Information Disclosure In Companies Research Articles

IMPACT OF THE AUDIT ON THE TRANSPARENCY AND DISCLOSURE OF FINANCIAL INFORMATION

This research work focuses on auditing and its impact on companies. The general objective is to exhaustively analyze the “impact of auditing on the transparency and disclosure of financial information in companies” by conducting interviews with an auditor to know her opinion on the importance of the audit and the positive impact that companies have when applying it. To achieve this objective, a qualitative approach was used. The mandatory tax audit is a legal requirement and not an option, its value is established by the SET and must be requested. According to the suppliers, the accounting is rated with a “5”. The audited companies provide additional details, such as purchase forms by items or areas and by type of products, which increases the reliability of financial information.Auditors monitor the implementation of policies and procedures, identify errors and poor practices, and offer recommendations for improvements. Although auditing is not the only source for investment decisions, more than 85% of investors consider it. Interpersonal relationships improve significantly with the auditors’ opinion, increasing the transparency of the company. It is suggested that the audit should be carried out without being mandatory to have a greater impact. The audited companies must know the technical control standards to comply with them rigorously, and the results The final results of the audits must be objective, comply with the technical processes and the law. In conclusion, this research work provides valuable information on the implementation of the audit in companies.

Stake of shares, Stock liquidity and Listed company information disclosure violations

In recent years, due to the rapid development of China's domestic market economy, the financing method of equity pledge has played a very important position and influence among the main financing methods of listed companies due to its strong flexibility, simple transaction method and high efficiency. Based on the panel information of A-share non-financial listed companies in Shanghai and Shenzhen from 2016 to 2022, this paper studies the impact of equity pledge of controlling shareholders on corporate information disclosure violations, and explores whether equity pledge will affect corporate information disclosure violations by affecting stock liquidity. The results show that the equity pledge of the controlling shareholder will significantly improve the liquidity of stocks, thereby aggravating the company's information disclosure violations, and the stock liquidity will enhance the inducing effect of equity pledge on the company's information disclosure violations. Moreover, in non-state-owned enterprises, the impact of equity pledge of controlling shareholders on corporate information disclosure violations is more significant.

Exploring and Analyzing ESG Activity Evaluation Factors of Sports Brands using Delphi and AHP Techniques

PURPOSE This study aimed to identify and establish ESG activity assessment factors tailored for sports brands, offering a foundational framework for fostering sustainability within the sports industry.METHODS A Delphi survey was conducted between December 1, 2022, and January 31, 2023, involving university professors, sports brand executives, ESG researchers, sports marketing majors , a nd sports brand influencers. Data were analyzed using SPSS WIN 24.0 and MS Excel, encompassing research subject classification, consistency verification, and empirical analysis.RESULTS The assessment of ESG activity evaluation factors of sports brands revealed that governance, social, and environmental dimensions ranked in descending order of relative importance. Among specific evaluation criteria, the adoption of employee ethics regulations was deemed paramount in the governance evaluation area, while support for stakeholder welfare and social well-being took precedence in the social evaluation category. In the environmental sector, the production and delivery of eco-friendly, durable products held the highest significance. Further analysis, considering the weighted priorities of all evaluation factors, emphasized the importance of factors, such as the adoption of employee ethics regulations, support for stakeholder welfare, social well-being, and the production and delivery of eco-friendly, durable products. Conversely, disclosure of company information and issues, support for the underprivileged, and general shareholders' meeting or agenda for the protection of shareholders' rights and interests ranked lower.CONCLUSIONS In summary, this study validates the role of governance (G) aspects within ESG activities for sports brands, alongside environmental and social dimensions. It highlights the importance of a balanced ESG framework, particularly in an era marked by heightened social responsibility awareness among consumers. Prioritizing governance in marketing strategies not only distinguishes sports brands but also necessitates impactful promotion and advertising efforts.

Tunneling Behavior and The Impact Caused by The Major Shareholder - A Case Study of Yunnan Bio valley Pharmaceutical Co., Ltd.

