This study constructs a proposed model to investigate the link between environmental,social,and governance(ESG)disclosures and ESG scores for publicly traded companies in the Borsa Istanbul Sustainability(XUSRD)index....This study constructs a proposed model to investigate the link between environmental,social,and governance(ESG)disclosures and ESG scores for publicly traded companies in the Borsa Istanbul Sustainability(XUSRD)index.In this context,this study considers 66 companies,examining recently structured ESG disclosures for 2022 that were published for the first time as novel data and applying a multilayer perceptron(MLP)artificial neural network algorithm.The relevant results are fourfold.(1)The MLP algorithm has explanatory power(i.e.,R^(2))of 79% in estimating companies’ESG scores.(2)Common,environment,social,and governance pillars have respective weights of 21.04%,44.87%,30.34%,and 3.74% in total ESG scores.(3)The absolute and relative significance of each ESG reporting principle for companies’ESG scores varies.(4)According to absolute and relative significance,the most effective ESG principle is the common principle,followed by social and environmental principles,whereas governance principles have less significance.Overall,the results demonstrate that applying a linear approach to complete deficient ESG disclosures is inefficient for increasing companies’ESG scores;instead,companies should focus on the ESG principles that have the highest relative significance.The findings of this study contribute to the literature by defining the most significant ESG principles for stimulating the ESG scores of companies in the XUSRD index.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
AIM To quantify the variability of financial disclosures by authors presenting orthopaedic trauma research. METHODS Self-reported authorship disclosure information published for the 2012 American Academy of Orthopaedi...AIM To quantify the variability of financial disclosures by authors presenting orthopaedic trauma research. METHODS Self-reported authorship disclosure information published for the 2012 American Academy of Orthopaedic Surgeons(AAOS) and Orthopaedic Trauma Association(OTA) meetings was compiled from meeting programs. Both the AAOS and OTA required global disclosures for participants. Data collected included:(1) total number of presenters;(2) number of presenters with financial disclosures;(3) number of disclosures per author;(4) total number of companies supporting each author; and(5) specific type of disclosure. Disclosures made by authors presenting at more than one meeting were then compared for discrepancies.RESULTS Of the 5002 and 1168 authors presenting at the AAOS and OTA annual meetings, respectively, 1649(33%) and 246(21.9%) reported a financial disclosure(P < 0.0001). At the AAOS conference, the mean number of disclosures among presenters with disclosures was 4.01 with a range from 1 to 44. The majority of authors with disclosures reported three or more disclosures(n = 876, 53.1%). The most common cited disclosurewas as a paid consultant(51.5%) followed by research support(43.0%) and paid speaker(34.8%). Among the 256 physicians with financial disclosures presenting at the OTA conference, the mean number of disclosures was 4.03 with a range from 1 to 22. Similar to the AAOS conference, the majority of authors with any disclosures at the OTA conference reported three or more disclosures(n = 140, 54.7%). Most authors with a disclosure had three or more disclosures and the most common type of disclosure was paid consulting. At the OTA conference, the most commonly cited form of disclosure was paid consultant(54.3%) followed by research support(46.1%) and paid speaker(42.6%). Of the 346 researchers who presented at both meetings, 112(32.4%) authors were found to have at least one disclosure discrepancy. Among authors with a discrepancy, 36(32.1%) had three or more discrepancies. CONCLUSION There were variability and inconsistencies in financial disclosures by researchers presenting orthopaedic trauma research. Improved transparency of conflict of interest disclosures is warranted among trauma researchers presenting at national meetings.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 information disclosed by the companies in their annual reports reveals much about company’s performance and prospects. Investors take the information as base for decision for investment. Under such circumstance, ...The information disclosed by the companies in their annual reports reveals much about company’s performance and prospects. Investors take the information as base for decision for investment. Under such circumstance, companies choose to disclose beyond what is mandatorily required. Theories like agency theory, capital need theory and signaling theory support the need of voluntary disclosure. This study is about the relationship between voluntary disclosure and value of Indian pharmaceutical companies listed on World’s oldest stock exchange, Bombay Stock Exchange (BSE). Objectives: Twofold : First, to investigate the extent of voluntary disclosure practices prevailing in pharma sector of India, Second, to study the impact of voluntary disclosure on Value of companies (value as measured by Weighted Average Cost of Capital, Stock Volatility and Price to Book Ratio) for the year 2010-2011 to 2017-2018. Research Methodology: To understand the extent of disclosure, a disclosure checklist is constructed and descriptive statistics are carved to reach the results. To understand the impact, Panel data regression (Fixed effect model, Random effect model, Hausman test) are run. Observation: Voluntary disclosure does not affect WACC but are negatively related to stock volatility and Price to Book Ratio in Indian scenario.展开更多
