Disclosure Index

Este estudo tem o intuito de responder a seguinte questão de pesquisa: Qual a influência dos indicadores econômico-financeiros na avaliação dos ativos biológicos a valor justo, em empresas listadas na BM&FBOVESPA após a adoção do CPC 29? Tem como objetivo identificar a influência dos indicadores econômico-financeiros na avaliação dos ativos biológicos a valor justo, em empresas listadas na BM&FBOVESPA após a adoção do CPC 29, no período de 2009 a 2012. Foi realizada uma pesquisa descritiva, com abordagem quantitativa. Aplicou-se check list com a finalidade de identificar por meio das notas explicativas quais foram às classes de ativos biológicos divulgados pela entidade da amostra. Utilizou-se da Análise em Painel, com efeitos fixos e dados balanceados, sendo usado o modelo da Regressão Linear Múltipla, por meio dos Mínimos Quadrados Ordinários (MQO), com o uso do software SPSS® e LHStat para relacionar a variável dependente (índice de evidenciação) e as variáveis independentes (TAMANHO, ROE, ROA e PBBA). Constatou-se que as variáveis significativas no modelo foram Tamanho da empresa e ROA. Verificou-se que na medida que o Tamanho da empresa aumenta, melhora também o nível de evidenciação dos ativos biológicos. Já, quando o ROA aumenta, diminui a divulgação de ativos biológicos e vice-versa.

Fair value accounting continues to be a topic of significant interest and debate among the preparers and users of financial information. Fair value continues to be an important measurement basis in financial reporting. It provides information about what an entity might realize if it sold an asset or might pay to transfer a liability. In recent years, the use of fair value as a measurement basis for financial reporting has been expanded, even as the debate over its usefulness to stakeholders continues. Determining fair value often requires a variety of assumptions, as well as significant judgment. Thus, investors desire timely and transparent information about how fair value is measured, its impact on current financial statements, and its potential to impact future periods. There are numerous items for which fair value measurements are required or permitted. ASC 820 and IFRS 13 ("the fair value standards") provide authoritative guidance on fair value measurement. The increased use of fair value requires companies to refresh measurement policies and procedures. Companies should analyze how fair value is determined when no active market exists, and establish procedures to develop the appropriate disclosures. Valuation professionals may need to be involved early in the process. Appropriate and robust disclosures in the financial statements are necessary to inform investors about measurement methods and uncertainty. The increasing needs for disclosures may require the establishment new processes and databases to record and report the information.

This study is an empirical investigation of the extent of environmental disclosure by selected listed companies in Bangladesh. This study also endeavors to report the association between company specific attributes and environmental disclosure of the sample companies. The study revealed that on an average sample companies disclosed 8.53 (15.23%) of the expected information in their annual reports and environmental disclosure volume and total asset of the companies are significantly correlated. The study opined that companies of Bangladesh are disclosing very inadequate environmental information in their annual reports. This study is expected to play an important role in creating consciousness among the users and preparers in disclosing more environmental information in annual reports. Key Words: Environment, Disclosure, Content Analysis, Annual Report and Bangladesh.

Este estudo tem o intuito de responder a seguinte questão de pesquisa: Qual a influência dos indicadores econômico-financeiros na avaliação dos ativos biológicos a valor justo, em empresas listadas na BM&FBOVESPA após a adoção do CPC 29? Tem como objetivo identificar a influência dos indicadores econômico-financeiros na avaliação dos ativos biológicos a valor justo, em empresas listadas na BM&FBOVESPA após a adoção do CPC 29, no período de 2009 a 2012. Foi realizada uma pesquisa descritiva, com abordagem quantitativa. Aplicou-se check list com a finalidade de identificar por meio das notas explicativas quais foram às classes de ativos biológicos divulgados pela entidade da amostra. Utilizou-se da Análise em Painel, com efeitos fixos e dados balanceados, sendo usado o modelo da Regressão Linear Múltipla, por meio dos Mínimos Quadrados Ordinários (MQO), com o uso do software SPSS® e LHStat para relacionar a variável dependente (índice de evidenciação) e as variáveis independentes (TAMANHO, ROE, ROA e PBBA). Constatou-se que as variáveis significativas no modelo foram Tamanho da empresa e ROA. Verificou-se que na medida que o Tamanho da empresa aumenta, melhora também o nível de evidenciação dos ativos biológicos. Já, quando o ROA aumenta, diminui a divulgação de ativos biológicos e vice-versa. Palavras-chave: Ativos biológicos, índice de evidenciação, indicadores de desempenho.

