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Author : Henry Perrin Garsombke
Publisher :
ISBN 13 :
Total Pages : 428 pages
Book Rating : 4.:/5 ( download)
Download or read book The Relationship Between Corporate Disclosure and Risk written by Henry Perrin Garsombke and published by . This book was released on 1976 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Henry Perrin Garsombke
Publisher :
ISBN 13 :
Total Pages : 192 pages
Book Rating : 4.:/5 (429 download)
Download or read book The Relationship Between Corporate Disclosure and Risk: a Theoretical and Empirical Analysis written by Henry Perrin Garsombke and published by . This book was released on 1976 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Henry Perrin Garsombke
Publisher :
ISBN 13 :
Total Pages : 384 pages
Book Rating : 4.:/5 (869 download)
Download or read book The Relationship Between Corporate Disclosure and Risk written by Henry Perrin Garsombke and published by . This book was released on 1982 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alessandro Ghio
Publisher : Springer Nature
ISBN 13 : 3030422992
Total Pages : 183 pages
Book Rating : 4.0/5 (34 download)
Download or read book The Evolution of Corporate Disclosure written by Alessandro Ghio and published by Springer Nature. This book was released on 2020-04-02 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Markus Bäder
Publisher : GRIN Verlag
ISBN 13 : 3668225885
Total Pages : 72 pages
Book Rating : 4.6/5 (682 download)
Download or read book Effects of Corporate Disclosure on a Firm’s Cost of Capital written by Markus Bäder and published by GRIN Verlag. This book was released on 2016-05-25 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 1.0, accadis Hochschule Bad Homburg, course: Final Thesis, language: English, abstract: The potential relation of increased levels of corporate disclosure on a firm’s cost of capital remains of great importance, both from a research-focussed and business- oriented point-of-view; however, the existence of methodological drawbacks has led to ever more complex studies, which eventually made the literature vast and confusing for outside readers. The purpose of this thesis was to organise and thereby simplify the different perspectives on a dynamic issue. It is argued that, in theory, enhanced transparency levels the marketplace by spreading information more equally among investors. Consequently, the information asymmetry component is mitigated, which translates into lower levels of estimation risk, transaction costs and default risk. After all, theoretical studies provided evidence that increased disclosure lowers the costs of capital. However, since neither of the involved components is directly observable, a myriad of approaches emerged to approximate actual figures. Although most of these proxies follow similar patterns, it is argued that none of the present approaches is free from constraints, which, in turn, affects the reliability of existing empirical studies. Research, after all, still lacks a generally accepted and holistic approach to the present day. In this context, one of the most recent findings provides a new and rather praxis-oriented perspective, by arguing that firms and investors are merely interested in a good-practice level of disclosure. Regardless of the perspective, an ultimate conclusion has yet to be revealed by the literature and it seems illusory that academics and practitioners agree on one approach in the future. Nevertheless, the contribution of this thesis was merely to structure and simplify the current state of a dynamic issue. The author therefore used easy to understand graphics and tables and linked the findings to related fields of research, where necessary.
Author : Markus Bader
Publisher : GRIN Verlag
ISBN 13 : 9783668225893
Total Pages : 72 pages
Book Rating : 4.2/5 (258 download)
Download or read book Effects of Corporate Disclosure on a Firm's Cost of Capital written by Markus Bader and published by GRIN Verlag. This book was released on 2016-07-14 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 1.0, accadis International College Bad Homburg, course: Final Thesis, language: English, abstract: The potential relation of increased levels of corporate disclosure on a firm's cost of capital remains of great importance, both from a research-focussed and business- oriented point-of-view; however, the existence of methodological drawbacks has led to ever more complex studies, which eventually made the literature vast and confusing for outside readers. The purpose of this thesis was to organise and thereby simplify the different perspectives on a dynamic issue. It is argued that, in theory, enhanced transparency levels the marketplace by spreading information more equally among investors. Consequently, the information asymmetry component is mitigated, which translates into lower levels of estimation risk, transaction costs and default risk. After all, theoretical studies provided evidence that increased disclosure lowers the costs of capital. However, since neither of the involved components is directly observable, a myriad of approaches emerged to approximate actual figures. Although most of these proxies follow similar patterns, it is argued that none of the present approaches is free from constraints, which, in turn, affects the reliability of existing empirical studies. Research, after all, still lacks a generally accepted and holistic approach to the present day. In this context, one of the most recent findings provides a new and rather praxis-oriented perspective, by arguing that firms and investors are merely interested in a good-practice level of disclosure. Regardless of the perspective, an ultimate conclusion has yet to be revealed by the literature and it seems illusory that academics and practitioners agree on one approach in the future. Nevertheless, the contribution of this thesis was merely to structure and simplify the current state of a dynamic i
Author : Lino Cinquini
Publisher : Springer Nature
ISBN 13 : 3030903559
Total Pages : 477 pages
Book Rating : 4.0/5 (39 download)
Download or read book Non-financial Disclosure and Integrated Reporting written by Lino Cinquini and published by Springer Nature. This book was released on 2022-02-18 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increasingly crucial role of companies’ non-financial disclosure (NFD) and integrated reporting (IR) has led to a lively debate among academics, practitioners, and regulators on the approaches, framework, contents, principles, and standards that should oversee these forms of reporting. Through several expert contributions, conducted both with qualitative and quantitative methodologies, this book provides an up-to-date portrait of the debate by exploring corporate NFD either in its mandated contents or voluntary information. Contributing authors provide studies that encompass the different lines of NFD, namely non-financial risk reporting, sustainability reporting, and intellectual capital reporting, as well as the integration of financial and non-financial information through IR, the assurance of the NFD and IR through auditing activities, and the role of management and CFOs in NFD and IR.
