Government Information Research Articles

The Networked Data Lab: lessons from four years of analytical collaboration on common problems in health on social care

ObjectiveThe Networked Data Lab (NDL) is a UK-wide network of analytical teams embedded in the health and care system. Each year, we support five local partners to acquire and link new health and social care datasets on a different topic. The NDL provides insights from this linked data to help UK policymakers improve health and care, leveraging public, patient, and stakeholder engagement to prioritise topics of shared local interest. Approach Now in its fourth year, the NDL has commissioned a Learning Study (LS) to evaluate progress towards its aims. This employs a theory-based approach to test and assess key assumptions about programme impact through a Theory of Change. For the study, semi-structured interviews with analysts and stakeholders at the five NDL sites were conducted to identify factors influencing the programme’s impact. ResultsDrawing on interim LS findings, we will describe the types of impact the programme has achieved, and some of the key barriers and enablers to analytical collaboration across geographic and organisational boundaries. Themes include senior sponsorship; stakeholder input into problem definition; information governance and tools and skills. Themes will be illustrated with case studies drawn from the different NDL topic areas, including children and young people’s mental health and unpaid carers. Conclusions and ImplicationsThe Networked Data Lab shows that data linkages can provide unique insights that local service planners can act on, but highlights a complex set of conditions that need to be met to enable impactful analytics using real-world health and care data.

Anticipating financial distress: Leveraging financial information, financial ratios, and corporate governance for proactive risk management

This article presents significant findings from a logistic regression model that analyzes the factors contributing to corporate financial distress. It emphasizes the crucial role of financial information quality, financial ratios, and corporate governance in predicting financial distress. The study's results show that high-quality financial information can significantly reduce the likelihood of distress by enhancing investor confidence and facilitating access to capital. Effective corporate governance, on the other hand, can mitigate financial vulnerability through robust risk management and ethical leadership. The study also highlights the risk of distress associated with high debt levels, underscoring the importance of prudent debt management. Profitability, it finds, can bolster financial resilience by generating healthy cash flows. The study also identifies certain industries more susceptible to risk due to specific factors such as competition and technological disruptions. Interestingly, the study reveals that larger companies may present a slightly higher risk of distress due to the complexity of their management. In light of these findings, the study provides actionable recommendations for companies to enhance their financial reporting, adopt good governance practices, manage debt prudently, and assess sector risks to reduce the likelihood of financial distress, thereby empowering finance professionals, researchers, and stakeholders with practical tools to manage and mitigate financial risks effectively

Exploring methods for generating synthetic data in Scotland to improve access to public sector data for research

Objective and ApproachWe are working to improve the economic, social and environmental wellbeing in Scotland by enabling access to and linkage of public-sector data for research in the public good. Our objective was to examine how synthetic data can support this aim by allowing researchers to test approaches and write code while awaiting the necessary permissions to use the real data. We have explored generating synthetic data from metadata and from actual data. ResultsThrough engagement, researchers expressed interest in low fidelity data, which minimises privacy and information governance risks. We have created low fidelity data from information provided by data controllers in publicly-available data dictionaries. We have also created more high-fidelity data based on actual data, using the synthpop tool. We are carrying out further work to engage with data controllers about the level of fidelity that is acceptable to them, as well as the information that needs to be included in the data dictionary to meet this in an automated way, and how we will share datasets with researchers. A key part of these considerations is the ability to link synthetic datasets and the impact that has on the fidelity of the data. Conclusions and ImplicationsWe will share our approaches, the limitations we have found in using metadata to create synthetic data, difficulties encountered in using the synthpop tool, engagement we have had from controllers and researchers, and the proposed way forward for synthetic data in Scotland.

AD|ARC (Administrative Data | Agricultural Research Collection): Characteristics of farm households participating in agri-environment schemes in Wales, UK.