This study investigates the valuation and real effects of the mandatory disclosure of greenhouse gas(GHG)emission costs from the perspective of“double materiality.”We consider a firm with a Cobb-Douglas production f...This study investigates the valuation and real effects of the mandatory disclosure of greenhouse gas(GHG)emission costs from the perspective of“double materiality.”We consider a firm with a Cobb-Douglas production function that combines GHG-related and non-GHG-related investments to produce short-term and long-term returns.In particular,the GHG-related investment entails short-term and long-term social costs of GHG emissions,including corporate costs and negative externalities.We demonstrate how the mandatory disclosure of the long-term costs of GHG emissions affects capital market valuations and corporate investment decisions relative to a non-disclosure regime.The social welfare in an accounting regime hinges on three parameters:the persistence of the short-term investment return,the ratio of the productivity of GHG-related investment to that of non-GHG-related investment,and the social cost parameter for GHG emissions.Our findings suggest that disclosing the long-term costs of GHG emissions may be detrimental to social welfare.Specifically,the non-disclosure regime results in higher social welfare than the disclosure regime for high values of these parameters.展开更多
This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analys...This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analyst following,individual ownership, and trading volume, indicating that it is responsive to investor demand effects. Facebook activity also increases around earnings announcements, with the increase being largely attributable to posts containing earnings news. In general, therefore, firms use Facebook posts to amplify earnings news. Such activity is selective, however;it is lower for firms with high levels of information asymmetry, for firms reporting earnings that exactly meet the consensus analyst forecast amount, and when the earnings news is negative but the accompanying price movement is positive. Hence, firms appear to use Facebook to manage the level of attention paid to earnings news.展开更多
This study investigates the effect of voluntary disclosures on lending decisions in the repeated game.Using a unique dataset from a peer-to-peer lending platform,"ppdai" (poipaidai),we document that voluntar...This study investigates the effect of voluntary disclosures on lending decisions in the repeated game.Using a unique dataset from a peer-to-peer lending platform,"ppdai" (poipaidai),we document that voluntary disclosures in the repeated game play a stronger role in promoting funding success than those in the one-shot game.We argue that voluntary disclosures improve the bidding activity in the repeated game through which they increase funding success.In addition,the greater impact of voluntary disclosures on funding success in the repeated game only holds for loans without a personal guarantee attribution.Our extended results suggest that the subjective voluntary disclosures in the repeated game have greater information content only when borrowers have a successful borrowing experience.We also point out that voluntary disclosures in the repeated game are associated with a lower probability of default.Our results are robust to the Heckman two-step estimation that addresses the self-selection effect and a specification designed to rule out the alternative explanation from reputation in the repeated game.Our study provides new insights into the real effects of costless,voluntary and unverifiable disclosures on lending decisions.展开更多
The purpose of this study lies in exploring the role of materiality in environmental information disclosures under the securities laws of the United States and China,discussing the differences in the regulatory mechan...The purpose of this study lies in exploring the role of materiality in environmental information disclosures under the securities laws of the United States and China,discussing the differences in the regulatory mechanism,limits of enforcement,and challenges of seeking global harmonization.The paper does a comparative legal analysis of statutory provisions,judicial interpretations,and regulatory frameworks of the U.S.Securities and Exchange Commission(SEC)and the China Securities Regulatory Commission(CSRC).Furthermore,it provides frameworks of global sustainability reporting such as the Task Force on Climate-related Financial Disclosures(TCFD)and the Global Reporting Initiative(GRI).The findings show that U.S.securities law uses a financial materiality standard with