Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Disclosure Quality Determinants And Consequences
Download Disclosure Quality Determinants And Consequences full books in PDF, epub, and Kindle. Read online Disclosure Quality Determinants And Consequences ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Disclosure Quality Determinants and Consequences by : Nooraisah Katmun
Download or read book Disclosure Quality Determinants and Consequences written by Nooraisah Katmun and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study consists of three main projects covering (i) the relationship between disclosure quality and earnings management and (ii) the relationship between corporate governance and disclosure quality. Disclosure quality is measures using the IR Magazine Award, the forward looking information in the annual report, and the analyst forecast accuracy. Match-paired samples comprised of the winners and non-winners of the IR Magazine Award during the years from 2005-2008 were employed in this study. Simultaneity bias in all projects was remedied by the use of a simultaneous system of equation, which was estimated using two-stage least square regression (2SLS). This study provides several interesting findings. With regard to the first project, disclosure quality and earnings management, it is shown that all disclosure quality proxies are consistently reported significant negative relationship with earnings management in the OLS regression. However, audit committee characteristics and board characteristics reveal insignificant relationship with earnings management, except audit committee meeting which reported positive association. Concerning the potential complementary and substitutive effect of internal governance and disclosure quality in deterring earnings management, result of the interaction terms revealed that there is a complementary relationship between audit committee quality and disclosure quality (measured using Investor Relation Magazine Award) in deterring earnings management. When disclosure quality and earnings management are treated as endogenous, this study reveals that there is a significant bi-directional relationship between disclosure quality and earnings management, highlighting that causality can run in both directions. This suggests that future research should control for disclosure quality factors when examining the impact of corporate governance and earnings management and that the potential simultaneity between disclosure quality and earnings management should be considered in future models. With respect to the second project, corporate governance and disclosure quality, this study reveals that audit committee effectiveness, board meeting and board independent are significantly positively related to disclosure quality (measured using IR Magazine Award and the number of forward looking items in the annual report). With regard to the potential complementary or substitutive effect between board and audit committee characteristics in improving firm disclosure quality, this study reveal that there is a substitutive effect between board quality and audit quality in enhancing disclosure quality (measured using analyst forecast accuracy). If disclosure quality and board independence are treated as endogenous, there is a significant positive bi-directional relationship between them when disclosure quality is measured using the number of forward looking items. However, there is a negative bi-directional relationship and an insignificant bi-directional relationship shown when disclosure quality is measured using analyst forecast accuracy and the IR Magazine Award respectively.
Book Synopsis Determinants and Economic Consequences of Nonfinancial Disclosure Quality by : Yi Dong
Download or read book Determinants and Economic Consequences of Nonfinancial Disclosure Quality written by Yi Dong and published by . This book was released on 2016 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the determinants and economic consequences of nonfinancial disclosure quality, which is measured according to the ratings of corporate social responsibility (CSR) disclosure provided by the Ministry of Economic Affairs in the Netherlands. We find that firms with better CSR performance, greater external financing needs, and stronger corporate governance tend to provide higher quality CSR disclosures. In return, these firms gain greater analyst coverage, higher levels of institutional ownership, greater stock liquidity, higher valuations in SEOs, and lower yields to maturity in bond issuances. These benefits apply largely to firms with strong CSR performance. Collectively, our findings suggest that higher quality CSR disclosures deliver economic benefits.
