrain in Yemen during the study period. Substantially, the result of voluntary disclosure scores indicates that the degree of voluntary disclosure by Yemeni Islamic financial institutions has relatively expanded during the ten years investigated. The findings provide new evidence for voluntary disclosure, particularly, Islamic disclosure items. The survey findings can be useful for regulators in Yemen to improve overall disclosure practices by Islamic banks operating in Yemen.
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Acar, Merve, and Hüseyin Temiz. "Empirical analysis on corporate environmental performance and environmental disclosure in an emerging market context." International Journal of Emerging Markets 15, no. 6 (March 19, 2020): 1061–82. http://dx.doi.org/10.1108/ijoem-04-2019-0255.
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PurposeThe purpose of this study is to investigate the association between environmental performance of firms and the level of voluntary environmental disclosure in emerging markets.Design/methodology/approachWe used tobit regression OLS and t-test methods to reveal the association between environmental performance and the level of voluntary environmental disclosure.FindingsWe find a significant positive association between the level of discretionary environmental disclosures and corporate environmental performance. The result is in line with the arguments of economics disclosure theory that argues environmentally good performers disclose more.Practical implicationsMany of the environmentally good firms in Turkey are also listed in the “BIST Sustainability Index,” and this situation can be the result of the relative power of external regulations. Accordingly, it can be suggested to increase the community and governmental pressures for environmental reporting but also gives importance to increase intrinsic motivations for companies to engage in disclosure practices.Originality/valueThis study shed light on relation between environmental performance and environmental disclosure in an emerging market context. Also, it is revisited that the relation between environmental performance and the level of environmental disclosure by testing two different predictions on the level of environmental disclosures.
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Ariff, Akmalia M. "Governance and voluntary disclosure of intangibles." Corporate Ownership and Control 11, no. 1 (2013): 600–610. http://dx.doi.org/10.22495/cocv11i1c6art6.
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This paper examines the effect of governance on the quality of firms’ voluntary disclosure of intangibles. While disclosure of intangibles reduces information asymmetry, company-level managerial ownership and country-level institutional environment provide incentives that can affect the quality of disclosure. I use a comprehensive set of information about intangibles for disclosure, the aggregate percentage of ownership by directors for managerial ownership, and an index of legal institutions for institutional environments. Based on data from 430 East Asian firms, lower quality disclosure is evident for firms in stronger institutional environment regime. However, the quality of disclosure is not affected by managerial ownership or its joint-effect with institutional environment. The findings highlight the importance of voluntary disclosure about intangibles regardless of the influencing effect of governance mechanisms.
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Lokman, Norziana, Julie Cotter, and Joseph Mula. "Corporate governance quality, incentive factors and voluntary corporate governance disclosures in annual reports of Malaysian publicly listed companies." Corporate Ownership and Control 10, no. 1 (2012): 329–52. http://dx.doi.org/10.22495/cocv10i1c3art3.
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This paper investigates the relationship between corporate governance quality and voluntary disclosure of corporate governance information for listed companies in Malaysia. The moderating impacts of incentive factors (capital market transactions and stock-based incentives) on this relationship are also examined. Corporate governance quality is measured using a comprehensive index. The empirical evidence of this study is broadly consistent with the notion that high corporate governance quality is positively related to a greater extent of voluntary disclosure. Stock-based compensation significantly influences the relationship between corporate governance quality and voluntary disclosures; however the other incentive factors examined do not appear to influence the relationship
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Liao, Grace M., and Chilin Lu. "Ownership structure and corporate voluntary disclosure-evidence from Taiwan." Corporate Ownership and Control 6, no. 4 (2009): 128–34. http://dx.doi.org/10.22495/cocv6i4p12.
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Compared to western markets, listed firms in East Asia typically have low levels of information transparency and do not motivate to disclose proprietary information to the public. One of the most frequently cited reasons for the low level of transparency and disclosure quality is poor corporate governance structures in this region. In this study, we explore the association between ownership structure and voluntary information disclosure in Taiwan. Annual report index data from Information Disclosure and Transparence Ranking System (IDTRS) are used as the proxy of the firm’s voluntary information. The empirical results indicate that the level of information disclosure is likely to be less in “insider” or family-controlled companies.
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White, Gregory, Alina Lee, and Greg Tower. "Drivers of voluntary intellectual capital disclosure in listed biotechnology companies." Journal of Intellectual Capital 8, no. 3 (July 31, 2007): 517–37. http://dx.doi.org/10.1108/14691930710774894.
