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Author: G.K.C Jeewantha
Publisher:
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Languages : en
Pages : 0
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Stakeholders' dissatisfaction with traditional mandatory financial reporting has led to increase the demand for more comprehensive voluntary information disclosures. As such, the corporate disclosure practices in Sri Lanka have changed dramatically in recent years. The purpose of this study is to identify the drivers of corporate voluntary disclosures in Sri Lankan listed companies. This study provides new insights about voluntary disclosures in Sri Lankan context since few studies have been conducted. Sixty non-financial companies were selected based on market capitalization for the study purpose. Company annual reports from 2009 to 2014 were scrutinized to find the voluntary disclosures. Panel regression was utilized due to the nature of time series and cross sectional. This study demonstrated that the level of voluntary disclosure in Sri Lankan listed companies is lower compared to other emerging countries. It is confirmed that the size of firm was the more significant factor in determining voluntary disclosure practices in Sri Lanka. Moreover, block holders negatively influenced to the voluntary disclosures in Sri Lankan listed companies. However, corporate governance variables do not have any impact to the voluntary disclosure practices. Furthermore, profitability, leverage, industry category are not influencing voluntary disclosure practices. This study has found that auditors' duty has been limited to financial statements in Sri Lankan listed companies. The outcome of this study would encourage in developing standards for the disclose of information in annual reports and also persuade corporate managers to reform disclosure practices.
Author: G.K.C Jeewantha
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Stakeholders' dissatisfaction with traditional mandatory financial reporting has led to increase the demand for more comprehensive voluntary information disclosures. As such, the corporate disclosure practices in Sri Lanka have changed dramatically in recent years. The purpose of this study is to identify the drivers of corporate voluntary disclosures in Sri Lankan listed companies. This study provides new insights about voluntary disclosures in Sri Lankan context since few studies have been conducted. Sixty non-financial companies were selected based on market capitalization for the study purpose. Company annual reports from 2009 to 2014 were scrutinized to find the voluntary disclosures. Panel regression was utilized due to the nature of time series and cross sectional. This study demonstrated that the level of voluntary disclosure in Sri Lankan listed companies is lower compared to other emerging countries. It is confirmed that the size of firm was the more significant factor in determining voluntary disclosure practices in Sri Lanka. Moreover, block holders negatively influenced to the voluntary disclosures in Sri Lankan listed companies. However, corporate governance variables do not have any impact to the voluntary disclosure practices. Furthermore, profitability, leverage, industry category are not influencing voluntary disclosure practices. This study has found that auditors' duty has been limited to financial statements in Sri Lankan listed companies. The outcome of this study would encourage in developing standards for the disclose of information in annual reports and also persuade corporate managers to reform disclosure practices.
Author: Stephan Fuhrmann
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Tariq Hassaneen Ismail
Publisher:
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Category :
Languages : en
Pages : 0
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This study provides further insights on the key corporate governance drivers of intellectual capital (IC) disclosure in Egyptian companies. It uses IC disclosure index of three components; internal capital, external capital, and human capital to identify IC disclosure level in annual reports of the largest 100 companies listed in the Egyptian Stock Exchange (EGX). Descriptive statistics, multivariate analysis, and the association between IC disclosure levels and three potential explanatory corporate governance characteristics namely: (i) board composition, (ii) ownership structure, and (iii) audit committee provide the basis for discussion. The results suggest that blockholders' ownership, government ownership and audit committee are the explanatory variables that could have significant impact on voluntary intellectual capital disclosure by Egyptian companies, whereas board independence, and management ownership has no impact on IC disclosure. Additionally, firm size and leverage do influence IC disclosure levels in Egyptian companies. The survey results may assist regulators to understand the impact of corporate governance factors on companies' IC voluntary disclosure levels and thereby help them specify ways to regulate disclosure on IC in an attempt to improve the quality of information disclosed to stakeholders.