Objectives Describe the sociodemographic and farm business characteristics of farming households in Wales that have agri-environment contracts (voluntarily opting-in) without primary farm subsidies (voluntarily opting-out). Investigate the sociodemographic and farm business characteristics of farming households in Wales by the number and type of farming subsidies received. ApproachWe utilised the AD|ARC dataset comprising of Census 2011 variables, linked to agricultural and business variables for all farming households in Wales. We analysed variables relating to the individual (e.g. age, gender), household (e.g. household size, structure), farm business (e.g. farm type, diversification activities) and rural payments data (subsidy type, amount paid). We conducted comparative analyses between three groups of farming households: households engaged in agri-environmental schemes but not primary subsidies, households engaged with both subsidy types, and households claiming primary subsidies only. ResultsWe will present a detailed description of the sociodemographic and business characteristics of farming households by the number and type of subsidies claimed and engagement with agri-environmental schemes. Using business, personal, and household characteristics, we will discuss different farming household typologies in relation to participation in agri-environmental schemes, and outline the relationship between farming households and positive environmental action. Full findings will be presented at the conference but are currently subject to information governance restrictions. With an increasing interest in climate change and supporting the natural environment, our findings provide insight into the characteristics of farming households and their relationship to engagement with agri-environmental schemes. Our results will inform policy-makers seeking to support farming and the rural environment.

AD|ARC (Administrative Data Agri-Research Collection): Comparative analysis of highest educational qualification in Welsh households receiving a farming subsidy with rurality-matched control households, using 2011 UK Census data.

Objective To investigate highest level of educational attainment in farming households compared to rural non-farming households in Wales. Approach We used the AD|ARC dataset of households in Wales receiving farming subsidies in 2010. We included farming households containing at least one member reporting an Agricultural Main Occupation (AMO) and households where all members reported Non-Agricultural Main Occupations (Non-AMO) but farming occurs. Utilising Census 2011 variables relating to age, gender, education and occupation we conducted comparative analyses of educational attainment within AMO, Non-AMO and non-farming rural households at both an individual and household level. ResultsFindings will be presented comparing the educational attainment for AMO individuals with matched individuals within Non-AMO and non-farming rural households. At the household level, we calculated the highest level of education attained within each household and will present results comparing the highest household level of education between each group. We will present detailed results regarding the structure and educational attainment within these households. Full results and findings will be presented at the conference but are currently subject to information governance restrictions. ConclusionOne indicator of resilience amongst farmers and farm households is ability to respond to economic and non-economic pressures by adopting new practices and techniques or reducing reliance on farming via diversification or off-farm employment. As educational attainment is closely correlated to acquisition of skills and is a gateway to employment, understanding relative and absolute levels of attainment is important in identifying need and devising policies which support agricultural and rural communities.

Improving transparency and quality assurance: Operationalising semi-automated data provenance tracking in a Trusted Research Environment

We present a prototype solution for improving transparency and quality assurance of the data linkage process through a data provenance dashboard designed to assist data analysts, researchers and information governance teams in authenticating and auditing data workflows within a trusted research environment (TRE). Building on prior research (Scheliga, et al., 2022), this work describes our first operationalised prototype tested in a real-world setting. The prototype development involved four stages: (1) Co-design of interfaces with end users for provenance data collection and visualisation, producing a low-fidelity design; (2) Extension and refinement of the Safe Haven Provenance (SHP) ontology (https://tre-provenance.github.io/SHP-ontology/releases/v0.2/index-en.html); (3) Design and implementation of mechanisms for semi-automated collection of data linkage provenance using the SHP ontology; (4) Implementation and user evaluation of the dashboard. A participatory design process with data analysts, researchers and information governance teams resulted in a low-fidelity prototype and was validated via public consultations to ensure it met public trust. The resulting prototype dashboard (https://tre-provenance.github.io/) was built as an offline desktop app to match the deployment TRE requirements. The interactive dashboard displays the data linkage information extracted from a knowledge graph described using the SHP ontology (e.g., modifications of datasets, data release) and results of rule-based validation checks (e.g., checking extracted data against researchers' specification). User evaluations confirmed the dashboard would contribute to better quality of data linkage. This project demonstrates the next stage in advancing transparency and quality assurance within TREs by semi-automating and systematising data tracking from ingress to egress in a single tool.

