The effect of firm and country characteristics on mandatory disclosure compliance

Our study investigates the role of firm and country characteristics in determining the level of compliance with mandatory disclosure requirements. We also examine whether the role of firm characteristics hold across different country environments. Our empirical study relies on European Union listed firms included on the STOXX Europe 600 Index and on their level of compliance with IFRS 3, Business Combinations disclosure requirements. Our results demonstrate that both firm and country characteristics develop a significant task in explaining the level of compliance with mandatory disclosure requirements. They confirm that firms located in a common-law country have the strongest, and firms located in a French-civil-law country the weakest, level of compliance with IFRS 3 disclosure requirements, with firms located in a Scandinavian- and German-civil-law country placed in the middle. Our findings also suggest that return on assets is the main determinant of the level of compliance with IFRS 3 disclosure requirements in the group of common-law plus Scandinavian- and Germancivil- law countries, while leverage is the main determinant in the group of French-civil-law countries.O nosso estudo analisa a influência das características das empresas e dos países sobre o nível de cumprimento dos requisitos de divulgação obrigatórios. Também analisamos se o impacto das características das empresas sobre o nível de cumprimento dos requisitos de divulgação obrigatórios varia de acordo com os diferentes países. O nosso estudo empírico baseia-se em empresas cotadas na União Europeia, incluídas no Índice STOXX 600 no final de 2009, e no seu nível de cumprimento dos requisitos de divulgação exigidos pela Norma Internacional e de Relato Financeiro 3, Concentrações de Negócios. Os resultados obtidos indicam que tanto as características das empresas como dos países influenciam de modo significativo o nível de cumprimento dos requisitos de divulgação obrigatórios. Eles demonstram que as empresas localizadas em países com sistemas de common-law têm superiores níveis de cumprimento dos requisitos de divulgação, que as empresas localizadas em países com sistemas de civil-law Francês têm piores níveis de cumprimento e que as empresas localizadas em países com sistemas de civil-law Escandinavo ou Alemão se encontram entre as anteriores em termos de cumprimento dos requisitos de divulgação exigidos pela Norma Internacional e de Relato Financeiro 3. Os nossos resultados também sugerem que a Rendibilidade dos Activos é a principal determinante nas empresas localizadas em países com sistemas de common-law e de civil-law Escandinavo ou Alemão, e que o rácio de Alavanca Financeira é o principal determinante nas empresas localizadas em países com sistemas de civil-law Francês

Evaluation of a quality improvement intervention to reduce anastomotic leak following right colectomy (EAGLE): pragmatic, batched stepped-wedge, cluster-randomized trial in 64 countries

Background Anastomotic leak affects 8 per cent of patients after right colectomy with a 10-fold increased risk of postoperative death. The EAGLE study aimed to develop and test whether an international, standardized quality improvement intervention could reduce anastomotic leaks. Methods The internationally intended protocol, iteratively co-developed by a multistage Delphi process, comprised an online educational module introducing risk stratification, an intraoperative checklist, and harmonized surgical techniques. Clusters (hospital teams) were randomized to one of three arms with varied sequences of intervention/data collection by a derived stepped-wedge batch design (at least 18 hospital teams per batch). Patients were blinded to the study allocation. Low- and middle-income country enrolment was encouraged. The primary outcome (assessed by intention to treat) was anastomotic leak rate, and subgroup analyses by module completion (at least 80 per cent of surgeons, high engagement; less than 50 per cent, low engagement) were preplanned. Results A total 355 hospital teams registered, with 332 from 64 countries (39.2 per cent low and middle income) included in the final analysis. The online modules were completed by half of the surgeons (2143 of 4411). The primary analysis included 3039 of the 3268 patients recruited (206 patients had no anastomosis and 23 were lost to follow-up), with anastomotic leaks arising before and after the intervention in 10.1 and 9.6 per cent respectively (adjusted OR 0.87, 95 per cent c.i. 0.59 to 1.30; P = 0.498). The proportion of surgeons completing the educational modules was an influence: the leak rate decreased from 12.2 per cent (61 of 500) before intervention to 5.1 per cent (24 of 473) after intervention in high-engagement centres (adjusted OR 0.36, 0.20 to 0.64; P < 0.001), but this was not observed in low-engagement hospitals (8.3 per cent (59 of 714) and 13.8 per cent (61 of 443) respectively; adjusted OR 2.09, 1.31 to 3.31). Conclusion Completion of globally available digital training by engaged teams can alter anastomotic leak rates. Registration number: NCT04270721 (http://www.clinicaltrials.gov)