respect to what companies must disclose to investors.On the other hand,China’s regulatory approach has a double materiality in considering not only financial impacts but also wider environmental and social factors.Although there are these distinctions,both of these jurisdictions face issues of common obstruction such as ambiguities in materiality determination,inconsistent enforcement,and fear of greenwashing.This paper asserts that the U.S.and China regulatory frameworks need to converge more to promote greater corporate transparency and ESG disclosures.Regulators can even align disclosure practices with internationally recognized standards of work to add confidence for investors,fight off misleading sustainability claims and ensure accountable reporting in pertinent environments.The study concludes that the green challenges of global markets can only be tackled by regulating cooperative actions and using standardized reporting guidelines.展开更多
This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderati...This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderation analyses,the results demonstrate that robust investor protection mechanisms significantly enhance corporate R&D expenditures.The mediation analysis reveals that investor protection alleviates financing constraints and improves information disclosure quality,both of which serve as key channels for fostering R&D investment.Furthermore,internal control systems and media attention are identified as positive moderators,amplifying the beneficial effects of investor protection on R&D.In contrast,the equity Herfindahl index(HHI)does not exhibit a significant moderating role.The study also highlights that financial leverage,profitability,and equity concentration negatively influence R&D,while revenue growth exerts a positive effect.These findings underscore the critical role of investor protection in driving corporate innovation and sustainable growth,offering valuable insights for policymakers and corporate managers aiming to optimize R&D strategies through improved governance frameworks.展开更多
Carbon risk has become the focal point of academic inquiry in the context of intensifying climate change and pursuing dual-carbon targets.This paper synthesizes domestic and international literature to clarify the con...Carbon risk has become the focal point of academic inquiry in the context of intensifying climate change and pursuing dual-carbon targets.This paper synthesizes domestic and international literature to clarify the concept of carbon risk,providing illustrative cases for various definitions.A key observation is the absence of a standardized approach within academia for measuring carbon risk.Notably,carbon emission data disclosed by Chinese enterprises are limited.In response,this study extends beyond traditional enterprise carbon emissions data and compiles current mainstream methodologies for assessing carbon risk.Using data from listed Chinese companies,this study examined the relevance and practicality of each metric.This study offers several recommendations for the future progress of carbon risk analyses in China and other emerging markets.展开更多
This study focuses on the risks associated with the on-balance sheet recognition of data resources.At the legal level,disputes over ownership often arise due to unclear data property rights,while privacy protection,cy...This study focuses on the risks associated with the on-balance sheet recognition of data resources.At the legal level,disputes over ownership often arise due to unclear data property rights,while privacy protection,cybersecurity,and cross-border data flows create additional compliance challenges.In terms of recognition,the subjectivity of traditional valuation methods,the lack of active markets,and the rapid depreciation of data value caused by technological iteration hinder reliable measurement.With respect to disclosure,organizations face a dilemma between transparency and confidentiality.Collectively,these issues exacerbate audit risks.It is therefore imperative to establish an appropriate legal,accounting,and auditing framework to mitigate such risks and remove barriers to the proper recognition of data assets on balance sheets.展开更多
This research addresses a vital aspect of corporate sustainability by exploring the impact of ESG disclosures on the performance of petrochemical companies listed on the Saudi Stock Exchange.Focusing on the period fro...This research addresses a vital aspect of corporate sustainability by exploring the impact of ESG disclosures on the performance of petrochemical companies listed on the Saudi Stock Exchange.Focusing on the period from 2020 to 2022,it provides critical insights into how ESG practices contribute to achieving organizational sustainability goals while enhancing financial performance.The study evaluates the relationship between ESG disclosures and key financial efficiency measures,including ROA,ROE,ROS,and ROI.A quantitative analysis was conducted on 153 observations using panel regression and descriptive statistics,incorporating control variables such as firm size,financial leverage,and audit quality to isolate the specific impact of ESG disclosure.The findings reveal a positive relationship