Multi-Scale Analysis of Ecosystem Service Trade-Offs/Synergies in the Yangtze River Delta

The transformation of ecosystem structure leads to changes in ecosystem services (ESs) and their relationship. However, most research in this area has focused on particular scales and timeframes, often overlooking the significance of spatial and temporal variations. Therefore, we used the equivalent value method to evaluate seven typical ESs in the Yangtze River Delta (YRD) between 2000 and 2020: food production (FP), water supply (WS), climate regulation (CR), environmental purification (EP), soil conservation (SC), biodiversity maintenance (BM), and aesthetic landscape (AL). We further employed the Spearman correlation coefficient and bivariate Moran’s I to evaluate the relationship of ESs and their spatial heterogeneity at grid, township, county and city scales. Our results show that (1) All ESs except AL exhibited a fluctuating upward trend from 2000 to 2020, resulting in a total increase in ecosystem service (ES) value of RMB 650.63 billion. (2) Approximately 70% of the ES pairs demonstrated a synergistic relationship, with the exception of FP and other ESs, which mainly showed a trade-off. (3) With the scale increased from grid to city level, the degree of trade-off between FP and other ESs strengthened at different levels, while the synergy degree of among other ESs gradually decreased. (4) The relationship between ESs demonstrated strong spatial heterogeneity, with FP and other ESs exhibiting trade-offs primarily in the northern and southern YRD, while other ES pairs exhibited mostly synergy in these regions. This study provides scientific information for governments to optimize land use distribution and improve ESs.

Community Development Programs on Palm Oil Plantation Industry in Aceh Tamiang - Indonesia: the Participation of Opinion Leaders in Information Governance

Understanding the different disputes that have occurred in the Aceh Tamiang oil palm plantation sector requires a communication strategy focused on teaching ideals that are in harmony with community social life. The study of plantation disputes in Aceh Tamiang demonstrates how the function of opinion leaders from formal actors as corporate spokespersons opens up communication channels that have previously been blocked. The community can express its desired ambitions to the firm through opinion leaders that the company has deployed. The business also takes formal village actors into account as opinion leaders in order to comprehend the needs and circumstances of its citizens. “Datok Penghulu”, the local chief, was officially selected by the corporation to serve as its public relations representative. This opinion leader's function as a company spokesperson at least includes creating community development (CD) initiatives, coordinating CD initiatives with the company, and promoting programs to the community.

Using health literacy principles to improve understanding of evolving evidence in health emergencies: Optimisation and evaluation of a COVID-19 vaccination risk-benefit calculator

BackgroundRisk communication tools based on epidemiological models can help inform decision-making, but must be responsive to health literacy needs to be effective. To facilitate informed choice about risks and benefits of COVID-19 vaccination, an epidemiological model called the COVID-19 Risk Calculator (CoRiCal) tool was developed by a multi-disciplinary team. AimThis paper demonstrates how to use health literacy principles to improve consumer understanding of COVID-19 and vaccine effects, using a range of methods that could be applied to any health emergency. MethodsStage 1: Health literacy optimisation and user testing to reduce improve understandability (n = 19). Stage 2: Experiments to explore the effect of risk communication formats on perceived understanding including probability, graphs, evaluative labels and comparison risks (n = 207). Stage 3: Randomised controlled trial (n = 2005) with 4 arms: 1) standard government information; 2) standard CoRiCal output based on bar graphs; 3) animation explaining bar graphs in “x per million” format; 4) animation explaining bar graphs in “1 in x chance” format. The primary outcome was knowledge about COVID-19 risk. ResultsStage 1 reduced the complexity of the text and graphs. Stage 2 showed that different risk communication formats change perceived understanding, with a preference for evaluative labels across 2 experiments and some indication people with lower health literacy had a greater preference for bar graphs. Stage 3 showed both animations increased knowledge compared to standard government information. There was no difference between the probability formats, or by health literacy level. DiscussionThe results showed that simple explanations of complex epidemiological models improve knowledge about COVID-19 and vaccination. This demonstrates how health literacy design principles and short animations can be used to support informed decision making about health emergencies.

Status of monitoring and evaluation of Tonga’s Special Management Area program

Tonga’s Special Management Areas (SMAs) have been widely supported by the people of Tonga as a successful approach to the comanagement of their fisheries and marine resources. However, due to the dominant focus on expansion of the program over recent years, challenges remain for the effective and consistent monitoring and evaluation needed to understand program impacts. This review compiles all known ecological, fisheries, and socio-economic monitoring and evaluation reports related to Tonga’s Special Management Areas from 2010 onwards. A total of 25 projects with available reports were identified, with most examining ecological (42%) and socio-economic (42%) aspects of SMAs, whereas reporting on SMA fisheries data (e.g. catch) was limited to five available projects. Most studies also represented ‘baseline’ ecological and socio-economic surveys of SMAs during implementation. Only three studies have assessed the ecological impact of SMAs post intervention, and only one of these incorporated ‘follow-up’ surveys at a second time point. Among these, impacts remain mixed, with some SMAs resulting in larger and more abundant fish, but others showing no impact. Other monitoring challenges include no gender disaggregation of data, no monitoring of gleaning, haphazard monitoring by communities, and general concerns of cost, fit for purpose, and overinvestment. Although the limited available ecological data indicates that SMAs can increase fish size and abundance in some cases, rationalised, more efficient, and targeted monitoring is required to better understand and strengthen the functioning of SMAs and inform community and government management decisions.

