Voluntary disclosure

This study, grounded in agency theory, stewardship theory, and resource dependency theory, examines the influence of corporate governance on firm value within the banking sector of Bangladesh. This research analyzes annual panel data from 22 commercial banks spanning the period from 2014 to 2023, investigating the impact of governance structures, specifically board composition, ownership structure, and audit committee characteristics, on firm value using Tobin's Q, market capitalization, and the marketto-book value of equity measures. The Feasible Generalized Least Squares (FGLS) method is utilized for dynamic panel data estimation to address cross-sectional dependence, heteroscedasticity, and autocorrelation, with robustness evaluated via the Panel-Corrected Standard Errors (PCSE) approach. Overall findings reveal that increased managerial ownership, gender-diverse boards, and an independent audit committee director correlate positively with firm value. Specifically, institutional ownership exhibits a positive correlation with Tobin's Q and the market-to-book value of equity, whereas foreign ownership and larger boards positively affect Tobin's Q and market capitalization. In contrast, board size adversely impacts the market-to-book value of equity, while frequent board meetings correlate with a diminished Tobin's Q. The audit committee size and meeting frequency have no statistically significant effect. These findings provide significant insights for regulators and policymakers, highlighting the necessity of inclusive governance, strategic ownership alignment, and independent oversight in enhancing the value of banks in emerging economies, such as Bangladesh.

This paper proposes a taxonomy to assist in more clearly locating research on aspects of the association between corporate reputation and corporate accountability reporting. We illustrate how our proposed taxonomy can be applied by using it to frame our exploration of the relationship between measures of reputation and characteristics of the language choices made in CEO letters to shareholders. Using DICTION 5.0 software we analyse the content of the CEO letters of 23 high reputation US firms and 23 low reputation US firms. Our results ...

This paper investigates how the financial and social efficiency of firms influence the extent of the voluntary disclosure of Non-Banking Financial Companies–Micro Financial Institutions (NBFC-MFI). The study constructed an unweighted index of voluntary disclosure to estimate the level of voluntary disclosure of all of the included firms from the years 2015–2019. The financial and social efficiency, which is analogous to the technical efficiency of production theory and analyses both sustainability and outreach, respectively, was estimated using data envelopment analysis (DEA). The panel data analysis was completed, and a positive association of financial efficiency was estimated. The social efficiency was found to have no relationship to the voluntary disclosure level. This paper contributed to the literature by providing new determinants of voluntary disclosure. The study examines the econometric model and suggests that financially sustainable firms that utilize these resources wel...

The significance of Gender diversity in enhancing quality of reporting has been a focal point of the theoretical and empirical research in recent decades. However, discrepancies persist between empirical findings and theoretical perspectives regarding the role of female representation in improving disclosure quality. This study aims to elucidate the relationship between female representation and disclosure. This study employs a series of meta-analyses techniques on 189 empirical studies spanning over 39 countries to investigate the relationship between female representation and disclosure. It further examines how gender parity, shareholder protection, types of disclosure, and publication quality moderate this relationship. The meta-analysis results indicate that female representation is significantly positively associated with disclosure. This positive association is more pronounced in countries with high gender parity and low shareholder protection, underscoring the crucial monitoring role female representation can play in safeguarding shareholders' interests, particularly when women have greater influence in boardroom decision-making (i.e., gender parity). Additionally, the findings reveal that female representation is more significantly associated with social and environmental disclosure than with financial and governance disclosure. The study provides valuable insights for regulators, directors, and shareholders by advocating for the empowering of female representation and increasing the representation of women in senior positions within firms.

We examine voluntary disclosures of information about corporate strategies. We develop a model in which managers choose whether to reveal their strategic plans only to some partners of the firm or also to the outside world. We show that managers face a tradeoff when deciding whether to disclose their private information to outsiders. On the one hand, by disclosing their intentions, managers become reluctant to change their minds in the future. This may lead them to make inefficient project implementation decisions. On the other hand, information disclosure about corporate strategy provides strong incentives for partners of the firm to undertake strategy‐specific investments.

