An Empirical study of corporate social responsibility and its disclosure in Islamic financial institutions

Corporate Social Responsibility (CSR) and Corporate Social Responsibility Disclosure (CSRD) have received much attention in the literature. However, a review of previous studies has revealed that the current discussions on CSR and CSRD do not go beyond the disciplinary perspective (e. g. management, accounting, and ethics) and ignore the possibility of conceptualisation of CSR and CSRD based on other values, such as religion. Many of these studies have proposed different theories to explain why corporations disclose or do not disclose social responsibility information. The various CSRD theories exclude religion as a foundation in explaining why organisations should disclose social responsibility information, and also in making assessment of the performance of organisations in terms of fulfilling their obligation to God. These theories have been developed mainly in the context of the liberal market, and may not offer full justification of CSR and CSRD practices in a dissimilar socio-culture, such as the case of Islamic financial institutions (IFIs).While values and principles that have been central to Islamic teaching and philosophy are directly related to the notion of CSR, there are some empirical studies that have attempted to investigate the relationships between those Values and CSR and CSRD. The mainstream of existing studies has tended to examine the gap between the expectation of social disclosure and the actual disclosure practice in Islamic business organisations such as IFIs. In order to understand the practice of CSR and CSRD by IFIs, it is also important to investigate the perception of the managers who are in charge of producing corporate reports, and to understand the reasons and rationales behind disclosing or non-disclosing social responsibility information. In addition, there is a lack of comprehensive studies comparing the practice of CSRD in IFIs with its conventional counterparts, as such a comparison offers an insight into the nature of CSRD in IFIs, which are influenced by the value of Islam.To achieve this objective, this study conducted a mix of qualitative and quantitative research. On the quantitative part, 42 financial institutions, divided equally between IFIs and conventional financial institutions (CFls), were studied.The content analysis method was utilised to compare the extent and level of CSRD in the annual reports between IFIs and CFIs. On the qualitative research side, interviews were utilised to seek the perspectives, attitudes and opinions of IFIs' managers on CSR and CSRD.This study presents evidence that Islamic values have driven the business practice of IFIs and consequently influenced CSR and CSRD. The principle of accountability to Almighty Allah was found as the prominent driver for CSR and CSRD in IFIs. This accountability is based on the relationship between individuals and businesses, and Almighty Allah. Accountability in this context means not only a duty to report performance, but performing ethically in the first place. This notion of accountability from an Islamic perspective provides a different dimension to the concept of CSR and CSRD, which was not identified in the existing framework and literature. This study has therefore contributed to our understanding and knowledge of CSR, and CSRD in particular, in the business environment of IFIs

Earnings Management and Corporate Social Responsibility: UK Evidence

Purpose The paper attempt a closer investigation to re-interpret the role of CSR in limiting the extreme practices in earnings management (EM), using evidence from large UK companies. Design/methodology/approach The study has employed content analysis and disclosure index to measure the level of CSR. we measure EM based on discretionary accruals using cross-sectional version of the modified Jones model Findings The findings of this study reveal that companies with a higher commitment to CSR activities are less likely to manage earnings through accruals. Originality/value This study shed more light on the potential impact of CSR on earnings management in the context of the UK.Prior research on the impact of CSR on earnings management has used exclusively CSR scores, provided by CSR score indices.The manual measurement employed in this study for CSR (disclosure index/content analysis) is considered to provide a more detailed and precise measure

The effect of the CEO’s characteristics on EM Evidence from Jordan

Purpose Purpose – The study aims to examine the effect of CEO’s personal characteristics on earnings management (EM) practices. Design/methodology/approach Design/methodology/approach – We use panel data for 201 non-financial companies listed on the Amman Stock Exchange (ASE) for the period 2008 to 2013. We employ random effect models to test our hypothesis and extent the analysis to family vs non-family. Findings Findings – The study finds a positive relation between CEO’s overconfidence and EM practices in Jordan. Moreover, the findings reveal that managers in family-companies are more likely to engage in EM practices than non-family-companies. The findings shed more light on the intricate relationship between CEO’s characteristics, the decision-making process and financial reporting. Practical implications Practical implications – results of this study could be beneficial for a number of users of financial information such as, investors, auditors, regulators, lenders, as well other players in the capital market to make right decisions. Originality/value Originality/value –a literature review find that much less studies have investigated the relationship between EM practices and personal CEO characteristics (gender and overconfidence) in developing countries such as Jordan. Furthermore, no study yet has examined the influence of CEO age on EM practices. We extend previous literature by providing empirical evidence about effect of some personal CEO’s characteristics on EM practices