Through annual reports, the company provides a lot of voluntary information which is very vital to stakeholders and in corporate governance. The main objective of this study is to empirically investigate the impact of corporate governance on voluntary information disclosures of quoted companies in Nigeria using data from 385 annual reports from a sample of 35 quoted companies during 1999 -2009. The study also adopted Pre and Post approach to study the significant difference on information disclosures during pre and post corporate governance codes era in Nigeria. A content analysis of the annual reports of sampled companies was carried out with the use of a disclosure checklist developed by the researcher. Multiple regression is employed to test the hypothesis of the study. The study reveals that corporate governance has significant impact on financial reporting of quoted firms in Nigeria and that the level of voluntary disclosure has significantly improved after the introduction of corporate governance codes in Nigeria.

The aim of this paper is to examine the value relevance of fair value accounting of biological assets under IAS 41-Agriculture-using 389 firm-year observations of listed firms in 27 countries worldwide that had adopted IFRS, for the period between 2011 and 2013. In order to operationalize it as the ability of book value to explain market equity value, this study adjusts the original Ohlson model. The results confirm that recognized biological assets are value relevant at fair value and they are more value relevant in firms that exhibit higher disclosure levels. The same results were obtained when this analysis was conducted for bearer biological assets, but when it was applied to consumable biological assets, the results suggest that investors do not value recognized biological assets in firms that exhibit higher disclosure levels. Bearing in mind the current adjustments to IAS 41, according to which firms will be permitted to choose either the cost or the revaluation models for mature bearer plants under IAS 16-Property, plant and equipment-for annual periods beginning on/or after 1 January 2016, this paper seeks to help standard setters to better understand the market valuation implications of this standard.

The purpose of this study is to show a new way of assessing the quality of corporate financial reporting. We assess the quality of corporate financial reporting in Bangladesh, a country where the family predominates and the business environment is virtually unregulated, with managerial incentives rather than regulatory influence more likely to induce disclosures and to influence other reporting issues. Both quantitative and qualitative measures are taken into consideration to account for various aspects of financial reporting, as a single proxy does not cover multiple aspects. The overall disclosure index (proxy 1) and corporate accruals (proxy 2) are taken as quantitative measures, while external users' perceptions about financial reporting (proxy 3) are taken as a qualitative measure. Lower disclosure index values, higher corporate accruals, and users' negative impressions result from lower quality financial reports. This study provides a new way of measuring the quality of financial reporting and contributes two new proxies (proxy 1 and proxy 3) to the existing literature on assessing the quality of financial reporting.

Purpose: To analyze the real estate sector of a Brazilian metropolis in the recent period of great valuation of the asset in the country and to investigate if there are signs of a speculative bubble in this market. Originality/gap/relevance/implications: This article presents a version of the Case-Shiller Index, which describes the evolution of the relationship between house prices and rental prices and uses models in order to identify if the rise in property prices rests on good economic fundamentals. Key methodological aspects: The approach is quantitative and involves the construction of the price-rent index, unit root test with an instrument that allows structural break with trend (Innovation Outlier Model) and analysis of cointegration using estimates of a Vector Error Correction Model (VECM). Summary of the results: The results do not favor the interpretation that the real estate market rests on solid economic fundamentals. On the contrary, the evolution of the price-rent inde...

PurposeThe purpose of this paper is to identify stakeholders’ expectations of information to be conveyed in local authorities’ annual reports and to develop an index of best practice performance reporting.Design/methodology/approachThe paper describes the development of a disclosure index emphasizing the public interest aspect of reporting and the need to provide relevant and meaningful information to stakeholders. The index was crafted from a public accountability perspective and based on the expectations of stakeholders as reconciled and validated by a Delphi panel of experts.FindingsThe wide scope of information that was identified as being important for disclosure by local authorities is consistent with the public accountability paradigm which requires the reporting of comprehensive information (both financial and non financial), about the condition, performance, activities and progress of the entity.Originality/valueThe research posits a model of best practice performance repor...

Este estudo tem como objectivo o estudo da divulgação voluntária de capital intelectual nos relatórios anuais de 32 empresas cotadas na Euronext Lisbon, ininterruptamente de 2001 a 2009. Este estudo difere dos estudos anteriores uma vez que procura analisar a evolução, ao longo dos anos, da divulgação do capital intelectual em Portugal. Os resultados deste estudo indicam que os níveis de divulgação de capital intelectual são muito reduzidos não tendo sido registado um aumento, estatisticamente significativo, no nível de divulgação. Os resultados ainda indicam que em 2001 a categoria de capital intelectual com maior divulgação foi a do capital externo, enquanto nos anos de 2003 e 2005 a categoria com maior nível de divulgação foi a categoria do capital interno. Nos anos de 2007 e 2009 as categorias de capital externo e capital interno apresentam proporções de divulgação muito semelhantes. A categoria do capital humano é a categoria com menor nível de divulgação.