In this paper we apply meta-analysis to a sample of 64 empirical studies to identify the potential moderators to the relationship between board, audit committee characteristics and voluntary disclosure. We examine whether the results are affected by the differences in the construction of disclosure index, the type of voluntary disclosure, the method of disclosure, the definitions of variables relating to corporate governance, the level of investor protection, and country geographic location. We find that, whilst board size, board composition and audit committee have a significant positive effect on voluntary disclosure, CEO duality has a significant negative effect. In addition, country geographic location moderates the association between board size, board composition, CEO duality and voluntary disclosure. Furthermore, the association between CEO duality and voluntary disclosure is moderated by disclosure type, disclosure method and the level of investor protection. Finally, differences in the definitions of explanatory variables moderate the association between board composition and voluntary disclosure. We conduct a sensitivity analysis which provides evidence that, in respect of the time period, prior to 2002, CEO duality has a significant negative effect on voluntary disclosure and has an insignificant effect for the period thereafter.

This study hypothesizes that distracted auditors affect audit quality. As a result of resources scarcity, auditors pay more attention to financially distressed audit clients rather than non-financially distressed audit clients at the same audit client portfolio which eventually leads to differences in audit quality. In this context, earnings restatement of audit clients is used as a distraction event of auditors. Distracted auditor is measured by the percentage of the audit fees of financially distressed audit clients to total audit fees and audit quality is proxied by total accruals. The data is obtained from firms listed on the US stock market over eleven years between 2010 and 2020. The results indicate that financially distressed audit clients of distracted auditors receive higher audit quality than non-financially distressed audit clients of the same audit client portfolio. Further analysis suggests that this difference in audit quality between financially distressed audit clients and non-financially distressed audit clients decreases with skeptical auditors. This study introduces a new comprehensive approach to measure professional skepticism using KAMs disclosure. The results are robust to different measurements of distracted auditors, audit quality and professional skepticism. Overall, the empirical analyses suggest that distracted auditors have a decreasing differential impact on audit quality by professional skepticism.

The study examined the relationship between macroeconomic variables, bank-specific factors, and the profitability of commercial banks in Kenya. The objective was to determine how these variables interact and impact the profitability of commercial banks in Kenya. The study used return on assets as a proxy for bank profitability. Bank-specific factors include asset quality, deposits, capital adequacy, and bank size. Macroeconomic factors considered are GDP, exchange rate, and inflation rate. Panel data was collected from 31 commercial banks for the period 2014-2022. The study employed random effects, fixed effects, and pooled OLS models for analysis. The results indicate that all bank-specific factors had a statistically significant impact on return on assets, apart from capital adequacy and deposits. Among the macroeconomic variables, the exchange rate had a significant negative effect, while inflation had a significantly positive impact on bank profitability. The results, however, are restricted to the banking industry in Kenya.

The purpose of this paper is to examine the factors that affect how forward-looking information is disclosed by Bangladeshi 's listed pharmaceutical firms. In this study, a total sample of 115 firms from 23 pharmaceutical firms listed on the Dhaka Stock Exchange (DSE) is considered from the period of 2016 to 2020. Board size, board independence, gender diversity, firm size, leverage, liquidity, and profitability are used as the determinants of forward-looking information. According to the descriptive statistics, the average level of extent of forward-looking information is only 59.33%, which is inadequate for the pharmaceutical industry to survive in the long term. The multiple regression results show that the level of forward-looking information disclosure is positively and significantly associated with board size, firm size, and firm profitability. But the regression results documented that gender diversity, leverage and liquidity and board independence have no significant association with forward-looking information. The findings of this study suggest that companies should focus more on forward-looking information to survive in the market and pursue a competitive advantage. Moreover, the findings of this study also suggest that further research can be conducted using qualitative research in a different sector as well as a cross-country comparison.

Can managers improve market liquidity and lower the cost of capital by providing voluntary earnings guidance? This study examines the impact of profit warnings on market liquidity and finds that voluntary disclosure of bad news actually improves market liquidity. By conducting an empirical study over the period 1995-2010 on NYSE, NASDAQ and AMEX listed firms, we find that firms that issue profit warnings show enhanced market liquidity during the post-announcement period. We show that profit warnings reduce information asymmetry and lower bid-ask spreads and increase trading volumes. These results are invariant to daily (short run) and monthly (long run) data after controlling for firm specific attributes. The results have major corporate policy implications. By voluntarily disclosing negative earnings guidance by managers, firms will experience significant improvement in market liquidity, thereby lowering the cost of capital. Our results are even more profound for firms that release bad news with extremely negative stock market impact. In other words, voluntary disclosure of bad news is good for market liquidity.