between ESG reporting and financial performance,emphasizing the dual role of ESG practices in driving financial success and fostering sustainable development.The study highlights the importance of unified,standardized ESG reporting guidelines to enhance the validity and usability of ESG practices.It also underscores the need to educate investors about the financial implications of ESG,as informed investors are more likely to champion sustainable business strategies.Additionally,the research advocates for targeted workshops aimed at financial report developers to improve the quality and effectiveness of ESG reporting.It provides a valuable contribution to the evolving discourse on sustainable finance.It offers practical recommendations for policymakers,organizations,and investors,thereby fostering the integration of ESG principles into corporate strategies.展开更多
This study focuses on the use of we-media by small-and medium-sized enterprises(SMEs)to disclose internal corporate social responsibility(ICSR)under the impact of the 2019 novel coronavirus disease(COVID-19).Study 1 i...This study focuses on the use of we-media by small-and medium-sized enterprises(SMEs)to disclose internal corporate social responsibility(ICSR)under the impact of the 2019 novel coronavirus disease(COVID-19).Study 1 interprets the catalyst effect of COVID-19 on the externalization of SMEs'ICSR.The fuzzy grading evaluation method is initially verified.Under the impact of COVID-19,SMEs fulfilling their ICSR can enhance consumer brand attitudes.Study 2 uses a structural equation model and empirical analysis of 946 effective samples and finds that consumers perceive the self-sacrifice of corporations during the coronavirus disease period.SMEs can fulfill their ICSR to enhance the internal explanation mechanism of consumer brand attitudes and the moderating role of enterprise losses.展开更多
The two-tier shareholding structure,which originated in the United States,has become popular around the world.Unlike the traditional model of“equal shares with equal rights”,the core feature of the two-tier sharehol...The two-tier shareholding structure,which originated in the United States,has become popular around the world.Unlike the traditional model of“equal shares with equal rights”,the core feature of the two-tier shareholding structure is that the company issues two classes of shares with different voting rights.It enables the concentration and stabilization of corporate control,which has a positive effect on the long-term development of the company and resistance to hostile takeovers.Against the background of the rapid development of the capital market and the continuous innovation of corporate governance structure,the two-tier shareholding structure has begun to be adopted by many enterprises.While this structure can improve the efficiency of corporate governance and promote corporate growth,it also raises a number of challenges.In particular,for small and medium-sized shareholders,their shareholdings may face the problem of limited or no voting rights,as well as the lack of an effective internal and external monitoring mechanism for the company.These issues may lead to the impairment of the rights of small and medium-sized shareholders.Currently,challenges in practice include inadequate laws and regulations,insufficient disclosure of information,and inadequate monitoring mechanisms.Therefore,exploring the path to protect the rights and interests of small and medium-sized shareholders and analyzing their current situation has become an important area in the study of two-tier shareholding structures.This paper starts from the actual situation,analyzes the problems exposed in the operation process of two-tier shareholding structure,and then explores the practical and feasible methods to protect the rights and interests of small and medium-sized shareholders on this basis,with a view to putting forward valuable references for the development of China’s securities market.展开更多
This paper selects the Corporate Social Responsibility(CSR)index from Hexun.com(2010–2020)and the stock price crash index of China’s Shanghai and Shenzhen A-share listed companies from the China Stock Market&Acc...This paper selects the Corporate Social Responsibility(CSR)index from Hexun.com(2010–2020)and the stock price crash index of China’s Shanghai and Shenzhen A-share listed companies from the China Stock Market&Accounting Research Database(CSMAR)for empirical analysis.By examining the impact of CSR performance on stock price crash risk,this study identifies key relationships and further investigates the moderating role of media promotion and communication as an intermediary to explore the transmission mechanisms and influence between the two.The empirical results indicate that CSR performance is significantly negatively correlated with stock price crash risk,suggesting that strong CSR performance can effectively reduce the likelihood of a stock price crash.Furthermore,additional analysis reveals that media plays a moderating role in the relationship between CSR performance and stock price crash risk.This study aims to contribute to the understanding of the formation mechanisms and analytical paradigms of factors influencing stock price crash risk while providing theoretical support and reference value for risk prevention strategies.展开更多
