Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideratio...Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.展开更多
Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional s...Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional securities,which imposes higher requirements on information disclosure for asset-backed securities.Asset-backed securities have characteristics such as diversified disclosers,differentiated disclosure content,and specialized risk factors.China has already formulated a series of rules and regulations regarding information disclosure of asset-backed securities.It is imperative to develop specialized laws and regulations for asset-backed securities,encompass original equity holders and credit enhancement agencies as information disclosers,incorporate information such as underlying asset details,cash flow projections,and credit ratings and enhancements into the disclosure content,and improve the legal liability rules to effectively address false disclosures.展开更多
We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction...We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction of the disclosure regime enhances market transparency,resulting in a diminished appeal of stock ownership in the lending market for active investors.This shift is accompanied by a reduction in information leakage risks and longer loan durations.Specifically,our analysis reveals a significant decrease in the risk of loan recall by 4.87%,accompanied by an average increase of 23.72%in loan duration for short selling activities.Furthermore,the cost associated with short-sell disclosure causes a decline in both lending supply and short demand.展开更多
HIV status disclosure to partners is critical in improving the health and well-being of mother-infant dyad in the prevention of HIV transmission from mother to child (PMTCT) program. This study assesses the HIV disclo...HIV status disclosure to partners is critical in improving the health and well-being of mother-infant dyad in the prevention of HIV transmission from mother to child (PMTCT) program. This study assesses the HIV disclosure rate to intimate partners, associated factors, and outcomes among women in the PMTCT program in two large HIV clinics in Abuja, Nigeria. A descriptive cross-sectional study employed a multi-stage sampling technique in selecting 220 pregnant women enrolled in PMTCT care in two clinics. Outcomes measures include HIV status disclosure to intimate partner, women’s viral suppression status (suppressed < 1000 copies/mL, unsuppressed ≥ 1000 copies/mL), and previous MTCT experience. Exposure variables include the participant’s socio-demographic characteristics and HIV care history. Data were presented using frequency tables. Simple and multivariate logistic regression was done to ascertain the predictors of HIV status disclosure and assess the association between HIV disclosure, viral suppression, and MTCT experience at a p-value of less than 0.05. Only 205 (96.7%) entries were completed and analyzed A larger percentage of the participants were married women, 158 (77.1%), within the age group 26 - 35 years (53.3%). Women’s HIV status disclosure rate to intimate partners was 49.3% (101/205). Factors associated with HIV disclosure rate to intimate partners at the univariate level were the participant’s age, Christian religion [COR: 1.80, 95%CI: 1.04 - 3.21, p = 0.04], full employment [COR: 1.92, 95%CI: 1.10 - 3.34, p = 0.02], HIV positivity prior to PMTCT enrollment [COR: 2.88, 95%CI: 1.26 - 6.59, p < 0.01], duration on antiretroviral therapy [COR: 1.07, 95%CI: 1.01 - 1.13, p = 0.03], and knowledge of partner’s HIV status [COR: 0.20, 95%CI: 0.08 - 0.51, p < 0.01]. Only HIV positivity prior to PMTCT enrollment [AOR: 3.27, 95%CI: 1.23 - 8.70, p < 0.01] and awareness of the partner’s HIV status, [AOR: 0.17, 95%CI: 0.06 - 0.49, p < 0.01] were significant predictors of HIV status disclosure after controlling for confounder. The two study outcomes;women’s viral suppression and MTCT experience were not significantly associated with participants’ HIV status disclosure to intimate partners. Our study shows that HIV disclosure to intimate partners is still a big challenge among pregnant women in PMTCT settings in Nigeria, with awareness of the partner’s HIV status and the type of patient enrollment in the PMTCT setting being the two strong predictors of pregnant women’s HIV disclosure status to partners.展开更多
The voluntary disclosure studies conducted until today, in social accounting and related fields, use different approaches to evaluate the so-called ＂disclosure quality＂. Disclosure quality is not so easy to measure,...The voluntary disclosure studies conducted until today, in social accounting and related fields, use different approaches to evaluate the so-called ＂disclosure quality＂. Disclosure quality is not so easy to measure, and it is derived from the application of different methodologies. In particular, the methodologies to assess the level of disclosure could be classified as subjective or objective. To the first category belong all the ＂tools＂ that are used directly without relying on the analysis of the original source of the information studies （Imhoff, 1992; Coleman ＆ Eccles, 1997; Welker, 1995）. The objective measurements used to assess the disclosure quality are, instead, based on the direct study of the original information source in order to obtain the information required （Krippendorff, 1980; Weber, 1985; Botosan, 1997; Lang ＆ Lundholm, 2000）. The aim of the paper is to give scholars and researchers a brief framework to understand the different methodologies used in accounting literature to assess the disclosure quality, providing examples of the application of the same in different research contexts.展开更多