Can managers improve market liquidity and lower the cost of capital by providing voluntary earnings guidance? This study examines the impact of profit warnings on market liquidity and finds that voluntary disclosure of bad news actually improves market liquidity. By conducting an empirical study over the period 1995-2010 on NYSE, NASDAQ and AMEX listed firms, we find that firms that issue profit warnings show enhanced market liquidity during the post-announcement period. We show that profit warnings reduce information asymmetry and lower bid-ask spreads and increase trading volumes. These results are invariant to daily (short run) and monthly (long run) data after controlling for firm specific attributes. The results have major corporate policy implications. By voluntarily disclosing negative earnings guidance by managers, firms will experience significant improvement in market liquidity, thereby lowering the cost of capital. Our results are even more profound for firms that release bad news with extremely negative stock market impact. In other words, voluntary disclosure of bad news is good for market liquidity.

This study aims to analyze the specific characteristics which lead some Ibex 35 Spanish companies to disclose higher levels of information about their Intellectual Capital. For this purpose, we use a sample of 115 corporate annual reports, which corresponds to the information published by 23 companies in the Ibex 35 during a period of 5 years. The methodology used to obtain the sample was content analysis, and we carry out a descriptive analysis and a multivariate linear regression analysis. The results show low levels of Intellectual Capital disclosure. However, the size, the leverage, the industry and the market to book affect the provision of this information.

This paper uses a resource-based perspective and balanced panel data analysis to explore whether the representation of women on the boards of directors of Spanish companies is associated with an increase in voluntary disclosure of information concerning intellectual capital [IC]. We find that gender diversity is a complementary corporate governance mechanism that has a significant positive effect on levels of disclosure of IC information. This appears due to the presence of women on boards serving to prompt stronger monitoring and oversight behaviour. Our findings should encourage support for policies that will increase current levels of representation of women on corporate boards and influence the setting of corporate governance requirements relating to disclosure by capital market regulators.

Firm value in the manufacturing industry for the 2013-2018 period shows the average value of fluctuations as a result of stock price uncertainty. The purpose of this study is to investigate that firm value during the study period fluctuated, so that researchers were motivated to conduct studies on these various issues. The variables used to detect the firm value are free cash flow and interest rates. This study also examines the role of dividend policy and managerial ownership in moderating the effect of free cash flow, interest rates on firm value. The companies studied are manufacturing industries listed on the Indonesia Stock Exchange for the period 2013 – 2018. This research method is explanatory research. Samples were taken based on purposive sampling from the manufacturing industry population that met the sample criteria. This study concludes that interest rates have a significant positive effect on firm value and managerial ownership moderates positively significantly on the ...

Objective
Sustainability auditing is a systematic and independent process for evaluating an organization's performance in various areas of sustainability, including environmental, social, and economic aspects. The purpose of this type of audit is to identify the organization's strengths and weaknesses in these areas, provide solutions to improve performance, and ensure compliance with legal requirements and international standards. This qualitative research aims to present a sustainability audit model in the retail industry.

Methodology
This study applies the Cranhelm and Gold-Kohl multiple-database method. Its participants include academic experts in auditing and accounting, as well as representatives from private-sector retail companies, selected through a theoretical sampling method. A semi-structured interview approach was employed to identify the key categories of the sustainability audit model within the retail industry. Using this method, in-depth interviews were conducted with 25 auditing and accounting experts, through which the necessary data were collected.

O estudo objetivou analisar quais informações ambientais voluntárias são mais evidenciadas pelas companhias abertas listadas no Índice Carbono Eficiente (ICO2) da BM&FBovespa. Para tal, realizou-se uma pesquisa descritiva, conduzida por meio de análise documental e abordagem quantitativa dos dados, em uma amostra que compreendeu 34 companhias. A identificação das práticas de evidenciação ambiental voluntária ocorreu de acordo com o estudo de Murcia et al. (2008), que elaborou um índice composto por oito dimensões objetivando avaliar as práticas ambientais, entre elas: políticas ambientais; sistemas de gerenciamento ambiental; impactos dos produtos e processos no meio ambiente; energia; informações financeiras ambientais; educação, treinamento e pesquisa; mercado de créditos de carbono e outras informações ambientais. O pressuposto deste estudo é que uma maior evidenciação ambiental voluntária contribui para que as companhias sejam vistas como organizações mais transparentes e úteis perante a sociedade. Os resultados evidenciaram que entre as oito dimensões, as informações sobre créditos de carbono se destacaram com maior nível de evidenciação.

