Financial Reporting and Disclosure

O presente estudo tem como objetivo investigar o nivel de compliance dos requisitos de divulgacao de fatores de risco das empresas brasileiras listadas na B3 - Brasil, Bolsa, Balcao no segmento Novo Mercado, conforme requerido pela CVM atraves da Instrucao Normativa no 552/2014. Foi realizado por meio de pesquisa documental nos Formularios de Referencia. O tratamento dos dados foi realizado atraves de estatistica descritiva a fim de analisar o nivel de disclosure dos fatores de risco. Conforme os resultados encontrados, o indice de disclosure geral apresentou uma variacao de 0,77 a 0,98, evidenciando assim que as 122 empresas participantes da amostra divulgaram em seus formularios de referencia informacoes necessarias para a mitigacao de riscos aos stakeholders . A pesquisa mostrou tambem que dentre os setores de atuacao componentes da amostra, o de Tecnologia da Informacao apresentou o menor indice de disclosure 62,8% das. Os achados tambem indicam o mais elevado nivel de disclosur...

Palavras-Chave: Microempreendedor. MEI. Contabilidade para pequenas empresas. 1 Introdução A origem das Microempresas Individuais (MEI) a partir da Lei Complementar nº 128/2008, foi um grande avanço para a regularização de trabalhadores que exerciam suas atividades de maneira informal, que deixavam de contribuir para a previdência e arrecadar impostos para os entes federativos. Foi criada com o intuito de facilitar a abertura da empresa e simplificar o cumprimento dos deveres do empreendedor com o Município, o Estado e a Federação.

The concept of venture philanthropy has been greatly discussed by various parties especially among the policy makers. The increasing social problems call for corporations to respond positively and take responsibilities in the social sector. It encourages venture philanthropy activities among profit and non-profit organizations in enhancing business values and creating positive social impacts. There have been past studies that looked at how venture philanthropy concept can be linked with Islamic philanthropy. Islamic philanthropy includes but not limited to zakat, waqf and sadaqah. The instruments within Islamic philanthropy aim to serve the purpose of narrowing social distance and reducing inequalities. This conceptual paper aims to understand further the concept of venture philanthropy from Islamic perspective. This paper also aims to explore how venture philanthropy approach is applicable in enhancing waqf practices in Malaysia by considering the current governance, policy and law...

This research investigation purported to present the market valuation of Amman Stock Exchange Industrial Sectors utilizing the Tobin’s Q ratio to serve as performance indicator among Jordanian industrial firms. The most specific research objectives addressed in this research work were to evaluate the Amman Stock Exchange Industry market performance, present the trend in Q ratio valuation during the study period, and to recommend some guiding principles to enrich investors in making the right investment decisions. The research paper is anchored on the concepts of Chung and Pruitt (1994) who have developed a simple approximation of Tobin’s q. For the methodology, the researchers made use of the 49 sample companies from all industrial public traded company sectors listed in the Amman Stock Exchange (ASE) clustered based on the Amman Stock Exchange classification as published in their publications inclusive of 2008-2015. The sectors included the Pharmaceutical & Medical Industries, Chem...

Este artigo tem como objetivo explorar as intersecções teórico-con-
ceituais entre gestão social de recursos naturais, bioeconomia e negócios de impacto social. Destaca-se que a discussão tem como pano de fundo a região amazônica, palco onde diversas abordagens e experiências de gestão social de recursos, bio-economia e negócios de impacto social têm sido implementadas, ora de modo complementar, ora em conflito ou com posições divergentes.

This publication is a joint project developed in partnership by the Stolen Asset Recovery (StAR) and Public Accountability Mechanism (PAM) initiatives in the Public Sector and Governance Department of the World Bank. This publication seeks to highlight some of the design features and implementation practices that can contribute to building effective asset declaration (AD) systems. This is not the only global study of asset declarations systems, but its distinctive contributions are that it: a) examines AD regimes governing more than a single set of public officials; b) examines both the 'in law' and 'in practice' features of AD systems in more detail than any previous study; and c) distills lessons of experience from different countries in creating and implementing an income and asset disclosure system. This guide is intended to be useful to agencies responsible for implementing AD systems. It will also be useful to legislators and policy makers in designing the lega...

This study investigates the relations between agency cost variables (firm size, leverage and auditor type) and the firm performance of 392 listed companies in the Saudi Stock Exchange (Tadawul) during 2007-2010. This study identifies two measurements of the firm performance: (1) ROA and ( ) ROE. Using the multiple regression, the results of this study show that the likelihood a firm performance (ROA) is significantly affected increases with the firm size. On the other hand, leverage and auditor type have no influence on the firm performance. Interestingly, the explanatory power of firm performance (ROA) model is high. Somewhat surprisingly, model (2)'s explanatory power is insignificant indicating to the inability of the proposed variables (firm size, leverage and auditor type) in explaining the expected effect on firm performance (ROE).