By developing an analytical model, this paper examines the role of the ＂external appraiser＂ as a tool to face the informational asymmetry issue related to fair value measurements. A comparison between such a signali...By developing an analytical model, this paper examines the role of the ＂external appraiser＂ as a tool to face the informational asymmetry issue related to fair value measurements. A comparison between such a signaling mechanism and a ＂full fair value disclosure＂ is firstly carried out, highlighting variables affecting the efficiency and the effectiveness of both information strategies. Then, recovering the traditional distinction between ＂protective disclosure＂ （hard information） and ＂informative disclosure＂ （soft information）, this paper demonstrates how the former could significantly increase the positive effects associated to an employment of an independent valuer, reaching some conclusions useful to the standard setting process.展开更多
The aim of the study is to investigate whether banks in Jordan are compliant with the International Financial Reporting Standards （IFRS） 7 requirement for mandatory disclosure and to find out the extent to which the...The aim of the study is to investigate whether banks in Jordan are compliant with the International Financial Reporting Standards （IFRS） 7 requirement for mandatory disclosure and to find out the extent to which the banks provide voluntary risk disclosures. To achieve the objectives of the study, we collected data from all 15 banks listed on the Amman Stock Exchange for the year ending December 2013. The findings of the study suggest that there is strong compliance with respect to mandatory risk disclosure, as required by IFRS. However, the results generally signal a need for further improvement in the voluntary risk disclosure area, since most of the banks do not provide adequate information that can be of use to stakeholders. We also suggest future avenues of research into the topic to determine progress.展开更多
This study examines economic effects of business continuity management （BCM） disclosures through analyzing changes in shareholder returns in the wake of the Great East Japan Earthquake. The author examined differenc...This study examines economic effects of business continuity management （BCM） disclosures through analyzing changes in shareholder returns in the wake of the Great East Japan Earthquake. The author examined differences in the recovery of share price between disclosing and non-disclosing corporations. The results show that the cumulative average abnormal returns （CAARs） of disclosing corporations recovered faster than non-disclosing corporations. Then, the author examined differences in the recovery of share price between developing and non-developing corporations. The results show that there is no statistically significant difference in the recovery of share price between developing and non-developing corporations. Finally, the author examined the differences of BCM between disclosing and non-disclosing corporations. The results suggest that BCM or business continuity plan （BCP） disclosing corporations have a broader coverage of the BCP, more appropriate procedures for responding to emergency situations, more effective training of the BCM, and more mature BCM systems than non-disclosing ones.展开更多
Although it is convenient to exchange data by publishing view, but it may disclose sensitive information. The problem of how to eliminate information disclosure becomes a core problem in the view publishing process. I...Although it is convenient to exchange data by publishing view, but it may disclose sensitive information. The problem of how to eliminate information disclosure becomes a core problem in the view publishing process. In order to eliminate information disclosure, deciding view security algorithm and eliminating information disclosure algorithm are proposed, and the validity of the algorithms are proved by experiment. The experimental results showing, deciding view security algorithm can decide the safety of a set of views under prior knowledge, and eliminating information disclosure algorithm can eliminate disclosure efficiently.展开更多
We document the effect of the 2007/2008 financial crisis on the volume and the quality of enterprise risk management （ERM） disclosure in the annual reports of the largest US banks, and analyze its determinants. Usin...We document the effect of the 2007/2008 financial crisis on the volume and the quality of enterprise risk management （ERM） disclosure in the annual reports of the largest US banks, and analyze its determinants. Using a content analysis approach of the annual reports form 10-K for the years 2006, 2007, 2008, and 2009, we find that the ERM disclosure is significantly and positively associated with the crisis, bank size, board independence, duality and significantly and negatively associated with profitability, leverage, and board size. This paper seeks to fill a gap in the literature by investigating the effect of the crisis on ERM disclosure in the US banking sector context, and gives an insight into the factors affecting risk disclosure practices during the financial crisis.展开更多