Qualitative Research of Nursing Services

A higher percentage of First Nations patients compared to non-First Nations patients come by ambulance to Saudi emergency rooms, according to previous research. The researchers set out to learn how First Nations people saw paramedic transitions in care and how paramedics see serving First Nations communities. Researchers used purposive sampling techniques based on author connections, preexisting ties, and familiarity with the Saudi paramedicine system to recruit participants for this qualitative participatory research. In order to find and invite First Nations participants, members of the study team reached out to First Nations community organisations. In July 2023, the Saudi First Nations Information Governance Centre used Zoom to host four virtual sharing circles. The information gathered from the sharing circles was subjected to a Western thematic analysis. Indigenous scholars examined the data. Each of the four sharing circles, which lasted between sixty-seven and eighty-eight minutes, drew 48 people. Each circle had eight to fourteen members. Racism, system impediments, and potential remedies were the three main topics that emerged. Participants from First Nations communities experienced racial prejudice and stereotyping from paramedics and emergency department workers due to their perceived drug abuse and misuse of paramedic services. Paramedic care was often necessary for First Nations patients because they did not have other treatment alternatives or because they were afraid of discrimination or did not know how they would go home after receiving treatment.

Interactive effects of trust in government information and perceived value on Chinese consumers' actual purchasing behavior toward contaminated seafood

Previous studies have separately examined the roles of trust in government information and perceived value in consumer food choices; however, the interactive effects of trust in government information and perceived value remain unknown. Therefore, this study explores the joint effects of trust in government information and perceived value on shaping consumers' actual food purchase behavior after food contamination. A logit model was used to estimate the interactive effects. The results from a sample of 710 Chinese consumers indicated that a lack of trust continues to make consumers concerned about the safety of seafood, which, together with the spread of internet rumors, leads to the fact that trust in government information does not directly affect consumers' actual purchase behavior. However, it can also indirectly influence purchase behavior through perceived risks and benefits. Specifically, trust in government information reduces risk perception among low-income consumers and enhances benefit perception among low-risk city consumers, thus enhancing purchasing behavior. Moreover, we find city heterogeneity in its impact on consumer purchasing behavior. Specifically, in low-risk cities, it significantly promotes consumer purchasing behavior, however, in high-risk cities, it does not directly affect consumer purchasing behavior. Overall, trust in government information does not directly affect consumer purchasing behavior. Perceived value is a key factor affecting consumer purchasing behavior. An interactive effect exists between trust in government information and perceived value on consumer purchasing behaviors. These results highlight the role of perceived value in amplifying the effects of trust in government information. These findings have significant implications for seafood producers and policymakers. Effective strategies should encompass both the provision of perceived value and the cultivation of trust in government information to promote consumer choices of contaminated food.

An Indigenous-led buprenorphine-naloxone treatment program to address opioid use in remote Northern Canada