O presente estudo avalia a qualidade do gasto em segurança pública aplicado na região da fronteira internacional brasileira, à luz das Teorias dos Jogos, das Restrições e da perspectiva da Qualidade do Gasto Público emanada da Teoria das Finanças Públicas e do método da Análise Envoltória de Dados (DEA). Selecionou-se como sujeito a Polícia Federal (DPF) face às suas atribuições constitucionais. Para o cálculo do DEA selecionou-se como insumo o gasto per capita com o DPF colhidos numa série história entre 2010 e 2018, organizada a partir de várias fontes, e os respectivos resultados no período de operações realizadas, voltadas à mitigação do narcotráfico. As variáveis estão associadas à escolha estratégica do DPF em concentrar sua ação em aeroportos e portos e não na fronteira seca. Os escores calculados demonstram que a qualidade do gasto pelo ente está abaixo da fronteira da eficiência, sinalizando ineficiência. Face ao resultado, avaliou-se quantitativamente a consolidação da coalizão, com base na Teoria dos Jogos e a superação da restrição, com a realização do gasto na entrada, usando o DEA. A coalizão, embora não alcance a fronteira da eficiência, gera uma qualidade do gasto 50% maior do que quando alocada na área de litoral.

Campaign finance plays a pivotal role in shaping the democratic process, influencing electoral competition, candidate viability, and public trust. This study examines the legal framework governing campaign finance and the transparency of presidential candidates' financial disclosures in Indonesia's 2024 election. Focusing on potential misuse of campaign funds, this research adopts a qualitative case study approach conducted in Jember Regency. Data collection methods include in-depth interviews with key stakeholders, document analysis of campaign finance reports, and public perception surveys on financial transparency. Findings reveal that while Indonesia has established legal provisions for campaign finance transparency, enforcement remains weak due to regulatory loopholes and inconsistent oversight by election supervisory bodies. The study identifies significant concerns regarding undisclosed private donations, misuse of state resources, and the influence of oligarchic networks in shaping campaign funding structures. Furthermore, the analysis highlights the disparity between legal provisions and actual financial practices, where candidates often engage in off-the-record funding strategies to bypass legal restrictions. Through empirical investigation, this study uncovers patterns of non-compliance with financial disclosure requirements, particularly in cases involving self-funding and party contributions. Additionally, findings suggest that the public perceives campaign finance transparency as insufficient, with a lack of accountability mechanisms contributing to declining trust in the electoral process. The discussion underscores the necessity for reforms in political finance regulations, including stricter audit mechanisms, enhanced public oversight, and digital financial reporting systems. This study contributes to the discourse on political finance and electoral integrity by offering insights into the complexities of legal enforcement and financial transparency in Indonesia's electoral system. The findings also emphasize the importance of comparative policy approaches by drawing lessons from global best practices in campaign finance regulation. Given the increasing role of money in elections, this research underscores the urgent need for a more robust and enforceable legal framework to safeguard democratic values and prevent financial misconduct in electoral campaigns.

Increase in globalization of capital markets brings the higher requirements on financial information provided for investors who look for a highly comparable information. Paper deals with the advantages and limitations of applying International Financial Reporting Standards (IFRS) in the Czech Republic and Ukraine. As a greatest limit for full adoption of IFRS shall be acknowledged the strong connection of continental accounting to tax system and enormous high administrative burden for IFRS appliers.

This volume is a product of the staff of The World Bank and the United Nations Office of Drugs and Crimes (UNODC). The findings, interpretations, and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. xii Income and Asset Declarations: Tools and Trade-offs Income and Asset Declarations: Tools and Trade-offs xx Income and Asset Declarations: Tools and Trade-offs Marchiori (WB) and Claudia Oriolo (WB) for research help during the Project Concept Note stage.

This research investigation purported to present the market valuation of Amman Stock Exchange Industrial Sectors utilizing the Tobin’s Q ratio to serve as performance indicator among Jordanian industrial firms. The most specific research objectives addressed in this research work were to evaluate the Amman Stock Exchange Industry market performance, present the trend in Q ratio valuation during the study period, and to recommend some guiding principles to enrich investors in making the right investment decisions. The research paper is anchored on the concepts of Chung and Pruitt (1994) who have developed a simple approximation of Tobin’s q. For the methodology, the researchers made use of the 49 sample companies from all industrial public traded company sectors listed in the Amman Stock Exchange (ASE) clustered based on the Amman Stock Exchange classification as published in their publications inclusive of 2008-2015. The sectors included the Pharmaceutical & Medical Industries, Chem...

Reducing information asymmetry between investors and a firm can have an impact on the cost of equity, especially in an environment or times of uncertainty. New technologies can potentially help disseminate corporate financial information, reducing such asymmetries. In this paper we analyse firms' dissemination decisions using Twitter, developing a comprehensive measure of the amount of financial information that a company makes available to investors (iDisc) from a big data of firms' tweets (1,197,208 tweets). Using a sample of 4,131 firm-year observations for 791 non-financial firms listed on the US NASDAQ stock exchange over the period 2009-2015, we find evidence that iDisc significantly reduces the cost of equity. These results are pronounced for less visible firms which are relatively small in size, have a low analyst following and a small number of investors. Highly visible firms are less likely to benefit from iDisc in influencing their cost of equity as other communication channels may have widely disseminated their financial information. Our investigations encourage managers to consider the benefits of directly spreading a firm's financial information to stakeholders and potential investors using social media in order to reduce firm equity premium (COE).