Author : Chiara Demartini
Publisher : Springer
ISBN 13 : 3319488260
Total Pages : 136 pages
Book Rating : 4.3/5 (194 download)
Download or read book Integrated Reporting and Audit Quality written by Chiara Demartini and published by Springer. This book was released on 2017-04-13 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the relationship between integrated reporting and audit quality within the European context, presenting empirical evidence and drawing on a broad review of the available literature in order to evaluate the ability of integrated reporting to enhance audit risk assessment. Dedicated sections first elucidate the concepts of integrated reporting and audit quality. The main integrated reporting frameworks are compared, the role of integrated reporting within a firm’s disclosure is examined, and all aspects of audit risk are discussed. The key question of the impacts of integrated reporting on the components of audit risk is then addressed in detail, with reference to empirical findings, their practical implications, and their limitations. The concluding section explores the future of corporate reporting and the development of the next integrated reporting framework and summarizes the insights that the analysis in the book offers into the relationship between integrated reporting and audit quality in the European setting.
Author : Achintya Nath Sexena
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (13 download)
Download or read book Corporate Risk Disclosure written by Achintya Nath Sexena and published by . This book was released on 2019 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews empirical studies and professional literature on corporate risk disclosures. Empirical studies done from the perspective of economic theory with application of statistical techniques have been growing over the years in the field of corporate disclosures. The very concept of risk and significance of corporate risk disclosures have been discussed in various studies and reports of professional bodies. Studies of corporate risk disclosures from the perspective of information asymmetry, utility as well as the perspective of economic theories of corporate governance have been steadily increasing over the last two decades or so. Associations between various firm characteristics and market behaviour have been sought to be studied by scholars in order to study the possible motivations behind risk disclosures as well as their usefulness to the end users of corporate disclosures viz. the shareholders, current and prospective investors, as well as the regulators. Methodologies from various disciplines like communications studies, econometrics, statistics, computer science etc. have been employed to study the phenomenon of corporate risk disclosure and its interaction with factors within and without the firm. Studies have been conducted for some jurisdictions in North America, Europe, Asia and Africa and scope exists for further study in more jurisdictions. The findings of empirical studies and discussions in professional literature are key aids for law and policy makers and researchers while formulating or proposing regulatory frameworks. This review paper aims to stimulate further research and debate on regulatory approach, policy and frameworks towards corporate risk disclosure based upon the conclusions drawn from empirical studies on corporate risk disclosure.
Download or read book Investor relation internet disclosure and the cost of equity capital: an empirical analysis written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contributes to the academic literature by examining two issues in relation to corporate Internet disclosure. First, we make a detailed content analysis of the investor relation section on the Web sites of US companies to gain insight into the type and amount of information provided to investors on corporate Web sites and to establish a measure of the Internet disclosure level. We find that companies are not exploiting the full potential of this disclosure medium. In a second study, we examine the relation between the cost of equity capital and the disclosure level of information in the investor relation section of corporate Web sites. We regress the cost of equity capital, obtained from a comprehensive discounted cash flow model, on the disclosure measure from the content analysis study to examine the relationship between these two variables. For a cross-sectional sample of 141 non-financial US companies, we find a negative and highly significant association between the cost of equity capital and level of Internet investor relation disclosure. The results remain significant after controlling for potentially influential variables such as different risk characteristics and firm size. The results indicate thus that Internet disclosure is useful to investors.
