The Consequences of Voluntary Information Disclosure on Firm Value: Case of Tunisian listed firms

The aim of this paper is to examine the impact of voluntary information disclosure on firm value for a sample of Tunisian firms listed on the Tunis Stock Exchange between 2005 and 2007. The results of the study have shown that, in the Tunisian context, (1) Voluntary corporate disclosure has an effect on income smoothing since an increased level of voluntary disclosure allows a detection of income smoothing. (2) Voluntary corporate disclosure has an effect on firm value via income smoothing. Actually, the more the Tunisian companies voluntarily disclose information, the less chance will be for managers to smooth earnings since the information needed to detect any income smoothing is held by investors, which entails an amplified firm value. This finding contributes to the relevant literature, particularly in an emerging market context characterized by a scarcity of studies regarding how the marketplace perceives voluntary disclosure. The paper evaluates comprehensively the value relevance of overall voluntary disclosure to the market participants. Finally, this finding might be accepted as a signal to corporations to disclose more information to the stakeholders. Since an increased level of voluntary disclosure will enhance the firm value. Keywords: voluntary disclosure, income smoothing, firm value, emerging market, income

L'EFFET DE LA CONCENTRATION DE L'ACTIONNARIAT SUR L'OFFRE VOLONTAIRE D'INFORMATIONS DANS LES RAPPORTS ANNUELS DES SOCIÉTÉS CANADIENNES

L'objectif de cet article est d'étudier l'impact de la concentration de la propriété, indicateur de conflit d'agence, sur la diffusion volontaire d'informations fournies dans les rapports annuels des entreprises canadiennes. Comme objectif secondaire, nous avons étudié l'effet de la propriété des dirigeants et des nondirigeants dans le capital et d'autres variables (taille, endettement, performance...) sur l'étendue de l'offre volontaire d'informations. L'échantillon comprend les rapports annuels de l'année 1997 de 142 entreprises industrielles. L'étendue de la publication est mesurée selon l'indice de Botosan [1997]. En procédant à de multiples régressions linéaires, nous avons conclu que la concentration de la propriété entraîne un effet important sur la variation de l'offre volontaire dans les rapports annuels. La deuxième plus importante variable relève de la taille de l'entreprise, laquelle explique bien la variation de l'offre volontaire dans les rapports annuels.rapports annuels; concentration de la propriété; offre volontaire

Effet des mécanismes de gouvernance sur la performance financière et boursière : Cas des entreprises canadiennes

Ce travail essaie d'étudier l'association entre les mécanismes de gouvernance et des mesures de performance financière et boursière de 134 entreprises canadiennes pour l'année 2007. L'étude met en évidence la non linéarité du modèle exprimant l'effet de la gouvernance sur la performance. En effet, les résultats montrent qu'un seuil relatif à l'indice de divulgation doit être dépassé pour que la gouvernance puisse se traduire par un effet positif sur la performance financière. La divulgation est ainsi indispensable pour l'amélioration de la performance financière des entreprises canadiennes.Gouvernance d'entreprise ; performance financière ; performance boursière ; divulgation ; effet seuil

5G Ambient Backscatter Communications: Achievable Range and Power Levels in an Urban Environment

International audienceThe ambient backscatter communication (AmBC) is a promising approach for wireless data transmission, ensuring the Internet of Things (IoT) growth. This paper presents a study to assess the power budget when considering the 5G as an ambient radiofrequency (RF) source. The paper aims to pore over the feasibility boundaries, namely the power and range levels in the context of 5GAmBC. The investigation deals with an urban macro-cellular outdoor environment. A line of sight (LOS) bi-static scenario was inspected as a case study, in the 3.5 GHz frequency range. The power levels were evaluated based on convenient propagation models. The obtained results are very helpful for a better understanding of the backscatter communication ranges for 5G systems in the considered environmen

Production and Biochemical Characterization of a High Maltotetraose (G4) Producing Amylase from Pseudomonas stutzeri AS22

Amylase production and biochemical characterization of the crude enzyme preparation from Pseudomonas stutzeri AS22 were evaluated. The highest -amylase production was achieved after 24 hours of incubation in a culture medium containing 10 g/L potato starch and 5 g/L yeast extract, with initial pH 8.0 at 30 ∘ C under continuous agitation at 200 rpm. The optimum temperature and pH for the crude -amylase activity were 60 ∘ C and 8.0, respectively. The effect of different salts was evaluated and it was found that both -amylase production and activity were Ca 2+ -dependent. The amylolytic preparation was found to catalyze exceptionally the formation of very high levels of maltotetraose from starch (98%, w/w) in the complete absence of glucose since the initial stages of starch hydrolysis (15 min) and hence would have a potential application in the manufacturing of maltotetraose syrups