Public companies issue periodic annual reports to give information about the past financial and operational results while presenting the future strategies. Companies release non-financial information concerned with co...Public companies issue periodic annual reports to give information about the past financial and operational results while presenting the future strategies. Companies release non-financial information concerned with corporate sustainability issues like market share, customer loyalty, supply chain management, corporate governance, and human resources in annual reports as well as the audited financial reports. Annual reports, one of the important instruments of transparency and disclosure, are widely used by shareholders and stakeholders. Recent laws and regulations in the US, European Union, and Turkey require enhanced disclosures in annual reports. In the first part of this study, a comparative regulatory framework for annual reports will be established under the Sarbanes Oxley Act （SOX）, the Securities and Exchange Commission （SEC） filing requirements, the New Turkish Commercial Code, and regulations of Capital Markets Board （CMB） of Turkey. In the second part of this study, annual reports of four sample companies listed in the New York Stock Exchange （NYSE） and Corporate Governance Index of Borsa Istanbul will be discussed in the light of disclosure requirements of Form 20-F. Findings of this study support the hypothesis which states that regulatory environment has a positive impact on the quantity and quality of disclosures. Attention is drawn to the need for global standardization to reduce the reporting variances and the need for independent audit of annual reports to increase the reliability.展开更多
The aim of the study was to explore the decision to and the process of disclosure of parental HIV status to children. Focus group interviews were conducted with 21 parents of 39 children aged 7 - 18 years. Participant...The aim of the study was to explore the decision to and the process of disclosure of parental HIV status to children. Focus group interviews were conducted with 21 parents of 39 children aged 7 - 18 years. Participants were recruited from a highly active antiretroviral treatment (HAART) program of an academic hospital in South Africa. Parents disclosed more to older children than to younger children in the same family, and the breadth and depth of the information shared was depended on the age of the child. Communication with adolescent children included topics on HIV prevention and unsafe sexual practices. For parents with a long history of sickness, disclosure occurred soon after the diagnosis was made, when they had not commenced with antiretroviral treatment (ART). They disclosed to prepare their children for HIV related emergencies and imminent death. Parents also expected support from their older children after disclosure. Some parents were forced to disclose because children suspected their HIV status, and parents could not continue to hide symptoms like severe weight loss. In addition, parents disclosed to educate children on how to protect themselves from HIV infection. For most parents, disclosure was unplanned, emotive, and burdened with anxiety and fear of rejection by their children. However, when the decision to disclose was made, parents were honest and open and informed their children that they were HIV positive. Parents may benefit from disclosure support services, and health care providers can assist parents in deciding when and how to disclose.展开更多
Matter of interest is the disclosure on intellectual capital(IC)in the era of global“knowledge economy”or global“knowledge society”.The aim of the paper is to verify the level of disclosure that Italian companies ...Matter of interest is the disclosure on intellectual capital(IC)in the era of global“knowledge economy”or global“knowledge society”.The aim of the paper is to verify the level of disclosure that Italian companies have on the components and on the relevance of their IC.Using the“content analysis”and a specific method already tested in managerial literature,we propose a report that measures the intellectual capital with the adoption of 21 functional indicators,which consider specific aspects of intangible assets of a firm.Applying the content analysis to financial statements of 56 companies included in five super-sector stock indexes of Italian equity market,we find that the level of overall disclosure is,on average,moderate but increasing.Observing a disclosure index based on the specific components of intellectual capital considered in this research,all the aspects of IC have benefited,on average,of an improvement in the level of external communication.This paper represents an improvement of a paper presented at the Symorg Conference regarding the empirical analysis.At the same time,it is just the first step of a wider research that aims to verify the relationships existing between IC,firm performances,and market capitalization.展开更多
After the outbreak of the Enron incident in the United States, China’s attention to internal control information disclosure has gradually increased. As a pillar industry of the national economy, real estate industry ...After the outbreak of the Enron incident in the United States, China’s attention to internal control information disclosure has gradually increased. As a pillar industry of the national economy, real estate industry internal control system is sound, which has an important impact on social stability and healthy economic development. Therefore, this paper selects a company in the real estate industry, through the analysis of its internal control information disclosure, finds out its existing problems, and puts forward practical and feasible suggestions.展开更多