Executives use a variety of manipulative games to maximize the value of their gifts, including backdating, spring-loading, bullet-dodging and insider information. We find that executives exploit a legal loophole to backdate their gifts. Stock prices rise abnormally about 6% during the one-year period before the gift date and they fall abnormally by about 5% during the one year after the gift date. We find this pattern is stronger for late-reported gifts, which is consistent with the backdating hypothesis. We suggest policy recommendations that should improve the compliance of gifts with the requirements of anti-fraud provisions of federal securities laws.

This study was conducted to investigate the influence of firm-specific characteristics which include firm size, profitability, debt equity ratio, liquidity and audit firm size on voluntary disclosure level of rural banks in the Ashanti region of Ghana. The research was conducted through detailed analysis of the disclosures of the financial statements of the rural banks for the year 2009. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis which forms the main data analysis. The results indicate that profitability represented by Return on Capital Employed (ROCE) is positively related to the disclosure level, whilst debt equity ratio,

Globalization, Kenya's floating foreign exchange rate regime, and international trade have exposed Kenyan firms to foreign exchange risk. Empirical studies have demonstrated that hedging minimizes cash flow volatility, hence enhancing financial performance. The management of these risks is critical in overall financial management, since its helps increase the financial performance and the overall returns earned by investors. Understanding factors that influence foreign exchange risks hedging is a crucial step to the effectiveness of the overall risk management process. Against this background, this study sought to evaluate the effects of foreign exchange risk hedging, corporate governance and the financial performance of listed companies in Kenya. The target population constituted all the 54 firms that were continuously listed on the Nairobi Securities Exchange during the study period, from 2011 to 2016. The study used longitudinal research design. Secondary data was obtained from financial statements of the listed firms. The data was coded and analysed using descriptive and inferential statistics-correlation and regression-with the aid of STATA software. The feasible generalised least square model was used to test the hypotheses. The results show currency hedging has a positive effect on financial performance. The study also revealed that corporate governance, moderates the relationship between foreign exchange risk hedging and financial performance. In the light of this findings, management should explore the whole repertoire of risk amelioration techniques, particularly those available in the roster of innovative techniques of hedging. In order to take full advantage of such techniques, however, the regulator and the securities exchange must lead from the front by introducing cutting-edge financial instruments. In addition firms should endeavor to strengthen corporate governance which enhances the effectiveness of risk management.

This paper examines the relationship between Risk Management Committee (RMC) characteristics and the extent of hedging activities disclosure within the annual reports of the Malaysian listed companies. In particular, relationships are tested on RMC size, independence, RMC meeting, RMC gender diversity and RMC training. Our regression analysis shows that RMC independence significantly and negatively influences the extent of hedging activities information disclosure, while RMC meeting positively influences the disclosure. The implications of these findings are discussed.

Corporate disclosures is a formal-sounding term for making information accessible to interested and affected parties. Henceforth, in excess of mandatory disclosures companies are voluntary disclosed information. The voluntary disclosure level is different from company to company and there are some factors which are affecting to this variation. Therefore, the aims of this study were to identify the extent of voluntary disclosure level and its determinants. In order to achieve these objectives the study developed a voluntary disclosure index including 65 items grouped into nine categories by employing content analysis in the annual reports of commercial banks in Ethiopia for the time period of 2017/18 to 2020/2021. Furthermore, this study used Ordinary Least Square (OLS) regression model to test the association between commercial bank attributes and voluntary disclosure practices. The study revealed that disclosures about corporate strategy were the highest and the level of corporate governance information is the lowest level of voluntary disclosure in the annual reports of the study time periods. Furthermore, the study indicate that there is a positive relationship between commercial bank age, size and return on asset and voluntary disclosure, which is statistically significant. The findings also revealed the extent of voluntary disclosure in annual reports is not significantly influenced by other commercial bank attributes. The current empirical study contributes investigations in the commercial banks and provides new insight into determinants of voluntary disclosure in the annual reports of commercial banks in Ethiopian context.

This article tries to analyze the existing practices of corporate governance in commercial banks of Nepal. The state of corporate governance can have an important effect on all firms, and good corporate governance of financial firms is essential in fostering financial stability and healthy economic growth. This study found that good corporate governance frameworks help firms and countries improve accountability, more efficiently use capital, and attract quality and long-term investors at lower costs. These, in turn, contribute to a country's competitiveness and thereby its development. The descriptive research design has been adopted for fact-finding and searching adequate information about effect of corporate governance on financial performance. In conclusion, the rapid globalization, international legal deregulation and rapid development in information technology has resulted both opportunity and challenges for the companies. In this context, the success of the organization in global arena is essentially determined by the level of corporate governance that the company is practicing. The efficient and effective corporate governance provides a competitive edge to the company. Management of commercial banks should follow the principles of sound corporate governance to ensure transparency, and accountability through their daily operational process and procedures with clients, and subsequently improve the performance, and enhance investors, shareholders, and stakeholders trust, which contribute to attain the banks goals. Banks require good corporate governance practices.