تهدف  هذه الدراسة إلى محاولة تحليل التجربة المصرفية الإسلامية الماليزية ودراسة مدى توافقها مع مقررات بازل 3 خلال الفترة 2013-2019، وذلك باستكشاف تطور الأصول المصرفية، مؤشرات الربحية، نسب السيولة وكفاية رأس المال.
وقد خلصت الدراسة إلى أن المصارف الإسلامية الماليزية قد التزمت بما جاء في مقررات بازل 3 خاصة ما تعلق بكفاية رأس المال، نسب السيولة ، ويظهر ذلك من خلال تطور كل من مؤشرات الربحية (ROEوROA) ونمو الأصول بشكل إيجابي، كما أن التجربة المصرفية الإسلامية الماليزية قد أثبتت أن تطبيق الشريعة الإسلامية لا يعد عائقا أمام تقدم الصناعة المصرفية الإسلامية
كلمات مفتاحية: مصارف إسلامية.، بازل 3.، أداء مصرفي.، كفاية رأس المال.، ماليزيا.

We propose a model for market impact of algorithmic trades. Usually large orders cannot be executed immediately without significant trading costs. For optimized execution one relies on the help of a VWAP trading algorithm. We demonstrate that this VWAP algorithm is the optimal solution of the optimization problem using the presented market impact models. The purpose of this work is the empirical market impact analysis of a homogeneous set of algorithmic trades. The underlying data set contains trades resulting form a hedge fund trading strategy. We found the participation rate to be the most important description variable. Therefore we provide a linear model and also a concave power law model of the market impact dependent on the participation rate. The estimated parameters lead to interesting consequences to verifying certain aspects of the market microstructure theory. Our results also suggest different behavior of the various analyzed markets. On the one hand the market impact dependency on the participation rate behaves different for the Japanese market compared to the European, US, and Canadian. On the other hand, the individualized linear regression results suggest a dependency of the market impact on the tick size for the Japanese and the US market.

We explore the impact of gender diversity and environmental committees on greenhouse gas (GHG) voluntary disclosures utilising a sample of 215 firms, which are listed on the London Stock Exchange market. We provide strong evidence for a strong positive association between GHG voluntary disclosures and gender diversity, which constitutes an important input to the ongoing debate about the role of women in the boardroom. The governance mechanism of environmental committees is not found to significantly affect GHG disclosures. This adds to the growing empirical evidence in the literature that questions the effectiveness of the current board structures in serving the wider needs of stakeholders and in addressing the relevant issues on climate change. Overall, our results suggest that by being diverse and open to a mixed‐gender governance approach, a firm can better serve the demands of stakeholders and legitimise their green credentials, thus gaining more trust from a broad range of stak...

Objetivo: Este estudo tem por objetivo verificar se a adoção de práticas ambientais, sociais e de governança (ESG) - pelas empresas - cria mais valor e reduz seu custo de capital. Método: As hipóteses são verificadas por meio de estatística descritiva, análise de correlação e modelos de regressão com dados em painel. Resultados: Confirma-se a relação positiva entre o score de ESG e o valor da empresa. Entretanto, ao contrário do esperado, verifica-se que a melhoria dos scores do ESG também eleva o custo de capital das empresas. Originalidade/Relevância: Este estudo destaca-se por analisar não apenas a relação entre a adoção de práticas de ESG e a criação de valor de mercado, mas também por verificar se esse fato implica na redução do custo de capital dessas empresas. Contribuições teóricas/metodológicas: Uso de métricas distintas para cálculo do custo de capital próprio, mensuração do custo do capital por meio de dois índices de risco país e coleta manual de dados para cálculo do be...

The study sheds light on the extent to which various stakeholder pressures influence voluntary disclosure of greenhouse gas (GHG) emissions and how the impact is explained and moderated chief executive officer (CEO) characteristics of 215 FTSE 350 listed U.K. companies for the year 2011. The study developed a classification of GHG emission disclosure based on the guidelines of GHG Protocol, Department for Environment, Food and Rural Affairs, and Global Framework for Climate Risk Disclosure using content analysis. Evidence from the study suggests that some stakeholder pressure (regulatory, creditor, supplier, customer, and board control) positively impacts on GHG disclosure information by firms. We found that stakeholder pressure in the form of regulatory, mimetic, and shareholders pressure positively influenced the disclosure of GHG information. We also found that creditor pressure also had a significant negative relationship with GHG disclosure. Although CEO age had a direct negati...