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PurposeThe paper seeks to investigate the key drivers and level of voluntary disclosures in biotechnology company annual reports.Design/methodology/approachThe paper uses an intellectual capital disclosure index score of voluntary disclosures in a large sample of listed biotechnology companies, and tests the relationship between voluntary disclosures of intangible firm value with traditional agency theory variables. The relationships are tested statistically using correlation and multiple‐regression analysis.FindingsThe key drivers of voluntary intellectual capital disclosures were the level of board independence, firm age, level of leverage and firm size. Multiple regression analysis demonstrated that board independence, leverage and size had a significant relationship with the level of voluntary intellectual capital disclosure. Separate regression controlling for large‐sized and small‐sized firms demonstrated that voluntary intellectual capital disclosure was only driven by board independence and the levels of firm leverage in large firms. Small firms did not demonstrate this relationship.Research limitations/implicationsThe implications of this research are that smaller biotechnology companies' managers are not motivated by external debt‐holder demands to make voluntary disclosures about intangible firm value. In addition, large biotechnology companies, which are better able to establish independent board oversight, appear more effective at driving voluntary intellectual capital disclosures, perhaps in response to greater demand by owners. A limitation of this study is its Australian context and that data is analysed only from 2005 financial year annual reports.Originality/valueTo the authors' knowledge this is an original paper whose findings have valuable implications for managing intellectual capital at the firm level. The paper clearly demonstrates that disclosures about intangible firm value is being driven by traditional agency theory variables and more contemporary corporate governance issues, and that small firms may be ignoring the importance of disclosing more about their intellectual capital.
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Rahmadhani, Sari, and Rahayu Indriyani. "Impact of Emissions Intensive Industries And Financial Distress On Voluntary Carbon Emission Disclosure." AKRUAL: Jurnal Akuntansi 11, no. 1 (October 15, 2019): 1. http://dx.doi.org/10.26740/jaj.v11n1.p1-8.
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This study aims to examine factors affecting voluntary disclosure of carbon emissions. Factors affecting the disclosure of voluntary carbon emissions consist of emissions-intensive industries and financial distress represented by leverage. The sampling method used is pruposive sampling with the following criteria, companies that have received a corporate governance rating index during the observation period and published annual reports during the observation period (2013-2016). Based on the corporate governance index determined 66 sampled research. The analysis technique used to test the hypothesis of this research is multiple linear regression analysis. The results of this study indicate that emissions-intensive industries have a significant positive impact on the disclosure of voluntary carbon emissions. Financial distress has a significant negative impact on voluntary carbon disclosure.
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Hamrouni, Amal, Anthony Miloudi, and Ramzi Benkraiem. "How does corporate voluntary disclosure affect asymmetric information and adverse selection?" Corporate Ownership and Control 12, no. 2 (2015): 413–25. http://dx.doi.org/10.22495/cocv12i2c4p1.
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This paper investigates whether the extent of corporate voluntary disclosure mitigates asymmetric information and adverse selection in the Euronext Paris stock exchange. We apply a disclosure index as a proxy for the extent of voluntary disclosure and use different spread measures to estimate both asymmetric information and adverse selection. Our findings show a negative relationship between the disclosure index and asymmetric information and adverse selection proxies. An analysis of sub-indexes provides additional mixed results. Several asymmetric information measures are negatively related to the volume of financial, non-financial and voluntary governance information in corporate annual reports. Nevertheless, the effect of strategic information volume is statistically significant only for effective bid-ask spreads. On the whole, these results are consistent with the view that high corporate voluntary disclosure is associated with narrow spreads and low adverse selection costs
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Hamrouni, Amal, Ramzi Benkraiem, and Majdi Karmani. "Voluntary information disclosure and sell-side analyst coverage intensity." Review of Accounting and Finance 16, no. 2 (May 8, 2017): 260–80. http://dx.doi.org/10.1108/raf-02-2015-0024.
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Purpose This paper aims to investigate whether a high level of voluntary disclosure attracts sell-side analysts. In other words, the authors check whether the number of analysts following a given firm increases with the extent of voluntary information that corporate managers provide in annual reports. Design/methodology/approach The paper relies on regression analyses to study the relationship between the level of coverage by sell-side analysts and the extent of voluntary disclosure for a sample of 155 non-financial firms listed on the Euronext Paris stock exchange and members of the SBF 250 index. Findings The empirical results show that the number of analysts following a given firm increases with the extent of voluntary disclosure. Consequently, the authors conclude that analysts are interested in the volume of information provided voluntarily by corporate managers. Their interest varies across the voluntary-information categories (strategic, financial, non-financial and governance) disclosed in annual reports. Originality/value This study extends previous research by investigating sell-side analysts’ preferences in terms of voluntary-information categories in annual reports. A better understanding of the effects of sub-categories of voluntary information is useful to corporate managers wishing to meet market expectations and attract sell-side analysts. In fact, the authors verify how each category of disclosed information (strategic, financial, non-financial and governance) affects the analyst coverage intensity. In addition, the authors apply our study in the rather interesting empirical setting that is France, which is characterized by a low investor protection and a large number of active analysts.
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Mili, Shamem Ara, and Fathyah Hashim. "Voluntary Human Capital Disclosure and Firm Value Relationship in the Listed Companies of Bangladesh: A Conceptual Overview." Journal of International Business, Economics and Entrepreneurship 5, no. 2 (December 31, 2020): 39. http://dx.doi.org/10.24191/jibe.v5i2.14234.