A navegação consulta e descarregamento dos títulos inseridos nas Bibliotecas Digitais UC Digitalis, UC Pombalina e UC Impactum, pressupõem a aceitação plena e sem reservas dos Termos e Condições de Uso destas Bibliotecas Digitais, disponíveis em https://digitalis.uc.pt/pt-pt/termos. Conforme exposto nos referidos Termos e Condições de Uso, o descarregamento de títulos de acesso restrito requer uma licença válida de autorização devendo o utilizador aceder ao(s) documento(s) a partir de um endereço de IP da instituição detentora da supramencionada licença. Ao utilizador é apenas permitido o descarregamento para uso pessoal, pelo que o emprego do(s) título(s) descarregado(s) para outro fim, designadamente comercial, carece de autorização do respetivo autor ou editor da obra. Na medida em que todas as obras da UC Digitalis se encontram protegidas pelo Código do Direito de Autor e Direitos Conexos e demais legislação aplicável, toda a cópia, parcial ou total, deste documento, nos casos em que é legalmente admitida, deverá conter ou fazer-se acompanhar por este aviso. Os factores determinantes da gestão do risco financeiro: uma síntese da literatura

A navegação consulta e descarregamento dos títulos inseridos nas Bibliotecas Digitais UC Digitalis, UC Pombalina e UC Impactum, pressupõem a aceitação plena e sem reservas dos Termos e Condições de Uso destas Bibliotecas Digitais, disponíveis em https://digitalis.uc.pt/pt-pt/termos. Conforme exposto nos referidos Termos e Condições de Uso, o descarregamento de títulos de acesso restrito requer uma licença válida de autorização devendo o utilizador aceder ao(s) documento(s) a partir de um endereço de IP da instituição detentora da supramencionada licença. Ao utilizador é apenas permitido o descarregamento para uso pessoal, pelo que o emprego do(s) título(s) descarregado(s) para outro fim, designadamente comercial, carece de autorização do respetivo autor ou editor da obra. Na medida em que todas as obras da UC Digitalis se encontram protegidas pelo Código do Direito de Autor e Direitos Conexos e demais legislação aplicável, toda a cópia, parcial ou total, deste documento, nos casos em que é legalmente admitida, deverá conter ou fazer-se acompanhar por este aviso.

Grupo de Estudos Monetários e Financeiros I. INTRODUÇÃO O primeiro contrato de futuros sobre índices accionistas, o futuro sobre o Value Line Composite Index, surgiu em 24 de Fevereiro de 1982 nos EUA. A sua criação é algo paradoxal porquanto a proposta do novo instrumento enunciada pela Kansas City Board of Trade, uma pequena bolsa de comércio vocacionada para as transacções de cereais, demorou cerca de cinco anos a ser aprovada pela Commodity Futures Trading Commission. Tão-somente, o potencial dos contratos de futuros sobre índices accionistas tornou-se imediatamente evidente com o sucesso do futuro S&P 500, criado pela Chicago Mercantile Exchange em 21 de Abril de 1982. De 1982 até aos nossos dias os mercados de futuros sobre índices accionistas sofreram uma expansão global a um ritmo verdadeiramente exponencial, marcada por um aumento do número de contratos autorizados, pelo crescimento do volume total de transacção e por processos de internacionalização e especialização do índice subjacente (Brodsky, 1994). Esta expansão só pode ser compreendida pelo facto destes instrumentos financeiros providenciarem funções económicas relevantes.

Corporate Governance (CG) in India has undergone major transformation in the recent past with the enactment of Companies Act, 2013 and revision of SEBI's Listing Agreement. Though some studies were undertaken in the Indian context few conventional aspects of CG have been repetitively addressed with conflicting results. The aim of this study is to examine the impact of some prominent CG attributes such as board size, board independence, role duality, board's gender diversity, ownership concentration and audit committee independence on both market as well as accounting based measures of firm performance (FP). To this end the study uses a sample of top 100 non-financial and non-utility firms listed on the Bombay Stock Exchange (BSE) for the period of 2014-2018 and employs two stage least square with instrumental variables technique of estimation which takes into account potential endogeneity in CG-FP relationship. The findings reveal a significant positive impact of board size, ownership concentration and audit committee independence on market based measure of FP while board independence is found to have a significant negative impact on accounting based measure of FP. Moreover role duality and gender diversity are not associated with FP. The outcome of this study highlights how the relationship between CG and FP works in the unique institutional setting of India and it should be of interest to regulators, practitioners and other market participants.