Book Synopsis Determinants and Impacts of Risk Disclosure Quality by : Tamer Elshandidy
Download or read book Determinants and Impacts of Risk Disclosure Quality written by Tamer Elshandidy and published by . This book was released on 2018 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose: Few studies have focused on emerging markets owing to difficulties in identifying the real effect of disclosures on these economies. To fill this gap, this paper investigates the main drivers for risk disclosure quality for Chinese financial firms, and further studies the impact of such disclosure on market liquidity.Design/methodology/approach: The sample comprises all financial firms listed in the Shanghai A-shares market for the period 2013-2015. By relying on manual content analysis of annual reports, the risk disclosure quality is measured through a multidimensional approach which encompasses three factors: quantity of disclosure, coverage of disclosure, and the semantic properties of depth and outlook. The findings of this paper are based on ordinary least squares (OLS) and fixed-effects estimations.Findings: Our findings suggest that firm characteristics (especially size) influence risk disclosure practices of Chinese financial companies. Furthermore, we found that risk disclosure quality has an impact on market liquidity, and when we analysed each year we noticed that the results were driven by the year 2013; moreover, we noticed no or little significance from the period of the emerging financial crisis.Research limitations/implications: The sample of this paper is limited to financial firms in China. The usage of manual content analysis limits our ability to investigate risk reporting drivers and its impact on market liquidity on a large scale.Practical implications: The importance of this paper stems from documenting several reporting incentives concerning not only firms' quantity, but also firms' quality of risk reporting. Collectively, our findings support activism for reforms and the enhancement of regulations in China in order to make the market more efficient.Originality/value: This paper provides new evidence for financial companies in China on the principal drivers for risk disclosure quality and highlights how the quality of such disclosure impacts market liquidity. Furthermore, this paper confirms previous findings on the Chinese market (Ball et al., 2000; Zou and Adams, 2008) in which, given a decreasing but still strong state presence, there is higher stock volatility and weak corporate governance.
Book Synopsis An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital by : Andreas Zweifel
Download or read book An Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital written by Andreas Zweifel and published by GRIN Verlag. This book was released on 2017-03-07 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2012 in the subject Economics - Finance, grade: 5.5, University of Zurich (Department of Banking and Finance), course: Economics and Finance, language: English, abstract: Does voluntary disclosure quality pay off? And if so, what are the driving forces behind the relationship of voluntary disclosure quality and the cost of equity capital? This study addresses these and other questions in the context of analyzing the determinants of the cost of equity capital for Swiss firms. The relation between voluntary disclosure quality and cost of equity capital is widely known to be affected by self-selection. Potential endogeneity bias is controlled for by adopting a two-stage least squares approach in a cross-sectional setting. Voluntary disclosure quality is proxied by the annual reports disclosure scores for a well-diversified sample of Swiss firms as developed by the Department of Banking and Finance of the University of Zurich. Further, an ex-ante cost of capital metric derived from the dividend discount model is used in this study. Empirical evidence shows that the association between voluntary disclosure quality and cost of equity differs with a firm's stock listing history. While the relation is predicted to be negative for firms at the IPO stage, it is likely reversed at some point in a firm's stock listing history. These results suggest that analysts' information processing activities negatively moderate the impact of voluntary disclosure quality on firm value. Importantly, the predicted interaction between voluntary disclosure quality and stock listing history remains significant when adjusting for endogeneity.
Book Synopsis The Determinants and Consequences of Disclosure Committee Adoption by : Lyle Roy Schmardebeck
Download or read book The Determinants and Consequences of Disclosure Committee Adoption written by Lyle Roy Schmardebeck and published by . This book was released on 2015 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the passage of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission recommended that companies voluntarily adopt disclosure committees to aid in preparing company disclosures. In this paper, I investigate the determinants and consequences of disclosure committee adoption. I find that companies with material weaknesses in internal controls over financial reporting and less readable 10-K filings are more likely to adopt disclosure committees. In consequences analyses, using a propensity score matched control sample and a difference-in-differences research design, I find that 10-K filings are longer and less readable after disclosure committee adoption. However, consistent with institutional theory, I do not find evidence of a reduction in information asymmetry or an increase in the informativeness of earnings following disclosure committee adoption.
Book Synopsis Non-Financial Disclosure and Integrated Reporting by : Lucrezia Songini
Download or read book Non-Financial Disclosure and Integrated Reporting written by Lucrezia Songini and published by Emerald Group Publishing. This book was released on 2020-03-12 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: For researchers and managers interested in performance measurement, this volume includes innovative research that sheds light on topics such as the determinants of disclosure quality, the identification of appropriate metrics, the relationship among the different disclosure mechanisms and between voluntary and mandatory disclosure, and many more.
