Higher Disclosure Research Articles

The value-relevance of gains on bargain purchase: do actions speak louder than words?

PurposeThis paper investigates whether disclosure quality and a history of overpaying for acquisitions are associated with differences in the value-relevance of gains on bargain purchase with high disclosure prominence.Design/methodology/approachFindings are from multivariate regression results, using a sample of firms listed in South Africa from 2010 to 2019, where a mandatory earnings reconciliation provides high disclosure prominence for gains on bargain purchase.FindingsGiven high disclosure prominence, disclosure quality is not associated with differences in the pricing of gains on bargain purchase. Instead, most gains on bargain purchase are priced as future losses (unrecognised liabilities). However, when a firm has a history of overpaying for acquisitions, gains on bargain purchase are priced as transitory economic gains.Research limitations/implicationsFurther research is required to determine if overpaying for acquisitions similarly communicates the credibility of gains on bargain purchase when disclosure prominence is low.Practical implicationsDisclosure prominence can reduce disclosure processing costs and increase the value-relevance of complex acquisition accounting. High disclosure quality cannot compensate for a weak acquisition track record.Originality/valueFindings deepen our understanding of the pricing of gains on bargain purchase. This paper presents empirical results that reconcile previously conflicting theoretical views of gains on bargain purchase (as unrecognised assets or as unrecognised liabilities), by shedding light on the role that a record of overpaying for acquisitions plays in the value-relevance of gains on bargain purchase.

The Impact of Financial Disclosure on Stock Performance of Initial Public Offerings in the Indonesian Capital Market

This research aims to explore whether the proceeds, age, revenue, and underwriter rating of IPO companies affect disclosure; whether disclosure mediates the relationship between the four exogenous variables and underpricing; and whether underpricing mediates the relationship between disclosure and returns. This research uses Partial Least Squares Structural Equation Modelling (PLS-SEM) as the data processing method. Since this research examines interactions between variables, PLS-SEM is an effective data processing method. This research identifies four key exogenous variables: funds raised from the IPO, the age of the IPO company, the income of the companies prior to the IPO, and the ranking of underwriting companies. The research finds that the R-squared of the disclosure variable is 0.0037, or 3.7%, while the Q-squared of the disclosure variable is 0.0039. Meanwhile, the R-squared of the underpricing variable is 0.435, and the Q-squared of the underpricing variable is 0.456. The research also finds that higher proceeds, age, revenue, and underwriter ranking of IPO companies will reduce disclosure. Conversely, higher proceeds and age of the IPO companies will reduce underpricing, while higher revenue and underwriter ranking of the IPO company will increase underpricing. Finally, the research finds that higher disclosure will increase underpricing. Статтю розміщено в рамках грантової програми ГО «НАУКОВО-ОСВІТНІЙ ІННОВА-ЦІЙНИЙ ЦЕНТР СУСПІЛЬНИХ ТРАНСФОРМАЦІЙ» за підсумками Конкурсу індивідуальнихгрантів «Ініціатива підтримки науковців»

Climate change exposure, financial development, and the cost of debt: Evidence from EU countries

Utilising climate-related narratives in conference call transcripts to measure firm-level exposure to climate risks, we examine the association between such exposure and the corporate cost of debt financing. Using a sample of 21 European countries from 2001 to 2020, we find that firms exposed to greater climate change experience higher debt costs. The impact is even more extreme when using climate-related opportunity and regulatory exposure measures. We further find critical economic channels through which the higher debt costs occur: financial development and credit supplies. Specifically, our findings hold only for firms in weakly developed financial markets and institutions as measured by the new broad-based multi-dimensional financial development indices. We also find some other conditioning factors. Firstly, the higher the carbon intensity level, the greater the debt cost a firm with more climate change exposure must pay. Secondly, debtholders appear to punish firms with high environmental and social disclosure that are exposed to more climate change. Thirdly, the findings are more pronounced in financially constrained firms.

Latent profiles of social reactions to sexual assault disclosure among bisexual women.

