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The Reputational Consequences Of Disclosure
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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 The Reputational Consequences of Disclosures by : Mónica Espinosa
Download or read book The Reputational Consequences of Disclosures written by Mónica Espinosa and published by . This book was released on 2004 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Firm Value Effects of Targeted Disclosure Regulation by : Katharina Hombach
Download or read book Firm Value Effects of Targeted Disclosure Regulation written by Katharina Hombach and published by . This book was released on 2019 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the reputational costs of targeted disclosure regulation - disclosure requirements aimed at policy objectives outside of securities regulators' traditional missions. This emerging type of disclosure regulation empowers civil society to deter firms' illicit actions. Our setting is the SEC's extraction payments disclosure rule, which requires oil and gas firms to publish details about their payments to host governments. Consistent with reputational costs imposed on affected firms, our event-study results document that the rule's negative effect on firm value is stronger where greater reputational risk makes firms more vulnerable to public pressure. Our qualitative field evidence suggests that reputational costs arise because the required disclosures facilitate pressure groups' campaigning. These findings are robust to several alternative explanations and research design choices.
Book Synopsis Keeping a Clean Reputation by : Cary A. Deck
Download or read book Keeping a Clean Reputation written by Cary A. Deck and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Strategic Disclosure with Reputational Concerns by : Wenhao Zhang
Download or read book Strategic Disclosure with Reputational Concerns written by Wenhao Zhang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a model of strategic disclosure where a decision maker consults an expert of uncertain types about the state and then chooses between two actions according to his expected state and realized private preference. The expert may be an honest type who discloses whatever information observed, or a strategic type who prefers the decision maker take the higher action and discloses information strategically towards this purpose, while also valuing a reputation for being honest. The unique equilibrium involves an interim interval where the strategic expert mixes between disclosure and concealment, along with regions of complete concealment and disclosure. A higher weight attached to reputational concern by the strategic expert encourages more disclosure and results in higher expert reputation when no information is revealed. Reduction in ability to find news and increase in the measure of honest expert could worsen the strategic expert's disclosure incentive. The latter suggests that the decision maker does not necessarily benefit from a greater amount of honest expert.
Book Synopsis An Experimental Investigation of Reputation Effects of Disclosure in an Investment by : Radhika Lunawat
Download or read book An Experimental Investigation of Reputation Effects of Disclosure in an Investment written by Radhika Lunawat and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines experimentally the reputation building role of disclosure in an investment / trust game. It provides experimental evidence in support of sequential equilibrium behavior in a finitely repeated investment / trust game where information asymmetry raises the possibility of voluntary disclosure. I define two regimes, namely disclosure regime and no-disclosure regime and it is only in the disclosure regime that such disclosure of private information is a possibility. I compare investment levels across two regimes and find the startling result that investment is lower in disclosure regime. I find that this lower investment is attributable to the fact that the prior probability with which an investor in the disclosure regime believes that a manager is trustworthy is significantly lower than the prior probability with which an investor in the no-disclosure regime believes that a manager is trustworthy. I introduce a two-stage experimental design to homogenize prior beliefs about managers' trustworthiness and find that after such homogenization, investment is higher in disclosure.
Book Synopsis When to Speak Up and when to Shut Up by : Jenna Stites
Download or read book When to Speak Up and when to Shut Up written by Jenna Stites and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on stakeholder, reputation, signaling, path dependence and communication theories, this dissertation examines the relationship between social and environmental signaling and firm reputation. In particular, it examines how signals sent by firms, firm partnerships, third parties and the media regarding corporate social and environmental responsibility (CSER) interact with a firm's history of social and environmental actions to impact the firm's CSER-specific reputation as well as its general reputation. The results suggest that firm self-disclosure lowers the general reputation of firms with strong CSER histories, whereas it enhances the general reputation of firms with weak CSER histories. Additionally, forming CSER-oriented partnerships increases general reputation for firms regardless of CSER history. On the other hand, receipt of third-party awards only increases general reputation for firms with a history of CSER strengths. In terms of CSER-specific reputation, however, CSER history appears to be the only important predictor. These results present several theoretical contributions and managerial implications.
