Earning Voluntary Disclosures and Corporate Governance PDF Download
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Author: Faten Lakhal
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
The primary objective of this paper is to study the relationship between earning voluntary disclosures made by French firms managers and a set of corporate governance combined attributes. Corporate governance attributes examined in this study include ownership structure, institutional investors ownership, board characteristics, the existence of a unitary leadership structure and the influence of executive stock option plans. We use binary logit models to check our hypotheses. The results indicate significant negative associations between earning voluntary disclosures and ownership concentration, and between earning voluntary disclosures and an unitary leadership structure. The current results also show that firms providing earning voluntary disclosures are more inclined to have increasing institutional ownership, and to offer stock option plans for their executives. These results imply that corporate governance structure of French listed firms has to support new requirements in order to improve market transparency.
Author: Faten Lakhal
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
The primary objective of this paper is to study the relationship between earning voluntary disclosures made by French firms managers and a set of corporate governance combined attributes. Corporate governance attributes examined in this study include ownership structure, institutional investors ownership, board characteristics, the existence of a unitary leadership structure and the influence of executive stock option plans. We use binary logit models to check our hypotheses. The results indicate significant negative associations between earning voluntary disclosures and ownership concentration, and between earning voluntary disclosures and an unitary leadership structure. The current results also show that firms providing earning voluntary disclosures are more inclined to have increasing institutional ownership, and to offer stock option plans for their executives. These results imply that corporate governance structure of French listed firms has to support new requirements in order to improve market transparency.
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:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Jidong Zhang
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The relation between the motivation of voluntary disclosure and the characters of companies is important research topic in accounting research and strategy research. The paper investigates the samples from Chinese capital market during 2004-2006 and concludes some empirical results to verify and support the strategy theory that pre-literatures had document through the analysis of game theory. The findings are that there is no significant relationship between industry competitive information voluntary disclosure and corporate governance and there is no significant relationship between industry competitive information voluntary disclosure and earning quality. As the analysis of strategy theory, there is significant relationship between industry competitive information voluntary disclosure and corporate competitive strategy which integrates with the status of market competitive where the corporate locates. If the corporate locates in growth period of Product Life Cycle (PLC), it is more possible to disclose industry competitive information and this motivation is obvious. The findings provide the empirical evidence of strategy competitive theory. These also implicate that voluntary disclosure is related to the disclosure content, not to corporate characters such as governance and earning quality.
Author: Jennifer Francis
Publisher: Now Publishers Inc
ISBN: 1601981147
Category : Business & Economics
Languages : en
Pages : 97
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Book Description
This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.
Author: Najib Sahyoun
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
In recent years, there has been an increasing interest in the voluntary disclosures in the audit committee report by different stakeholders such as corporate governance organizations and institutional investors. Based on the different requests for enhanced audit committee disclosures, the SEC issued a concept release during 2015 proposing several enhancements and requesting public comment (Securities and Exchange Commission (SEC), 2015). In this dissertation, we investigate the voluntary disclosures in the audit committee report. The purpose of our study is twofold: 1) to analyze the comment letters to understand "investors' needs" in the context of the audit committee disclosures, 2) to investigate the association between voluntary disclosures in the audit committee report and earnings management, and the voluntary disclosures impact on the external environment. The first essay analyzes the comment letters by using a framing analysis. We aim to understand how each respondent category defines the current audit committee disclosure requirements in fulfilling "investors' needs." We compare and contrast the respondents' frames and analyze their discourse. The second essay is composed of two studies and considers the top US Bank Holding Companies (BHC). We study the association between the voluntary disclosures in the audit committee reports and banks' earnings quality. Also, in this study, we analyze the impact of the voluntary disclosures in the audit committee report on the implied cost of equity and financial analysts' forecasting properties. The results reveal that there is a wide variation among respondents in defining "investors' needs" and how they argue to convince the SEC to adopt their point of view. Also, the discourse analysis reveals several issues at the corporate governance level that require the SEC attention. As for the second essay, the results show that there is a positive association between voluntary disclosures and earnings management. In our view, it implies that audit committees are engaged in impression management. Also, the results suggest that there is a positive relationship between the voluntary disclosures and cost of equity. It implies that the investors are able to know that the voluntary disclosures do not reveal strong performance by the audit committees and as a consequence, they will require a higher rate of return. Finally, for the financial analysts' forecasting properties, it seems that they have learned that these voluntary disclosures are impression management. They are able to make better forecasting as the results suggest a negative relationship between voluntary disclosures and forecasting errors and forecasting dispersion. Overall, our results have practical implications for the regulator and policy-makers. The framing analysis of the comment letters provides evidence about the need to have a common understanding of the "investors' needs" in the audit committee disclosure context. The qualitative study is focusing on "investors' needs" which is a critical concern for the SEC. Also, one of the regulator's goal is to ensure that investors maintain confidence in financial markets. Our results show that audit committees engage in impression management. This practice can have bad consequences on investors' confidence and require the SEC intervention.
Author: Naeem Tabassum
Publisher: Springer Nature
ISBN: 3030485277
Category : Business & Economics
Languages : en
Pages : 335
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Book Description
Establishing a corporate governance strategy that promotes the efficient use of organisational resources is instrumental in the economic growth of a country, as well as the successful management of firms. This book reviews existing literature and identifies board structural features as key variables of an effective corporate governance system, establishing a multi-theoretical model that links Board structural characteristics with firm performance. It then, using a comprehensive empirical study of 265 companies listed on the Karachi Stock exchange, tests this conceptual model. This research serves as a significant milestone, reflecting the socio-economic setting of emerging economies, and highlighting the need for the corporate sector in emerging markets to move away from a 'tick-box' culture. It argues that the sector needs to implement corporate governance as a tool to mitigate business risks; appoint and empower non-executive directors to achieve an effective monitoring of management; and establish their own ethical and governance principles, applicable to the Board of Directors. Based on an extensive data base, collected painstakingly over five years, this book offers new insights and conceptual framework for further research in this area. Given the breadth and width of the research, it is a useful source of future reference for students, researchers and policy makers.
Author: Luminita Enache
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Elizabeth Carson
Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 38
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Book Description
Author: Jessica Yang
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
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Book Description
In this study, we investigate whether corporate governance is a key determinant of a firm's decision to disclose and disseminate financial information on a social media platform. We observe earnings-related disclosures on Twitter for a sample of UK FTSE 350 firms. We find that earnings disclosure is significantly associated with larger board size, greater gender diversity, and higher board effectiveness. Among the 127 disclosing firms, we find that board effectiveness is also significantly and positively associated with the extent of information dissemination. Overall, our findings suggest that firms with better governance mechanisms are more proactive in adopting social media as a complementary corporate disclosure channel. In particular, board effectiveness plays an important role in mitigating the information gap between management and investors through information dissemination on social media.