This paper investigates empirically the effect of different types of product market competition on levels of voluntary disclosure of proprietary information in financial markets. The author proposes that there are two...This paper investigates empirically the effect of different types of product market competition on levels of voluntary disclosure of proprietary information in financial markets. The author proposes that there are two types of strategic interaction settings relevant to disclosure： capacity competition and price competition. Capacity competition drives firms to disclose more information to attain financial market valuation-related benefits, while price competition drives them to disclose less to protect long-term product market advantages. The author finds that the type of product market competition affects the level of voluntary disclosure over and above the finn＇s external financing needs documented in the previous literature. That is, firms engaged in capacity competition disclose relatively more information than those in price competition. Further analysis shows that capacity competition firms disclose more information than no-strategic-interaction benchmark firms but that price competition firms do not disclose less information than the benchmark firms.展开更多
Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards （IFRS） instead of American generally accepte...Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards （IFRS） instead of American generally accepted accounting principles （GAAP） and could be exempted from some of the disclosure requirements of the Securities and Exchange Commission and of the Sarbanes-Oxley Act. In spite of these requirements, as of December 31, 2007, there are approximately 421 non-U.S, companies valued at $11.4 trillion listed on the New York Stock Exchange （NYSE）. Of these 421 companies, 41 companies are from China. This study examines the reasons for Chinese companies choosing to list on the New York Stock Exchange and their experiences with incremental disclosure and listing requirements on the Shanghai, Hong Kong, London, and New York stock exchanges. The lesson for foreign companies everywhere should be that foreign companies should search for those cross listings adding value and not be searching for countries and stock exchanges with weak disclosure and listing requirements.展开更多
Environmental accounting is a kind of accounting which focuses on the compensation for the resources spending. It combines the theories of environmental economics and traditional accounting and uses scientific as well...Environmental accounting is a kind of accounting which focuses on the compensation for the resources spending. It combines the theories of environmental economics and traditional accounting and uses scientific as well as systematic ways to coordinate the development of economics and the protection of environment. It is just in the primary process for forestry enterprises in China to introduce the research and practice of environmental accounting. Based on discussion about the principle of environmental information disclosure and analysis on the current situation of the environmental information disclosure of the forestry enterprises, this paper attempted to propose that the supplementary report mode of information disclosure should be appropriate for the forestry enterprises, which provide the balance sheet of environment, the income statement of environment besides the original three financial report to reflect the general environmental information of the enterprise.展开更多
This study evaluates the extent of voluntary disclosure in the annual reports of non-financial companies listed at the Amman Stock Exchange （ASE） for the year 2006. The study adopts the disclosure index suggested by...This study evaluates the extent of voluntary disclosure in the annual reports of non-financial companies listed at the Amman Stock Exchange （ASE） for the year 2006. The study adopts the disclosure index suggested by Haddad, AI-Shattarat ＆ Nobanee （2009） and evaluates the voluntary disclosure for the Jordanian companies for the year 2006 at three levels： the first provides a description and analysis of the overall voluntary disclosure; the second covers the extent to which each individual item of information is disclosed; the third covers the type of information （e.g., financial information, historical information, management discussion）. The results of the study reveal that there was a considerable variation in the disclosure of the index items and also among the listed companies. On average, a company disclosed about 28.95% of the items applicable to it, and only six out of the 53 companies received disclosure scores greater than 50%. It was also found that 50 items out of 62 items included in the index had a disclosure below 50%, and 10 items had disclosure of less than 10%. With respect to the evaluation of different types of information, the analyses indicated that the category of the background information, the category of financial ratios and the category of management discussions were better disclosed in corporate annual reports than the other types of information.展开更多
Due to the information asymmetry on the securities market, Chinese listed companies have incentives to disclose voluntarily. Mandatory disclosure and voluntary disclosure are both included in an effective information ...Due to the information asymmetry on the securities market, Chinese listed companies have incentives to disclose voluntarily. Mandatory disclosure and voluntary disclosure are both included in an effective information disclosure system. Mandatory disclosure is the basic demand of the market, and voluntary disclosure is the extended demand of the market, because of its informative complement to the timing, content and depth of disclosure. With the weakening of seller＇s market characteristic in China, the voluntary disclosure behavior in the listed companies has been greatly encouraged. This paper provides a statistical description of the status quo of the voluntary disclosure behavior in Chinese listed companies, and claims that the voluntary disclosure strategy guided by the investor relations management should be included in the corporate strategies.展开更多