The paper examines the impact of firms' operational and corporate governance characteristics on forward-looking information disclosure for a sample of firms listed on the Egyptian Stock Exchange during the period from 2014 through 2019. I predict that firm's operational characteristics, specifically, firm size, audit size, leverage, and profitability, positively affect forward-looking information disclosure level. It's further hypothesized that corporate governance attributes, specifically, board size, board independence, audit committee performance, and ownership structure, also affect forward-looking information disclosure level. Results reveal that firm size, audit size, profitability, and board size positively and significantly affect forward-looking information disclosure level, whereas the effect of board independence, audit committee, and ownership concentration appears negative, yet significant. Moreover, results uncover the insignificant impact of leverage on forward-looking information disclosure level. Further, sensitivity analyses support these results and indicate the dominance of quantitative forward-looking disclosure.

The aim of this study is to examine the relationship between board composition and ownership structure variables on the level of voluntary information disclosures of companies listed on the Egyptian Stock Exchange. Board composition is examined in terms of board independence; board size; and CEO duality; also, ownership structure is examined in terms of ownership concentration; institutional ownership; and managerial ownership. The results show that there is a significant negative relationship between CEO duality and voluntary disclosures. However, board independence; board size; ownership concentration; institutional ownership; and managerial ownership are not associated with voluntary disclosures. Also, the results of the regression analyses show that size and leverage of firms are significantly and positively associated with the level of voluntary information disclosures. Profitability of a firm is not significantly associated with voluntary disclosures. Finally, this paper indic...

This study extends examining the effect of capital structure (Debt Equity Ratio) on firm performance (Tobin’s q dan ROA), quadratic (concave) effect of capital structure on firm performance, the effect of Multiple Large Shareholder Structure (MLSS) and institutional ownership on firm performance. This study differ from previous studies by pinpointing the category of debt to calculate Debt to Equity Ratio. The sample of this study is 424 observations from 53 non-financial companies listed on the Indonesia Stock Exchange including Index Kompas 100 from 2013 to 2020. Using fixed effect panel regression, this research finds inconsistent evidence that capital structure has insignificant negative effect on firm performance and has not a quadratic (concave) effect on firm performance. This study finds MLSS have insignificant negative effect on firm performance. This result could be caused by ownership structure in Indonesia is concentrated and percentage of MLSS is small. MLSS can not moni...

The interest in environmental sustainability and its reporting in South Africa have steadily increased as legislators and corporations recognize the need for change in business practice to achieve good corporate governance. Assistance with such disclosure is readily available to businesses in the form of, for example, the Global Reporting Initiative (GRI) reporting guidelines and sustainability principles provided by the King Report of Corporate Governance (King III). However, to date, adequate progress in sustainability reporting has not been achieved. It is thus necessary to identify strengths and weaknesses of both the GRI and King III to guide business practice towards long-term sustainability and to obtain a better understanding where improvements could be made. Annual reports of 30 Top 100 Johannesburg Stock Exchange (JSE) -listed companies were analysed to assess reporting quality and the presence of long-term monitoring. For this, the King III sustainability principles and t...

Regulators impose price limits on daily price movements to protect investors from excessive volatility, but several empirical studies have cast serious doubt on the benefits of such mechanisms. Using a large cross-sectional sample combined with intraday data from the Tokyo Stock Exchange, this study finds evidence that partially supports conventional criticisms that price limits spread out volatility, delay price discovery, and interrupt trading activities. More importantly, the transaction data analysis reveals that price limits help to reduce order imbalance and improve information asymmetry, justifying the existence of price limits on the Tokyo Stock Exchange.

This study examines the effect of IFRS 12 on improving transparency in financial disclosures related to interests in subsidiaries, joint arrangements, associates, and unconsolidated structured entities. Through qualitative and quantitative analysis, the research highlights a marked increase in narrative disclosures, charts, and sensitivity analyses post-implementation. Stakeholders report enhanced clarity about risk exposures and non-controlling interests. Nonetheless, the variation in reporting depth across jurisdictions raises comparability concerns. While IFRS 12 has increased qualitative insight, the diversity in interpretation calls for additional guidance to standardize disclosure practices globally.