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
This paper explores the audit risks associated with the recognition of data assets on financial statements,focusing on the complexities arising from their replicability,unique valuation patterns,and contextual depende...This paper explores the audit risks associated with the recognition of data assets on financial statements,focusing on the complexities arising from their replicability,unique valuation patterns,and contextual dependencies.It identifies major misstatement risks at both the financial statement and assertion levels,including the potential for management to exaggerate data asset values,uncertainties in valuation methods,and deficiencies in data governance and internal controls.Additionally,auditors’lack of professional knowledge and inappropriate audit methods can lead to inspection risks.The paper emphasizes the urgent need for enhanced accounting standards for data assets,effective guidelines for their recognition and measurement,and robust internal controls.Furthermore,it advocates for the exploration of effective valuation methods and the incorporation of advanced technologies,such as big data and AI,into auditing practices.By improving auditor training and methodologies,organizations can better manage the inherent risks associated with data asset auditing.展开更多
文摘This study constructs a proposed model to investigate the link between environmental,social,and governance(ESG)disclosures and ESG scores for publicly traded companies in the Borsa Istanbul Sustainability(XUSRD)index.In this context,this study considers 66 companies,examining recently structured ESG disclosures for 2022 that were published for the first time as novel data and applying a multilayer perceptron(MLP)artificial neural network algorithm.The relevant results are fourfold.(1)The MLP algorithm has explanatory power(i.e.,R^(2))of 79% in estimating companies’ESG scores.(2)Common,environment,social,and governance pillars have respective weights of 21.04%,44.87%,30.34%,and 3.74% in total ESG scores.(3)The absolute and relative significance of each ESG reporting principle for companies’ESG scores varies.(4)According to absolute and relative significance,the most effective ESG principle is the common principle,followed by social and environmental principles,whereas governance principles have less significance.Overall,the results demonstrate that applying a linear approach to complete deficient ESG disclosures is inefficient for increasing companies’ESG scores;instead,companies should focus on the ESG principles that have the highest relative significance.The findings of this study contribute to the literature by defining the most significant ESG principles for stimulating the ESG scores of companies in the XUSRD index.
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.
文摘AIM To quantify the variability of financial disclosures by authors presenting orthopaedic trauma research. METHODS Self-reported authorship disclosure information published for the 2012 American Academy of Orthopaedic Surgeons(AAOS) and Orthopaedic Trauma Association(OTA) meetings was compiled from meeting programs. Both the AAOS and OTA required global disclosures for participants. Data collected included:(1) total number of presenters;(2) number of presenters with financial disclosures;(3) number of disclosures per author;(4) total number of companies supporting each author; and(5) specific type of disclosure. Disclosures made by authors presenting at more than one meeting were then compared for discrepancies.RESULTS Of the 5002 and 1168 authors presenting at the AAOS and OTA annual meetings, respectively, 1649(33%) and 246(21.9%) reported a financial disclosure(P < 0.0001). At the AAOS conference, the mean number of disclosures among presenters with disclosures was 4.01 with a range from 1 to 44. The majority of authors with disclosures reported three or more disclosures(n = 876, 53.1%). The most common cited disclosurewas as a paid consultant(51.5%) followed by research support(43.0%) and paid speaker(34.8%). Among the 256 physicians with financial disclosures presenting at the OTA conference, the mean number of disclosures was 4.03 with a range from 1 to 22. Similar to the AAOS conference, the majority of authors with any disclosures at the OTA conference reported three or more disclosures(n = 140, 54.7%). Most authors with a disclosure had three or more disclosures and the most common type of disclosure was paid consulting. At the OTA conference, the most commonly cited form of disclosure was paid consultant(54.3%) followed by research support(46.1%) and paid speaker(42.6%). Of the 346 researchers who presented at both meetings, 112(32.4%) authors were found to have at least one disclosure discrepancy. Among authors with a discrepancy, 36(32.1%) had three or more discrepancies. CONCLUSION There were variability and inconsistencies in financial disclosures by researchers presenting orthopaedic trauma research. Improved transparency of conflict of interest disclosures is warranted among trauma researchers presenting at national meetings.