Background/purposeIn response to the opioid use challenges exacerbated from the COVID-19 pandemic, Fort Albany First Nation (FAFN), a remote Cree First Nation community situated in subarctic Ontario, Canada, implemented a buprenorphine-naloxone program. The newly initiated program was collaboratively developed by First Nations' nurses and community leaders, driven by the community's strengths, resilience, and forward-thinking approach. Using the First Nations Information Governance Centre strengths-based model, this article examines discussions with four community leaders to identify key strengths and challenges that emerged during the implementation of this program. Methodsthis qualitative study amplify the positive aspects and community strengths through the power of oral narratives. We conducted 20 semi-structured face-to-face interviews with community members who helped lead FAFN's COVID-19 pandemic response. Utilizing the Medicine Wheel framework, this work introduces a holistic model for the buprenorphine-naloxone program that addresses the cognitive, physical, spiritual, and emotional dimensions of well-being. ResultsRecommendations to support this initiative included the need for culturally competent staff, customized education programs, and the expanding of the program. Additionally, there is a pressing need for increased funding to support these initiatives effectively and sustainably. The development of this program, despite challenges, underscores the vital role of community leadership and cultural sensitivity to address the opioid crisis in a positive and culturally safe manner. ConclusionThe study highlights the successes of the buprenorphine-naloxone program, which was developed in response to the needs arising from the pandemic, specifically addressing community members suffering from opioid addiction. The timely funding for this program came as the urgent needs of community members became apparent due to pandemic lockdowns and isolation. Holistic care, including mental health services and fostering community relations, is important. By centering conversations on community strengths and advocating for culturally sensitive mental health strategies that nurture well-being, resilience, and empowerment, these findings can be adapted and expanded to support other Indigenous communities contending with opioid addiction.

정부의 관리역량, 정치역량 그리고 민첩성이 시민의 정부대응 인식에 미치는 영향에 관한 연구 - 코로나19 정보만족도의 조절효과를 중심으로

This study analyzed the effect of people’s perceptions of government capabilities on the government’s response to COVID-19 and the moderating effect of people’s satisfaction with COVID-19 information on the effect of government capabilities on government response. Government response was defined in terms of people’s perceptions of government performance and institutional responses and satisfaction with COVID-19 policies. Government capabilities consisted of management capabilities, political capabilities, and agility. The results of the analysis showed that political capacity, government agility, and people’s perceptions of COVID-19 information had positive effects on government performance, institutional response, and policy satisfaction. In addition, satisfaction with COVID-19 information reduced the strength of the positive effects of management capacity on government performance and satisfaction with COVID-19 policies. Information satisfaction reduced the strength of the negative effect of political capacity on government performance, institutional response to COVID-19, and policy satisfaction. Information satisfaction reduced the strength of the positive effect of government agility on institutional response. Therefore, it can be concluded that in the event of a large-scale disaster or a disaster with high uncertainty, strategic management of government capabilities and information is necessary to respond to the disaster.

Integrating facets of information technology governance at a professional council in South Africa

Purpose The purpose of the study is to explore the integration of facets of information technology (IT) governance at a professional council in South Africa with the view to develop a framework. Design/methodology/approach This critical emancipatory study used the Information Governance Initiative pinwheel to explore the architecture facet of information governance at the professional council, with a view to developing a framework for entrenching a culture of good corporate governance. Qualitative data was collected through interviews and document analysis. The study was a participatory action research project that involved collaboration between the researcher and study participants in defining and solving the problem through a needs assessment exercise. Findings The key findings report on the processes taken by a professional council in identifying and implementing the facets of information governance, that is, records management, IT, content management, data governance, information security, data privacy, risk management, regulatory compliance, long-term digital preservation and, even, business intelligence. Research limitations/implications The study was a participatory action research project that involved collaboration between the researcher and study participants in defining and solving the problem through a needs assessment exercise. Practical implications The study’s findings suggest that, with the right information governance policy in place, adopting the facets of information governance can be used to address concerns related to information integrity in the short and medium terms. As a long-term option for retaining data and information, it would have various drawbacks and would not, however, ensure the initial dependability of the information. Originality/value A framework for information governance to ensure that the professional organisation and board members adopt a tailored governance system is suggested.

Effect of Transparency Initiatives on Public Trust in Government in Kenya

Purpose: To aim of the study was to analyze the effect of transparency initiatives on public trust in government in Kenya. Methodology: This study adopted a desk methodology. A desk study research design is commonly known as secondary data collection. This is basically collecting data from existing resources preferably because of its low cost advantage as compared to a field research. Our current study looked into already published studies and reports as the data was easily accessed through online journals and libraries. Findings: Transparency initiatives in Kenya have shown a positive impact on public trust in government. Efforts such as open access to government information, transparent budgeting processes, and public participation in decision-making have increased accountability and reduced corruption. These initiatives have led to greater citizen engagement and trust, as the public perceives the government to be more accountable and responsive to their needs. However, challenges remain in fully implementing these initiatives, and inconsistencies in transparency efforts can still undermine public trust. Unique Contribution to Theory, Practice and Policy: Social exchange theory, institutional theory & information processing theory may be used to anchor future studies on the effect of transparency initiatives on public trust in government in Kenya. Continuously improve online transparency portals by enhancing user interfaces, ensuring data accuracy, and expanding the scope of information available. Develop sector-specific transparency policies tailored to the unique needs of different governmental sectors (e.g., healthcare, education). This approach ensures that transparency initiatives address sector-specific challenges and enhance sector-specific public trust. Invest in training programs for public officials on transparency practices and the effective use of transparency tools.