Author: Mohamed Omran
Publisher: LAP Lambert Academic Publishing
ISBN: 9783659636080
Category :
Languages : en
Pages : 260
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Book Description
I extend prior corporate disclosure research by examining the association between six international environmental factors and the level of corporate voluntary disclosure practices using 100 Egyptian listed non-financial firms. The results of regression analysis indicate that the level of voluntary disclosures is positively and significantly associated with international socio-political institutions, international accounting standards, and international financial institutions. However, I find no significant association between the level of voluntary disclosures and global competition, the international stock market, and information technology and communication. Of the five control variables that I included in regression models, only the legal form associates significantly with the level of voluntary disclosure practices. The findings further our understanding of accounting practices in a developing country context. The subject organizations can use the findings of the study to improve their accounting disclosure systems. The Capital Market Authority in Egypt also can use the findings of the study to improve accounting disclosure regulations in Egypt.
Author: Abdul Mohamed
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
In this paper we investigate drivers of corporate venture capital investment announcements. Using a comprehensive sample of investments made by corporate venture capital programs of publicly listed US corporations, we find that about 2/3 of the investments are publicly announced. Consistent with voluntary information disclosure theories, we find that a public announcement is less likely when the startup is in the seed-stage, but more likely when the parent company is large, spends heavily in internal R&D and capital expenditures, has high leverage ratio, and faces more information asymmetry problems. These results are robust to controlling for syndicate size and structure. We further examine the stock price reaction to announcements. On average, the abnormal return of announced deals is around 2.1% at announcement date. Controlling for endogeneity of the announcement decision, we find that parent companies facing most severe asymmetric information problems enjoy highest abnormal returns.
Author: Joanna Dyczkowska
Publisher:
ISBN:
Category :
Languages : en
Pages : 21
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The paper contributes to a stream of literature on voluntary disclosure of strategy and R&D issues in the annual reports and at the corporate websites of 69 Polish IT companies listed on the Warsaw Stock Exchange. It examines the associations between the voluntary disclosure index and a set of factors, including: company age and size, ownership dispersion, board size, corporate performance, leverage and growth prospects. The area of strategy and R&D disclosures has not been sufficiently explored in Polish conditions so far. There is also a lack of consistent regulations and clear guidelines of what should be disclosed. The Polish Accounting Act determines that management report should provide information on important R&D achievements, however it does not state clearly what is the minimum of information required. Therefore, the extent of disclosure depends on managerial discretion which may be shaped by several factors. The empirical evidence provided by this research study suggested that the level of strategy and R&D disclosure was dependent on company age. It was also validated that the larger companies and these listed on the primary market revealed more information on strategy and R&D issues. The study gave evidence that if market capitalization of the company was higher as compared to peer entities managers provided more narratives about strategy and R&D activities.
Author: Alessandro Ghio
Publisher: Springer Nature
ISBN: 3030422992
Category : Business & Economics
Languages : en
Pages : 183
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Book Description
This book provides a critical analysis of the evolution of corporate disclosure. Building upon prior academic literature, it assesses the most important changes in mandatory corporate disclosure, the growing relevance of social and environmental disclosure, and revolutionary new forms of corporate communication, in particular social media. It also includes empirical analyses that shed further light on the impact of voluntary communication, i.e. social and environmental reporting and corporate social media communication, on managerial and investment decisions. Lastly, it discusses new directions for accounting and corporate governance research on the theoretical and empirical challenges of corporate disclosure. Offering a wealth of relevant and timely advice, the book will help regulators design policies that allow businesses to overcome current and emerging economic, social, and technological challenges.