This study examines the influence of corporate governance structures on the levels of compliance with IFRSs disclosure requirements by companies listed on the stock exchanges of two leading MENA (Middle East and North Africa) countries, Egypt and Jordan. This study employs a cross-sectional analysis of a sample of non-financial companies listed on the two stock exchanges for the fiscal year 2007. Using an unweighted disclosure index, the study measures the levels of compliance by companies listed on the two stock exchanges investigated.Univariate and multivariate regression analyses are used to estimate the relationships proposed in the hypotheses. In addition, the study uses semi-structured interviews in order to supplement the interpretation of the findings of the quantitative analyses. An innovative theoretical foundation is deployed, in which compliance is interpretable through three lenses - institutional isomorphism theory, secrecy versus transparency (one of Gray's accoun...

This study aims to investigate the influence of the introduction of a corporate governance code in 2005 on the levels of compliance with mandatory IFRSs disclosure requirements by companies listed on the Egyptian Exchange (EGX) as a leading stock exchange in the Middle East. Using a disclosure index derived from mandatory IFRSs disclosure requirements for the fiscal year 2007, this study measures the levels of compliance by a sample of 75 non-financial companies listed on the focus stock exchange. This study extends the financial reporting literature and the emerging markets disclosure literature by being the first to investigate the influence of corporate governance requirements for best practices on the levels of compliance with mandatory IFRSs disclosure requirements by companies listed on the EGX. Results provide evidence of the lack of influence of corporate governance best practices on the levels of compliance with mandatory IFRSs disclosure requirements as it is not yet part of the cultural values within the Egyptian context. These findings are consistent with the notions of the proposed theoretical foundation.

This study aims to investigate the influence of the introduction of a corporate governance code in 2005 on the levels of compliance with mandatory IFRS disclosure requirements by companies listed on the Egyptian Exchange (EGX) as a leading stock exchange in the Middle East. Using a disclosure index derived from mandatory IFRS disclosure requirements for the fiscal year 2007, this study measures the levels of compliance by a sample of 75 non-financial companies listed on the focus stock exchange. This study extends the financial reporting literature and the emerging market disclosure literature by being the first to investigate the influence of corporate governance requirements for best practices on the levels of compliance with mandatory IFRS disclosure requirements by companies listed on the EGX. Results provide evidence of the lack of influence of corporate governance best practices on the levels of compliance with mandatory IFRS disclosure requirements as it is not yet part of the cultural values within the Egyptian context. These findings are consistent with the notions of the proposed theoretical foundation.

All praise be to God, the Almighty, for having made everything possible by giving me strength and courage to do this work. I am highly indebted to Professor Rob Dixon for his superb supervision, guidance, comments and encouragement. He has stimulated me to work hard. He was very friendly and considerate. He was always there when I needed motivation during the difficult stages of my work. Furthermore. I would like to express my deepest gratitude to my co-supervisor and friend NIl'S. Anne Woodhead. I have benefited a lot from her comments and advice. She has been a constant inspiration to me and her endless support has contributed enormously to complete 111y work. She was always there, with her smile, to listen to my complaints and frustration oyer the period of study. Also, I would like to thank the participants at the so" annual congress of the European Accounting Association, Lisbon-April 2007, and the participants at the io" and 11 th annual conference of financial reporting, Cardiff-July 2006 and 2007. Special thanks to Professor

Received : 22 August 2020 Accepted : 26 September 2020 Published : 29 December 2020 The agenda of waqf revitalization has called for the improvement in many aspects of waqf institutions. Besides the need for revisiting some fiqh rules and legal issues of waqf, the betterment of waqf management is also crucial. In this regard, accountability in managing waqf is undoubtedly essential. However, there is no common agreement among the waqf managers as to how waqf accountability should be shown. The multi interpretation of the notion of accountability has resulted various accountability model. Thus, the purpose of this paper is to synthesize the framework for waqf accountability. Through review of the existing literature, the paper provides the key themes that constitute the model of waqf accountability. This paper provokes the waqf regulators to develop accountability standards for waqf intuitions. In addition to this, the discussion in this paper could also benefit waqf managers in prep...

This study aims to evaluate the relationship between Islamic corporate governance (ICG), human governance (HG), and information technology (IT) usage on sustainability reporting (SR) by investigating Shariah compliant companies in Malaysia and Indonesia. Data was collected from 68 manufacturing Shariah compliant companies’ annual reports for Malaysia, and 70 manufacturing Shariah compliant companies’ annual reports for Indonesia, for the year ended 2019. Descriptive and multiple regression analysis was used to analyse the data. The study found that HG Index and IT Usage Index were positive and significantly related to sustainability reporting for Shariah companies in both countries. However, ICG was not found to be significantly related to sustainability reporting for Shariah companies in Malaysia and Indonesia. This could be because the study focuses only on manufacturing companies, and in Malaysia and Indonesia, only about 24% of the companies and 13% of the companies respectively...