Author : Stefan Schantl
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Economic Effects of Litigation Risk on Corporate Disclosure and Innovation written by Stefan Schantl and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop an economic theory on the endogenous relationship between corporate disclosure and shareholder litigation and derive three key results. (i) Decreasing litigation risk can lead to more or less disclosure due a trade-off between the deterrence and the insurance effects of litigation. (ii) Capital markets react more to bad news disclosures than to good news ones if both insiders' penalties and litigation risk are sufficiently large. (iii) Litigation insurance premiums capture ex ante litigation risk. In addition, we illustrate the real effects of litigation by studying corporate innovation incentives, and we derive two additional key results. (iv) Shareholder litigation can lead to more or less innovation if insiders' penalties are not too large. (v) Under certain conditions, innovation first decreases and then increases with litigation risk. We reconcile our results with a large set of U.S.-based empirical studies and formulate a number of novel predictions.
Author : Urbi Garay
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (13 download)
Download or read book Internet-Based Corporate Disclosure and Market Value written by Urbi Garay and published by . This book was released on 2014 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Manuscript Type: Empirical.Research Question/Issue: We examine the relationship between an Internet-based corporate disclosure index and firm value, and evaluate the relatively understudied corporate use of the Internet by firms listed in the seven largest stock markets of Latin America (Argentina, Brazil, Colombia, Chile, Mexico, and Peru).Research Findings/Insights: We find a positive and strong relation between our corporate governance disclosure index and the Tobin's Q for firms in Latin America. More specifically, we find, after controlling for firms' characteristics, industry and country of origin, that an increase in 1% in the Internet-Based Corporate Disclosure Index causes an increase of 0.1592% in the Tobin's Q and an increase of 0.0119% in the firm's ROA. This result is statistically and economically significant for our sample of Latin American firms. These findings are robust after considering the potential endogeneity of our regression variables and after performing a battery of other robustness checks.Theoretical/Academic Implications: The evidence shown here contributes to the mounting literature that suggest that firms can differentiate themselves by self-adopting better corporate governance practices and, more specifically, better financial and corporate disclosure measures using the Internet. That is, even in a weak investor protection setting, firms can enhance their market value by self-adopting good corporate disclosure practices.Practitioner/Policy Implications: The results presented in this paper are relevant not only for Latin America but also for other emerging markets and regions attempting to improve their corporate disclosure practices. These results suggest that national corporate governance systems should pay attention and guarantee a minimum of disclosure using the Internet.
Author : Surendra Singh Singhvi
Publisher :
ISBN 13 :
Total Pages : 10 pages
Book Rating : 4.:/5 (851 download)
Download or read book An empirical analysis of the quality of corporate financial disclosure written by Surendra Singh Singhvi and published by . This book was released on 1971 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jian Zhou
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (129 download)
Download or read book Disclosure Quality and Earnings Management written by Jian Zhou and published by . This book was released on 2019 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relationship between disclosure quality and earnings management. Corporate disclosure and earnings management are both subject to managers' discretion; therefore, managers are likely to consider their interaction when exercising managerial discretion. This study employs a simultaneous equations model to test the hypothesis that disclosure quality and earnings management are negatively related. It uses ratings published by the Association for Investment Management and Research to measure corporate disclosure, and discretionary accruals from the modified Jones model to measure earnings management. Consistent with theoretical predictions, the empirical analysis indicates that there is a statistically significant negative relationship between corporate disclosure and earnings management. Firms that disclose less tend to engage more in earnings management and vice versa. This result holds even after controlling for the effects of potentially confounding variables, and for all three components of corporate disclosure: annual disclosure, quarterly disclosure, and investor relations disclosure. By documenting a consistent negative relationship between corporate disclosure and earnings management, the study provides evidence on how management uses the flexibility afforded it under current minimum disclosure requirements to exercise discretion in reporting earnings. This has implications for the interpretation of and information conveyed by reported accounting earnings. It also provides support for the SEC's approach to attenuating earnings management by requiring more informative corporate disclosure.