With the development of China's economy and capital markets, some companies have faced the problem of high capital needs. In this context, the phenomenon of shareholders of companies occupying the company's capital to hollow out the company for other purposes has emerged for a while. This paper presents a case study of Yunnan Biovalley Pharmaceutical Co., Ltd., in which the controlling shareholder appropriated the company’s funds. The study found that the following conditions made the situation of hollowing out easy to occur. First, there is a high equity concentration of major shareholders. Secondly, the company's internal governance is negligent. Finally, external supervision has insufficient strength. The auditors or sponsors do not rigorously implement the review and supervision process. Based on this situation, this paper uses the event study method to analyze the movements of share prices of the company before and after the event to find out the impact of the event of hollowing out on the minority shareholders. Through analyzing the hollowing out on the company's short-term solvency and profitability according to the company's financial indicators, so as to find out the impact of the tunneling behavior on the company's business development. Finally, the paper makes some relevant recommendations to reduce the frequency of tunneling. First, for the corporation, they should adjust the company's internal shareholding rate, improve the company's internal self-examination, and set up a relevant highly efficient accountability system. Secondly, external auditors and sponsor institutions should strengthen the supervision and punishment of the company's information disclosure to effectively prevent the occurrence of hollowing out.

Pengaruh Pengungkapan Sustainability Report Dan Kualitas Audit Terhadap Nilai Perusahaan Pada Perusahaan Manufaktur 2016-2020

Company information disclosure is currently an additional value for companies that disclose it. This study was conducted to find out the influence of Sustainability Report and Audit Quality disclosure on the Firm Value with the variable control profitability, leverage, and size. Population in this study was the manufacturing sector companies which has been listing on the Indonesia Stock Exchange from 2016 to 2020. There were 90 samples determined by the purposive sampling technique and have fulfilled the established criteria. Regression test in this study used multiple linear regression. Research results were obtained that: 1) Sustainability Report has positive and significant effect on firm value. 2) Audit quality has a positive and significant effect on firm value.

Determinan Pengungkapan Corporate Social Responsibility

The purpose of this research is to obtain empirical evidence about the factors that affect corporate social responsibility disclosure. This research determines whether there is an effect of media exposure, taxes aggressiveness, institutional ownership, managerial ownership, independent board, the board size, and profitability on corporate social responsibility disclosure. The objects of this research are manufacturing firms listed on Indonesia Stock Exchange (IDX) during the research period 2018-2020. The samples are chosen by using purposive sampling methods. There are 42 companies that met the criteria used in this research. The research model is analyzed by using multiple regression. Corporate social responsibility disclosure as the dependent variable using the 78-items index provided by Sembiring (2005). The result of this research shows that independent board and board size have a positive effect on corporate social responsibility disclosure. The presence of the board of commissioners in the company can increase the power of supervision to be able to provide pressure/encouragement to management in improving the quality of disclosure of company information and ensuring that CSR activities are carried out by the company.

Do Female CFOs Reduce Disclosure Violations in Listed Companies? Empirical evidence from China's capital market

Abstract This paper selects the data of China's listed companies from 2007 to 2016 as the sample and uses the binary logit regression method to explore whether the gender of the CFO has an impact on the company's information disclosure violations. The results show that female CFOs significantly reduce the probability and number of information disclosure violations of listed companies, and the stronger their own ability, female CFOs have a significant incremental impact on restraining information disclosure violations of listed companies. The research conclusion provides a reference for enterprises to select and hire CFOs. JEL classification numbers: G34, M4. Keywords: CFO, Female executives, Violation of information disclosure.

Information disclosure of COVID-19 specific medicine and stock price crash risk in China

This study investigates the impact of information disclosure of COVID-19 specific medicine on stock price crash risk. To achieve this goal, crawling massive announcements of listed companies in China and using OCR (optical character recognition) to abstract text, texture analysis is adopted to count the keywords occurrence, which derives from a keywords list consisted of “specific medicine”, “vaccine” and others. Based on information disclosure of COVID-19 specific medicine, empirical tests are conducted. The results show that the abnormal COVID-19 disclosure intensifies the degree of stock price crash risk. It proves that information asymmetry exactly exists in listed company information disclosure process in the securities market. It also provides new evidence that exaggerated information disclosure caused stock prices crash.

Research on the Protection of Creditors' Interests under the Reform of Corporate Capital System

In 2003, China's "company law" carried out a major change in the company capital system, which greatly reduced the market access threshold of enterprises and radiated market vitality, but also brought challenges and impacts to the protection of creditors' interests. Under the background of capital system reform, the relevant supporting measures to protect the interests of creditors in China are not perfect. There are deficiencies and defects in the company information disclosure system, shareholder's contribution obligation and disregard of legal personality system in practice, which need to be further solved. Based on this, we should ensure that the creditors fully enjoy the right to know, improve the credit constraint mechanism, and at the same time, add the pre procedure of directors, supervisors and senior executives to call for the payment of capital, expand the scope of application of accelerating the maturity of capital contribution, and clearly determine that "the capital is significantly insufficient", and appropriately reduce the burden of proof of creditors, so as to establish a comprehensive protection system for the interests of creditors.