This research investigation purported to present the market valuation of Amman Stock Exchange Industrial Sectors utilizing the Tobin’s Q ratio to serve as performance indicator among Jordanian industrial firms. The most specific research objectives addressed in this research work were to evaluate the Amman Stock Exchange Industry market performance, present the trend in Q ratio valuation during the study period, and to recommend some guiding principles to enrich investors in making the right investment decisions. The research paper is anchored on the concepts of Chung and Pruitt (1994) who have developed a simple approximation of Tobin’s q. For the methodology, the researchers made use of the 49 sample companies from all industrial public traded company sectors listed in the Amman Stock Exchange (ASE) clustered based on the Amman Stock Exchange classification as published in their publications inclusive of 2008-2015. The sectors included the Pharmaceutical & Medical Industries, Chem...

This study was about the general tenets of positive accounting theory towards accounting practice and disclosure. The objective of the study was to examine the relationship between positive accounting theory, accounting practice and disclosure in corporate organizations. This study was anchored on the concept of voluntary disclosure and stakeholder’s agency theory. It was carried out in Achievers Investment Limited, Ibadan. Primary data is collected using purposive sampling technique and the Secondary data was gotten from the company’s audited annual financial statements on return on equity for 2012-2015. Multiple linear regression is adopted to analyze the primary and secondary data. The study hypothesis was tested at 0.5 per cent level of significance. Findings revealed that there is significant relationship between positive accounting theory and financial reporting and disclosure in corporate organizations. It is recommended that there is need to explore the principles of positiv...

The research work examined the effect of exchange rate fluctuation on performance evaluations of multinational companies in Nigeria. The objective of the study was to examine how foreign exchange affects financial performance of multinational companies in Nigeria. This Study is based on the transaction cost theory, liquidity theory, inflation theory and managerial theory of firm performance. Secondary data source was explored in presenting the facts of the situation. The secondary data were obtained from relevant literatures, Central Bank of Nigeria Statistical Bulletin and annual report of selected multinational companies in Nigeria. Data were tested using the Ordinary Least Square Linear Regression model. Findings show that exchange rate fluctuation has significant effect on performance of multinational companies in Nigeria. As a result, the study concluded that exchange rate instability affects the operations of companies in Nigeria vis-à-vis international trade with other countries of the world. It was recommended that, Multinational Companies should develop a robust foreign exchange risk management framework which will clearly show its currency risk assessment procedures and implementation of foreign exchange risk management strategy. These strategies should be monitored and adjusted regularly.

Within development projects, the monitoring and evaluation and knowledge management systems are interlinked, and must be coordinated effectively to support project implementation. As we have seenin the Integrated Livelihood Support Project (ILSP) in Uttarakhand, India, both systems can be strengthened with experience capitalization, a process which involves the critical analysis of project experiences. Through a capitalization process, information gathered from a specific experience can be turned into institutional knowledge and utilised for improving project activities and impac

Unit trust schemes approach capital allocation in different ways depending on where they are in the growth life cycle and their strategic focus on customer growth. An effective capital allocation strategy consistently creates value to investors' funds and sustainable growth in the capital market. Therefore this makes capital allocation an important issue to investigate particularly in unit trusts in relation to the continuous shifting of business objectives within the capital market. This study is a useful point of reference for investors, fund managers and government agencies. This study therefore sought to establish the position of capital allocation in unit trust on the growth of capital market in Kenya. The study used explanatory non-experimental research design with the analysis being carried out using a panel data. The entire population involving all the twenty three (23) trust schemes to include all money market, equity and balanced funds managed by the schemes for the period between 2009 to year 2017. The research utilized secondary data because of the small number of unit trusts companies in the NSE and availability of the required data. Secondary data collection sheet was designed and used to collect and record all information necessary on unit trust funds from schemes annual reports, surveys and CMA publications for the period under review. Data were also analyzed using both descriptive statistic and panel multiple regression analysis by means of SPSS Version 21. Both dependent and independent variables were analyzed using panel data to determine the strength and relationships of the variables. The study revealed that Capital allocation contributed positively to the growth of capital market in Kenya. These findings were presented in the forms of a regression model. The study findings is used as a basis to recommend that the unit trust fund managers should actively evaluate the choices when allocating funds since it positively contribute to the growth of capital market. This would contribute to the realization of economic pillars in Kenya vision 2030.

This study sought to examine the reporting quality of financial institutions in Ghana after adopting International Financial Reporting Standard (IFRS) as its official national reporting standard. Using a fixed effect logistic regression, the study compares the earnings management of banks and insurance firms before and after IFRS adoption on reporting quality. The data used was drawn from 51 financial institutions made up of 23 universal banks and 28 insurance companies observed over the period 2003 to 2014. The empirical results indicate that financial institutions exhibit more earnings management during the post-adoption era which is interpreted as a decline in the quality of financial reporting among financial institutions in Ghana. The results documented in this study add to the dearth of literature and contributes to the debate on IFRS adoption and its related impact on reporting quality (earnings management) among financial institutions from the perspective of an emerging mark...