This study investigates the relationship between the tone of financial disclosures and managers’ earnings management behavior using Form 20-F filings of Chinese firms listed in the U.S. during 2002–2014. The results show that the proportion of positive, uncertain, or modal words used in financial disclosures is positively related to corporate earnings management, implying that managers attempt to conceal earnings management behavior by manipulating the tone of their financial reports. In addition, robustness tests are conducted using an alternative proxy for earnings management that considers the effects of the financial crisis and separately examines the information and non-information technology industries. The results suggest that the tone used in financial disclosures has informative value, and textual analysis can be an effective tool for identifying earnings management.

Resumo: Ao longo das últimas décadas, a divulgação de informação acerca de instrumentos derivados tem despertado o interesse dos diversos utilizado-res da informação financeira, que, cada vez mais, exigem informação deta-lhada acerca destas operações para sua ...

Purpose: This study aims to analyze if, during periods of economic recession, the cash position impacts the performance of Brazilian companies. In addition, it seeks to identify if there are differences in the intensity of such relationships for the different sectors in which companies operate. Originality/value: The appropriate management of a company’s cash position is key for the maintenance of its financial health in the long term. This subject is particularly relevant for emerging countries, such as Brazil, considering the track record of frequent economic recessions. Such economic recessions lead to the deterioration of the companies’ operating results and shortage of credit facilities, negatively affecting the companies’ liquidity. In the last decade, studies have been discussing the relevance of the companies’ cash position to improve their performance in periods of financial constraint. Design/methodology/approach: To develop this study, a sample composed of 200 Brazilian c...

The paper studies the inter-relationship between advertisement expenditure, sales and profit. Taking ten-year data (2005-06 to 2014-15) of twenty manufacturing companies indexed in NSE’s NIFTY, the study applied various models including descriptive study, correlation and regression. The tools used (Regression and Correlation) clearly show that there is a significant relationship between advertisement expenditure, sales and profit. The study concludes that there is a one-sided relationship between advertisements, sales and profit wherein advertisement expenditure positively impacts the sales and profit of the business in case of Indian manufacturing companies.

Purpose: The present paper is aimed to investigate the relationship between intangible assets, macroeconomic environment and market value of German, English and Portuguese public companies from 1999 to 2016. Although the IAS 38, assigns value to intangible assets, there is a gap between accounting and the market need. This gap is given by accounting conservatism in the accounting of intangible assets and by their difficult measurement. The verification of the impact of the intangibles on the company’s market value is done through the methodology proposed by Gu and Lev (2011), using proxies such as CDS, Libor and Euribor and sensitivity tests. IDE is expected to reflect intangible capital and create shareholder value. This study seeks to interpret the contribution of intangibles and to forecast their impact on the market. Originality/value: The theme of evaluation of intangible assets has been approached in several ways. Its relevance lies in the need to establish methods for its mea...

Purpose: The present paper is aimed to investigate the relationship between intangible assets, macroeconomic environment and market value of German, English and Portuguese public companies from 1999 to 2016. Although the IAS 38, assigns value to intangible assets, there is a gap between accounting and the market need. This gap is given by accounting conservatism in the accounting of intangible assets and by their difficult measurement. The verification of the impact of the intangibles on the company’s market value is done through the methodology proposed by Gu and Lev (2011), using proxies such as CDS, Libor and Euribor and sensitivity tests. IDE is expected to reflect intangible capital and create shareholder value. This study seeks to interpret the contribution of intangibles and to forecast their impact on the market. Originality/value: The theme of evaluation of intangible assets has been approached in several ways. Its relevance lies in the need to establish methods for its mea...

Purpose The purpose of this paper is to provide a multidimensional model for assessing the quality of corporate environmental reporting (CER) incorporating both preparer- and user-based views. Design/methodology/approach As opposed to frequently used researcher-chosen proxies, the authors used an online questionnaire asking preparers and users how they assess the quality of a company’s environmental report. Findings The analysis of the responses of 177 users and 86 preparers shows that quantity was not perceived as the most significant element in determining quality. Besides quantity, the respondents also perceived information types, measures used, themes disclosed, adopting reporting guidelines, inclusion of assurance statement and the use of visual tools as significant dimensions/features of reporting quality. Research limitations/implications The online questionnaire has some limitations, especially in terms of researcher being absent to clarify meanings and, hence, possibilities...