Bisexual women experience higher rates of sexual assault (SA) and posttrauma distress compared to monosexual women. We examined the patterns of reactions to SA disclosure (positive and two types of negative) and bisexual minority stress (antibisexual stigma from heterosexual and lesbian/gay people, internalized binegativity) experienced by young bisexual women who experienced adult SA. We also examined differences in assault-related experiences, posttraumatic stress disorder and depression symptoms, and hazardous drinking based on the identified patterns. The current sample was drawn from two parent samples of women and included survivors who had disclosed an adult SA: (a) n = 149 bisexual women (98% cisgender, ages 18-35, 87.9% White) recruited via Amazon's Mechanical Turk and (b) n = 81 cisgender bisexual women (ages 18-25, 84% White) recruited via online ads. Latent profile analyses and analyses of variance were conducted. Analyses identified four latent profiles characterized by: (a) low stigmatizing responses, (b) high negative SA disclosure reactions, (c) high antibisexual stigma, and (d) highest stigmatizing responses. The fourth profile had higher posttraumatic stress disorder and depression symptoms and hazardous drinking compared to the other profiles. Results suggest women in the profile characterized by highest negative reactions to SA disclosure and highest bisexual minority stress (antibisexual stigma and internalized binegativity) may experience greatest distress postassault. Results highlight the importance for researchers, policymakers, and clinicians to consider and address both SA-related and identity-related stigma among bisexual survivors. (PsycInfo Database Record (c) 2024 APA, all rights reserved).

A Latent Class Analysis of Reproductive Coercion Experiences Based on Victim-Survivors' Acknowledgment and Disclosure Patterns.

Reproductive coercion (RC) is a form of violence involving behavior that interferes with an individual's contraceptive and reproductive decisions. Like other forms of violence perpetrated by intimate partners, victims of RC do not necessarily identify it as such. Similarly, victim-survivors do not readily disclose their experiences or seek support and treatment. This study identifies patterns of acknowledgment and formal and informal disclosure of RC experiences in a community sample of 317 participants. Latent classes are then compared with respect to characteristics of victims/survivors, RC consequences, and associated contexts. Participants completed measures to assess experiences of RC and violence perpetuated by intimate partners as well as social support, posttraumatic stress symptoms, and consequences for psychological and sexual health. Latent class analysis was performed to identify acknowledgment and disclosure patterns. An optimal three-class solution was selected: High unacknowledgment with ambivalence, High disclosure (41%); High acknowledgment, High disclosure (30%); and Hesitant acknowledgment, No disclosure (29%). Classes were identified according to the presence of social support, living with a disability, victimization experiences, and mental and sexual health consequences. Future studies should explore the relationship between RC acknowledgment and disclosure, which can influence victims' search trajectories for support and services.

Privacy disclosure on social media: the role of platform features, group effects, trust and privacy concern

PurposeThis study aims to examine the effects of multidimensional factors of platform features, group effects and emotional attitudes on social media users’ privacy disclosure intention.Design/methodology/approachThis study collected the data from 426 respondents through an online questionnaire survey and conducted two approaches of structural equation modeling (SEM) and fuzzy-set qualitative comparative analysis (fsQCA) for theoretical hypothesis testing and configuration analysis of the data.FindingsThe results show that social media platform features (rewards of information disclosure, personalized service quality and data transparency), group effects (group similarity, group information interaction and network externality), individual emotional attitudes (trust and privacy concern) and control variable (gender) have a significant impact on privacy disclosure intention, as well as trust and privacy concern play mediating roles. Additionally, the fsQCA method reveals five causal configurations that explain high privacy disclosure intentions. Furthermore, the study reveals that male users pay more attention to platform features, while female users are more inclined to group effects.Originality/valueThis study attempts to construct a comprehensive model to examine the factors that affect users' intention to disclose their privacy on social media platforms. Drawing on the cognition-affect-conation model and multidimensional development theory, the model integrates multidimensional factors of platform features, group effects, trust and privacy concern to complement existing theoretical frameworks and privacy disclosure literature. By understanding the complex dynamics behind privacy disclosure, this study helps platform providers and policymakers develop effective strategies to ensure the vitality and momentum of the social media ecosystem.

Quality of Carbon Emissions Disclosure on Corporate Sustainability Report Gojek Period 2020 and Goto Period 2021 – 2022

The high level of air pollution which is increasing from year to year causes air quality to decline. One of the causes of the increase in air is the growth in the number of motorized vehicles which causes an increase in the amount of emissions released in the form of Carbon Monoxide (CO), Hydrocarbons (HC), Nitrogen Oxide (NO). This shows that climate change is occurring. Climate change is one of the environmental problems that is currently of concern to stakeholders. The Carbon Disclosure Project (CDP) is a non-profit organization that operates focused on addressing environmental issues. CDP works by publishing information sheets which are useful as a guide for companies to disclose greenhouse gas (GHG) emissions resulting from the company's business activities. The company publishes a sustainability report which reveals carbon emissions. GoTo is a merger between Gojek and Tokopedia where in 2020 Gojek published a sustainability report. Scoring of carbon emission disclosures both quantitatively and qualitatively was carried out in this research. During the 2020-2021 period, the highest level of suitability and quality of disclosure was obtained by GoTo. Quantitatively, the climate change category has high disclosure quality. Qualitatively, the GHG emissions calculation category has the highest disclosure quality.