Author :Panel on Data Access for Research Purposes Publisher :National Academies Press ISBN 13 :9780309100120 Total Pages :142 pages Book Rating :4.1/5 (1 download)
Book Synopsis Expanding Access to Research Data by : Panel on Data Access for Research Purposes
Download or read book Expanding Access to Research Data written by Panel on Data Access for Research Purposes and published by National Academies Press. This book was released on 2005-11-11 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policy makers need information about the nation—ranging from trends in the overall economy down to the use by individuals of Medicare—in order to evaluate existing programs and to develop new ones. This information often comes from research based on data about individual people, households, and businesses and other organizations, collected by statistical agencies. The benefit of increasing data accessibility to researchers and analysts is better informed public policy. To realize this benefit, a variety of modes for data access— including restricted access to confidential data and unrestricted access to appropriately altered public-use data—must be used. The risk of expanded access to potentially sensitive data is the increased probability of breaching the confidentiality of the data and, in turn, eroding public confidence in the data collection enterprise. Indeed, the statistical system of the United States ultimately depends on the willingness of the public to provide the information on which research data are based. Expanding Access to Research Data issues guidance on how to more fully exploit these tradeoffs. The panel’s recommendations focus on needs highlighted by legal, social, and technological changes that have occurred during the last decade.
Book Synopsis The impact of financial and non-financial disclosure on corporate reputation among non-professional stakeholders by : Anastasia Axjonow
Download or read book The impact of financial and non-financial disclosure on corporate reputation among non-professional stakeholders written by Anastasia Axjonow and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Corporate Reputation and Compensation Disclosure on Investor Judgments by : Poh-Sun Seow
Download or read book The Effects of Corporate Reputation and Compensation Disclosure on Investor Judgments written by Poh-Sun Seow and published by . This book was released on 2019 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Regulators have increased the disclosure requirements of top executives as part of corporate governance reform. This study examines how trust arising from a firm's corporate reputation will interact with top executive compensation disclosure to influence investor judgments. This study used a 2 X 2 between subjects experimental design, with corporate reputation (good versus bad) and pay ratio (high versus low) as independent variables to test the hypotheses. The key findings show that if the firm with a good corporate reputation discloses a high pay ratio, participants punished the good reputation firm more than the bad reputation firm, demonstrating a negative violation of expectations. On the other hand, if the firm with a bad corporate reputation discloses a low pay ratio, participants rewarded the bad reputation firm more than the good reputation firm, demonstrating a positive violation of expectations. The results of this study may be limited by its particular circumstances of corporate reputation and compensation disclosure, making generalizations of the findings to other settings difficult.
Book Synopsis Does Company Reputation Matter for Voluntary Disclosure Quality? Evidence from Management Earnings Forecasts by : Ying Cao
Download or read book Does Company Reputation Matter for Voluntary Disclosure Quality? Evidence from Management Earnings Forecasts written by Ying Cao and published by . This book was released on 2017 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, we explore the association between company reputation and voluntary disclosure quality as proxied for by the issuance and characteristics of management earnings forecasts. We follow prior literature and proxy for company reputation using measures based on Fortune's America's Most Admired Companies List. We find that companies with higher reputations are more likely to issue earnings forecasts, and forecast earnings more frequently. We also find that for the subsample of companies selected to the Most Admired List, earnings forecasts issued by higher reputation companies are more accurate. We provide supporting results from a battery of sensitivity analyses designed to alleviate concerns related to potential endogeneity and the influence of managerial ability. Our study contributes to the voluntary disclosure literature by identifying a unique factor that motivates companies to voluntarily disclose better forward-looking information, and to the reputation literature by demonstrating the effect of company reputation on company efforts to reduce information asymmetry with stakeholders.
Book Synopsis More Than You Wanted to Know by : Omri Ben-Shahar
Download or read book More Than You Wanted to Know written by Omri Ben-Shahar and published by Princeton University Press. This book was released on 2014-04-20 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: How mandated disclosure took over the regulatory landscape—and why it failed Perhaps no kind of regulation is more common or less useful than mandated disclosure—requiring one party to a transaction to give the other information. It is the iTunes terms you assent to, the doctor's consent form you sign, the pile of papers you get with your mortgage. Reading the terms, the form, and the papers is supposed to equip you to choose your purchase, your treatment, and your loan well. More Than You Wanted to Know surveys the evidence and finds that mandated disclosure rarely works. But how could it? Who reads these disclosures? Who understands them? Who uses them to make better choices? Omri Ben-Shahar and Carl Schneider put the regulatory problem in human terms. Most people find disclosures complex, obscure, and dull. Most people make choices by stripping information away, not layering it on. Most people find they can safely ignore most disclosures and that they lack the literacy to analyze them anyway. And so many disclosures are mandated that nobody could heed them all. Nor can all this be changed by simpler forms in plainer English, since complex things cannot be made simple by better writing. Furthermore, disclosure is a lawmakers' panacea, so they keep issuing new mandates and expanding old ones, often instead of taking on the hard work of writing regulations with bite. Timely and provocative, More Than You Wanted to Know takes on the form of regulation we encounter daily and asks why we must encounter it at all.