As estruturas conceptuais da informação financeira têm procurado defi nir, nomeadamente, os objectivos subjacentes à preparação e apresentação da informação fi nanceira, as características qualitativas dessa informação, os elementos das demonstrações fi nanceiras e os critérios para o seu reconhecimento e mensuração. Neste trabalho, procura-se mostrar quais são as questões mais importantes a serem resolvidas na defi nição dos elementos das demonstrações fi nanceiras e a forma como as principais estruturas conceptuais lidaram com elas, designadamente no que diz respeito à defi nição de activos. Identifi case uma evolução na defi nição de activos, argumentando-se que a defi nição apresentada pelo Accounting Standards Board do Reino Unido é a mais adequada das apresentadas até ao momento.

This discussion highlights on the measurement and analysis of the nature of disclosure of the Grameenphone Ltd. during the period under study. The annual reports of the Grameenphone Ltd. were analyzed to determine the extent to which contained the items of information included in the disclosure index of the Grameenphone Ltd. during the period under study. An index of disclosure has been constructed to measure the extent of disclosure of Grameenphone Ltd. For analyzing the nature of disclosure of Grameenphone Ltd. researcher have analyzed the different part of disclosure index such as company profile items, accounting policy items, balances sheet assets items, balance sheet liabilities items and income statement items both debit and credit items. This study shows that the disclosure score of the Grameenphone Ltd. is satisfactory and there was significant and not significant difference in disclosure score between the difference years during the period under study of various items of d...

This paper investigates Serbian financial reporting regulation and the level of its harmonization with EU regulatory framework, as well as the disclosure practices of listed companies in Serbia. More precisely, we examine to what extent companies listed on the Belgrade Stock Exchange comply with the disclosure requirements of IFRS/IAS for the financial year ending in 2012. In order to assess the extent of the disclosure quality we develop the Serbian disclosure index.

Purpose: This study describes the phenomenon of digital divide in small and medium enterprises in Brazil by means of an indicator of ICTs use in these organizations. Originality/gap/relevance/implications: There are several studies on the adoption of ICTs by organizations, however rare are those that explore the topic using the concept of digital divide. This study addresses the second order digital divide, related to the effective use of ICTs by companies. Key methodological aspects: The study was carried out based on a sample of 3,231 companies participating in the "TIC Empresas" survey of 2014 (published in 2015). By means of structural equations, an index was created to measure the intensity of the ICTs use in organizations and factors that affect it were verified through linear regressions. Summary of key results: The first result concerns the feasibility of an index that measures the ICTs use. Then, when analyzing its distribution, we can see the discrepancy of value...

Purpose-This study analyses the determinants of the level of corporate governance disclosure (CGD) by Portuguese companies listed on Euronext Lisbon between 2005 and 2011. Design/methodology/approach-Using content analysis, we construct a corporate governance index for each firm based on the data extracted from the firm's corporate governance and annual reports. An ordinal logistic regression model is used to examine the relationship between the level of CGD and its determinants. Findings-The empirical evidence suggests that foreign investor ownership, board size, board independence, external audit quality and degree of internationalization had a significant and positive influence on the corporate governance disclosure level, whereas ownership concentration, unitary leadership structure and debt had a significant and negative influence on corporate governance disclosure. No results were observed for board of director ownership and manager stock option compensation variables. Originality/value-This study extends the previous literature by examining corporate governance disclosure. Moreover, it extends prior work by analysing foreign investor ownership, manager stock option compensation and degree of internationalization as determinants of information disclosure. Finally, we believe that this study, conducted over a longer period of time, might give us stronger statistical evidence.

This study examines the influence of audit committee characteristics on voluntary ethics disclosures of the top 94 companies listed on Bursa Malaysia. The study employs content analysis of company's annual report and multiple linear regressions to look at the relationships between voluntary ethics disclosure and audit committee characteristics. The result from the study suggests that only two audit committee characteristics (tenure and multiple directorships) are associated with the voluntary ethics disclosure, whilst independence, expertise, meeting frequency and size were inconsistent. This study serves to assist the stakeholders in putting greater emphasis on audit committee in determining ethics disclosure of companies.

Purpose of this paper is to examine the corporate governance practice in the pharmaceutical industry in India as per new norms of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015. For this study, top 20 companies are selected as sample companies on the basis of market capitalization. Some norms are applicable from 01-04-2019 so data were collected from that effective date (01-04-2019) and only two financial years (2019-20 and 2020-21) were selected as time periods because of non-availability of other year data. Only secondary data were used for the purpose of this study and most of the data were collected through annual reports of selected companies. There are 159 items that are inserted to construct a corporate governance disclosure index which is grouped into 21 parameters and a dummy value is used to score if a particular item was followed by the company then score one is given otherwise zero. Equal and unequal method is used for the purpose of calculation of corporate governance disclosure score. Finding of the study shows that only three companies i.e. IPCA (91.19%), Cipla Company (82.70%), Laurus Lab (79.87%) are nearest to the maximum score and other companies are far away from the maximum score. Thus, there is a need to improve the level of disclosures of corporate governance so that domestic and abroad investor's confidence may be maintained along with protection of interest of other stakeholders of the company.

