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Author: Shilpi Das
Publisher:
ISBN:
Category :
Languages : en
Pages : 22
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The aim of this study is to determine the extent and trend of voluntary reporting practices on the internet by the listed non financial companies in Bangladesh. It also identifies the factors that influenced the voluntary reporting on the internet. The final sample consists of 141 non financial companies listed in the Dhaka Stock Exchange, Bangladesh. This study used self constructed checklists of 128 items divided into nine groups. Current study observed that the mean of the total voluntary disclosure score for the sample is about 29.50% with highest disclosure in the telecommunication sector which is 55.47% where as tannery sector discloses the lowest; only 22.40%. The result of the regression analysis found that the total voluntary disclosure has significant positive association with firm size, audit firm's international link, multinational parent, independent director in the board and dual leadership structure whereas significant negative association with the firms profitability and firm leverage. However, board size, ownership structure, company's liquidity and company age have non-significant association with voluntary reporting on the internet. The value of adjusted R square indicates that 46.5% of the changes of total voluntary disclosure are explained by the changes in its examined determinants.
Author: Shilpi Das
Publisher:
ISBN:
Category :
Languages : en
Pages : 22
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Book Description
The aim of this study is to determine the extent and trend of voluntary reporting practices on the internet by the listed non financial companies in Bangladesh. It also identifies the factors that influenced the voluntary reporting on the internet. The final sample consists of 141 non financial companies listed in the Dhaka Stock Exchange, Bangladesh. This study used self constructed checklists of 128 items divided into nine groups. Current study observed that the mean of the total voluntary disclosure score for the sample is about 29.50% with highest disclosure in the telecommunication sector which is 55.47% where as tannery sector discloses the lowest; only 22.40%. The result of the regression analysis found that the total voluntary disclosure has significant positive association with firm size, audit firm's international link, multinational parent, independent director in the board and dual leadership structure whereas significant negative association with the firms profitability and firm leverage. However, board size, ownership structure, company's liquidity and company age have non-significant association with voluntary reporting on the internet. The value of adjusted R square indicates that 46.5% of the changes of total voluntary disclosure are explained by the changes in its examined determinants.
Author: Fernando D.R Murcia
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The central objective of this paper is to identify the factors that explain the level of voluntary disclosure of Brazilian public companies. The theory underpinning this work is the Discretionary-based Disclosure (Verrecchia, 2001). Sample is composed by the top 100 largest non-financial public companies listed in Bovespa. Information has been gathered from Financial Statements for the years ended in 2006, 2007 and 2008 with the use of content analysis. For these, a disclosure framework based on 27 studies has been elaborated. This framework contains a total of 92 voluntary items, divided in two dimensions: economic (43), social-environmental (49). Based on the existing literature, a total of 12 hypotheses have been elaborated and tested using a panel data approach. We have also analyzed the association between voluntary disclosure and company's sector, which has been confirmed by the Chi-square test at a significance level of 1%. Correspondence Analysis, by means of the perceptual map, has evidenced that (i) retail sector is associated with a 'bad' level of disclosure and (ii) electric sector is associated with a 'good' and 'great' level of voluntary disclosure. Panel data analysis has evidence that: (i) 'Sector' and 'Origin of Control' are statically significant in all three models tested: economic, social-environmental, and total; (ii) 'Profitability' is relevant in the economic model and in the total model; (iii) Tobin's Q is relevant in the social-environmental model and in the total disclosure model, (iv) 'Leverage' and 'Auditing Firm' are relevant, only, in the economic disclosure model; (v) 'Size', 'Governance', 'Stock Issuing', 'Growth Opportunities' and 'Concentration of Control' are not statistically significant in any of the three models of disclosure.
Author: Madan Lal Bhasin
Publisher:
ISBN:
Category :
Languages : en
Pages : 12
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This study investigates the extent and determinants of total voluntary disclosure and disclosure categories in financial and non-financial reports of banking companies listed on the Kazakhstan Stock Exchange. In particular, we examine the association between voluntary disclosure and governance factors, such as board size and board composition. We also examine how bank size and age explain variation in voluntary disclosure index. The empirical results suggest that the number of outside directors has the most significantly positive impact on disclosure score. Increase in bank size also leads to higher degree of voluntary reporting. However, the findings provide evidence that voluntary reporting does not improve over time.