This study assesses IFRS 7's contribution to improving risk-related disclosures in financial statements, especially for institutions managing diverse financial instruments. It highlights how IFRS 7 requires entities to provide both quantitative and qualitative disclosures concerning credit, market, and liquidity risks. The research finds that while compliance initially varied, regulatory enforcement increased adoption quality. Through case analysis, it concludes that IFRS 7 promotes transparency, accountability, and better stakeholder decision-making. The paper also recommends stricter regulatory supervision and standardized enforcement mechanisms to mitigate disclosure inconsistency across jurisdictions.

The study aims to explore the CSR's structure over some time (2016-2019) and draw a distinct pattern about the MNEs operating in Pakistan. Content analysis was used to extract the contextual meaning from the available data to set up the foundation for further research questions and draw a basic CSR prototype through an inductive method to develop a theory. CSR's structure is scattered and irregular in Pakistan. The exact pattern and involvement in specific dimensions are not defined, and the tendency is not identical even in the same industry. All enterprises operating in Pakistan need to exercise the updated corporate governance styles, practice both local and international CSR standards to achieve maximum corporate benefits. CSR concept is a 'time & space' sensitive phenomenon and receptive to domestic culture and institution, especially in developing countries. This research study has tried to sketch a fundamental and general but exact pattern of CSR activities ob...

The study analyzed the combined impact of the firm's characteristics on the level of corporate social responsibility disclosure (CSRD). Data were obtained from the annual reports, and all the available assumptions were fulfilled before running the regression models. The results show that the percentage of shares held by the foreigner shareholders, top management, number of total shareholders, and the presence of independent director has a positive relationship with the level of CSRD. In addition, the percentage of the local shareholders has shown a negative association with the level of CSRD. Nevertheless, the firm's profitability shows no significant result, negating the general perception that profitable firms involve in more corporate social responsibility (CSR) activities. Findings offer a comprehensive picture for policymakers, practitioners, and general corporate beneficiaries. This study insight that the involvement in CSR activities is sensitive to the internal corporate structure and the firm's capabilities.

There is expectation that corporate governance presence improves audit quality but studies that done so far shows no conclusive evidence on how corporate governance influences audit quality. Census survey was applied for the study. Primary data was collected using structured questionnaire, distributed to respondents by researcher in person as well review of available literature covering four year period of 2012-2015. The data collected was summarized using descriptive statistics. Correlation survey design was used to determine relationship between corporate governance and audit quality of public financial institutions in Kenya and the data was analyzed using social package for social sciences software (SPSS). The study found out that in most public financial institutions in Kenya, CEO duality doesn’t exist, audit committee and board composition have average of seven members while board independence is composed of less than one percent of outside directors. Furthermore 91.2% changes ...

This study examines the impact of increasing pre-trade transparency using intraday data from the Taiwanese stock market, which has experienced a gradual increase in transparency. Specifically, we analyze the influence of transparency on information content of the limit order book, and its effect on order placement strategies. Concerning the limit order book information, we show that the bid disclosures are more informative than ask disclosures, the disclosing quotes are more informative than disclosing depth, and the institutional traders' unmatched orders provide more information content than individual traders. In addition, the best quote of unexecuted orders for individual traders always have more information content than the average quotes from steps 2 to 5, whereas this is not true for institutional investors. With regard to order strategies, though most of the explanatory power of the book concentrates on the best quotes and depth, however, the book beyond the best disclosures also matters in explaining the order aggressiveness of investors. Investors are more aggressive as the book is more crowded on the same side of the market and as the book is more disperse in the opposite side of the market.

This study attempts to identify the degree of similarity in accounting practices especially measurements and disclosure- between Egypt and the United Arab Emirates. The investigation extends to reasons that might be behind similarities and dissimilarities. A special investigation covers implications of source of finance, company size and involvement in foreign operations in the two countries on their accounting policies. Test of the research arguments is based on data published in the annual reports of companies in the two countries. The degree of similarity in accounting practices is measured by I index developed by Van der Tas (1988). This index computes the extent of concentration around a particular accounting practice.