Implication of Corporate Governance and Financial Performance on Firm Value

<p>This study seeks to examine the implications of corporate governance and financial performance on firm value. The population selected are all companies that follow CGPI (Corporate Governance Preception Index) scoring held by IICG (The Indonesian Institute for Corporate Governance) in 2015-2018. Sampling of the research is purposive sampling with samples criteria are public companies participate in CGPI scoring and publish their financial statements on Indonesia Stock Exchange’s website or publish on the official website of respective companies. The total population followed CGPI score was 137 companies, 55 of those are public companies and 5 samples are outlier data. The statistical test used in this research were descriptive statistics analysis and multiple regression analysis. This research results in findings that both simultaneously and partially there are implications for corporate governance and financial performance to firm value. Therefore, the implementation of corporate governance and financial information disclosure in companies is fundamental to realizing firm value.</p>

The Impact of Stock Price Crash Risk on the Cost of Capital: Empirical Study from China

This study analysed the effect of Sock Price Crash Risk (SPCR) on the cost of capital in Chinese listed firms in the Shenzhen stock exchange and the shanghai Stock Exchange. A sample of 290 firms based on the highest value of assets of each firm was used. The cost of capital consists of two factors; the cost of equity (COE) and the cost of debt (COD). The SPCR is measured by using two statistics, one is NCSKEW means the negative coefficient of skewness of the firm-specific weekly returns and the second is DUVOL that means Down to-Up Volatility used to measure the crash likelihood weekly return of firm-specific and used the Modified PEG ratio model of Eston approach to measuring the cost of equity. We used panel data to run the regression model analyses. SPCR was found to have a significantly positive relationship with the cost of equity and cost of debt. Also, the sample was divided into the State-Owned enterprise (SOEs) and Non-State-Owned enterprises (NSOEs) for comparison. The results show that the impact of SPCR on the COE and COD is stronger in SOEs than NSOEs. The regulators need to improve and strengthen the development of laws and regulations related to company information disclosure, to reduce the cost of capital of listed companies and improve the efficiency of financing the Chinese capital market. Companies need to work together to strengthen internal controls, create a good disclosure environment, and prevent the SPCR.

Does Mandatory Audit Partner Rotation Influence Auditor Selection Strategies?

Under mandatory rotation, the switching cost may be the most influential factor to be considered for experienced mandatory audit rotations. This study attempts to explore the impacts of the mandatory rotation mechanism on company information disclosure and signaling strategies by examining the audit partner and audit firm switching activities of the mandatory rotation company. Are companies that experience mandatory audit rotation more likely to engage industry specialist auditors with better industry-specific knowledge and reputations to minimize the costs of mandatory rotations? Furthermore, in the case of being required to rotate audit partners, do companies rotate only audit partners, rather than changing both audit partners and audit firms at the same time, to minimize switching costs? To explore these problems, this study examined auditor rotations of listed companies in Taiwan from 2004 to 2016; and expected that, to minimize switching costs, mandatory rotation companies are more likely to select industry specialist auditors to be their successor auditors, and are less likely to rotate audit partners and audit firms at the same time. For the audit partner rotations, we find that, compared to voluntarily rotated companies, a higher percentage of companies choose industry specialist auditors to be their successor audit partners under mandatory rotation. Furthermore, the empirical results support our expectations that companies that experience mandatory audit partner rotation are significantly more likely to engage industry specialists to be their successor audit partners and are more likely to rotate only audit partners rather than rotating both audit partners and audit firms around mandatory audit rotation periods.

Does the research done by the institutional investors affect the cost of equity capital?

Based on the data from a Chinese capital market, this paper examines the relationship between institutional investor research, institutional investor heterogeneity and the company's equity capital cost. The paper reviews the extant literature from which it develops a model which is then tested empirically using the data from the Shenzhen Stock Exchange in the Chinese context. The paper reveals that institutional investor research can significantly reduce the company's cost of equity capital. That is, the greater the proportion of field research in the total investment activity, the lower the company's equity capital cost. Moreover, institutional investors can reduce the company's capital cost by conducting on-the-spot investigations, on-site visits, etc., intervening in corporate governance, improving the company's information disclosure level, and playing the role of external supervision.