Influence and mechanisms of perceived information disclosure in shaping public attitudes towards waste disposal facilities: Evidence from China

Waste disposal facilities are an indispensable infrastructure for modern urban development, and increasing public acceptance of such facilities contributes to sustainable urban development. Estimation results using the least squares method, based on widely representative questionnaire data, indicate that perception of government information disclosure has a significant positive impact on enhancing the public’s willingness to accept waste disposal facilities. This finding is further confirmed not only when using instrumental variables approach to address potential endogeneity as well, but also by a series of robustness tests. The results of the heterogeneity analyses show that the positive impact of government information disclosure is present only in the sub-sample of those who have no religious trust and frequency of online socialization. Further findings support the idea that political trust and the perception of the government capacity to ensure public security are two fundamental mechanisms. In particular, trust in county government and perceptions of medical security are more likely to drive this positive effect. This study reveals the role of perceptions about information disclosure in shaping public attitudes toward public programs and provides new insights into facilitating the successful construction of public facilities.

Corporate governance effects of digital finance: Evidence from corporate tax avoidance in China

This paper tries to uncover the corporate governance effects of digital finance based on the corporate tax avoidance perspective. We find strong evidence that digital finance is negatively associated with corporate tax avoidance. The governance role digital finance plays is primarily mediated through the mechanisms of resource allocation and information governance effects. Further analysis shows that the negative effects of digital finance are more pronounced among higher profitability and non-state-owned firms. Additionally, multiple major shareholders and stronger internal control quality(corporate internal governance) as well as higher institutional investor shareholding and more analyst attention(corporate external governance) can strengthen their negative connection, manifesting the complementarity between digital finance and modern corporate governance mechanisms. Overall, this paper reveals the spillover effects of changes in the financial development environment on corporate tax avoidance strategies. It also contributes to enriching the literature on the corporate governance value of digital finance and the factors influencing corporate tax avoidance.

A scoping review of the educator role performed by Health Information Managers in health workplace-based education: The practitioner Health Information Manager-educator.

Health Information Managers (HIMs) play a crucial role in the management and governance of health information ensuring the accuracy, confidentiality and accessibility of health data for clinical care and business operational purposes. This role also extends to education and training in the workplace. The aim of this scoping review was to explore and elucidate the role played by HIMs when they undertake a health workplace-based (healthcare organisation or service) educational role and/or functions as evidenced in the existing body of literature. A scoping review of the literature to investigated the importance of the educator role for HIM health workplace-based educators. A three-step search strategy was designed to ensure a comprehensive exploration of relevant research. Of 63 articles assess for eligibility, 14 were included in the final analysis. All included articles acknowledged the importance of the HIM-educator workplace-based role. Half of the included articles had been published within the last 7 years. Only 8 of the 14 articles provided some description of HIM-educator attributes, suggesting that these characteristics remain unexplored. Findings from this scoping review have shed light on the limitations within the current available literature concerning the attributes of HIM health workplace-based educators. The findings also highlight an important gap in knowledge concerning the qualities of these HIM-educators. This identified gap in the literature signals a need for further exploration and investigation into the specific attributes, skills, and characteristics that define effective HIM-educators undertaking a health workplace-based educational role.

Estrutura de propriedade, divulgação social, ambiental e de governança, e assimetria de informação: o caso brasileiro

This research aimed to analyze the moderating effects of ownership structure on the relationship between environmental, social, and governance (ESG) disclosure and information asymmetry in Brazilian companies. A quantitative, descriptive, and documentary study was conducted with data from 68 companies listed on the Bolsa Brasil Balcão (B3) between 2015 and 2022, tested using the one-step GMM dynamic panel system. The main findings indicate that ESG disclosure can reduce information asymmetry, while ownership concentration and institutional ownership have a positive moderating effect on this relationship. The study emphasizes the need for regulatory actions to address potential issues faced by less informed investors and improve the disclosure of ESG practices.