Given the specificity and importance of nonprofit organizations, there is a growing demand for financial and non-financial information. In this way, this paper will address the question of institutional disclosure through the web, of these specific organizations, particularly the Portuguese charities. Our central goal ascertains what type of information and what factors influence Portuguese charities in the information disclosure via Internet, bearing in mind that there are some variables that might influence the disclosure of information such as size, age and certification of financial reports. The main disclosure indicators will be listed so that we can identify the most visible types of information, as well as, the most important factors that influence information disclosure. So, a checklist will be proposed, which will be the starting point for the analysis of disclosure information published by the charities, besides a significant element to evaluate the degree of compliance with this specific index. To reach this goal we will do a quantitative content analysis to the web information published by the Portuguese charities. The main conclusions mention that most of the organizations under study disclose different types of information (financial and nonfinancial), in which financial information play a more relevant role, with the annual accounts disclosure index having the highest level of disclosure. Regarding the influencing elements of the disclosed information, the certification of accounts (external auditing) and organization size were identified as the most important ones.

This study investigates whether voluntary management disclosure of earnings forecasts influences investors' long-term assessment of firm risk and firm value. We control for possible endogeneity between various firm-specific characteristics and the voluntary issuing of different types of management earnings forecasts by utilizing a two-stage Heckman treatment analysis. We find a significant negative relationship between the issuance of management earnings forecasts and a variety of risk measures including idiosyncratic risk, stock return volatility, beta, and bid-ask spreads suggesting the issuance of management earings forecasts reduces information asymmetry and thus reduces risk. We find a significant positive relationship between management earnings forecasts and firm value as captured by Tobin's Q when the issuance of earnings is more precise (i.e., point estimates versus ranges or qualitative guidance), and a stronger positive relationship when the precise forecasts are also credible, i.e., when actual earnings meet or exceed management forecasts.

The aim of this research is to identify the determinants of excess liquidity defined as excess reserves in the banking sector in Bosnia and Herzegovina (B&H). The empirical analysis is carried out through the use of the dynamic panel analysis based on the generalized method of moments (GMM) methodology on a dataset of 19 commercial banks operating in B&H in the period from 2006 to 2015. The estimated relationships between excess liquidity and selected variables in models' specifications are as expected. The findings indicate that the size of the bank, non-performing loans and total loans are the key determinants of excess liquidity amongst internal factors. The results also reveal that among the domestic macroeconomic variables CPI is statistically significant indicator of excess liquidity. The commercial banks also rely on foreign markets and the finding arising from this study confirms a significant influence of Eonia on excess liquidity position in B&H. The presented research results and their economic interpretation may have valuable implications on the optimal liquidity management in the commercial banks in B&H and appropriate liquidity supervision. It will also provide beneficial foundation for more thorough liquidity analysis and its possible linkages with other risks within the banking sector.

This paper investigates the impact of the effectiveness of remuneration committees on narrative voluntary disclosure of information on remuneration. We develop a composite measure as a proxy for remuneration committee effectiveness by incorporating remuneration committee size, remuneration committee independence, remuneration committee chairman's independence, expertise and diligence. We find that both the existence and quality of a remuneration committee play a significant role in the decision to provide voluntary disclosure of remuneration actions and in the extent of this disclosure. Further analysis suggests that remuneration committee independence and diligence enhance the quality of remuneration committees. The results have policy implications for remuneration committees as an effective corporate governance mechanism.

Voluntary disclosure in narrative format is generally seen as an important governance mechanism through which an organisation communicates with its stakeholders to provide information, gain legitimacy and demonstrate accountability. This paper investigates the relationship between the existence of a remuneration committee (RCX) and it's effectiveness (RCE) on the voluntary disclosure of information relating to executive remuneration action in narrative format. Our study utilises data from Top 200 Australian Securities listed (ASX) firms and focuses on such disclosure during a critical period i.e. the global financial crisis years (2007 to 2011) when executive remuneration came into significant scrutiny. We find both the existence and effectiveness of a remuneration committee plays a significant role in the voluntary disclosure of executive remuneration in narrative format (VDER).