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The aim of this paper is to incorporate relevant empirical researches and literature for extending the potentials of voluntary human capital disclosure to increase the value of the listed firms in Bangladesh. Voluntary human capital disclosure reduces information asymmetry and increases the financial lucidity of the business, and hence, could minimize agency conflicts, and satisfy employees’ and other stakeholders’ of the business. However, subsequent to a 13.8 percent drop in 2018, the broad index of the Dhaka Stock Exchange Limited lost 17.3 percent in 2019. It is among the first paper focusing on the consequence of voluntary human capital disclosures on firm value from a combination of agency theory, signaling theory, and stakeholder theory perspective. Moreover, extant literature endow with inconsistent and less evidence concerning the relationship of voluntary human capital disclosure with firm value. The present paper proposes and illustrates potential proposition for future empirical investigation in the context of an emerging economy like Bangladesh. It is also expected that the present paper would endow with further knowledge to investors, managers, and other stakeholders to upgrade firm value by means of voluntary human capital disclosure in their corporate reporting practices.
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Seran, Adiutrix Maria Irayanti. "The Analysis Of The Effect Of Firm Characteristics On The Completeness Of Public Company’s Voluntary Disclosure." Journal of Business and Behavioural Entrepreneurship 6, no. 1 (October 11, 2022): 51–68. http://dx.doi.org/10.21009/jobbe.006.1.06.
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The purpose of this study is to analyze the influence of firm characteristics and voluntary disclosure levels in the annual reports of listed companies in Indonesia Stock Exchange. The degree of voluntary disclosure is calculated by an index which is based on background information, non-financial statistic, projected information, and management discussion and analysis. This study using 434 companies in 2021 as a sample and applies the multiple regression analysis. The finding of this study shows that firm characteristics; profitability, firm size, liquidity and industry type have significant relationship with voluntary disclosure, while leverage, age and ownership have no significant with voluntary disclosure. This study can be very helpful for the shareholders, creditors and financial management in making decision about giving voluntary disclosure in annual reports as it provides adequate information for decision making.
Key Words: Voluntary disclosure, Firm characteristic, Annual report
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Shivan Sarpal. "Disclosure of Corporate Voluntary Board Governance Practices in India." Think India 20, no. 3 (November 13, 2017): 21–35. http://dx.doi.org/10.26643/think-india.v20i3.7770.
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The present paper deals with the current as well as hotly debated issue of increasing attention on the extent of governance practices followed by the corporates. In particular, it investigates the disclosure of sound board practices followed by the top listed companies in India by relying upon a Voluntary Board Governance Disclosure Index (VBGDI) developed in the study. The index has been constructed by following the requirements stated under Revised Clause 49 of the Listing Agreement (2004) and Corporate Governance Voluntary Guidelines (2009). In addition, the study has covered two time points in its dataset in order to examine an improvement in the disclosure of board governance practices by the corporates from the time point 1 (2005-06) to the time point 2 (2009-10). The testing has been performed by means of paired samples t-test and Wilcoxen signed rank test (for robustness testing) which has reported significant improvement for some selected board practices in particular and for overall disclosure score as a whole. Overall, the analysis suggests that the corporate voluntary disclosure of the board governance practices has been improved (but only for some items), however, there are certain influential practices which should be covered by the companies in the ambit of their governance frameworks so that the level of governance standards in India can be upraised. On the whole, it suggests the companies to incorporate more board governance practices in the spectrum of their governance disclosures.
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Nindiasari, Avininda Dewi. "Good corporate governance practices and voluntary disclosure in companies listed in the Indonesia Sharia Stock Index (ISSI)." Asian Journal of Islamic Management (AJIM) 3, no. 1 (June 2021): 45–55. http://dx.doi.org/10.20885/ajim.vol3.iss1.art5.
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Objectives: This study aims to determine the effect of the size of the board of commissioners, the proportion of independent commissioners, family ownership, and audit quality on the level of voluntary disclosure of the company. Design/methodology/approach: An empirical study of 50 companies listed in the Indonesia Sharia Stock Index (ISSI) is conducted using the 2015-2016 annual report. The type of data used is secondary data. The analytical method used in this study is multiple linear regression analysis with SPSS 21. Findings: The results of statistical tests indicate that the size of the board of commissioners and audit quality have a positive and significant effect on the level of voluntary disclosure, while the proportion of independent commissioners and family ownership has no significant effect on the level of voluntary disclosure. Implications: The main implications of the results of this study are the size of the board of commissioners and the audit quality. The size of the board of commissioners has a strong relationship to the level of voluntary disclosure. There is a relationship between the number of the board of commissioners and the national laws that have an impact on monitoring the transparency process and the effectiveness of communication within the company. For audit quality, companies that use Big Four audit firms have an effect on the level of voluntary disclosure since their financial reporting will result in better audit quality with a high level of independence. The results of this study also support that agency theory is able to partially explain the phenomenon of the relationship between corporate governance practices and the level of voluntary disclosure in companies listed in ISSI. Originality/Value: This research is one of the studies that draw a relationship between the size of the board of commissioners and audit quality on the level of voluntary disclosure of companies in Indonesia. This finding provides confidence that the size of the board of commissioners and audit quality complement each other to improve the quality of voluntary 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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Abed, Suzan, Basil Al-Najjar, and Clare Roberts. "Measuring annual report narratives disclosure." Managerial Auditing Journal 31, no. 4/5 (April 4, 2016): 338–61. http://dx.doi.org/10.1108/maj-09-2014-1101.