Author: Jonathan Sandler
Publisher:
ISBN:
Category : Corporation reports
Languages : en
Pages : 70
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Author:
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ISBN:
Category :
Languages : en
Pages :
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Author: Abdullah M. A. E. Almutawaa
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Category :
Languages : en
Pages :
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This study investigates four significant dimensions of the corporate annual reports (CARs) environment in one of the emerging markets in the Middle East, Kuwait: [1] the perceptions of major external users of annual reports regarding current voluntary disclosure practices, [2] the identification of voluntary items perceived as useful, [3] the assessment of voluntary disclosure levels and their evolvement over the period covered by the current study (2005-2008), [4] the impact of a comprehensive set of company characteristics and corporate governance attributes on explaining variations in the extent of disclosure. A questionnaire survey is used to test the first two dimensions, covering four user groups, while hand-collected data from a sample of 206 annual reports of non-financial companies and other complementary sources are used to test the other two. The study employs a theoretical framework (agency, signalling, legitimacy, and stakeholder theories) to explore the motivations of companies to release voluntary information. The 143 received responses are analysed using Kruskal-Wallis and Mann-Whitney tests. The analysis brings to light the remarkable agreement among the participants on the importance of CARs, interim reports, and advice from specialists as sources of information for making judgments. Regarding the level of voluntary disclosure, respondents strongly agree that the annual reports of listed companies provide inadequate information to users. Participants also indicate their desire for more information to be required than companies currently provide, to improve decision making and the usefulness of CARs. The results suggest that most users believe that there is a necessity to develop sophisticated capital market infrastructure and comprehensive regulations to help foster confidence in the capital market and protect market participants. Although multivariate analysis reveals that the actual level of voluntary disclosure is low, the overall level is gradually improving over time. The extent of voluntary disclosure tends to be significantly higher as the percentage of government ownership increases. Disclosure practices are also positively influenced by cross-listing and company size. Conversely, voluntary disclosure practices are negatively influenced by cross-directorships, board size, role duality, and company growth, while family members, ruling family on the board, and audit committees have no bearing on disclosure. Interestingly, the determinants of disclosure vary among the categories of information. No single explanatory variable explains the variation in the overall level of voluntary disclosure and the variations in the disclosure level of all categories of information.
Author: Piet Hein Coebergh
Publisher:
ISBN:
Category :
Languages : en
Pages : 214
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Business leaders increasingly face pressure from stakeholders to be transparent. There appears however little consensus on the risks and payoffs of disclosing vital information such as corporate strategy. To fill this gap, this study analyzes firm-specific determinants and organisational outcomes of voluntary disclosure of corporate strategy. Stakeholder theory and agency theory help to understand whether companies serve their interest to engage with stakeholders and overcome information asymmetries. I connect these theories and propose a comprehensive approach to measure voluntary disclosure of corporate strategy. Hypotheses from the theoretical framework are empirically tested through panel regression of data on identified determinants and outcomes and of disclosed strategy through annual reports, corporate social responsibility reports, corporate websites and corporate press releases by the 70 largest publicly listed companies in the Netherlands from 2003 through 2008. I found that industry, profitability, dual-listing status, national ranking status and listing age have significant effects on voluntary disclosure of corporate strategy. No significant effects are found for size, leverage and ownership concentration. On outcomes, I found that liquidity of stock and corporate reputation are significantly influenced by voluntary disclosure of corporate strategy. No significant effect is found for volatility of stock. My contributions to theory, methodology and empirics offers a stepping-stone for further research into understanding how companies can use transparency to manage stakeholder relations.
Author: Jason Zezhong Xiao
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ISBN:
Category :
Languages : en
Pages :
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This paper analyzes the factors behind Chinese listed companies' voluntary adoption of Internet-based financial reporting, as well as their extent of disclosure. Factors identified as being relevant to voluntary disclosure choices in the more advanced market economies are included. In addition, theories on innovation diffusion and voluntary disclosure are used to generate hypotheses about factors specific to the Chinese context, such as type of auditor, foreign listing, different classes of stock ownership, and government regulation. Findings from the largest 300 listed Chinese companies support the proposition that these firms' Internet-based disclosure choices are responsive to specific attributes of their environment. The implications of the findings for policy and research are delineated.
Author: M. Akhtaruddin
Publisher:
ISBN:
Category :
Languages : en
Pages : 13
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This research aims to test empirically the relationship between corporate governance, cultural factors and voluntary disclosure by the listed companies in Bangladesh. The corporate governance factors examined are proportion of independent non-executive directors (INDs), board leadership structure, management ownership, board size and audit committee size. The extent of voluntary disclosure level is measured using 68 items of information. Data are taken from annual reports of the listed companies in Bangladesh. The result shows a positive association between board size, board leadership structure, audit committee size and voluntary disclosure. However, no evidence is found to support the contention that independent directors are associated with increased disclosure, consistent with previous studies. Higher education of the CEO and CFO is positively related to the level of voluntary disclosure. The result also indicates that the extent of voluntary disclosures is negatively associated with a higher management ownership.
Author: Chris Mallin
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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This study examines the relationship between company and market-related variables, and the disclosure level of voluntary corporate governance practice in the UK's Alternative Investment Market (AIM) companies. AIM is a market that has grown rapidly in the last decade, attracting companies from around the world. It has a 'lighter touch' regulatory regime which has made it more attractive for companies seeking their first listing, or companies seeking an overseas listing in a well-respected market.Using a sample of 300 financial reports and accounts of AIM companies, we carry out regression analysis which indicates that age, company size, board size and the presence of turnover (i.e. the company is active) are positively associated with the adoption, and disclosure, of recommended governance practice. Our study also reveals that more highly geared AIM companies tend to make less disclosure. Overall, our findings suggest that the internal dynamics of AIM companies exert a greater influence on voluntary corporate governance disclosures than do market-related factors.We contribute to the literature on AIM companies and corporate governance in two main ways. First, we provide evidence on the extent of disclosure of corporate governance by AIM companies, an area where research has been largely absent. Secondly, we provide some insights into which company-level and market-related variables may be significant to corporate governance disclosure. Our findings have implications not just for the UK but also for overseas companies listed on AIM, and for countries who either have, or are considering introducing, a similar market.