The financial crisis that occurred between the period 2008-2009 left many banks collapsed and thus this raised more questions than answers about relation with corporate governance and firms' value. In Zimbabwe more than 20 banks were closed during the period of 1980 to 2017. This dissertation investigated the relation between firm-level corporate governance and firm value based on a large and previously use questions measuring corporate governance from Laporta which comprise 24 questions. However, the researcher used on a set of 17 individual questions as they suit the Zimbabwean commercial banks to come up with three corporate governance indices. The researcher employed explanatory research methodology. For all three indices the researcher found a strong and positive relation between firm-level corporate governance and firm valuation. In addition, disclosure of information was found to be improving the Tobin'Q by 0.7% and a strong causation was found on the board composition and performance as indicated by an increase of 26% on Tobin's Q of banks. However, ethics and conflict of interest was found to be reducing firm's value by 0.2%. Regardless of whether these attributes are considered individually or aggregated into indices, and even when "standard" corporate governance attributes are controlled for, they exhibit a positive and significant effect on firm value. The findings are robust to alternative calculation procedures for the corporate governance indices and to alternative estimation techniques. The study found out that firm value was driven by information disclosure and board composition and thus the researcher recommends that banks should continue improving their information disclosure and keep abiding by IFRS and IAS in doing so. The board composition was found to be contributing more to firm valuation, thus the researcher recommends that the shareholders should chose the appropriate board members and any member who will be underperforming must be thereof be removed from the board. The ethics and conflict of interest was found to be reducing the firm valuation implying that banks should revisit their ethical standards and what constitute conflict of interest. By so doing the banks can improve their firm valuation.

This study investigates whether corporate governance mechanisms are associated with earnings quality, especially accurate earnings reporting, and whether investors react differently to inaccurate earnings according to governance strength. Earnings accuracy is one of the key factors affecting a firm’s sustainability in the sense that reported earnings provide information about a firm’s long-term sustainability and further are directly associated with a firm’s cost of capital. In this paper, we employ the independence of the board of directors (BOD) and foreign ownership as governance mechanisms associated with the earnings gap between audited and unaudited earnings. Using 1976 non-financial firm-year observations listed on the Korea Stock Exchange from 2013 to 2016, we find that the gap between unaudited earnings and actual earnings is smaller for firms with independent BODs and foreign ownership, suggesting that earnings accuracy is higher for firms with effective corporate governan...

This discussion highlights the disclosure score of different components of disclosure index of the selected state-owned commercial banks in Bangladesh. The annual reports of the selected commercial banks were analyzed to determine the extent of disclosure score of different components of disclosure index which contained the items of information included in the disclosure index of the selected commercial banks during the period under study. An index of disclosure has constructed less than seven heading to measure the extent of disclosure score of different components of disclosure index such as company profile items, corporate structure items, accounting policy items, balances sheet assets items, balance sheet liabilities items, income statement debit items and income statement credit items. This study shows that the disclosure score of different components of disclosure index is satisfactory and there was significant and non significant difference in disclosure score of different co...

PurposeThe purpose of this paper is to identify stakeholders’ expectations of information to be conveyed in local authorities’ annual reports and to develop an index of best practice performance reporting.Design/methodology/approachThe paper describes the development of a disclosure index emphasizing the public interest aspect of reporting and the need to provide relevant and meaningful information to stakeholders. The index was crafted from a public accountability perspective and based on the expectations of stakeholders as reconciled and validated by a Delphi panel of experts.FindingsThe wide scope of information that was identified as being important for disclosure by local authorities is consistent with the public accountability paradigm which requires the reporting of comprehensive information (both financial and non financial), about the condition, performance, activities and progress of the entity.Originality/valueThe research posits a model of best practice performance repor...

This study is an empirical investigation of the extent of environmental disclosure by selected listed companies in Bangladesh. This study also endeavors to report the association between company specific attributes and environmental disclosure of the sample companies. The study revealed that on an average sample companies disclosed 8.53 (15.23%) of the expected information in their annual reports and environmental disclosure volume and total asset of the companies are significantly correlated. The study opined that companies of Bangladesh are disclosing very inadequate environmental information in their annual reports. This study is expected to play an important role in creating consciousness among the users and preparers in disclosing more environmental information in annual reports. Key Words: Environment, Disclosure, Content Analysis, Annual Report and Bangladesh.