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Purpose This paper aims to investigate empirically the common alternative methods of measuring annual report narratives. Five alternative methods are employed, a weighted and un-weighted disclosure index and three textual coding systems, measuring the amount of space devoted to relevant disclosures. Design/methodology/approach The authors investigate the forward-looking voluntary disclosures of 30 UK non-financial companies. They employ descriptive analysis, correlation matrix, mean comparison t-test, rankings and multiple regression analysis of disclosure measures against determinants of corporate voluntary reporting. Findings The results reveal that while the alternative methods of forward-looking voluntary disclosure are highly correlated, important significant differences do nevertheless emerge. In particular, it appears important to measure volume rather than simply the existence or non-existence of each type of disclosure. Overall, we detect that the optimal method is content analysis by text-unit rather than by sentence. Originality/value This paper contributes to the extant literature in forward-looking disclosure by reporting important differences among alternative content analyses. However, the decision regarding whether this should be a computerised or a manual content analysis appears not to be driven by differences in the resulting measures. Rather, the choice is the outcome of a trade-off between the time involved in setting up coding rules for computerised analysis versus the time saved undertaking the analysis itself.
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Nell, Tobias, Martin Tettenborn, and Silvia Rogler. "Materiality and disclosure quality of identifiable intangible assets: Evidence from Germany." Corporate Ownership and Control 12, no. 2 (2015): 374–93. http://dx.doi.org/10.22495/cocv12i2c3p3.
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This paper examines both the materiality of intangibles and the related disclosure quality under IFRS in the notes of firms on the German benchmark stock index DAX during the four-year period 2008-2011. As proxies, we use the relation of intangibles-to-equity (materiality) and a disclosure index of our design (disclosure quality) that measures both the volume and presentation of information. Furthermore and contrary to the majority of prior studies on the disclosure of intangibles, our index measures disclosure quality itself, and is not restricted to voluntary or mandatory disclosures. In accordance with our predictions, we find in general that intangibles are considerably material, but that the related disclosure quality is low and remains at that low level over the period analyzed. Additionally, both aspects differ widely between firms. Finally, we find support for the hypothesis that management disclosure policies place more emphasis on the amount of information than on its presentation. Our results illustrate and promote the need for the improved regulation of disclosures in the notes, as currently discussed by the major standard setters IASB and FASB
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Firer, C., and G. Meth. "Voluntary information disclosure in company annual reports." South African Journal of Business Management 16, no. 4 (December 31, 1985): 151–56. http://dx.doi.org/10.4102/sajbm.v16i4.1089.
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The objective of this study was to measure the level of voluntary disclosure of information by listed South African manufacturing companies. A disclosure index designed to measure such disclosure was constructed. In general a fairly low level of disclosure of non-statutory items was observed in the companies studied. Disclosure tended to improve slightly during the five years 1979-1983. Limited correlation was found between the level of disclosure and firm size.Die doel van hierdie studie was om die vlak van vrywillige openbaarmaking van inligting deur Suid-Afrikaanse vervaardigingsmaatskappye wat op die effektebeurs verskyn, te meet. 'n Indeks om mate van vrywillige openbaarmaking in maatskappyjaarverslae te meet is saamgestel. Oor die algemeen is 'n taamlike lae vlak van openbaarmaking van nie-wetlike items waargeneem in die maatskappye wat bestudeer is. Openbaarmaking het gedurende die vyf jaar 1979-1983 effens verbeter. Beperkte korrelasie is tussen die vlak van openbaarmaking en maatskappygrootte waargeneem.
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Firmaningtyas, Fahma Dewi, and Dinda Amelia Kusumastuti. "PENGARUH LEVERAGE, UMUR PERUSAHAAN, PROFITABILITAS, FIRM SIZE, AUDIT FIRM SIZE TERHADAP VOLUNTARY DISCLOSURE." INVENTORY: JURNAL AKUNTANSI 3, no. 2 (October 10, 2019): 159. http://dx.doi.org/10.25273/inventory.v3i2.5243.
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<p><em>Changes in economic conditions affect the business world, therefore companies must be more transparent in disclosing company information. The limitation of this research problem is the scope of information including Voluntary Disclosure while the information presented is leverage, age of the company, profitability, firm size and audit firm size. This study tries to analyze the determinants of the level of voluntary disclosure companies in BEI Manufacturing companies in 2015-2017. For this purpose the disclosure data is 65 data from BEI Manufacturing companies in 2015-2017, companies are selected and analyzed using multiple Linear regression. This study shows that the relationship of exogenous company level factors including profitability, firm size, audit firm size, company age and leverage on the voluntary disclosure index. The results of this study indicate that leverage, age of the company, Firm Size and Audit Firm size affect the area of voluntary disclosure or Voluntary Disclosure. While profitability has no effect on the area of Voluntary Disclosure disclosure.</em></p><strong><em>Keywords</em></strong><em>: Voluntary Disclosure, profitability, company size, Audit Firm size, company age and leverage</em>
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Maaloul, Anis, Walid Ben Amar, and Daniel Zeghal. "Voluntary disclosure of intangibles and analysts’ earnings forecasts and recommendations." Journal of Applied Accounting Research 17, no. 4 (November 14, 2016): 421–39. http://dx.doi.org/10.1108/jaar-10-2014-0105.