The research work examined the effect of exchange rate fluctuation on performance evaluations of multinational companies in Nigeria. The objective of the study was to examine how foreign exchange affects financial performance of multinational companies in Nigeria. This Study is based on the transaction cost theory, liquidity theory, inflation theory and managerial theory of firm performance. Secondary data source was explored in presenting the facts of the situation. The secondary data were obtained from relevant literatures, Central Bank of Nigeria Statistical Bulletin and annual report of selected multinational companies in Nigeria. Data were tested using the Ordinary Least Square Linear Regression model. Findings show that exchange rate fluctuation has significant effect on performance of multinational companies in Nigeria. As a result, the study concluded that exchange rate instability affects the operations of companies in Nigeria vis-à-vis international trade with other countries of the world. It was recommended that, Multinational Companies should develop a robust foreign exchange risk management framework which will clearly show its currency risk assessment procedures and implementation of foreign exchange risk management strategy. These strategies should be monitored and adjusted regularly.

We endeavor to examine the benefits and the key challenges associated to International financial reporting standards enforcement in India in the current paper. The research is founded on structured questionnaire survey of 150 accounting professionals and applied purposive sampling technique to assemble the data from target respondents from various business sectors of India. The data from secondary sources, conducted through personalized interview, has been examined qualitatively with respect to IFRS convergence. The research outcome contributes to the existing literature stating that the respondents are optimistic about the benefits related to IFRS adoption but the challenges are too a major roadblock. Since the enforcement of IFRS has already initiated in India thus it is imperative to comprehend the benefits and cost associated with IFRS in Indian context. This study results recognizes that though convergence process with IFRS will pose few key challenges but the overall benefit will overweigh the challenges. This study recommends that IFRS training seminars and workshops at massive scale should be embarked upon by regulatory bodies, professional organizations like ICAI, KPMGs and other training institutions to provide for a smooth transition from local standards to IFRS.

The dividend decision is one of the fundamental financial decisions in the management of a firm. To most investors, the value of an investment is assessed primarily on the basis of returns received usually in form of dividend and interest. Thus, a firm’s dividend decision carries significant information value to investors. On the other hand, the expanding investment market in Kenya has placed an increased challenge on managers to accumulate sufficient funds for growth. This situation has further limited managers’ discretion on the dividend payment. A balance between the various competing interests is critical for sustainable growth of a firm. Considering that quoted companies in Kenya enjoy public trust and investor confidence due to the stringent governance and reporting requirements, which in most cases are reflected in the positive earnings and growth that they generate for their shareholders, it would be useful to study the key factors that drive their dividend policies. These c...

This paper is addressing to the issues of the existence of some options in choosing accounting policies and techniques. We proposed ourselves to establish to what extent the choices made in meeting the financial accounting function of the enterprise are free and how the options of those who prepare the annual accounts of economic entities are limited. To achieve this goal we considered necessary to study the regulations, the rules applicable to the area of the accounting of the economic entities. The work will respond to two questions: 1. What is the content of the set of financial statements and who must report (where they make)? and 2. Assess how the structures of assets, liabilities, equity, expenses, income, etc. the financial statements? The ultimate objective of this work is to provide specialist financial and accounting opinion documented to support the decisions that it should adopt in the exercise of his powers.

This paper addresses the question of how interim financial reporting regulation varies across the Asia- Pacific region. Using a content analysis method, the study investigates the relevant regulations in eight selected countries in the Asia-Pacific region which differ in a number of country-level attributes. We find that the regulations in the region show considerable variation in terms of the form of regulatory enforcement, reporting lag, audit requirements, and reporting form. By providing the first in-depth review of the nature of differences in interim financial reporting in key countries in the Asia-Pacific region, the findings of this study will be of interest to investors, regulators and researchers in their quest for international “convergence” in financial reporting practices.

Transnational standards for disclosure have become a defining feature of global governance and sound economic development, yet little is known about their effectiveness. This study statistically explores the efficacy of such standards for the important case of the Extractive Industries Transparency Initiative (EITI), an international non-governmental organization which maintains a voluntary standard for revenue transparency in the extractive industries. As of November 2015, 31 countries were ''EITI Compliant" and another 49 were ''EITI Candidates." In total, 49 countries had disclosed payments and revenues worth some $1.67 trillion in more than 200 ''EITI Reports", and over 90 major companies involved in oil, gas, and mining are committed to supporting the EITI. The EITI has also received support from 84 global investment institutions that collectively manage about $16 trillion in energy infrastructural assets. Moreover, the European Union, African Union, G8 and G20, and the United Nations have all endorsed the EITI. This article provides the first broad empirical examination of the EITI's effectiveness in improving governance and economic development outcomes in its member countries using non-parametric tests, regression analysis, and data from the World Bank. We analyze the performance of the first 16 countries to attain EITI Compliance Status over the period of 1996-2014. We find, interestingly, that in most metrics EITI countries do not perform better during EITI compliance than before it, and that they do not outperform other countries. We postulate four possible explanations behind the relative weakness of the EITI: a limited mandate, its voluntary nature, stakeholder resistance, and dependence on strong civil society.