文摘Creditors,such as banks,often use disclosed environmental information to assess a company’s environmental risk and ensure the safety of debt funds.Consequently,carbon disclosures have become an important consideration for creditors when making investments.This study explores the relationship between carbon disclosure and debt financing costs using data on listed companies from 2008 to 2019.The results show that carbon disclosure can reduce the debt financing costs of enterprises,and that this influence is more significant for private companies than for state-owned enterprises.Instrumental variables and Propensity Score Matching(PSM)were used to evaluate the robustness of negative relationships.Furthermore,carbon disclosure has a more significant impact on debt costs with less environmental supervision pressure,weak residents’environmental awareness,and weak product market competition.These findings provide guidance for companies’carbon information disclosure and support the establishment of official carbon disclosure standards.
文摘Asset-backed securities are developed through complex processes such as asset restructuring and credit enhancement.Therefore,the information asymmetry between issuers and investors is greater compared to traditional securities,which imposes higher requirements on information disclosure for asset-backed securities.Asset-backed securities have characteristics such as diversified disclosers,differentiated disclosure content,and specialized risk factors.China has already formulated a series of rules and regulations regarding information disclosure of asset-backed securities.It is imperative to develop specialized laws and regulations for asset-backed securities,encompass original equity holders and credit enhancement agencies as information disclosers,incorporate information such as underlying asset details,cash flow projections,and credit ratings and enhancements into the disclosure content,and improve the legal liability rules to effectively address false disclosures.
文摘We examine the impact of the short sell disclosure(SSD)regime on the stock lending market and investor behaviors,employing a staggered difference-indifference(DiD)methodology.Our research reveals that the introduction of the disclosure regime enhances market transparency,resulting in a diminished appeal of stock ownership in the lending market for active investors.This shift is accompanied by a reduction in information leakage risks and longer loan durations.Specifically,our analysis reveals a significant decrease in the risk of loan recall by 4.87%,accompanied by an average increase of 23.72%in loan duration for short selling activities.Furthermore,the cost associated with short-sell disclosure causes a decline in both lending supply and short demand.
文摘HIV status disclosure to partners is critical in improving the health and well-being of mother-infant dyad in the prevention of HIV transmission from mother to child (PMTCT) program. This study assesses the HIV disclosure rate to intimate partners, associated factors, and outcomes among women in the PMTCT program in two large HIV clinics in Abuja, Nigeria. A descriptive cross-sectional study employed a multi-stage sampling technique in selecting 220 pregnant women enrolled in PMTCT care in two clinics. Outcomes measures include HIV status disclosure to intimate partner, women’s viral suppression status (suppressed < 1000 copies/mL, unsuppressed ≥ 1000 copies/mL), and previous MTCT experience. Exposure variables include the participant’s socio-demographic characteristics and HIV care history. Data were presented using frequency tables. Simple and multivariate logistic regression was done to ascertain the predictors of HIV status disclosure and assess the association between HIV disclosure, viral suppression, and MTCT experience at a p-value of less than 0.05. Only 205 (96.7%) entries were completed and analyzed A larger percentage of the participants were married women, 158 (77.1%), within the age group 26 - 35 years (53.3%). Women’s HIV status disclosure rate to intimate partners was 49.3% (101/205). Factors associated with HIV disclosure rate to intimate partners at the univariate level were the participant’s age, Christian religion [COR: 1.80, 95%CI: 1.04 - 3.21, p = 0.04], full employment [COR: 1.92, 95%CI: 1.10 - 3.34, p = 0.02], HIV positivity prior to PMTCT enrollment [COR: 2.88, 95%CI: 1.26 - 6.59, p < 0.01], duration on antiretroviral therapy [COR: 1.07, 95%CI: 1.01 - 1.13, p = 0.03], and knowledge of partner’s HIV status [COR: 0.20, 95%CI: 0.08 - 0.51, p < 0.01]. Only HIV positivity prior to PMTCT enrollment [AOR: 3.27, 95%CI: 1.23 - 8.70, p < 0.01] and awareness of the partner’s HIV status, [AOR: 0.17, 95%CI: 0.06 - 0.49, p < 0.01] were significant predictors of HIV status disclosure after controlling for confounder. The two study outcomes;women’s viral suppression and MTCT experience were not significantly associated with participants’ HIV status disclosure to intimate partners. Our study shows that HIV disclosure to intimate partners is still a big challenge among pregnant women in PMTCT settings in Nigeria, with awareness of the partner’s HIV status and the type of patient enrollment in the PMTCT setting being the two strong predictors of pregnant women’s HIV disclosure status to partners.