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Purpose The purpose of this paper is to investigate the relationship between voluntary disclosure of intangibles and financial analysts’ earnings forecasts properties. Design/methodology/approach Disclosures about intangible assets were hand-collected through content analysis of annual reports of a sample of US non-financial firms, while analysts’ earnings forecasts properties were collected from Bloomberg Professional database. The authors relied on correlation and multivariate regression analyses to test the research hypotheses. Findings The results show that increased intangible disclosures affect analysts’ earnings forecasts accuracy, dispersion, and favourable consensus recommendations. However, this effect varies according to the nature of intangible assets. Practical implications The results may be of interest to different market participants such as corporate managers, financial analysts, and standards setting bodies that recently published guidelines on voluntary disclosure of intangibles. Originality/value This study develops a new comprehensive index to measure the content of narrative disclosures about a large number of intangibles, such as human, structural, and relational assets. The findings contribute to the current debate on the value-relevance of narrative disclosures on intangibles to investors and financial analysts.
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Lin, Yupeng, Ying Mao, and Zheng Wang. "Institutional Ownership, Peer Pressure, and Voluntary Disclosures." Accounting Review 93, no. 4 (October 1, 2017): 283–308. http://dx.doi.org/10.2308/accr-51945.
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ABSTRACT We document peer effect as an important factor in determining corporate voluntary disclosure policies. Our identification strategy relies on a discontinuity in the distribution of institutional ownership caused by the annual Russell 1000/2000 index reconstitution. Around the threshold of the Russell 1000/2000 index, the top Russell 2000 index firms experience a significant jump in institutional ownership compared with their closely neighbored bottom Russell 1000 index firms due to index funds' benchmarking strategies. The increase in institutional ownership and resultant improvement in the information environment of the top Russell 2000 index firms create pressures on their industry peers to increase voluntary disclosures. Consistent with this prediction, we find that the discontinuously higher institutional ownership of the top Russell 2000 index firms significantly increases industry peers' likelihood and frequency of issuing management forecasts. Further analyses show that such an effect could be driven by firms' incentive to compete for capital. JEL Classifications: G23; G34; M41; D80. Data Availability: Data are available from the public sources cited in the text.
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Nindhy Sellyna Pratiwi, Dirvi Surya Abbas, Imam Hidayat, and Husna Darra Sarra. "PENGARUH PROFITABILITAS, LIKUIDITAS, LEVERAGE, DAN UKURAN PERUSAHAAN, INVESTMENT OPPURTUNITY SET TERHADAP VOLUNTARY." Jurnal Penelitian Ekonomi Manajemen dan Bisnis 1, no. 4 (November 19, 2022): 128–51. http://dx.doi.org/10.55606/jekombis.v1i4.683.
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The purpose of this study was to determine the effect of profitability, liquidity, leverage and company size on voluntary disclosure. profitability is measured by return on equity (ROE), liquidity is measured by the current ratio (CR), Leverage is measured by the debt to equity ratio (DER), company size is measured by the natural logarithm of total assets. Voluntary disclosure as the dependent variable is measured by the disclosure index for the number of items disclosed by the company.This study used a sample of banking sector companies during the 2015-2019 period with a purposive sampling method. The data used are obtained from annual reports listed on the Indonesia Stock Exchange. There were 7 companies during the 2015-2019 period that met the criteria. The analysis method used is panel data regression analysis.The results of this study indicate that profitability has a significant effect on voluntary disclosure. Meanwhile, liquidity, leverage has no significant effect on voluntary disclosure, and company size has a significant effect on voluntary disclosure.
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Marwa, Moalla, Bassem Salhi, and Anis Jarboui. "Environmental Audit and Environmental Disclosure Quality." Scientific Annals of Economics and Business 67, no. 1 (March 2020): 93–115. http://dx.doi.org/10.47743/saeb-2020-0006.
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In this study we explore the association between environmental audit and the quality of environmental disclosure as measured by voluntary and timely disclosure. Relying on a multiple theory framework and using a sample of 81 French non-financial companies listed on the SBF 120 index covering the six-year period from 2012 to 2017, we found a positive and statistically significant relationship between the level of voluntary disclosure of environmental information and the environmental audit committee, the environmental auditor's BIG 4, debt levels, firm size, earnings management, and the industry. In addition, findings indicate that the environmental audit committee, CSR committee, the environmental auditor's BIG 4, earnings management, firm size, and the industry have an impact on the timely disclosure of environmental information. However, the regression of the results showed that there is no relationship between CSR committee and the level of the voluntary disclosure of environmental disclosure.
