376 research outputs found
Corporate governance compliance and disclosure in the banking sector: using data from Japan
Using regression model this study investigates which characteristics of a bank is associated with the extent of corporate governance disclosure in Japan. The findings suggest that on average 8 banks out of a sample of 46 disclose optimal corporate governance information. The regression model results reveal in general that non-executive directors, cross-ownership, capital adequacy ratio and type of auditors are associated with the extent of corporate governance disclosure. Of these four variables, non-executive directors have a more significant impact on the extent of disclosure contrary to total assets and audit firms of banks in the context of Japan. The findings of this paper are relevant for corporate regulators, professional associations and developers of corporate governance code when designing or updating corporate governance code
Complimentary Narrative Commentaries of Statutory Accounts in the Annual Reports of UK Listed Companies
This paper, for the first time, classifies narrative information into complementary and supplementary. For the purpose of the paper, complementary narrative information is defined as that information which refers to specific numbers presented in the statutory accounts (profit and loss and balance sheet). Non-specific narrative information is classified as supplementary. Having made the distinction and provided reasons for such a distinction the study investigates the extent of complementary narrative commentaries on numbers from the statutory accounts. The study also investigates which company-specific characteristics are associated with the extent of complementary narrative commentaries. An index consisting of 46 items which must be reported in the statutory accounts was used to measure the extent of complementary narrative commentaries in the annual reports of 170 listed UK companies. the findings suggest that, on average, the companies comment on 3909% of the numbers appearing in their statutory accounts. using the Ordinary Least Squares (OLS) regression model, the results indicate that company size, gearing, profitability, liquidity ratio, the presence of exceptional items, and substantial institutional investment are significantly associated with the extent of complementary narrative commentaries. However, auditory type, directors' share ownership, and the proportion of non-executive directors are not significantly associated with the extent of complementary narrative commentaries. The research has important implications for accounting regulators, users of annual reports and future research into the usefulness narrative information provided in annual reports
Sustainability disclosure and reputation: a comparative study
âThis is a post-peer-review, pre-copyedit version of an article published in Corporate Reputation Review. The definitive publisher-authenticated version Corporate Reputation Review 14(2), pp.79-96 is available online at: http://www.palgrave-journals.com/crr/index.htmlâDrawing on legitimacy theory, we discuss that a companyâs reputation is a determinant of
sustainability disclosure. Specifically, we consider the concept of reputation into three
dimensions for analysis: stakeholdersâ commitment, financial performance and media
exposure. This paper differs from previous social and environmental reporting studies in
that it investigates both internal and external contextual factors that influence disclosure
practice. We claim that companies with a good financial performance, that are adopting an
active strategic position towards stakeholders and that are exposed to significant public
pressure are more likely to use sustainability disclosure in order to communicate their
legitimacy to operate to stakeholders. Moreover the paper analyses a wide range of
corporate reports for their social and environmental content using an international sample
that allows for a comparison of disclosure practices among Continental European, UK and
USA companies. Our results show that stakeholder commitment and media exposure are
positively associated with sustainability disclosure. Moreover, we find evidence that the
drivers of disclosure vary by information type
Institutional distance and foreign subsidiary performance in emerging markets: moderating effects of ownership strategy and host-country experience
Institutional distance has been known to be an important driver of Multinational Enterprisesâ strategies and performance in host countries. Based on a large panel dataset of 10562 firms operating in 17 emerging markets and spanning 80 home countries, we re-examine the relationship described by Gaur and Lu (2007) between regulatory institutional distance and subsidiary performance. We extend this research by (1) examining this relationship in the context of emerging markets, (2) examining the moderating effects of ownership strategy and host-country experience within the context of emerging markets and (3) accounting for a greater variety of institutions by including a large number of home and host countries. We find that institutional distance negatively affects subsidiary performance in emerging markets. Our findings also show that the negative effects of institutional distance on subsidiary performance are lesser for subsidiaries with partial ownership (than for subsidiaries with full ownership) and for subsidiaries with greater host-country experience. We discuss our findings with respect to Gaur and Luâs model, which explores the relationships between these variables in a general context
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Corporate reputation past and future: a review and integration of existing literature and a framework for future research
The concept of corporate reputation is steadily growing in interest among management researchers and practitioners. In this article, we trace key milestones in the development of reputation literature over the past six decades to suggest important research gaps as well as to provide contextual background for a subsequent integration of approaches and future outlook. In particular we explore the need for better categorised outcomes; a wider range of causes; and a deeper understanding of contingencies and moderators to advance the field beyond its current state while also taking account of developments in the macro business environment. The article concludes by presenting a novel reputation framework that integrates insights from reputation theory and studies, outlines gaps in knowledge and offers directions for future research
Movimentos de teorias em campos interdisciplinares: a inserção de Michel Foucault na contabilidade
Social disclosure and cost of equity in public companies in Brazil
Esta pesquisa tem por objetivo analisar a relação entre o nĂvel de social disclosure e o custo de capital prĂłprio em companhias abertas no
Brasil. Assume-se a hipótese de que os programas sociais externos promovidos ou apoiados pelas empresas contribuem para a construção
da imagem reputacional das organizaçþes, compensando as externalidades, trazendo benefĂcios sob o ponto de vista econĂ´mico, pela
relação negativa com o custo do capital. Para testar essa hipótese, foram coletados e analisados os relatórios de responsabilidade social de
83 empresas listadas na Bolsa de Valores, Mercadorias e Futuros de SĂŁo Paulo (BM&FBovespa), no perĂodo de 2005 a 2009. Para avaliação
do nĂvel de social disclosure das empresas analisadas, foi utilizado um Ăndice composto de 13 indicadores. O custo de capital prĂłprio foi
ajustado ao risco mediante o Capital Asset Pricing Model (CAPM) e testado por meio de regressĂŁo com dados em painel com efeitos fixos
seccionais. Os resultados evidenciam que hĂĄ relação negativa entre custo de capital prĂłprio e nĂvel de social disclosure, indicando, para o
mercado acionĂĄrio brasileiro, uma forma semiforte de eficiĂŞncia de mercado. _________________________________________________________________________________ ABSTRACTThis study aims to analyze the relationship between the level of social disclosure and the cost of equity in public companies in Brazil. The
hypothesis is that external social programs promoted or supported by a company increase the organization's reputation, compensate for
externalities and bring economic benefits through the negative relationship with the cost of equity. To test this hypothesis, social responsibility
reports of 83 companies listed on the SĂŁo Paulo Stock, Mercantile and Futures Exchanges (Bolsa de Valores, Mercadorias e Futuros de SĂŁo
Paulo - BM&FBovespa) from the period 2005-2009 were collected and analyzed. A composite index of 13 indicators was used to evaluate
the social disclosure level of the companies analyzed. The cost of equity was risk-adjusted using the capital asset-pricing model (CAPM) and
regression tested using panel data with cross-sectional fixed effects. The results show a negative relationship between the cost of equity and level
of social disclosure, indicating that the Brazilian stock market has a semi-strong form of market efficiency
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