Analysis of The Impact of Financial Performance on Company Value with Corporate Social Responsibility and Good Corporate Governance as Moderating Variables

Today every company is trying to maximize the value of its company. Disclosure of company information is expected to be able to maximize the value of the company, including Good Corporate Governance (GCG), Corporate Social Responsibility (CSR), Financial Performance of the Company. The purpose of this study is to find out that CSR and GCG as moderating variables can strengthen or weaken the significance of the effect of financial performance (profitability, size, leverage, slack resources, and institutional ownership) on company value. This type of research is explanatory research; the population in this study are all Pharmaceutical companies listed on the Indonesia Stock Exchange (IDX). Determination of the sample is done using the purposive sampling method. Data analysis uses Moderated Regression Analysis (MRA) with the help of SPSS software. The results of this study indicate. First, Financial Performance profitability, size, leverage, and slack resources have a significant effect on company value in pharmaceutical companies. Second, CSR and GCG variables can strengthen the influence of Financial Performance that is proxied by profitability, size, leverage, slack resources, and institutional ownership of company value in pharmaceutical companies listed on the IDX.

The Listed Company Information Disclosure of Non-recurring Profit and Loss Question Discussion—Xindu Company Against Daxin and Tianjian, for Example

The Listed Company Information Disclosure of Non-recurring Profit and Loss Question Discussion—Xindu Company Against Daxin and Tianjian, for Example

Disclosure of Information in Companyys Annual Reports: A Bibliometric Analysis

This study evaluated the development of research publications towards the disclosure of information in companies’ annual reports. The aim of this study is to provide a preliminary source of references for related scholars interested in research mapping in this field. By using several bibliometric indicators, all research publications related to the disclosure of information in the companies’ annual reports in the online Web of Science (ISI Thomson Reuters) database were analysed. The authorship, number of citations, journal sources, publishers, institutions, and countries, year of publication, categories, and author keywords were examined. The results of these analyses were underlined and discussed.

Information Disclosure Quality and Stock Price Crash Risk: The Mediating Role of Analyst Forecast

Using the scoring data concerning information disclosure in companies listed in Shenzhen Stock Exchange, this paper examines the effect of information disclosure quality on the stock price crash risk, and the role of securities analysts as information intermediary. It arrives at the empirical results that the quality of information disclosure is negatively associated with its future stock price crash risk, and the result is driven by the increase in stock price crash risk owing to the reduction in information disclosure quality, but the role of the increase in information disclosure quality in alleviating stock price crash is not obvious. In addition, it finds that sound information disclosure quality can significantly reduce the forecast errors of analysts, and lower forecast errors can further alleviate stock price crash risk, supporting the mediating role of analyst forecast activities in the relationship between information disclosure quality and stock price crash risk. It has important theoretical and real significance to the understanding of the role in analysts in capital market and how to improve information disclosure quality, reduce stock price crash risk and advance the stable development of capital market.

PENGARUH INTERNET FINANCIAL REPORTING DAN TINGKAT PENGUNGKAPAN INFORMASI WEBSITE TERHADAP FREKUENSI PERDAGANGAN SAHAM PERUSAHAAN

Because of rapidly growth of internet technology, communication through internet has been adopted by business sector as important tool to share information. Growth of information technology especially internet influenced traditional form of company information disclosure until additional media to disclose financial information that which is Internet Financial Reporting (IFR) has emerged. Then, there are efforts of companies to reduce asymmetry information by disclose information about companies. This research has objective to know the influence of IFR practice and degree of information disclosure on website to frequency of trading stock of company.This research use cross sectional data. The amount of sample is 100 company on Kompas100 index until end of 2009. Linear Regression is used to find out the impact of IFR practice and degree information of website to trading stock frequency of company. This research show that there is impact of IFR practice and degree of information disclosure on website to trading stock frequency of company.

The Impact of Information Disclosure Quality on the Cost of Equity Financing—Based on Time Series Perspective

Listed company information disclosure quality attracts more and more attention to capital subject. Great changes have occurred in the ways and content of information disclosure, and the mainstream has recognized by point of view that the increase of information disclosure quality will reduce the cost of equity financing. Under the background of the different periods of the accounting system, changes in the quality of information disclosure of listed companies will affect the cost of the company’s equity in varying degrees from the perspective of time series of listed company information disclosure quality and the cost of equity financing.

Effect Of Corporate Governance On Voluntary Disclosure Of Information In Companies Listed At Tehran Stock Exchange

Aim of this research was investigating corporate governance and disclosure of information in companies listed at Tehran stock exchange. Criteria of corporate governance in this research are size of the board, board composition, and separation CEO from chairman in companies listed at Tehran stock exchange. Statistical sample included 37 companies during 2007 and 2011. All of the companies selected by ‘multiple variables of regression’. Results of this research indicated that there was significant relationship exists between (size of the board, board of composition, separation CEO from chairman) and disclosure of information.