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Ghani, Rusman. "Development of Financial Reporting Disclosure Index: A Study of the Cooperative Sector in Malaysia." Indian-Pacific Journal of Accounting and Finance 6, no. 4 (December 31, 2022): 11–18. http://dx.doi.org/10.52962/ipjaf.2022.6.4.139.
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The disclosure index has been used for several decades to measure the quality of financial reporting. The disclosure index is divided into mandatory and voluntary disclosure indexes. The information disclosed can be financial or non-financial items. The disclosure index can also be weighted or unweighted. The main objective of this article is to serve as a guide for the development of a disclosure index to measure a level of disclosure that can also measure the quality of financial reporting in the cooperative sector.
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Iglesias, Yanick. "PENGARUH PENGUNGKAPAN SUKARELA PADA LAPORAN TAHUNAN TERHADAP KUALITAS LABA PADA PERUSAHAAN PERTAMBANGAN." Jurnal ASET (Akuntansi Riset) 9, no. 1 (November 13, 2017): 187. http://dx.doi.org/10.17509/jaset.v9i1.5262.
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Abstract. This study aims to determine the effect of voluntary disclosure on the quality of earnings in the mining companies listed on the Indonesia Stock Exchange in the year 2012-2014. Voluntary disclosure is measured using the voluntary disclosure index, while the earnings quality is proxied by Earnings Response Coefficient. The method used in the study is quantitative descriptive. The data sources are obtained from the secondary data. The secondary data consists of the annual report of mining companies, the stock index, and also the composite index gained through IDX or www.idx.co.id, as well as literature like journals, previous studies, and textbooks. The study indicates that voluntary disclosure in mining companies in Indonesia has been running quite well, it is proven by an average of 33.6% of the voluntary disclosure. Whereas the quality of earnings rises in 2013 and has a significant drop in 2014. The study also shows there is a positive impact of the voluntary disclosure on the quality of earnings in the mining companies.Keywords: voluntary disclosure; quality of earnings; earning response coefficient; mining company.Abstrak. Penelitian ini bertujuan untuk mengetahui pengaruh pengungkapan sukarela terhadap kualitas laba pada perusahaan pertambangan yang terdaftar di BEI pada tahun 2012-2014. Pengungkapan sukarela diukur dengan menggunakan indeks pengungkapan sukarela, sedangkan kualitas laba diproksikan dengan Earnings Response Coefficient. Metode yang digunakan pada penelitian ini adalah deskriptif kuantitatif. Sumber data pada penelitian ini diperoleh dari data sekunder. Data sekunder tersebut terdiri dari laporan tahunan perusahaan-perusahaan pertambangan, daftar harga saham perusahaan serta harga saham gabungan yang diperoleh melalui IDX atau website www.idx.co.id, serta literatur-literatur seperti jurnal, penelitian terdahulu, dan text book. Pada penelitian ini diketahui bahwa pengungkapan sukarela pada perusahaan pertambangan di Indonsia telah berjalan dengan cukup baik, hal tersebut dibuktikan dengan rata-rata pengungkapan sebesar 33,6% dari item pengungkapan sukarela. Sedangkan kualitas laba perusahaan mengalami kenaikan pada tahun 2013 dan penurunan yang signifikan pada tahun 2014. Pada penelitin ini juga diketahui bahwa terdapat pengaruh positif dari pengungkapan sukarela terhadap kualitas laba pada perusahaan pertambangan.Kata Kunci: earning response coefficient; kualitas laba; pengungkapan sukarela.
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Sahore, Nidhi Sharma, and Anshul Verma. "Corporate Disclosures and Financial Performance of Selected Indian Manufacturing and Non- Manufacturing Companies." Accounting and Finance Research 6, no. 1 (January 25, 2017): 119. http://dx.doi.org/10.5430/afr.v6n1p119.
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Disclosures play a pivotal role in addressing the issues related to information asymmetry and agency costs of firms. Voluntary disclosures are those disclosures which are beyond the compulsory ones and are communicated portraying a better image of the company and its prospects in front of its investors. Therefore this study intends to extend various aspects of corporate disclosure practices, mainly voluntary disclosures of selected Indian companies. Under contract theory of economics, information asymmetry leads to superfluous decisions because of information gap between the parties. It is also important to assess the possible economic consequence of voluntary disclosures i.e. the incentive by way of enhanced firm performance. The results of the study obtained through correlation and regression approach are very encouraging and are evident of stock returns responding to corporate voluntary disclosures, financial as well as non- financial, particularly in the recent years. The effect of increased disclosures on stock prices is of possible interest to investing community and stakeholders at large including the policy makers and regulators. It is not just about the level of disclosures but also the type of disclosures e.g. non-financial disclosure like forward looking, social, and environmental which play an important role in enunciating the association between the two variables. The paper sufficiently contributes towards literature on voluntary disclosures. Its major contribution is focused towards economic consequences of disclosures by way of better stock returns and implications for Indian stock market regulator to assess the impact of its policy on manufacturing and non-manufacturing companies listed in CNX 100 index of National Stock Exchange of India.