The Effect of CEOs’ Characteristics on Forward-Looking Information

Purpose - This paper aims to examine the effect of CEOs’ characteristics on the level of FLI disclosure. Design/methodology/approach - The study uses a disclosure index to measure the level of FLI and employs random-effect and panel data regressions to examine the relationship between CEOs’ characteristics and the level of FLI disclosure. The sample consists of 201 non-financial companies listed on the Amman Stock Exchange (ASE) for the period 2008-2013. Findings - The results show that the CEO age has a significant negative relationship with the level of FLI, whereas gender and overconfidence have a significant positive association with it. Practical implications - The results could be beneficial for a number of users of financial information, such as regulators, investors, auditors and lenders to make better decisions. Originality/value – The current study offers evidence of the effect of CEO characteristics on the level of FLI disclosure statements, particularly through narrative disclosures

Corporate Governance: The Impact of Director and Board Structure, Ownership Structure and Corporate Control on the Performance of Listed Companies on the Ghana Stock Exchange

Abstract Purpose - This paper seeks to examine the relationship between corporate governance and firm performance of listed Ghanaian companies. Design/Methodology/approach – The study adopts a longitudinal and cross-sectional data set of 20 sampled companies over a period of 5 years. The data was analysed using a panel regression and ANOVA analysis to establish the relationship between corporate governance and firm performance. Corporate governance is defined in terms of three indices –board structure, ownership structure and corporate control while firm performance is measured by return on assets, return on equity, net profit margin and Tobin’s Q. Findings - The findings of the study revealed that, top twenty ownership structures and female representation on board have significant positive relationship with firm performance, while board independence and frequency of audit committee meeting have negative significant relationship with firm performance. Research limitations/implications – The scope of this study can be expanded to include non-listed firms. In addition, other corporate governance mechanisms could be considered to broaden the scope of the study. Originality/value -The originality of the paper is attributable to the use of two (2) data analysis techniques (panel regression analysis and ANOVA) which provides a comprehensive analysis on the relationship between corporate governance and firm performance. This, to the best knowledge of the authors, is the first of its kind to be done in Ghana

Corporate Social Responsibility and Islamic Financial Institutions (IFIs): Management Perceptions from IFIs in Bahrain

Islamic finance is gaining greater attention in the finance industry, and this paper analyses how Islamic financial institutions (IFIs) are responding to the welfare needs of society. Using interview data with managers and content analysis of the disclosures, this study attempts to understand management perceptions of corporate social responsibility (CSR) in IFIs. A thorough understanding of CSR by managers, as evident in the interviews, has not been translated fully into practice. The partial use of IFIs’ potential role in social welfare would add further challenges in the era of financialisation

The impact of surgical delay on resectability of colorectal cancer: An international prospective cohort study

AIM: The SARS-CoV-2 pandemic has provided a unique opportunity to explore the impact of surgical delays on cancer resectability. This study aimed to compare resectability for colorectal cancer patients undergoing delayed versus non-delayed surgery. METHODS: This was an international prospective cohort study of consecutive colorectal cancer patients with a decision for curative surgery (January-April 2020). Surgical delay was defined as an operation taking place more than 4 weeks after treatment decision, in a patient who did not receive neoadjuvant therapy. A subgroup analysis explored the effects of delay in elective patients only. The impact of longer delays was explored in a sensitivity analysis. The primary outcome was complete resection, defined as curative resection with an R0 margin. RESULTS: Overall, 5453 patients from 304 hospitals in 47 countries were included, of whom 6.6% (358/5453) did not receive their planned operation. Of the 4304 operated patients without neoadjuvant therapy, 40.5% (1744/4304) were delayed beyond 4 weeks. Delayed patients were more likely to be older, men, more comorbid, have higher body mass index and have rectal cancer and early stage disease. Delayed patients had higher unadjusted rates of complete resection (93.7% vs. 91.9%, P = 0.032) and lower rates of emergency surgery (4.5% vs. 22.5%, P < 0.001). After adjustment, delay was not associated with a lower rate of complete resection (OR 1.18, 95% CI 0.90-1.55, P = 0.224), which was consistent in elective patients only (OR 0.94, 95% CI 0.69-1.27, P = 0.672). Longer delays were not associated with poorer outcomes. CONCLUSION: One in 15 colorectal cancer patients did not receive their planned operation during the first wave of COVID-19. Surgical delay did not appear to compromise resectability, raising the hypothesis that any reduction in long-term survival attributable to delays is likely to be due to micro-metastatic disease

