Online Financial Reporting Disclosure Requirements Across Central and Eastern European Countries

The business community has admitted that the accounting is “the language of business”. They are using the accounting to communicate the existence and the evolution of the financial situation and also of the performance for the economical entities. Financial information is a form of a language. The purpose of this paper is to investigate the various elements of financial reporting frameworks and practice in the context of the Internet. The Internet has emerged as a recent medium of presentation of corporate information in the United States, Germany, Great Britain, but also in the Central and Eastern European Countries. Actual disclosure by companies from CEE was investigated in order to compare de jure and the facto financial reporting disclosure.financial reporting, Internet, disclosure, CEE countries

INTELLECTUAL CAPITAL REPORTING AND DISCLOSURE IN THE ANNUAL REPORTS OF ROMANIAN MANUFACTURING LISTED COMPANIES â€" METHODOLOGY AND DISCUSSION OF RESULTS

In our study we have proposed to measure the extent of intellectual capital disclosure using annual reports as the source of our documentation. The empirical analysis is twofold: firstly we are interested in analyzing the value of intellectual capital using a value-based approach, through the evolution of market to book value ratio over the selected period and secondly we carry out a content-based analysis of the complete annual reports of the selected companies over the five year period and calculate an intellectual capital disclosure index. Looking at the figures we can conclude that only 50% of Romanian manufacturing companies hold intellectual capital assets for the period analysed and also they are mostly disclose information that refers to relational capital. The intellectual capital voluntary disclosure index for the 2005-2009 years for the sampled companies is on average almost 19%, considered very low.knowledge, intellectual capital reporting, annual reports, listed companies, disclosure

Q-based design equations for resonant metamaterials and experimental validation

Practical design parameters of resonant metamaterials, such as loss tangent, are derived in terms of the quality factor $Q$ of the resonant effective medium permeability or permittivity. Through electromagnetic simulations of loop-based resonant particles, it is also shown that the $Q$ of the effective medium response is essentially equal to the $Q$ of an individual resonant particle. Thus, by measuring the $Q$ of a single fabricated metamaterial particle, the effective permeability or permittivity of a metamaterial can be calculated simply and accurately without requiring complex simulations, fabrication, or measurements. Experimental validation shows that the complex permeability analytically estimated from the measured $Q$ of a single fabricated self-resonant loop agrees with the complex permeability extracted from $S$ parameter measurements of a metamaterial slab to better than 20%. This $Q$ equivalence reduces the design of a metamaterial to meet a given loss constraint to the simpler problem of the design of a resonant particle to meet a specific $Q$ constraint. This analysis also yields simple analytical expressions for estimating the loss tangent of a planar loop magnetic metamaterial due to ohmic losses. It is shown that $\tan \delta \approx 0.001$ is a strong lower bound for magnetic loss tangents for frequencies not too far from 1 GHz. The ohmic loss of the metamaterial varies inversely with the electrical size of the metamaterial particle, indicating that there is a loss penalty for reducing the particle size at a fixed frequency

VOLUNTARY DISCLOSURE AND PERFORMANCE IN TIME OF ECONOMIC INSTABILITY. THE CASE STUDY OF TURISM FELIX COMPANY

In the last few decades, the problem of voluntary disclosure of financial or non-financial information has been, in the attention of specialists, given the fact that information assimetry, as explained by the agency theory, has become an important factor for the actors of financial markets. High quality financial reports consistent with the IAS/IFRS, issued at regular intervals, have the role of offering data for in-depth financial analisys that can be the basis for decisions regarding stock market investments. The performance of company, estimated by using the EVA, MVA, VA indicators, are directly linked with the average cost of capital, which in turn is sensitive to the evolutions of the stock market, measured both by the level of the asset attached to the entity and of the level of financial market. The impact of voluntary disclosure on company’s performance in our paper has been studied on TUFE company listed on the Bucharest Stock Exchange, confirming a refined degree of predictability.voluntary disclosure, performance, cost of capital, EVA, TURISM FELIX

VOLUNTARY INTERNET FINANCIAL REPORTING AND DISCLOSURE – A NEW CHALLENGE FOR ROMANIAN COMPANIES

The majority of IFR and disclosure studies are focused on USA and European developed countries. Only a few studies have been carried on CEE countries. This paper examines the extent of voluntary internet financial reporting and disclosure of the Romanianfinancial reporting, Internet, voluntary disclosure, listed companies

Transparency and disclosure between theory and practice. A case study of Romania

As a modern system by which companies are directed and controlled (The Cadbury Report, 1992) – corporate governance have became in the last years a system implemented by more and more companies from developed countries and recently from developing once. Having as starting point one of the principles of corporate governance – transparency – in this paper we focus on aspects that contribute to reach the transparency at corporate level, taking into consideration both regulation and practical issues in Romania, a developing country that have recently adopted the mechanisms of corporate governance. Corporate disclosure is the principal mean by which companies can become transparent, and is critical for the functioning of an efficient capital market (Healy & Palepu, 2001). For this reason we investigate several non-financial items that companies operating on international capital markets are usualy disclosing, looking for the extent to which Bucharest Stock Exchange listed companies are disclosing corporate social responsibility information. The results suggest that is a poor disclosure of social responsability information within the annual reports even the companies are activating in domains with great impact on the environmentcorporate governance, transparency, corporate disclosure, listed companies, corporate responsibility

L'intégration de l'information dans les décisions d'orientation: quels effets du locus de contrôle et de l'efficacité personnelle

Le caractère multiplicatif de la règle de combinaison des facteurs Valence (V) et Expectation (E) de la théorie de Vroom ainsi que les variations dans la règle de combinaison liées aux niveaux de l'efficacité personnelle de la personne et du locus de contrôle de celle-ci ont fait l'objet d'une recherche réalisée de 1996 à 1998. Les participants internes ou de faible efficacité personnelle appliqueraient une règle davantage multiplicative que les participants externes ou de forte efficacité personnelle. Il apparaît qu'au niveau du groupe total (365 lycéens), la règle qui rend compte de l'intégration des informations de V et E est multiplicative. Les lycéens appliquant une règle multiplicative seraient plus internes (L.O.C.) que ceux des autres groupes. Il n'apparaît pas, en revanche, d'effet de l'efficacité personnelle.This article presents a study that was realised between 1996 and 1998 upon the multiplicative feature of the combination factors [Valence (V) and Expectation (E)] of Vroom's theory as well as the variation in the above rule linked to the level of self efficacy and locus of control of a person. The research led the test of multiplicative components of Vroom's Force Model within the framework of Information Integration Theory (N H Anderson). The hypothesis is that individuals labelled as « internai » or with a low feeling of self efficacy would apply a rather more multiplicative rule than the individual labelled as « extemal » or with a high feeling of self efficacy. It appears that at group level (a group of 365 high school students were interviewed) the rule, which takes into account the integration of both Valence and Expectation, is more multiplicative. The students who apply such a rule would belong to the category labelled as « internai ». One cannot give a relevant result as to self efficacy on the integration of information