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Issa, Ayman, Mohammad A. A. Zaid, Jalal Rajeh Hanaysha, and Ammar Ali Gull. "An examination of board diversity and corporate social responsibility disclosure: evidence from banking sector in the Arabian Gulf countries." International Journal of Accounting & Information Management 30, no. 1 (October 28, 2021): 22–46. http://dx.doi.org/10.1108/ijaim-07-2021-0137.
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Purpose The purpose of this study is to examine the impact of board diversity (e.g. education, gender, nationality and royal family members) on voluntary corporate social responsibility (CSR) disclosure for a sample of banks listed in the Arabian Gulf Council countries. Design/methodology/approach The authors use the Global Reporting Initiative guidelines to construct the CSR disclosure index. The empirical analysis is based on the data of banks listed in the Gulf Cooperation Council countries over the period 2011–2019. To tackle the potential issue of endogeneity, the authors apply the system generalized method of moments (GMM) estimation approach to investigate the relationship between board diversity and CSR disclosure index. Findings The findings of the analysis show that there is a significant relationship between board diversity and the level of voluntary CSR disclosure. Specifically, the authors find that diversity captured by the education level, nationality and the presence of royal family members on board is positively associated with the level of voluntary CSR disclosure while diversity captured by the gender of board members is negatively associated with the level of voluntary CSR disclosure. Practical implications The regulators, policymakers, stakeholders and the board of directors become aware of the diversity mechanisms that must be used to promote CSR practices in the banking sector of Arabian Gulf countries. Originality/value The authors extend the existing literature by providing empirical evidence on the association between board diversity and voluntary CSR disclosure practices of banks operating in the Arabian Gulf countries. This study also highlights that board gender diversity may have a different impact on voluntary CSR disclosure between developed countries and developing countries. This paper also provides preliminary evidence on the importance of education level, the presence of foreign and royal directors on board to influence CSR practices of banks operating in the Arabian Gulf countries.
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Kamel, Hany, and Emad Awadallah. "The extent of voluntary corporate disclosure in the Egyptian Stock Exchange." Journal of Accounting in Emerging Economies 7, no. 2 (May 2, 2017): 266–91. http://dx.doi.org/10.1108/jaee-05-2015-0037.
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Purpose The purpose of this paper is to investigate the current level of voluntary corporate disclosure in the Egyptian Stock Exchange. In addition, it explores the factors influencing the extensiveness of voluntary disclosure and examines the potential consequences of such disclosure in regards to the phenomenon of earnings management. Design/methodology/approach A relevant disclosure index to the Egyptian context was adopted to assess the level of voluntary disclosure in the 2010 annual reports of the most actively traded companies listed on the Egyptian Stock Exchange. The relationship between the extent of voluntary disclosure and each specific-related factor was examined using unranked and ranked OLS regression models. Meanwhile, a system of simultaneous equations was performed using a two-stage least squares regression model in order to investigate whether companies with higher levels of voluntary disclosure exhibit lower levels of earnings management practices. Findings The results indicate that the level of voluntary disclosure is positively responsive to specific corporate attributes, namely, the type of auditing firm and the two industries of Healthcare and Pharmaceuticals, and Chemicals. However, no significant indications were found that firm size, leverage, profitability and liquidity are important determinants of corporate disclosure. Also, the results show no evidence to support the prior anticipation that a higher level of voluntary disclosure reduces the ability of managers to make use of earnings management. On the contrary, it was found that leverage and the tendency of firms to avoid reporting declines in earnings are the main drivers of the phenomenon of earnings management in Egypt. Practical implications This paper has important implications for both domestic and overseas investors in Egypt as well as the regulatory authorities in the developing economies. Originality/value The main contribution of this paper is its focus on the extent of voluntary disclosure in a developing country such as Egypt, which has a high potential for economic growth in the near future. Besides, this paper is the first to examine the relationship between the level of voluntary disclosure and the phenomenon of earnings management in the Egyptian context.
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Rouf, Md Abdur, and M. Akhtaruddin. "Factors affecting the voluntary disclosure: a study by using smart PLS-SEM approach." International Journal of Law and Management 60, no. 6 (November 12, 2018): 1498–508. http://dx.doi.org/10.1108/ijlma-01-2018-0011.
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Purpose This paper aims to examine the factors affecting the voluntary disclosure in the annual reports of listed companies in Bangladesh. Design/methodology/approach The study is based on a sample of 96 listed non-financial companies in Dhaka Stock Exchanges over the period of 2013 to 2016. The study used partial least squares structural equation modeling tool to analyze data which provides evidence of reliability and validity. It also used an unweighted relative disclosure index for measuring voluntary disclosure. Findings The empirical results show that corporate governance (board leadership structure and ownership structures) and firms characteristics (total assets and total sales) are significantly positive correlated with the voluntary disclosure. Originality/value The finding of the study will be a bench mark or the board for policy makers and implementers in torching the avenues of improvement in raising the level of corporate voluntary disclosure in annual reports of listed companies in Bangladesh.