Effects of hospital facilities on patient outcomes after cancer surgery: an international, prospective, observational study

Background Early death after cancer surgery is higher in low-income and middle-income countries (LMICs) compared with in high-income countries, yet the impact of facility characteristics on early postoperative outcomes is unknown. The aim of this study was to examine the association between hospital infrastructure, resource availability, and processes on early outcomes after cancer surgery worldwide.Methods A multimethods analysis was performed as part of the GlobalSurg 3 study-a multicentre, international, prospective cohort study of patients who had surgery for breast, colorectal, or gastric cancer. The primary outcomes were 30-day mortality and 30-day major complication rates. Potentially beneficial hospital facilities were identified by variable selection to select those associated with 30-day mortality. Adjusted outcomes were determined using generalised estimating equations to account for patient characteristics and country-income group, with population stratification by hospital.Findings Between April 1, 2018, and April 23, 2019, facility-level data were collected for 9685 patients across 238 hospitals in 66 countries (91 hospitals in 20 high-income countries; 57 hospitals in 19 upper-middle-income countries; and 90 hospitals in 27 low-income to lower-middle-income countries). The availability of five hospital facilities was inversely associated with mortality: ultrasound, CT scanner, critical care unit, opioid analgesia, and oncologist. After adjustment for case-mix and country income group, hospitals with three or fewer of these facilities (62 hospitals, 1294 patients) had higher mortality compared with those with four or five (adjusted odds ratio [OR] 3.85 [95% CI 2.58-5.75]; p&lt;0.0001), with excess mortality predominantly explained by a limited capacity to rescue following the development of major complications (63.0% vs 82.7%; OR 0.35 [0.23-0.53]; p&lt;0.0001). Across LMICs, improvements in hospital facilities would prevent one to three deaths for every 100 patients undergoing surgery for cancer.Interpretation Hospitals with higher levels of infrastructure and resources have better outcomes after cancer surgery, independent of country income. Without urgent strengthening of hospital infrastructure and resources, the reductions in cancer-associated mortality associated with improved access will not be realised

Elective cancer surgery in COVID-19-free surgical pathways during the SARS-CoV-2 pandemic: An international, multicenter, comparative cohort study

PURPOSE As cancer surgery restarts after the first COVID-19 wave, health care providers urgently require data to determine where elective surgery is best performed. This study aimed to determine whether COVID-19–free surgical pathways were associated with lower postoperative pulmonary complication rates compared with hospitals with no defined pathway. PATIENTS AND METHODS This international, multicenter cohort study included patients who underwent elective surgery for 10 solid cancer types without preoperative suspicion of SARS-CoV-2. Participating hospitals included patients from local emergence of SARS-CoV-2 until April 19, 2020. At the time of surgery, hospitals were defined as having a COVID-19–free surgical pathway (complete segregation of the operating theater, critical care, and inpatient ward areas) or no defined pathway (incomplete or no segregation, areas shared with patients with COVID-19). The primary outcome was 30-day postoperative pulmonary complications (pneumonia, acute respiratory distress syndrome, unexpected ventilation). RESULTS Of 9,171 patients from 447 hospitals in 55 countries, 2,481 were operated on in COVID-19–free surgical pathways. Patients who underwent surgery within COVID-19–free surgical pathways were younger with fewer comorbidities than those in hospitals with no defined pathway but with similar proportions of major surgery. After adjustment, pulmonary complication rates were lower with COVID-19–free surgical pathways (2.2% v 4.9%; adjusted odds ratio [aOR], 0.62; 95% CI, 0.44 to 0.86). This was consistent in sensitivity analyses for low-risk patients (American Society of Anesthesiologists grade 1/2), propensity score–matched models, and patients with negative SARS-CoV-2 preoperative tests. The postoperative SARS-CoV-2 infection rate was also lower in COVID-19–free surgical pathways (2.1% v 3.6%; aOR, 0.53; 95% CI, 0.36 to 0.76). CONCLUSION Within available resources, dedicated COVID-19–free surgical pathways should be established to provide safe elective cancer surgery during current and before future SARS-CoV-2 outbreaks