Digital transformation by firms and the cleanliness of China's export products

This study breaks the research chain on “firm digital transformation-trade green transformation”, focusing on the effect and mechanism in firms' digital transformation on the “cleanliness” of export products. It offers theoretical and empirical support on how to respond to demand for a green transformation in trade by firms in the context of their digital transformation. First, we reveal the mechanism in the effect of firms' digital transformation on export product cleanliness at the theoretical level by extending the Stackelberg game model and constructing a variable for product cleanliness. Second, we build an index to evaluate firms' digital transformation by matching data on A-share listed companies from 2007 to 2016 with a China Customs firm database and quantitatively analyze it with a machine learning algorithm. Combined with the measured export product cleanliness index, this mechanism is empirically tested with standardized measurement methods. Overall, we find that firms' digital transformation can significantly contribute to improvement in export product cleanliness. This finding remains robust to a series of tests and decomposition of digital transformation into various dimensions. The mechanism test found that the digital transformation of firms mainly promotes the improvement of export product cleanliness through the channels of increasing digital factor inputs, promoting green technology innovation, improving environmental management performance and achieving economies of scale. Heterogeneity analysis shows that digital transformation better facilitates the promotion of cleaner exported products from firms certified with ISO14001, whose primary export destinations are countries outside of the EU, and with high disclosure quality. Furthermore, digital transformation has a structural effect on the improvement of export product cleanliness in the context of urban disclosure of environmental information.

Sustainable accounting quality and its impact on financial success aligned with SDGs

Purpose Financial and nonfinancial disclosures (sustainable accounting) are crucial in the annual financial reports of many firms. This study aims to explore the dynamic relationship between sustainability disclosure quality (SDQ) and financial performance (FP) within mandatory disclosure frameworks. SDQ is evaluated across six dimensions, encompassing both the quality and quantity of disclosures, aiming to understand their reciprocal influence. Design/methodology/approach Using the generalized method of moments (GMM), this research analyzes data from 2013 to 2019, focusing on 99 listed Indian firms within the S&P Bombay stock exchange (BSE) 500 index. The study uses rigorous measurement criteria to assess SDQ and uses statistical methods to unveil the causal link between SDQ and FP. Findings The results show a positive causal connection between SDQ and FP, where organizations with good FP make relatively higher disclosures across FP proxies than their counterparts. Additionally, the study investigates the impact of research and development (R&D) expenditure and dividend payments (DIVD) on SDQ. Notably, lower R&D spending is associated with higher quality SDs, and companies with superior SDQ exhibit increased DIVD. Practical implications The findings advocate for strengthened regulatory compliance, incentivized sustainable practices and heightened reporting standards for a transparent business environment and achieving the relevant United Nations Sustainable Development Goals. Originality/value This research contributes original insights by uncovering the intricate relationship between SDQ and FP, shedding light on the impact of R&D expenditure and DIVD on SDQ. These findings contribute to a nuanced understanding of the interplay between FP and sustainability reporting within the context of mandatory disclosure frameworks.

Psychosocial outcomes of children born via embryo donation.