Author : Xiaoxiang Zhang
Publisher :
ISBN 13 :
Total Pages : 344 pages
Book Rating : 4.:/5 (757 download)
Download or read book Corporate Governance, Private Information Risk and Firm Performance written by Xiaoxiang Zhang and published by . This book was released on 2010 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous studies separate corporate governance from market microstructure research. This limits them provide theoretical and empirical support for policy makers in regulating private information risk aspects. This thesis links corporate governance to market microstructure research. It theoretically explores whether corporate governance factors can influence private information risk or not, and how optimal corporate governance mechanisms can achieve the equity and efficiency balance in regulating private information risk in the stock market. Empirically, this thesis first investigates complex inter-relationships between family control and private information risk in an emerging market Hong Kong. The empirical investigation continues to explore how the controlling family and multiple institutional block-holders interactively influence the informed trading, its structure, and ultimately firm's stock market performance. -- This thesis finds that corporate governance factors, such as the board control quality, the distribution of ownership, and managers' sensitivity of private benefits of control to public disclosure can influence negative private information risk in the equilibrium. Optimal governance mechanisms can achieve an equality-efficiency balance in regulating private information risk aspects by reconstructing the structure of informed trading into an economic efficient one. This thesis theoretically demonstrates the structure improvement of informed trading can economically reduce information asymmetry and lead to a Pareto improvement. Empirically, results show that family ownership and control over the Board increases private information risk. This, in turn, has a negative impact on stock-market performance. Family control is associated with an incentive to distort information disclosure to minority shareholders and obtain private benefits of control.
Author : Inder K. Khurana
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (129 download)
Download or read book Firm Growth and Disclosure written by Inder K. Khurana and published by . This book was released on 2006 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extant theoretical research posits that information asymmetry and agency issues affect the cost of external financing and hence impact firms' ability to finance its growth opportunities. In contrast, the literature on disclosure policy posits that an expanded and credible disclosure lowers the cost of external financing and improves firm's ability to pursue potentially profitable projects. An empirical implication is that disclosure can help firms grow by relaxing external financing constraints, thereby allowing capital to flow to positive NPV projects. This paper empirically evaluates this prediction using firm-level data over an eleven-year period. As anticipated by theory, we find a positive relation between firm disclosure policy and externally financed growth rate, after controlling for other influences.
Author : Sardar M. N. Islam
Publisher : Nova Science Publishers
ISBN 13 : 9781536119855
Total Pages : 0 pages
Book Rating : 4.1/5 (198 download)
Download or read book Hedging, Corporate Governance and Firm Value written by Sardar M. N. Islam and published by Nova Science Publishers. This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate risk management policy is essential during a period of volatile commodity prices and exchange rates in managing the risk exposure and its consequent impact on cash flow, profitability and firm value. Debates on whether hedging with derivatives practically enhances firm value through market imperfections, however, are still on-going. Hitherto, conflicting and mixed empirical evidence supported the debates in financial risk management theories. Taking into account that the contradictions among the existing literature could possibly be caused by the problem of endogeneity among variables and firm heterogeneity or fixed effects due to differences in corporate governance, this book explores the interrelationship between commodity risk exposure, hedging, corporate governance and firm value in an emerging market, using Malaysia as a case study. It provides the major findings in this area and the conclusions for strategies and insights for further generalisation in wider capital markets from the perspective of an emerging market of the Asia-Pacific region. Three main econometrics models are applied in this book. The first model estimates the commodity risk exposure of non-financial companies in the Malaysian stock exchange as a case study, and its implications for corporate hedging policy, by examining two sets of commodities; namely crude oil and palm oil. The commodity risk exposures were estimated by employing the augmented ordinary least squares (OLS) market model. Probit and tobit models were applied to assess the effect of risk exposure on corporate risk management policy. The results conclude that commodity risk exposure significantly affects the hedging policy of Malaysian firms. The second set of models examined the impact of hedging on firm value, using 420 firm-year observations (2004 to 2009). The results strongly support the positive effect of hedging on firm value. Both univariate and multivariate analysis support the hypothesis that a companys decisions to hedge -- as well as the extent of its hedging -- lead to higher firm value. The results remain robust by comparing pooled-OLS regressions, fixed-effects panel analysis, two-stage least squares and generalised methods of moments (GMM). The third model investigates the effect of corporate governance on hedging using probit and tobit regressions. This book presents major empirical findings for the relationship between risk management, corporate governance and firm value, and their general implications for capital markets. The empirical and general findings discussed in this book strongly support managerial risk aversion theory, which posits that firms with a higher proportion of directors shareholdings are likely to hedge more. The findings also revealed that firm size is positively related to hedging, that geographically diversified firms are more likely to hedge and have higher hedging activity, and that firms with higher cash holdings and lower dividend pay-outs are less likely to hedge. As a conclusion for policy implication, the findings emphasise the need for greater transparency and disclosure of commodity price risks and hedging policy in corporate financial statements in an emerging market.