文摘The voluntary disclosure studies conducted until today, in social accounting and related fields, use different approaches to evaluate the so-called ＂disclosure quality＂. Disclosure quality is not so easy to measure, and it is derived from the application of different methodologies. In particular, the methodologies to assess the level of disclosure could be classified as subjective or objective. To the first category belong all the ＂tools＂ that are used directly without relying on the analysis of the original source of the information studies （Imhoff, 1992; Coleman ＆ Eccles, 1997; Welker, 1995）. The objective measurements used to assess the disclosure quality are, instead, based on the direct study of the original information source in order to obtain the information required （Krippendorff, 1980; Weber, 1985; Botosan, 1997; Lang ＆ Lundholm, 2000）. The aim of the paper is to give scholars and researchers a brief framework to understand the different methodologies used in accounting literature to assess the disclosure quality, providing examples of the application of the same in different research contexts.
文摘By developing an analytical model, this paper examines the role of the ＂external appraiser＂ as a tool to face the informational asymmetry issue related to fair value measurements. A comparison between such a signaling mechanism and a ＂full fair value disclosure＂ is firstly carried out, highlighting variables affecting the efficiency and the effectiveness of both information strategies. Then, recovering the traditional distinction between ＂protective disclosure＂ （hard information） and ＂informative disclosure＂ （soft information）, this paper demonstrates how the former could significantly increase the positive effects associated to an employment of an independent valuer, reaching some conclusions useful to the standard setting process.
文摘The aim of the study is to investigate whether banks in Jordan are compliant with the International Financial Reporting Standards （IFRS） 7 requirement for mandatory disclosure and to find out the extent to which the banks provide voluntary risk disclosures. To achieve the objectives of the study, we collected data from all 15 banks listed on the Amman Stock Exchange for the year ending December 2013. The findings of the study suggest that there is strong compliance with respect to mandatory risk disclosure, as required by IFRS. However, the results generally signal a need for further improvement in the voluntary risk disclosure area, since most of the banks do not provide adequate information that can be of use to stakeholders. We also suggest future avenues of research into the topic to determine progress.
文摘This study examines economic effects of business continuity management （BCM） disclosures through analyzing changes in shareholder returns in the wake of the Great East Japan Earthquake. The author examined differences in the recovery of share price between disclosing and non-disclosing corporations. The results show that the cumulative average abnormal returns （CAARs） of disclosing corporations recovered faster than non-disclosing corporations. Then, the author examined differences in the recovery of share price between developing and non-developing corporations. The results show that there is no statistically significant difference in the recovery of share price between developing and non-developing corporations. Finally, the author examined the differences of BCM between disclosing and non-disclosing corporations. The results suggest that BCM or business continuity plan （BCP） disclosing corporations have a broader coverage of the BCP, more appropriate procedures for responding to emergency situations, more effective training of the BCM, and more mature BCM systems than non-disclosing ones.