Book Synopsis The Impact of Corporate Environmental Disclosures and Audit Committees on Environmental Reputation by : Habiba Al-Shaer
Download or read book The Impact of Corporate Environmental Disclosures and Audit Committees on Environmental Reputation written by Habiba Al-Shaer and published by . This book was released on 2015 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the impact of the volume and quality of environmental disclosures in corporate annual reports on the creation and sustenance of firms' reputation for environmental responsibility, and the extent to which these effects are enhanced by the quality of audit committees. Using a sample of UK FTSE350 companies from 2007-2011, we find evidence that firms enhance reputations by the quality of their environmental disclosures and by virtue of the quality of audit committees. Higher disclosure volume alone does not lead to increased reputation. Audit committees that comply with Smith (2003) recommendations, complement higher quality, difficult to replicate disclosures, in promoting reputation.
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 The Effect of Reputation Shocks to Rating Agencies on Corporate Disclosures by : Mani Sethuraman
Download or read book The Effect of Reputation Shocks to Rating Agencies on Corporate Disclosures written by Mani Sethuraman and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the effect of credit rating agency's (CRA) reputation on the voluntary disclosures of corporate bond issuers. Academics, practitioners, and regulators disagree on the informational role played by major CRAs and the usefulness of credit ratings in influencing investors' perception of the credit risk of bond issuers. Using management earnings forecasts as a measure of voluntary disclosure, I find that investors demand more (less) disclosure from corporate bond issuers when the ratings become less (more) credible. In addition, using content analytics, I find that bond issuers disclose more qualitative (i.e. textual) information during periods of low CRA reputation to aid investors better assess credit risk. That the corporate managers alter their voluntary disclosure in response to CRA reputation shocks is consistent with credit ratings providing incremental information to investors and reducing adverse selection in lending markets. Further, consistent with theoretical predictions, my findings suggest that managers rely on voluntary disclosure as a credible mechanism to reduce information asymmetry in bond markets.
Book Synopsis The SAGE Encyclopedia of Corporate Reputation by : Craig E. Carroll
Download or read book The SAGE Encyclopedia of Corporate Reputation written by Craig E. Carroll and published by SAGE Publications. This book was released on 2016-05-04 with total page 1876 pages. Available in PDF, EPUB and Kindle. Book excerpt: What creates corporate reputations and how should organizations respond? Corporate reputation is a growing research field in disciplines as diverse as communication, management, marketing, industrial and organizational psychology, and sociology. As a formal area of academic study, it is relatively young with roots in the 1980s and the emergence of specialized reputation rankings for industries, products/services, and performance dimensions and for regions. Such rankings resulted in competition between organizations and the alignment of organizational activities to qualify and improve standings in the rankings. In addition, today’s changing stakeholder expectations, the growth of advocacy, demand for more disclosures and greater transparency, and globalized, mediatized environments create new challenges, pitfalls, and opportunities for organizations. Successfully engaging, dealing with, and working through reputational challenges requires an understanding of options and tools for organizational decision-making and stakeholder engagement. For the first time, the vast and important field of corporate reputation is explored in the format of an encyclopedic reference. The SAGE Encyclopedia of Corporate Reputation comprehensively overviews concepts and techniques for identifying, building, measuring, monitoring, evaluating, maintaining, valuing, living up to and/or changing corporate reputations. Key features include: 300 signed entries are organized in A-to-Z fashion in 2 volumes available in a choice of electronic or print formats Entries conclude with Cross-References and Further Readings to guide students to in-depth resources. Although organized A-to-Z, a thematic "Reader’s Guide" in the front matter groups related entries by broad areas A Chronology provides historical perspective on the development of corporate reputation as a discrete field of study. A Resource Guide in the back matter lists classic books, key journals, associations, websites, and selected degree programs of relevance to corporate reputation. A General Bibliography will be accompanied by visual maps noting the relationships between the various disciplines touching upon corporate reputation studies. The work concludes with a comprehensive Index, which—in the electronic version—combines with the Reader’s Guide and Cross-References to provide thorough search-and-browse capabilities
Book Synopsis The Elgar Companion to Information Economics by : Daphne R. Raban
Download or read book The Elgar Companion to Information Economics written by Daphne R. Raban and published by Edward Elgar Publishing. This book was released on 2024-03-14 with total page 579 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Elgar Companion to Information Economics dexterously navigates this interdisciplinary field of research which celebrates the crucial contribution of information to decision making, market dynamics, and economic well-being. Offering a wealth of conceptual analysis, this erudite Companion embarks on an intellectual journey exploring the fundamentals of information economics. This title contains one or more Open Access chapters.