What are parents' perceptions of their relationships with and the psychosocial adjustments of their children who are born via embryo donation? Families created through embryo donation have well-adjusted parent-child relationships and reassuring child psychosocial outcomes. Embryo donation is an effective and growing form of third-party reproduction, but there is limited research in this field. Prior studies suggest that families created through gamete donation function well regarding parent-child relationship quality and child behavioral and socioemotional adjustment. This is a cross-sectional survey study with 187 total participants. Parents of children born via embryo donation were recruited nationally by contacting all embryo donation programs registered with the Society for Assisted Reproductive Technology Clinic Outcome Reporting System (SART CORS) as well as medically directed embryo donation or 'embryo adoption' centers. Participants completed three online Qualtrics questionnaires. The first was a survey including 33 questions on demographics, the procurement process, and self-reported obstetric outcomes. Participants also completed two standardized measures assessing children's behavior and parents' adjustment to parenthood: the Strengths and Difficulties Questionnaire (SDQ) and the Parental Acceptance-Rejection Questionnaire (PARQ). Scoring of the SDQ and PARQ was totaled and compared to standardized values (SDQ) or previously published results on other forms of gamete donation (PARQ), such as oocyte donation and sperm donation. On the SDQ (n = 46), the average total difficulties scores by age were: 8.2 ± 0.98 for ages 2-4, 7.6 ± 0.93 for ages 5-10, and 3.5 ± 0.77 for ages 11-17; this is compared to the normal reported range of 0-13, which indicates that clinically significant psychosocial problems are unlikely. Across all ages and individual categories (emotional symptoms, conduct problem, hyperactivity, peer problem, prosocial), scores on the SDQ were within the normal ranges. The average PARQ score (n = 70) for all respondents was 27.5 ± 1.18 (range: 24-96), suggesting perceived parental acceptance. Because this study was cross-sectional, it could not capture familial relationships over time. This survey-based study design allows for potential selection bias (parents of well-adjusted children may be more likely to participate). Additionally, the overall sample size is relatively small; however, it remains one of the largest published to date. Another significant limitation to this study is the lack of generalizability: most participants were recruited from private, faith-based, embryo donation programs who are demographically similar. Though embryo donation is an established form of third-party reproduction, it is significantly less robustly studied compared to other forms of gamete donation (oocyte or sperm donation). This study provides a larger data set with a more expanded age range of children compared to the limited number of previously published studies. Furthermore, these findings indicate a high parental disclosure rate with respect to the use of embryo donation which contrasts previous findings. No external funding source was utilized for the completion of this study. No conflicts are disclosed. N/A.

Accounting, ESG dynamics and the pandemic: when the quality of disclosure becomes crucial to sustainable success

PurposeThis study aims to investigate the quality of disclosure of a cutting-edge reporting tool – integrated reporting (<IR>) – in terms of its effectiveness to report on COVID-19 pandemic information, its ability to provide forward-looking information and risk impact implications, and its quality determinants in challenging times.Design/methodology/approachThanks to a content analysis of 247 <IR> for FY20, an integrated reporting disclosure score was developed to assess the disclosure quality provided by the sampled companies. Three research questions were tested through logistic regressions.FindingsNon-financial disclosure activities struggle to provide adequate information in terms of potential future scenarios, risk assessment and forward-looking analyses. However, companies incorporated in “Anglo-Saxon” territories drafted integrated reports of higher quality. More recently, incorporated companies have made a greater effort to measure and report COVID-19 pandemic impacts on environmental, social and governance and business activities, also increasing their risk assessment and mitigation efforts. Concerning the determinants of disclosure quality, leverage, corporate governance structures, country of incorporation and belonging to “high impact” industries all lead to a higher quality of <IR> disclosure.Originality/valueExamining in detail corporate social responsibility activities and corporate governance integrity is pivotal to orienting strategy towards sustainable trajectories: to do so, corporate reporting and disclosure practices are essential tools. In this context, corporate governance systems that emphasize board diversity are proven, even in disruptive circumstances, to play a crucial role in providing corporate reports of higher quality. High disclosure quality that goes beyond mere financial results is considered to be necessary to remain competitive strategically, socially and environmentally.

Analisis Self Disclosure dengan Minat Layanan Konseling Siswa SMK

Visits of counseling services for Adi Husada Health Vocational High School students have decreased for 2 last years from 44 students in 2019/2020 to 17 students in 2020/2021. The one of interest internal factors of students that encourage to participate in counseling services which is self disclosure to students. The purpose of this research is to review the relationship between a self disclosure variables and interest of counseling services. The self disclosure instrument was structured according to DeVito’s theory (1986) and the interest of counseling services was based on interest theory by Winkel’s (2010). This research method use a quantitative correlation research with simple random sampling technique with sample are 125 students. Self disclosure results obtained as much as 68% in high category and 98% in very high category. There is no relationship between two variables with correlation number of 0,068. The conclusion is a high self disclosure doesn’t determine a high interest in counseling services and a low self disclosure doesn’t determine a low interest in counseling services. As suggestion, for further research are use more variables that allow for relationship between self disclosure and interest in counseling services. And for counselors are be more active to offer the students about counseling services.