Purpose-This study aims to examine the impact of board characteristics on climate change disclosures (CCDs) in the context of an emerging economy, with a unique focus on regulatory influences. Design/methodology/approach-This study analyzes longitudinal data (2014-2021) from environmentally sensitive firms listed on the Dhaka Stock Exchange, using a disclosure index developed within the Global Reporting Initiative framework. The authors use a neo-institutional theoretical lens to explore regulatory influences on CCD through board characteristics. This study uses hand-collected data from annual reports owing to the absence of an established database. Findings-The results indicate that a larger board size, the presence of foreign directors and the existence of an audit committee correlate with higher levels of CCD disclosure. Conversely, a higher frequency of board meetings is associated with lower CCD disclosure levels. This study also observed an increase in CCD following the implementation of corporate governance guidelines by the Bangladesh Securities and Exchange Commission, albeit with a relatively low number of firms making these disclosures. Research limitations/implications-This study contributes to the climate change reporting literature by providing empirical evidence of regulatory influences on CCD through board characteristics in an emerging economy. However, the findings may not be universally applicable, considering the study's focus on Bangladeshi listed firms. Practical implications-This study suggests growing pressures for diverse stakeholders, including researchers and regulatory bodies, to integrate climate change disclosure into routine activities. This study offers a valuable framework and insights for various stakeholders. Social implications-By emphasizing the influence of good governance and sustainability practices, this study contributes to stakeholders' understanding, aiming to contribute to a better world. Originality/value-This study stands out by uniquely positioning itself in the climate change reporting literature, shedding light on regulatory influences on CCD through board characteristics in the context of an emerging economy.

There has been considerable research in respect of voluntary disclosure by companies and factors that may explain such disclosure. However, most of the research has been centred in developed countries. This study extends the previous literature by examining voluntary disclosure in a developing country, namely Kenya. Over the last decade, the Kenyan Government has initiated several far-reaching reforms at the Nairobi Stock Exchange (NSE) in order to mobilise domestic savings and attract foreign capital investment. These measures include privatisation of state corporations through the stock exchange and allowing foreign investors to own shares in the listed companies. This study provides a longitudinal examination of voluntary disclosure practices in the annual reports of listed companies in Kenya from 1992 to 2001. The study investigates the extent to which corporate governance attributes, ownership structure and company characteristics influence voluntary disclosure practices. Our results suggest that the extent of voluntary disclosure is influenced by a firm's corporate governance attributes, ownership structure and company characteristics. The presence of an audit committee is a significant factor associated with the level of voluntary disclosure, and the proportion of non-executive directors on the board is found to be significantly negatively associated with the extent of voluntary disclosure. The study also finds that the levels of institutional and foreign ownership have a significantly positive impact on voluntary disclosure. Large companies and companies with high debt voluntarily disclose more information. In contrast, board leadership structure, liquidity, profitability and type of external audit firm do not have a significant influence on the level of voluntary disclosure by companies in Kenya.

Objective
The primary challenges of the 21st century, particularly resource scarcity and the efficient utilization of resources, have intensified global awareness of sustainability and its implications for sustainable development. Achieving sustainable development requires businesses to adopt strategies that integrate economic objectives with environmental and social dimensions. As critical pillars of society, companies significantly influence sustainable development initiatives; their collaboration is essential for meaningful progress. The implementation of sustainability initiatives serves as a precursor to the disclosure of sustainability information, enabling companies to reap the advantages of both implementation and disclosure processes. Therefore, this study aims to investigate the influence of material sustainability information disclosure on company performance, while also considering the moderating effect of business strategy.
Methods
This research adopts a descriptive-correlational approach with a focus on practical application. A library method was utilized to gather relevant information and establish theoretical foundations. Financial data were extracted using document mining techniques applied to audited financial statements, while sustainability information was obtained through content analysis and mapping from the companies' board of directors or sustainability reports. The statistical population comprises 102 companies listed on the Tehran Stock Exchange from 2018 to 2022.

Improving the firm's financial and non-financial performance in the era of globalization has always been the demand of, and received attention from, stakeholders. In addition, after global warming, market collapse, and economic crises, stakeholders become increasingly aware of the importance of environmental, social, and governance performance as one of the non-financial components that can affect the firm's financial and non-financial performance. The firm's financial and non-financial performance is linked to the structural elements of management and the composition of the board of directors. Managers as representatives of stakeholders must protect their interests, but all their strategic decisions, including decisions related to environmental, social, and governance activities, are affected by their characteristics. Integrating ESG factors into management characteristics reshapes the firm's strategies and practices. Firms that prioritize these elements are likely to enhance their reputation, attract investment, and achieve sustainable growth. Based on this, the current research aims to investigate the moderating role of management's structural characteristics on the impact of environmental, social, and governance performance on the firm's financial and non-financial performance.