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 information disclosed by the companies in their annual reports reveals much about company’s performance and prospects. Investors take the information as base for decision for investment. Under such circumstance, companies choose to disclose beyond what is mandatorily required. Theories like agency theory, capital need theory and signaling theory support the need of voluntary disclosure. This study is about the relationship between voluntary disclosure and value of Indian pharmaceutical companies listed on World’s oldest stock exchange, Bombay Stock Exchange (BSE). Objectives: Twofold : First, to investigate the extent of voluntary disclosure practices prevailing in pharma sector of India, Second, to study the impact of voluntary disclosure on Value of companies (value as measured by Weighted Average Cost of Capital, Stock Volatility and Price to Book Ratio) for the year 2010-2011 to 2017-2018. Research Methodology: To understand the extent of disclosure, a disclosure checklist is constructed and descriptive statistics are carved to reach the results. To understand the impact, Panel data regression (Fixed effect model, Random effect model, Hausman test) are run. Observation: Voluntary disclosure does not affect WACC but are negatively related to stock volatility and Price to Book Ratio in Indian scenario.
文摘This study investigates the valuation and real effects of the mandatory disclosure of greenhouse gas(GHG)emission costs from the perspective of“double materiality.”We consider a firm with a Cobb-Douglas production function that combines GHG-related and non-GHG-related investments to produce short-term and long-term returns.In particular,the GHG-related investment entails short-term and long-term social costs of GHG emissions,including corporate costs and negative externalities.We demonstrate how the mandatory disclosure of the long-term costs of GHG emissions affects capital market valuations and corporate investment decisions relative to a non-disclosure regime.The social welfare in an accounting regime hinges on three parameters:the persistence of the short-term investment return,the ratio of the productivity of GHG-related investment to that of non-GHG-related investment,and the social cost parameter for GHG emissions.Our findings suggest that disclosing the long-term costs of GHG emissions may be detrimental to social welfare.Specifically,the non-disclosure regime results in higher social welfare than the disclosure regime for high values of these parameters.
文摘This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analyst following,individual ownership, and trading volume, indicating that it is responsive to investor demand effects. Facebook activity also increases around earnings announcements, with the increase being largely attributable to posts containing earnings news. In general, therefore, firms use Facebook posts to amplify earnings news. Such activity is selective, however;it is lower for firms with high levels of information asymmetry, for firms reporting earnings that exactly meet the consensus analyst forecast amount, and when the earnings news is negative but the accompanying price movement is positive. Hence, firms appear to use Facebook to manage the level of attention paid to earnings news.
基金This study is supported by National Natural Science Foundation of China(No.71272150)National Social Science Foundation of China(No.15AZD012)Social Science Research Fund of Inner Mongolia Autonom ous Region in China(2017NDC145).
文摘This study investigates the effect of voluntary disclosures on lending decisions in the repeated game.Using a unique dataset from a peer-to-peer lending platform,"ppdai" (poipaidai),we document that voluntary disclosures in the repeated game play a stronger role in promoting funding success than those in the one-shot game.We argue that voluntary disclosures improve the bidding activity in the repeated game through which they increase funding success.In addition,the greater impact of voluntary disclosures on funding success in the repeated game only holds for loans without a personal guarantee attribution.Our extended results suggest that the subjective voluntary disclosures in the repeated game have greater information content only when borrowers have a successful borrowing experience.We also point out that voluntary disclosures in the repeated game are associated with a lower probability of default.Our results are robust to the Heckman two-step estimation that addresses the self-selection effect and a specification designed to rule out the alternative explanation from reputation in the repeated game.Our study provides new insights into the real effects of costless,voluntary and unverifiable disclosures on lending decisions.
文摘The purpose of this study lies in exploring the role of materiality in environmental information disclosures under the securities laws of the United States and China,discussing the differences in the regulatory mechanism,limits of enforcement,and challenges of seeking global harmonization.The paper does a comparative legal analysis of statutory provisions,judicial interpretations,and regulatory frameworks of the U.S.Securities and Exchange Commission(SEC)and the China Securities Regulatory Commission(CSRC).Furthermore,it provides frameworks of global sustainability reporting such as the Task Force on Climate-related Financial Disclosures(TCFD)and the Global Reporting Initiative(GRI).The findings show that U.S.securities law uses a financial materiality standard with respect to what companies must disclose to investors.On the other hand,China’s regulatory approach has a double materiality in considering not only financial impacts but also wider environmental and social factors.Although there are these distinctions,both of these jurisdictions face issues of common obstruction such as ambiguities in materiality determination,inconsistent enforcement,and fear of greenwashing.This paper asserts that the U.S.and China regulatory frameworks need to converge more to promote greater corporate transparency and ESG disclosures.Regulators can even align disclosure practices with internationally recognized standards of work to add confidence for investors,fight off misleading sustainability claims and ensure accountable reporting in pertinent environments.The study concludes that the green challenges of global markets can only be tackled by regulating cooperative actions and using standardized reporting guidelines.