Book Synopsis The Reputational Consequences of Disclosure by : Monica Espinosa Blasco
Download or read book The Reputational Consequences of Disclosure written by Monica Espinosa Blasco and published by . This book was released on 2004 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: In our study we focus on the determinants of reputation and, in particular, on the relation between the quality of annual report disclosures of companies and their reputation. We try to bring together two strands of literature: the literature on corporate reputation and the literature on corporate disclosures. Using data on corporate reputation and on quality of annual report disclosures for a sample of Spanish companies, we test the hypothesis that annual report disclosure quality is a crucial determinant of corporate reputation. After controlling for other possible determinants, especially size, we find significant evidence in favour of our hypothesis. Firms with a better annual report disclosure score are more likely to be rated among the top 50 national companies in terms of corporate reputation. Moreover the disclosure score positively affects the reputation score.
Book Synopsis Determinants and Consequences of Operations-related Disclosures by : Wanyu Chen
Download or read book Determinants and Consequences of Operations-related Disclosures written by Wanyu Chen and published by . This book was released on 2014 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Measurement, Determinants and Consequences of Forward-looking Reporting Disclosure by : Julia Lerchenmüller
Download or read book Measurement, Determinants and Consequences of Forward-looking Reporting Disclosure written by Julia Lerchenmüller and published by . This book was released on 2012 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Determinants and Consequences of the Quality of Forward-looking Information Disclosure by : Mansor Alnabsha
Download or read book Determinants and Consequences of the Quality of Forward-looking Information Disclosure written by Mansor Alnabsha and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Determinants of Municipal Disclosure and the Consequences of Dissemination by : Christine Tiffany Cuny
Download or read book Determinants of Municipal Disclosure and the Consequences of Dissemination written by Christine Tiffany Cuny and published by . This book was released on 2013 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: The municipal bond market is a unique laboratory in which to study the economic and political determinants of disclosure. This setting offers several advantages over those usually studied in the disclosure literature. First, the size, diversity, and regulatory structure of the market provide cross-sectional and time-series variation in disclosure incentives. Consistent with investor demand for information influencing disclosure decisions, I document public disclosure increases in response to a positive shock to nonpayment risk that is exogenous to underlying credit quality. Second, although certain public disclosures, including financial statements, are contractually mandated in this market, enforcement is weak and regulatory oversight is limited to the anti-fraud provisions of the Securities Acts. Consistent with the notion that issuers withhold information to avoid incurring regulatory or reputational costs, I find disclosure decreases when a local economic shock increases risk. Third, in the wake of a number of high-profile defaults, regulators have attempted to improve transparency and disclosure in this market. My analysis shows that public disclosure increases in response to a regulator-imposed decrease in the cost of disseminating information, highlighting the importance of the disclosure delivery mechanism. I also present evidence that this shock to the cost of becoming informed helped improve retail trade liquidity. Overall, my findings support the role of market and political forces on disclosure.
Book Synopsis Determinants and Consequences of CSR Disclosure Quantity and Quality by : Khaleed Alotaibi
Download or read book Determinants and Consequences of CSR Disclosure Quantity and Quality written by Khaleed Alotaibi and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Corporate Characteristics on Disclosure Quality in Corporate Annual Reports by : Kamran Ahmed
Download or read book The Effect of Corporate Characteristics on Disclosure Quality in Corporate Annual Reports written by Kamran Ahmed and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Considerable volume of research have been undertaken over the last 30 years assessing the effect of organisational size, listing status, leverage and audit firm size on disclosure quality in corporate annual reports. By applying meta-analysis techniques, the purposes of this paper are to evaluate prior results and to examine whether variation in the results is purely artifactual or is moderated by external factors such as differences in environments and disclosure index construction. Using data from 22 studies, the results show that highly significant and positive relationships exist between the four corporate characteristics and disclosure quality. However, a significant portion of the variation in results could not be explained by sampling error, which means that differences in socio-economic environments and disclosure index construction have moderating effects on the relationships. The results suggest that international harmonisation efforts will be futile if the International Accounting Standards Committee (IASC) ignores environmental differences between countries in setting accounting standards.