RESUMO Em Portugal, a normalização contabilística existente acerca de instrumentos financeiros derivados data de 1996, altura em que nasce a, então, Bolsa de Derivados do Porto. Nessa altura, a Comissão de Normalização Contabilística emitiu a Directriz Contabilística n.º 17-Contratos de Futuros que regula a contabilização destes contratos para as empresas sujeitas ao Plano Oficial de Contabilidade e, desde então, mais nenhuma norma foi emitida sobre este assunto. Actualmente, por força do estipulado no ponto 4 da Directriz Contabilística n.º 18, que estabelece a hierarquia na normalização contabilística aplicável, teremos que adoptar a Directriz Contabilística n.º 17 na contabilização de contratos de futuros e a Norma Internacional de Contabilidade n.º 39 do International Accounting Standards Board na contabilização dos restantes instrumentos derivados. A adopção destes dois normativos diferentes provoca inconsistências, o que coloca em causa a neutralidade contabilística na tomada de decisões da gestão.

Esta tesis está dedicada al estudio de la divulgación de información sobre instrumentos derivados, y sus factores determinantes, por parte de las empresas portuguesas. Hemos definido, como principales objetivos de investigación: identificar la extensión de la ...

A lo largo de las últimas décadas, la divulgación de información acerca de instrumentos derivados ha despertado el interese de los diversos usuarios de la información financiera, que, cada vez más, exigen información detallada acerca de estas operaciones para su tomada de decisiones. Como tal, desde hace más de una década que los principales organismos internacionales han emitido pareceres, proyectos de normas y normas acerca de la divulgación, presentación, reconocimiento y medida de instrumentos derivados. En Portugal, las entidades de normalización contable han también publicado una serie de normas relativas al tratamiento contable de instrumentos derivados, todavía todas ellas se encuentran obsoletas cuando comparadas con las actuales normas internacionales. En ese sentido, se ha desarrollado este trabajo de investigación con el objetivo principal de verificar qué tipo de información divulgan las empresas portuguesas en relación a las operaciones llevadas a cabo en los mercados derivados. PALABRAS CLAVE: Instrumentos derivados, divulgación de información, mercado de capitales; RESUMO Ao longo das últimas décadas, a divulgação de informação acerca de instrumentos derivados tem despertado o interesse dos diversos utilizadores da informação financeira, que, cada vez mais, exigem informação detalhada acerca destas operações para sua tomada de decisões. Assim, desde há mais de uma década que os principais organismos internacionais têm vindo a emitir pareceres, projectos de normas e normas acerca da divulgação, apresentação, reconhecimento e medida de instrumentos derivados. Em Portugal, as entidades de normalização contabilística também publicaram algumas normas relativas ao tratamento contabilístico de instrumentos derivados, contudo todas elas se encontram obsoletas quando comparadas com as actuais normas internacionais. Nesse sentido, desenvolveu-se este trabalho de investigação com o principal objectivo de verificar que tipo de informação é divulgado pelas empresas portuguesas em relação às operações levadas a cabo nos mercados de derivados.

Using machine learning (ML) and contrasting with simple textual sentiment score and principal components analysis (PCA) methods, we examine the time series of content within over 700,000 sell-side analyst research reports from 1983 to 2017. We find that analyst reports have significantly changed across a variety of dimensions including length and content of four existing and two new dictionaries related to valuation and alternative metrics. We find that the naive net tone of reports only explains contemporaneous, not future, equity returns. On the other hand, we find that ML methods provide substantially different results from naive sentiment and PCA approaches on determining the impact of analyst reports on financial markets. We also examine the ability of reports to predict changes in firm short interest and volatility. Overall, we find that sell-side analyst reports have stronger impact on smaller cap stocks.

Corporate communication efforts have mainly been viewed as a by-product of governmental regulations and board of directors’ oversight. In this paper, we examine the role of corporate communication as a stand-alone governance mechanism. We introduce a new business-related dictionary and conduct automated textual analysis of over 150,000 electronic documents filed by a sample of firms listed on the S&P/TSX Composite Index from 1999 to the end of 2014. Our findings demonstrate the governing role of corporate communication by documenting the adverse market effects of deviations from the expected level of communication. Moreover, as a governance mechanism, corporate communication shows substitution/complementary relationships with other established governance mechanisms. In addition, we find a non-linear relationship between a firm’s communication efforts and its value and risk levels. Results are robust after controlling for major corporate events (M&A, spin-offs, financial distress and...