文摘This study investigates the impact of investor protection on corporate R&D investment using panel data from Chinese A-share listed companies spanning 2015 to 2022.By employing OLS regression,mediation,and moderation analyses,the results demonstrate that robust investor protection mechanisms significantly enhance corporate R&D expenditures.The mediation analysis reveals that investor protection alleviates financing constraints and improves information disclosure quality,both of which serve as key channels for fostering R&D investment.Furthermore,internal control systems and media attention are identified as positive moderators,amplifying the beneficial effects of investor protection on R&D.In contrast,the equity Herfindahl index(HHI)does not exhibit a significant moderating role.The study also highlights that financial leverage,profitability,and equity concentration negatively influence R&D,while revenue growth exerts a positive effect.These findings underscore the critical role of investor protection in driving corporate innovation and sustainable growth,offering valuable insights for policymakers and corporate managers aiming to optimize R&D strategies through improved governance frameworks.
基金supported by the Major Project of Philosophy and Social Science Research of Guizhou Province(Grant No.22GZZB07)the Humanities and Social Science Fundamental Research Funds for Central Universities of Nanjing Agricultural University(Grant No.SKCX2023013).
文摘Carbon risk has become the focal point of academic inquiry in the context of intensifying climate change and pursuing dual-carbon targets.This paper synthesizes domestic and international literature to clarify the concept of carbon risk,providing illustrative cases for various definitions.A key observation is the absence of a standardized approach within academia for measuring carbon risk.Notably,carbon emission data disclosed by Chinese enterprises are limited.In response,this study extends beyond traditional enterprise carbon emissions data and compiles current mainstream methodologies for assessing carbon risk.Using data from listed Chinese companies,this study examined the relevance and practicality of each metric.This study offers several recommendations for the future progress of carbon risk analyses in China and other emerging markets.
文摘This study focuses on the risks associated with the on-balance sheet recognition of data resources.At the legal level,disputes over ownership often arise due to unclear data property rights,while privacy protection,cybersecurity,and cross-border data flows create additional compliance challenges.In terms of recognition,the subjectivity of traditional valuation methods,the lack of active markets,and the rapid depreciation of data value caused by technological iteration hinder reliable measurement.With respect to disclosure,organizations face a dilemma between transparency and confidentiality.Collectively,these issues exacerbate audit risks.It is therefore imperative to establish an appropriate legal,accounting,and auditing framework to mitigate such risks and remove barriers to the proper recognition of data assets on balance sheets.
文摘This research addresses a vital aspect of corporate sustainability by exploring the impact of ESG disclosures on the performance of petrochemical companies listed on the Saudi Stock Exchange.Focusing on the period from 2020 to 2022,it provides critical insights into how ESG practices contribute to achieving organizational sustainability goals while enhancing financial performance.The study evaluates the relationship between ESG disclosures and key financial efficiency measures,including ROA,ROE,ROS,and ROI.A quantitative analysis was conducted on 153 observations using panel regression and descriptive statistics,incorporating control variables such as firm size,financial leverage,and audit quality to isolate the specific impact of ESG disclosure.The findings reveal a positive relationship between ESG reporting and financial performance,emphasizing the dual role of ESG practices in driving financial success and fostering sustainable development.The study highlights the importance of unified,standardized ESG reporting guidelines to enhance the validity and usability of ESG practices.It also underscores the need to educate investors about the financial implications of ESG,as informed investors are more likely to champion sustainable business strategies.Additionally,the research advocates for targeted workshops aimed at financial report developers to improve the quality and effectiveness of ESG reporting.It provides a valuable contribution to the evolving discourse on sustainable finance.It offers practical recommendations for policymakers,organizations,and investors,thereby fostering the integration of ESG principles into corporate strategies.