基金Supported bythe Key Project of Ministry of Educationof China(205014)
文摘Although it is convenient to exchange data by publishing view, but it may disclose sensitive information. The problem of how to eliminate information disclosure becomes a core problem in the view publishing process. In order to eliminate information disclosure, deciding view security algorithm and eliminating information disclosure algorithm are proposed, and the validity of the algorithms are proved by experiment. The experimental results showing, deciding view security algorithm can decide the safety of a set of views under prior knowledge, and eliminating information disclosure algorithm can eliminate disclosure efficiently.
文摘We document the effect of the 2007/2008 financial crisis on the volume and the quality of enterprise risk management （ERM） disclosure in the annual reports of the largest US banks, and analyze its determinants. Using a content analysis approach of the annual reports form 10-K for the years 2006, 2007, 2008, and 2009, we find that the ERM disclosure is significantly and positively associated with the crisis, bank size, board independence, duality and significantly and negatively associated with profitability, leverage, and board size. This paper seeks to fill a gap in the literature by investigating the effect of the crisis on ERM disclosure in the US banking sector context, and gives an insight into the factors affecting risk disclosure practices during the financial crisis.
文摘Public companies issue periodic annual reports to give information about the past financial and operational results while presenting the future strategies. Companies release non-financial information concerned with corporate sustainability issues like market share, customer loyalty, supply chain management, corporate governance, and human resources in annual reports as well as the audited financial reports. Annual reports, one of the important instruments of transparency and disclosure, are widely used by shareholders and stakeholders. Recent laws and regulations in the US, European Union, and Turkey require enhanced disclosures in annual reports. In the first part of this study, a comparative regulatory framework for annual reports will be established under the Sarbanes Oxley Act （SOX）, the Securities and Exchange Commission （SEC） filing requirements, the New Turkish Commercial Code, and regulations of Capital Markets Board （CMB） of Turkey. In the second part of this study, annual reports of four sample companies listed in the New York Stock Exchange （NYSE） and Corporate Governance Index of Borsa Istanbul will be discussed in the light of disclosure requirements of Form 20-F. Findings of this study support the hypothesis which states that regulatory environment has a positive impact on the quantity and quality of disclosures. Attention is drawn to the need for global standardization to reduce the reporting variances and the need for independent audit of annual reports to increase the reliability.
文摘The aim of the study was to explore the decision to and the process of disclosure of parental HIV status to children. Focus group interviews were conducted with 21 parents of 39 children aged 7 - 18 years. Participants were recruited from a highly active antiretroviral treatment (HAART) program of an academic hospital in South Africa. Parents disclosed more to older children than to younger children in the same family, and the breadth and depth of the information shared was depended on the age of the child. Communication with adolescent children included topics on HIV prevention and unsafe sexual practices. For parents with a long history of sickness, disclosure occurred soon after the diagnosis was made, when they had not commenced with antiretroviral treatment (ART). They disclosed to prepare their children for HIV related emergencies and imminent death. Parents also expected support from their older children after disclosure. Some parents were forced to disclose because children suspected their HIV status, and parents could not continue to hide symptoms like severe weight loss. In addition, parents disclosed to educate children on how to protect themselves from HIV infection. For most parents, disclosure was unplanned, emotive, and burdened with anxiety and fear of rejection by their children. However, when the decision to disclose was made, parents were honest and open and informed their children that they were HIV positive. Parents may benefit from disclosure support services, and health care providers can assist parents in deciding when and how to disclose.
文摘Matter of interest is the disclosure on intellectual capital(IC)in the era of global“knowledge economy”or global“knowledge society”.The aim of the paper is to verify the level of disclosure that Italian companies have on the components and on the relevance of their IC.Using the“content analysis”and a specific method already tested in managerial literature,we propose a report that measures the intellectual capital with the adoption of 21 functional indicators,which consider specific aspects of intangible assets of a firm.Applying the content analysis to financial statements of 56 companies included in five super-sector stock indexes of Italian equity market,we find that the level of overall disclosure is,on average,moderate but increasing.Observing a disclosure index based on the specific components of intellectual capital considered in this research,all the aspects of IC have benefited,on average,of an improvement in the level of external communication.This paper represents an improvement of a paper presented at the Symorg Conference regarding the empirical analysis.At the same time,it is just the first step of a wider research that aims to verify the relationships existing between IC,firm performances,and market capitalization.