Through annual reports, the company provides a lot of voluntary information which is very vital to stakeholders and in corporate governance. The main objective of this study is to empirically investigate the impact of corporate governance on voluntary information disclosures of quoted companies in Nigeria using data from 385 annual reports from a sample of 35 quoted companies during 1999-2009. The study also adopted Pre and Post approach to study the significant difference on information disclosures during pre and post corporate governance codes era in Nigeria. A content analysis of the annual reports of sampled companies was carried out with the use of a disclosure checklist developed by the researcher. Multiple regression is employed to test the hypothesis of the study. The study reveals that corporate governance has significant impact on financial reporting of quoted firms in Nigeria and that the level of voluntary disclosure has significantly improved after the introduction of corporate governance codes in Nigeria.

Through annual reports, the company provides a lot of voluntary information which is very vital to stakeholders and in corporate governance. The main objective of this study is to empirically investigate the impact of corporate governance on voluntary information disclosures of quoted companies in Nigeria using data from 385 annual reports from a sample of 35 quoted companies during 1999-2009. The study also adopted Pre and Post approach to study the significant difference on information disclosures during pre and post corporate governance codes era in Nigeria. A content analysis of the annual reports of sampled companies was carried out with the use of a disclosure checklist developed by the researcher. Multiple regression is employed to test the hypothesis of the study. The study reveals that corporate governance has significant impact on financial reporting of quoted firms in Nigeria and that the level of voluntary disclosure has significantly improved after the introduction of corporate governance codes in Nigeria.

Through annual reports, the company provides a lot of voluntary information which is very vital to stakeholders and in corporate governance. The main objective of this study is to empirically investigate the impact of corporate governance on voluntary information disclosures of quoted companies in Nigeria using data from 385 annual reports from a sample of 35 quoted companies during 1999-2009. The study also adopted Pre and Post approach to study the significant difference on information disclosures during pre and post corporate governance codes era in Nigeria. A content analysis of the annual reports of sampled companies was carried out with the use of a disclosure checklist developed by the researcher. Multiple regression is employed to test the hypothesis of the study. The study reveals that corporate governance has significant impact on financial reporting of quoted firms in Nigeria and that the level of voluntary disclosure has significantly improved after the introduction of corporate governance codes in Nigeria.

Purpose-This study analyses the determinants of the level of corporate governance disclosure (CGD) by Portuguese companies listed on Euronext Lisbon between 2005 and 2011. Design/methodology/approach-Using content analysis, we construct a corporate governance index for each firm based on the data extracted from the firm's corporate governance and annual reports. An ordinal logistic regression model is used to examine the relationship between the level of CGD and its determinants. Findings-The empirical evidence suggests that foreign investor ownership, board size, board independence, external audit quality and degree of internationalization had a significant and positive influence on the corporate governance disclosure level, whereas ownership concentration, unitary leadership structure and debt had a significant and negative influence on corporate governance disclosure. No results were observed for board of director ownership and manager stock option compensation variables. Originality/value-This study extends the previous literature by examining corporate governance disclosure. Moreover, it extends prior work by analysing foreign investor ownership, manager stock option compensation and degree of internationalization as determinants of information disclosure. Finally, we believe that this study, conducted over a longer period of time, might give us stronger statistical evidence.

Purpose This paper aims to focus mainly on the relationship between ownership structure and earnings management of a developed and two developing economies, and is distinct from prior research. Design/methodology/approach Using a sample of firms from three countries (Australia, Malaysia and Pakistan), the detailed ownership evolutions for the period 2011-2013 were observed. Findings Overall, the authors find that in the East, ownership concentration is negatively associated with financial reporting quality. Individual ownership and group ownership were negatively associated with earnings management in Pakistan, however, not in Malaysia where the same were positively associated. Further, the result of this study indicated that state ownership is negatively associated with firm performance. Among the control variables, it was found that larger firms were negatively correlated with financial reporting, while firms with a larger board size and mature in the maneuver were coupled positiv...

The new Companies Act, 2013 were effected from April 2014 in India. The major changes have been observed in matters related to the appointment and qualification of directors & independent directors, matters concerned to related party transactions and the rules and regulation to govern the board meetings and its power. These improvements and interpretations have also been adopted by regulatory body, i.e. SEBI. Regulatory body has given numerous provisions to change the functioning of corporate governance in India. Several amendments have also been made to various provisions of the Corporate Governance Code in order to align it with the new Companies Act, 2013. The Companies, Act 2013 has bring significant improvement in the provisions related to corporate governance. The changes in governance norms have set to significantly change the way in which corporate boards work in India. Present paper shows key highlights of amendments in Companies Act, 2013 and analyse the Indian corporate b...