基金supported by the Fundamental Research Funds for the Central Universities,and the Research Funds of Renmin University of China(20XNL01B).
文摘This study focuses on the use of we-media by small-and medium-sized enterprises(SMEs)to disclose internal corporate social responsibility(ICSR)under the impact of the 2019 novel coronavirus disease(COVID-19).Study 1 interprets the catalyst effect of COVID-19 on the externalization of SMEs'ICSR.The fuzzy grading evaluation method is initially verified.Under the impact of COVID-19,SMEs fulfilling their ICSR can enhance consumer brand attitudes.Study 2 uses a structural equation model and empirical analysis of 946 effective samples and finds that consumers perceive the self-sacrifice of corporations during the coronavirus disease period.SMEs can fulfill their ICSR to enhance the internal explanation mechanism of consumer brand attitudes and the moderating role of enterprise losses.
文摘The two-tier shareholding structure,which originated in the United States,has become popular around the world.Unlike the traditional model of“equal shares with equal rights”,the core feature of the two-tier shareholding structure is that the company issues two classes of shares with different voting rights.It enables the concentration and stabilization of corporate control,which has a positive effect on the long-term development of the company and resistance to hostile takeovers.Against the background of the rapid development of the capital market and the continuous innovation of corporate governance structure,the two-tier shareholding structure has begun to be adopted by many enterprises.While this structure can improve the efficiency of corporate governance and promote corporate growth,it also raises a number of challenges.In particular,for small and medium-sized shareholders,their shareholdings may face the problem of limited or no voting rights,as well as the lack of an effective internal and external monitoring mechanism for the company.These issues may lead to the impairment of the rights of small and medium-sized shareholders.Currently,challenges in practice include inadequate laws and regulations,insufficient disclosure of information,and inadequate monitoring mechanisms.Therefore,exploring the path to protect the rights and interests of small and medium-sized shareholders and analyzing their current situation has become an important area in the study of two-tier shareholding structures.This paper starts from the actual situation,analyzes the problems exposed in the operation process of two-tier shareholding structure,and then explores the practical and feasible methods to protect the rights and interests of small and medium-sized shareholders on this basis,with a view to putting forward valuable references for the development of China’s securities market.
基金R&D Program of Beijing Municipal Education Commission(Grant No.SM202210005007)。
文摘This paper selects the Corporate Social Responsibility(CSR)index from Hexun.com(2010–2020)and the stock price crash index of China’s Shanghai and Shenzhen A-share listed companies from the China Stock Market&Accounting Research Database(CSMAR)for empirical analysis.By examining the impact of CSR performance on stock price crash risk,this study identifies key relationships and further investigates the moderating role of media promotion and communication as an intermediary to explore the transmission mechanisms and influence between the two.The empirical results indicate that CSR performance is significantly negatively correlated with stock price crash risk,suggesting that strong CSR performance can effectively reduce the likelihood of a stock price crash.Furthermore,additional analysis reveals that media plays a moderating role in the relationship between CSR performance and stock price crash risk.This study aims to contribute to the understanding of the formation mechanisms and analytical paradigms of factors influencing stock price crash risk while providing theoretical support and reference value for risk prevention strategies.
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This paper explores the audit risks associated with the recognition of data assets on financial statements,focusing on the complexities arising from their replicability,unique valuation patterns,and contextual dependencies.It identifies major misstatement risks at both the financial statement and assertion levels,including the potential for management to exaggerate data asset values,uncertainties in valuation methods,and deficiencies in data governance and internal controls.Additionally,auditors’lack of professional knowledge and inappropriate audit methods can lead to inspection risks.The paper emphasizes the urgent need for enhanced accounting standards for data assets,effective guidelines for their recognition and measurement,and robust internal controls.Furthermore,it advocates for the exploration of effective valuation methods and the incorporation of advanced technologies,such as big data and AI,into auditing practices.By improving auditor training and methodologies,organizations can better manage the inherent risks associated with data asset auditing.