This study examines Corporate Governance and Organizational Performance using Pharma-Deko Plc, Agbara as a case study. The problem this study addresses is the failure of organizations which can be traced to several lapses associated with poor corporate governance. The poor lapses include corporate fraud, dishonesty and conflict of interest of corporate governors who take advantage of the benefits of fiduciary and delegated decision making powers. The main objective of this research is to examine the relationship between corporate governance and organizational performance. Primary and Secondary sources were used for obtaining information. The Primary sources include the administering of questionnaires, while the secondary sources include information from textbooks, journals, articles and the internet. A total of 60 questionnaires were structured and distributed and 48 questionnaires were filled and received from respondents. Three research hypotheses were raised in the study to test the relationship between Corporate Governance and variables like Organizational performance, product produced by the organization, and Organizational Profitability. From the tests of hypothesis, the results showed that there is a significant relationship between Corporate Governance and Organizational Performance indicators. One useful recommendation was that the board of directors, should commit themselves in implementing corporate governance since by so doing, it will contribute to the organization performance. vi

This paper aims to examine the moderating effect of the narrative risk disclosure quality on the association between firm performance and the cost of equity capital in the Egyptian setting. Manual content analysis and factorial principal component techniques are used to quantify the quality dimensions of the narrative risk disclosures. The weighted average cost of equity is used to estimate the firms' costs of equity. A cross-sectional analysis was conducted over three years (2018-2020) for a sample of 73 non-financial firms listed on the Egyptian Stock Exchange (EGX100). Multiple OLS regression models are employed to test the hypotheses. The results reveal a negative association between firm performance and the cost of equity and, while such association strengthened when adding the narrative risk disclosure quality as a moderator variable. This suggests that risk disclosure is important to stockholders' investment decision-making in the Egyptian context. Based on the dearth of literature related to the economic reverberations of narrative risk disclosure quality in emerging economies, this study contributes to the risk reporting literature by providing evidence on the moderating effect of the narrative risk disclosure quality and its reverberations on the firm's cost of equity capital in one of the emerging economies as Egypt. With regard to the findings of this study, we expect to contribute to the practice and theory by providing new and different insights about the moderating effect of narrative risk disclosure on the association between firm performance and cost of equity capital.

The Study examines the Impact of Corporate Governance Quality on the cost of equity capital of Palestinian listed firms over the period of (2010-2016) Corporate Governance Quality measured by examining the extent of compliance with corporate Governance " best Practices , cost of equity calculated using the capital asset pricing model "CAPM" approach. A total of 19 listed companies were investigated to analyze the relationship between the two variables for the period "2010-2016"Using regression technique, this study finds that corporate governance quality has a reducing effect on cost of equity capital.

Abstract
Purpose: This paper aims to examine the perceptions of owner managers and accountants of small and medium sized entities (SMEs) on the users and their financial information needs of SME financial reporting.
Methodology/ Research Approach: Postal questionnaire surveys with owners and accountants of SMEs were used to identify users and their financial information needs.  In total, 1498 questionnaires were sent to SME owners, and  accountants..  A total of 358 questionnaires were returned, generating 323 usable questionnaires.  The management branch of stakeholder theory is used for the study which asserts that company management is expected to meet the expectations of those stakeholders who are more powerful than others.
Results: The users of Sri Lanka SME financial information were limited to owner managers, banks and Department of Inland Revenue.  Users and financial information needs of owner managers varied in relation to the size of the SME.  Financial information are useful for making capital investment and planning decisions for owner managers regardless of the size of the SME.  By sharing information with outside parties, disclosures can diminish information asymmetries between the firms and its stakeholders.  The top three reasons for which owner managers use SME financial information are for planning purposes, estimating income tax liabilities,  and taking marketing and pricing decisions.
Implications: This paper extends existing knowledge on users and their financial information needs of SMEs in developing countries. Consequently, the findings of this paper make a valuable contribution to the work of practitioners such as local and international standards-setters and regulators who may be considering developing/revising financial reporting framework for SMEs either worldwide or in developing countries.
Originality:  Although SME financial reporting has attracted enormous attention in the recent accounting literature, academic research into SME financial reporting is scant.  This paper extends existing knowledge on users and their financial information needs of SMEs in developing countries.  The general purpose financial reporting model and the accounting standard IFRS for SMEs in particular would not be applicable to Sri Lankan SMEs unless it modifies to reflect the financial information needs of users of Sri Lankan SME financial information.

Key words: Financial reporting; Small and medium sized entities (SMEs); Developing countries, IFRS for SMEs, Stakeholder theory