文摘After the outbreak of the Enron incident in the United States, China’s attention to internal control information disclosure has gradually increased. As a pillar industry of the national economy, real estate industry internal control system is sound, which has an important impact on social stability and healthy economic development. Therefore, this paper selects a company in the real estate industry, through the analysis of its internal control information disclosure, finds out its existing problems, and puts forward practical and feasible suggestions.
文摘This paper investigates empirically the effect of different types of product market competition on levels of voluntary disclosure of proprietary information in financial markets. The author proposes that there are two types of strategic interaction settings relevant to disclosure： capacity competition and price competition. Capacity competition drives firms to disclose more information to attain financial market valuation-related benefits, while price competition drives them to disclose less to protect long-term product market advantages. The author finds that the type of product market competition affects the level of voluntary disclosure over and above the finn＇s external financing needs documented in the previous literature. That is, firms engaged in capacity competition disclose relatively more information than those in price competition. Further analysis shows that capacity competition firms disclose more information than no-strategic-interaction benchmark firms but that price competition firms do not disclose less information than the benchmark firms.
文摘Some have claimed that there would be more foreign companies listed on American stock exchanges if foreign companies could use International Financial Reporting Standards （IFRS） instead of American generally accepted accounting principles （GAAP） and could be exempted from some of the disclosure requirements of the Securities and Exchange Commission and of the Sarbanes-Oxley Act. In spite of these requirements, as of December 31, 2007, there are approximately 421 non-U.S, companies valued at $11.4 trillion listed on the New York Stock Exchange （NYSE）. Of these 421 companies, 41 companies are from China. This study examines the reasons for Chinese companies choosing to list on the New York Stock Exchange and their experiences with incremental disclosure and listing requirements on the Shanghai, Hong Kong, London, and New York stock exchanges. The lesson for foreign companies everywhere should be that foreign companies should search for those cross listings adding value and not be searching for countries and stock exchanges with weak disclosure and listing requirements.
文摘Environmental accounting is a kind of accounting which focuses on the compensation for the resources spending. It combines the theories of environmental economics and traditional accounting and uses scientific as well as systematic ways to coordinate the development of economics and the protection of environment. It is just in the primary process for forestry enterprises in China to introduce the research and practice of environmental accounting. Based on discussion about the principle of environmental information disclosure and analysis on the current situation of the environmental information disclosure of the forestry enterprises, this paper attempted to propose that the supplementary report mode of information disclosure should be appropriate for the forestry enterprises, which provide the balance sheet of environment, the income statement of environment besides the original three financial report to reflect the general environmental information of the enterprise.
文摘This study evaluates the extent of voluntary disclosure in the annual reports of non-financial companies listed at the Amman Stock Exchange （ASE） for the year 2006. The study adopts the disclosure index suggested by Haddad, AI-Shattarat ＆ Nobanee （2009） and evaluates the voluntary disclosure for the Jordanian companies for the year 2006 at three levels： the first provides a description and analysis of the overall voluntary disclosure; the second covers the extent to which each individual item of information is disclosed; the third covers the type of information （e.g., financial information, historical information, management discussion）. The results of the study reveal that there was a considerable variation in the disclosure of the index items and also among the listed companies. On average, a company disclosed about 28.95% of the items applicable to it, and only six out of the 53 companies received disclosure scores greater than 50%. It was also found that 50 items out of 62 items included in the index had a disclosure below 50%, and 10 items had disclosure of less than 10%. With respect to the evaluation of different types of information, the analyses indicated that the category of the background information, the category of financial ratios and the category of management discussions were better disclosed in corporate annual reports than the other types of information.
文摘Due to the information asymmetry on the securities market, Chinese listed companies have incentives to disclose voluntarily. Mandatory disclosure and voluntary disclosure are both included in an effective information disclosure system. Mandatory disclosure is the basic demand of the market, and voluntary disclosure is the extended demand of the market, because of its informative complement to the timing, content and depth of disclosure. With the weakening of seller＇s market characteristic in China, the voluntary disclosure behavior in the listed companies has been greatly encouraged. This paper provides a statistical description of the status quo of the voluntary disclosure behavior in Chinese listed companies, and claims that the voluntary disclosure strategy guided by the investor relations management should be included in the corporate strategies.