Author: Gaurav Kumar
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The number of foreign companies accessing the United States (U.S.) public securities markets has increased dramatically over the last ten years. Since 1997, over 600 foreign companies have registered securities with the Securities and Exchange Commission (SEC) for the first time. As of December 31, 2004, more than 1200 companies from 57 countries were filing periodic reports with the SEC. Securities regulation for these companies has always been a matter of debate and a stream of research has examined the disclosure practices of foreign companies listed in the U.S. However, none of those studies have looked at the voluntary disclosure practices of U.S.-listed Asian companied in the U.S. There have been some studies which have examined the disclosure practices of companies in the individual Asian countries, but none of them have comprehensively investigated the disclosure practices of all U.S.-listed Asian companies. The study at hand contributes to the international accounting literature by specifically examining the voluntary disclosures provided by U.S.-listed Asian companies in the U.S. This study examined three research objectives. (1) The first research objective of this study was to test the Einhorn (2005) theory on U.S.-listed Asian companies. This theory indicates that the voluntary disclosures (measured by Botosan, 1997) of companies will be positively related to the strictness of their mandatory disclosure environment (measured by a survey of experts). (2) Secondly, the study examined the extent to which voluntary disclosures provided by U.S.-listed Asian companies in the U.S. are convergent, and determined the effect of culture on those disclosures [Warner (2003), Gray (1988) and Zarzeski (1996)]. (3) Lastly, the current research investigated the voluntary use of "international" standards instead of national standards by U.S.-listed Asian companies in preparation of their consolidated financial statements. This aspect of the study has extended the evidence in Tarca (2004). Results of this study provide perhaps the first empirical evidence on the voluntary disclosures provided by U.S.-listed Asian companies in the U.S.A total of seven hypotheses were developed and statistically tested to accomplish the research objectives. The evidence produced in this study indicates that U.S.-listed Asian companies (from countries which have a stricter mandatory disclosure regime in their home country) provided significantly fewer voluntary disclosures than the U.S.-listed Asian companies (from countries which have a less strict mandatory disclosure regime). This finding is contrary to the theory developed in Einhorn, 2005. In addition, this study has documented that over 80 percent of the U.S.-listed Asian companies are voluntarily using "international" standards in preparation of their financial statements and thus contributing towards International accounting convergence. However, their choice to use "international" standards is not affected by their proportion of foreign sales or their size. An important contribution of this study is the development of a measure for strictness of mandatory disclosure regimes of Asian countries by two alternative methods by expert rankings and by using the results of Adhikari and Tondkar (1992). The results of this study complement Cahan et al. (2005) who examine the effect of global operations and global financing on voluntary disclosures of companies from the Fortune 500 list. They report a significant association between globalized operations and voluntary disclosures of companies. However, their study does not include the strictness of mandatory disclosure regime which, according to Einhorn (2005) is a significant determinant of voluntary disclosures. The results of the current research regarding culture variables, however, are not completely consistent with Zarzeski (1996). Zarzeski shows that domestic culture is an important determinant for voluntary disclosures. However, the current research results remain inconclusive in this aspect. This study does not find strong evidence of a relation between domestic culture and the voluntary disclosures provided by U.S.-listed Asian companies in the U.S. Nonetheless, there appears to be clear consensus from this dissertation that provides evidence to reject the Einhorn (2005) theory and the results also provide support for the argument that U.S.-listed Asian companies are contributing towards International accounting convergence
Author: 邱鈺喬
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Ziyao San
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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This research consists of two parts. In the first part, I examine whether a firm whose chief executive officer (CEO) is more future-oriented (as measured by commitment to voluntary disclosure practices, i.e., issuing more frequent and more disaggregated earnings forecasts) is likely to be more successful in corporate innovation investment. Using a global sample of 26,364 firms from 27 countries and a single-country sample of 8,980 firms (domiciled in the US), I find that firms with more future-oriented CEO are granted more patents and receive more citations per patent. The results of additional cross-sectional analyses indicate that the relationship between commitments to voluntary disclosure and corporate innovation varies with various CEO-, firm-, and country-level factors. In the second part of this research, I investigate the role of CEOs personality traits in corporate innovation and in the association between commitment to voluntary disclosure and corporate innovation. I find that firms with more extraverted CEOs tend to be more successful in their innovation investment in the future and that the signaling role of commitment to voluntary disclosure in corporate innovation success is more pronounced in firms with more extraverted CEOs. My findings also indicate that voluntary disclosure by more extraverted CEOs attracts more investor attention. Collectively, the results of this research support the conjecture that future-oriented CEOs are likely to commit to voluntary disclosure practices to signal their ability to manage uncertainties associated with innovation investment and thereby achieve innovation success. Additionally, such signaling tends to be driven by more extraverted CEOs. This research should be important for the investors and other stakeholders, as it shows how the likelihood of firms future innovation success can be inferred from CEOs observable earnings forecasting behavior. The findings may also be of interest to firms, as they highlight the importance of considering candidates level of extraversion when hiring a CEO. Finally, the findings of this research should be helpful to policymakers who develop initiatives to enhance firms voluntary financial disclosure, because this research highlights how the effectiveness of management earnings forecasts in signaling corporate innovation success varies with country-level institutional characteristics.