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Ridwan, Ridwan, and Mayar Afriyenti. "Pengaruh Kepemilikan Keluarga, Ukuran Dewan Direksi, Dan Proporsi Direktur Independen Terhadap Tingkat Pengungkapan Sukarela." JURNAL EKSPLORASI AKUNTANSI 1, no. 3 (August 22, 2019): 1376–91. http://dx.doi.org/10.24036/jea.v1i3.149.
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This study aims to examine the effect of family ownership, board size, and the proportion of independent directors on the level of voluntary disclosure. This research is classified as causative research. The population in this study are manufacturing companies listed on the Indonesia Stock Exchange (IDX) in 2015-2017. By using the purposive sampling method, there are 57 companies as research samples. Family ownership is measured by the percentage of share ownership, the size of the board of directors is measured by the number of board of directors of the company, the proportion of independent directors is measured by the percentage of independent directors on board structure and voluntary disclosure is measured by the disclosure index. The type of data used is secondary data obtained from www.idx.co.id. The analytical method used is multiple linear regression. The results of this study show Family ownership has a negative and significant effect on the level of voluntary disclosure. The size of the board of directors has a positive and significant effect on the level of voluntary disclosure, and the proportion of independent directors has a positive and not significant effect on the level of voluntary disclosure.
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Soussi, Jihene Chedlia. "Impact of Voluntary Disclosure on the Relevance of Accounting Information." Journal of Education and Vocational Research 3, no. 5 (May 15, 2012): 138–53. http://dx.doi.org/10.22610/jevr.v3i5.61.
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Information disclosure by firms has grown considerably. The increased level of firms’ disclosure has been accompanied by the loss of relevance of accounting information over time (Lev, 1989, Ramech and Thiagarajan, 1995, Lev and Zarowin, 1999, Brown and al, 1999, Chang, 1999 and Chalmers and al, 2011). Our objective is to determine whether the voluntary disclosure explains the low relevance of accounting information. We find that medium-technology companies have the highest level of relevance of accounting information. However, the relevance of the accounting model is low for lowtechnology firms and high technology firms. The introduction of the overall disclosure index and subindexes of disclosure has an effect on the relevance of the accounting model (this effect is significant only in some cases for low-tech firms). Furthermore, the addition of variables of disclosure to the accounting model makes the accounting variables relevant to investors for low-tech firms. For medium-tech firms, book values and earnings are relevant. While, for high technology firms, only the earnings are relevant. We also show that the introduction of intangible expenses, the weight of intangibles and the index of disclosure on intangibles is growing, but not significantly the relevance of the accounting model.
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Araniyar C., Isukul, and Chizea John J. "An Evaluation of Corporate Governance Disclosure in Ghanaian and Nigerian Banks." INTERNATIONAL JOURNAL OF INNOVATION AND ECONOMIC DEVELOPMENT 3, no. 1 (2017): 51–71. http://dx.doi.org/10.18775/ijied.1849-7551-7020.2015.31.2003.
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Corporate governance disclosure has become the buzz word for countries in developing economies, with the spate of corporate governance failures and the need to prevent a continuation of this trend. There has been the call for developing countries to enhance and improve on corporate governance disclosure practices. This study examines corporate governance disclosure in Ghanaian and Nigerian Banks using the un-weighted disclosure index technique. This research analyses corporate governance disclosure practices in the annual reports of 10 listed banks in Ghanaian and Nigerian banks in the year 2014. The findings of the research reveal that Ghanaian and Nigerian banks comply with several codes and principles of corporate governance disclosure: with Ghanaian banks having a lower level of disclosure than their Nigerian counterparts. On closer inspection, both Ghanaian and Nigerian banks have poor scores in voluntary corporate governance disclosure. Ghanaian banks tend to be worse off, as the level of variation in levels of corporate governance disclosure is higher than Nigerian banks. In comparison, Nigerian banks on the average tend to have better voluntary disclosure practices than Ghanaian banks. Also, Ghanaian and Nigerian banks include some elements of corporate social responsibility reporting in their annual reports. The research recommends that policymakers and regulators should devise policies targeted at enhancing voluntary corporate governance disclosure and increasing board diversity in the boardrooms.
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Boubaker, Sabri, Amal Hamrouni, and Qi-Bin Liang. "Corporate Governance, Voluntary Disclosure, And Firm Information Environment." Journal of Applied Business Research (JABR) 31, no. 1 (December 15, 2014): 89. http://dx.doi.org/10.19030/jabr.v31i1.8993.
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This paper examines the relative performance of several corporate governance factors, specifically the characteristics of boards of directors, managerial ownership, and voluntary disclosure, in improving firm information environments. The paper uses a new empirical approach based on a B-convex method on a sample of 70 non-financial French listed firms belonging to the SBF120 index. Our findings show that 68.57% of our sample firms are located on the efficiency frontier. Corporate governance practices appear to serve as effective monitoring for the top executives of these firms, which reduces information asymmetry between insiders and outsiders, thereby improving the information environment. The empirical analysis also generates evidence that 31.42%of our sample firmslie outside the efficiency frontier. Corporate governance practices in many firms appear insufficient to improve firm information environments. These findings suggest the need for many SBF120 firms to improve their corporate governance practices.