This research investigation purported to present the market valuation of Amman Stock Exchange Industrial Sectors utilizing the Tobin's Q ratio to serve as performance indicator among Jordanian industrial firms. The most specific research objectives addressed in this research work were to evaluate the Amman Stock Exchange Industry market performance, present the trend in Q ratio valuation during the study period, and to recommend some guiding principles to enrich investors in making the right investment decisions. The research paper is anchored on the concepts of Chung and Pruitt (1994) who have developed a simple approximation of Tobin's q. For the methodology, the researchers made use of the 49 sample companies from all industrial public traded company sectors listed in the Amman Stock Exchange (ASE) clustered based on the Amman Stock Exchange classification as published in their publications inclusive of 2008-2015. The sectors included the Pharmaceutical & Medical Industries, Chemical Industries, Paper & Cartoon Industries, Food & Beverage, Tobacco & Cigarettes, Mining & Extraction Industries, Engineering & Construction, Electrical Industries, Textile, and Leather & Clothing. The researchers computed the market performance of the industrial sectors of the Amman Stock Exchange Investors through the Tobin's q, formula as shown. Tobin's q ratio was used to calculate the valuation of the industrial sectors of the various companies for eight (8) consecutive years applying the simple approximation, as follows: The approximate formula: q= (MVE+PS+DEBT)/ TA, was used. Tobin's q ratio has been calculated and trend analysis for q ratio has been done, through time-series for the eight years study period. Results of the study showed that it was in Mining and Extraction Industries which yielded the highest Tobin's q ratio; which was interpreted to mean that these sectors have the highest market performance, while the lowest q ratio was on the Electricity Industries, which showed the lowest market performance; these should have been indicators for investors to realize the very good performance of these industries during the first 6 years of study and from the investors' perspective, would have led to optimal investment opportunities. The recommendations made for this study, were for investors to have practical knowledge and experience about the stock market valuation and most importantly to coordinate with financial firms who have the appropriate knowledge, skills and expertise to review vital information about undervalued or overvalued business clusters. Moreover, investors must be properly guided to invest in stocks of companies with sound market value; they should consider the macro indicators for the stock market and be cognizant of policies on market stability and economic situations which may affect market capitalization.

Transnational standards for disclosure have become a defining feature of global governance and sound economic development, yet little is known about their effectiveness. This study statistically explores the efficacy of such standards for the important case of the Extractive Industries Transparency Initiative (EITI), an international non-governmental organization which maintains a voluntary standard for revenue transparency in the extractive industries. As of November 2015, 31 countries were ''EITI Compliant" and another 49 were ''EITI Candidates." In total, 49 countries had disclosed payments and revenues worth some $1.67 trillion in more than 200 ''EITI Reports", and over 90 major companies involved in oil, gas, and mining are committed to supporting the EITI. The EITI has also received support from 84 global investment institutions that collectively manage about $16 trillion in energy infrastructural assets. Moreover, the European Union, African Union, G8 and G20, and the United Nations have all endorsed the EITI. This article provides the first broad empirical examination of the EITI's effectiveness in improving governance and economic development outcomes in its member countries using non-parametric tests, regression analysis, and data from the World Bank. We analyze the performance of the first 16 countries to attain EITI Compliance Status over the period of 1996-2014. We find, interestingly, that in most metrics EITI countries do not perform better during EITI compliance than before it, and that they do not outperform other countries. We postulate four possible explanations behind the relative weakness of the EITI: a limited mandate, its voluntary nature, stakeholder resistance, and dependence on strong civil society.

This study investigated the association between mandatory disclosure and company value expressed in share price anticipation of earnings by using a sample of UK companies included in the FTSE 350 Index for a period of five years, from 2006 to 2010. A mandatory disclosure index was developed according to the IFRSs, which the companies listed in the stock market were obliged to adopt since 2005, and was utilized for the quantification of the extent of mandatory disclosure. The relationship between mandatory disclosure and some specific company characteristics was also investigated. The analysis revealed a high level of disclosure by UK companies indicating that managers do not treat mandatory disclosure as a routine obligation, but they strive to be strictly compliant with all reporting requirements imposed by the regulatory authorities. Moreover, the extent of disclosure was significantly correlated with company value, leverage and age, which justifies that market mechanism is also essential in disclosure practice. However, the correlation between mandatory disclosure and listing status, earnings and size is not statistically significant.

The recent corporate governance scandals at the fourth largest software firm in India, Satyam Computers Limited, provide two clean and major corporate governance events, with effects on firms across the board in India (and possibly other emerging market countries). The first instance was a shock about board ineffectiveness on Dec 16, when Satyam's board approved of an acquisition of two companies-one unlisted-where members of the Chairman's family were the main entrepreneurs and had majority or complete shareholding; and the second, an accounting shock, occurred on January 7 when it was disclosed that the firm had been fudging its accounts for several years and its muchvaunted $1.2 billion cash holding was largely non-existent and the result of a long-drawn accounting fraud. We analyze the cross-sectional variation in the stock price reactions to these two corporate governance shocks for Indian companies. We relate the firm-specific cumulative abnormal returns on these two dates to different measures of corporate governance to find out the market perception of the validity of these measures. We show that with regard to board effectiveness, i) Board independence matters; ii) the characteristics of the independent directors also have a favorable effect on market reaction: companies with independent directors having more expertise (proxied by number of multiple directorships) do better; iii) institutional holdings have a salutary effect, but only for foreign institutions; iv) board size has a positive effect on market reaction; and v) there is a large discount for companies belonging to business groups. For the second episode, none of the board or audit committee independence related variables are significant, but indicators of quality of audit committee seem to matter. The discount of group companies becomes even more pronounced in this episode. These findings help us identify what variables among those identified by prior research are actually taken into account by investors in an emerging market to assess the corporate governance levels of companies and to what extent they affect valuation. * We acknowledge great research support from Bhargav Kali and Sesha Sairam and useful suggestions from Sanjay Kallapur. The responsibility for the flaws that remain rests only with us.