KUALITAS PENGUNGKAPAN EMISI KARBON PADA LAPORAN KEBERLANJUTAN PERUSAHAAN YANG TERDAFTAR BERDASARKAN INDEKS SRI-KEHATI PERIODE 2018 – 2022

Climate change is one of the environmental problems that is currently being considered by stakeholders, including various organizations concerned with environmental issues. The Carbon Disclosure Project (CDP) is a non-profit organization in 2000 that focuses on addressing environmental issues. CDP works by publishing an information sheet which is useful as a guide for companies to disclose greenhouse gas (GHG) emissions due to the company's business activities. The company discloses carbon emissions in its sustainability report. This research was conducted by giving a score of disclosure of carbon emissions, both quantitatively and qualitatively. Of the 5 issuers studied during the 2018-2022 period, it was found that Bank Rakyat Indonesia (Persero) Tbk. has the highest level of conformity and quality of disclosure. Quantitatively, the climate change category has high disclosure quality. Qualitatively, the energy consumption category has the highest disclosure quality. The banking sector is ranked highest in terms of quantitative disclosure of carbon emissions, while the infrastructure sector is ranked highest qualitatively.

Supply chain financing, digital financial inclusion and enterprise innovation: Evidence from China

Supply chain financing (SCF) has become an important supplement for financing access, and enterprise innovation is essential for enterprise development. In this paper, we explore the effects of SCF on enterprise innovation in the context of digital financial inclusion (DFI) development. Using the fixed effects model based on the sample of A-share listed firms in Shenzhen Stock Exchange from 2011 to 2021, we find that SCF significantly increases enterprise innovation. The DFI development has positive moderating effects on the relationship between SCF and enterprise innovation. The effect occurs by easing firms' financial constraints. Heterogeneity analysis results show that the promotive relationship is more significant among non-state-owned enterprises (non-SOEs), high-tech enterprises, enterprises in eastern regions and enterprises with low information disclosure quality. Furthermore, we find that in the context of DFI development, SCF promotes innovation activities for state-owned enterprises (SOEs) but it inhibits them for non-high-tech enterprises, enterprises in non-eastern regions and enterprises with high information disclosure quality. After robustness tests, we find that the results of this study remain valid.

Global evidence on the association between environmental, social, and governance disclosures and future earnings risk

AbstractMotivated by growing stakeholder demands for environmental, social and governance (ESG) disclosures and enhanced information transparency, this study investigates the relationship between ESG disclosures and future earnings risk in a globally diverse sample of firms. Using fixed‐effects panel regression models and endogeneity controls, we show that ESG disclosures exhibit a substantial negative impact on earnings risk. The sub‐dimensions, except governance, of ESG disclosures also reveal a negative impact on earnings risk. Notably, the social dimension's impact is economically more pronounced than the other ESG disclosure dimensions, indicating that social issues carry more value in reducing the uncertainty surrounding the future earnings risk of a firm. Besides, higher ESG reporting firms benefit more from reducing future earnings risk than low‐reporting firms. Our findings suggest that enhancing information transparency can help alleviate the agency problem arising from information asymmetry between corporate managers and shareholders. Moreover, higher disclosure in various ESG dimensions can address stakeholders' concerns regarding firm's social and environmental impacts.

The journey is the reward: A study of corporate site visits and mutual fund performance

Institutional investors often visit corporate sites to conduct first-hand assessments of firms' business operations and management quality. We find that corporate site visits contribute significantly to mutual fund performance in China. Our results indicate that corporate site visiting is an important part of mutual funds' stock selection process. Fund managers utilize these visiting activities as a verification channel to affirm their selection of outperforming stocks. The impact on fund performance is stronger when funds are active, have more concentrated equity holdings or invest in small-cap stocks. Performance enhancement is more profound when mutual funds visit firms with high information disclosure quality, and when fund managers have an alumni connection with corporate executives.

Social anxiety is more likely to influence reputation management decisions than autistic traits.

People manage their social reputation by selectively sharing achievements, thereby shaping the way others think about them. Autistic traits and social anxiety may have opposing impacts on reputation management. This study aimed to identify the influence of autistic traits and social anxiety on reputation management behavior, independently and in co-occurrence with one another. Seventy-seven adults with varying levels of autistic and social anxiety traits completed a novel self-disclosure task that required them to complete a computerized game and decide whether to disclose their scores to another participant. This design provided a safe social environment for sharing performance outcomes and allowed us to manipulate performance outcomes for participants and set a perceived 'norm' of high self-disclosure. Results showed that participants were more likely to disclose their high than low scores to the other player. Social anxiety reliably predicted the likelihood of disclosing their scores while high autistic traits predicted the likelihood of disclosure only in combination with high social anxiety. Additionally, establishing the norm of high disclosure facilitated self-disclosure in all the participants. This study shows that social anxiety may influence reputation management via selective self-disclosure more when co-occurring with high autistic traits. People with varying levels of autistic traits may not behave differently to maintain a social reputation.