Book Synopsis A New Measure of Disclosure Quality by : Shuping Chen
Download or read book A New Measure of Disclosure Quality written by Shuping Chen and published by . This book was released on 2015 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: We construct a new, parsimonious, measure of disclosure quality - disaggregation quality (DQ) - and offer validation tests. DQ captures the level of disaggregation of accounting data through a count of non-missing Compustat line items, and reflects the extent of details in firms' annual reports. Conceptually DQ differs from existing disclosure measures in that it captures the 'fineness' of data and is based on a comprehensive set of accounting line items in annual reports. Unlike existing measures which are usually applicable for a subset of firms or are based on a subset of information items, DQ can be generated for the universe of Compustat industrial firms. We conduct three sets of validation tests by examining DQ's association with variables predicted by prior literature to be associated with information quality. DQ is negatively (positively) associated with analyst forecast dispersion (accuracy), negatively associated with bid-ask spreads and cost of equity. These associations continue to hold after we control for firm fundamentals. Taken together, results from this battery of validation tests are consistent with our measure capturing disclosure quality.
Book Synopsis Disclosure Quality and its Effect on Litigation Risk by : Saumya Mohan
Download or read book Disclosure Quality and its Effect on Litigation Risk written by Saumya Mohan and published by . This book was released on 2007 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between the quality of disclosure in companies' 10-K filings and the risk of securities class action litigation. I use a dataset containing 10-K documents filed electronically with the SEC in the period 1996-2005. Using two content analysis software programs that analyze the categories of words used in these filings, I find that firms that use more numbers, past and future words, and other informative words are less likely to be sued, even after controlling for the common determinants of lawsuits. In order to avoid subjective choice of word categories, I use principal components analysis to identify the major components of disclosure in company filings. When these components are used in regressions, one component named 'informativeness' has significant power to explain subsequent lawsuits. Finally, in cross-sectional tests, I find support for the theory that firms with good boards and managers who are not entrenched have better disclosure practices. Further, monitoring by institutional investors, independent boards and analysts appears to induce better corporate disclosure.
Book Synopsis Disclosure Timing by : Partha Sengupta
Download or read book Disclosure Timing written by Partha Sengupta and published by . This book was released on 2004 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Existing research on discretionary disclosures provides valuable insights on the potentials causes and consequences of alternative forms of disclosure. However, relatively little is known about how managers choose to time the release of financial information. This paper focuses on the quarterly earnings release dates and investigates why some choose to release earnings information relatively early, compared to others. The results indicate that the reporting lag (days between fiscal period end and quarterly earnings release date) is shorter for firms facing greater demand for information from investors and greater litigation costs. The reporting lag, however, is longer for firms with greater block ownership and those whose operations are somewhat more complex.
Book Synopsis Determinants of an audit report lag. A meta-analysis by : Philipp Wierzchowski
Download or read book Determinants of an audit report lag. A meta-analysis written by Philipp Wierzchowski and published by GRIN Verlag. This book was released on 2021-10-06 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2020 in the subject Business economics - Information Management, grade: 2,0, University of Bremen, language: English, abstract: This paper shows with the help of a meta-analysis the existence of the determinants of an audit report lag. Moreover this article calculates the relevance of these determinants with the help of Z-scores. The justification of this paper is to get a greater extent of knowledge through a meta-analytic literature review of the determinants of audit report lags. An audit report lag is the number of days from a company’s fiscal year-end to the date of its auditor’s report. Due to the great development of the globalization and economy, this world has more economical data and is more complicated in an economical context than before. Proof for this statement is the subprime crisis 2007, where Asset-Backed Commercial Papers had a complicated transformation. In addition to this the accounting has issues with too much information and complicated financial products. At first accounting has problems with disclosure of information in the financial statement. Secondly Big Data challenges accounting and finally audit report lags are larger after a new standard is set by the standard-setter or a company has a poor performance in this particular fiscal year. In addition to this last problem, there are a lot of more determinants for an audit report lag than these two. Accordingly this audit report lag is a problem for accounting.