Now is the Time: The Impact of Linguistic Time Reference on Corporate Default Risk

Synopsis The research problem This paper assesses whether and how people’s perceptions of time — strong future time reference (FTR) versus weak FTR — affect corporate default risk. Motivation or theoretical reasoning Studies have shown that default risk varies across firms, regions, and countries, highlighting the need for a comprehensive understanding of the contributing factors. Traditional studies focus on how firm-level, industry-level, national and international economic and financial variables shape corporate default risk, but they fail to explain cross-country and cross-regional differences in corporate default risk from the perspective of informal institutions, particularly, language. This study takes the first step to examine whether and how future-oriented language shapes corporate default risk. The test hypotheses We first tested whether strong-FTR language decreases corporate default risk. We further tested whether the effect of strong-FTR language on default risk depends on firms’ level of information transparency. In addition, we tested whether the effect of strong-FTR language on default risk depends on a country’s disclosure requirements. Lastly, we tested whether the effect of strong-FTR language on default risk depends on a country’s control of corruption. Target population We find that corporate default risk is significantly higher in regions dominated by speakers of weak-FTR languages, using a comprehensive sample of firms in 36 countries with 180,013 observations spanning from 1988 to 2017. Adopted methodology Ordinary least square regressions were used in this study. Analyses Corporate default risk is measured by two proxies of firm probability of default, following Merton [(1974) Journal of Finance, 29(2), 449–470] and Lee and Lin [(2012) Journal of International Financial Markets, Institutions, and Money, 22(4), 973–989]. Our independent variable is Strong FTR, which equals 1 if a language belongs to the strong-FTR language family, as defined by the European Science Foundation’s Typology of Languages in Europe (EUROTYP) project. If a language does not require “obligatory [FTR] use in (main clause) prediction-based contexts” [Dahl (2000)Tense and Aspect in the Languages of Europe, O. Dahl (Ed.), pp. 309–328], then we put this language into the weak-FTR group. On the other hand, if a language does have the above-mentioned requirement, then it belongs to the strong-FTR group. Findings We found that corporate default risk is significantly higher in regions dominated by speakers of weak-FTR languages. Furthermore, the FTR effect on default risk is weakened in countries with stronger formal institutions (e.g., high disclosure quality, greater transparency, and less corruption). Our results introduce a new explanation for heterogeneity in corporate default risk, provide insights about whether language is an economic institution, and adds to research on the effects of languages on economic and financial outcomes.

How languages differ: Evidence from firm‐level stock price crash risk in 36 countries

AbstractSpeakers of weak future time reference (FTR) languages (e.g., Chinese) do not need to grammatically mark future events, whereas speakers of strong FTR languages (e.g., English) do. We conjectured that weak FTR languages lead speakers to hold less precise beliefs about timing and, hence, are associated with higher stock price crash risk. Accordingly, using a comprehensive sample of firms in 36 countries (regions) with 221,414 observations from 1988 to 2017, we found that stock price crash risk was significantly higher in regions dominated by speakers of weak FTR languages. Furthermore, the effect of FTR on stock price crash risk was weakened in countries with stronger formal and informal institutions (e.g., high disclosure quality, greater transparency, and less corruption). Our results gave a new explanation for the heterogeneity in stock price crash risk, provided insights into whether language is an economic institution, and added to the research on the effects of languages on economic and financial outcomes.

The Effect of Corporate Social Responsibility, Intellectual Capital, and Firm Size on Company Financial Performance (Empirical Study of Manufacturing Companies Listed on the Indonesia Stock Exchange in 2019–2021)

The purpose of this research is to examine the impact of corporate social responsibility, intellectual capital, and firm size on corporate financial performance. Which is measured by return on Assets (ROA). This research is a form of quantitative research. Secondary data gathered from www.idx.co.id and the company's website is used. This study's population consists of manufacturing businesses registered on the Indonesia Stock Exchange in 2019-2021. While the sample of this study was determined using purposive sampling, so that a total of 183 data points could be processed. The analysis method used is multiple linear regression analysis using SPSS version 25. According to the findings of this study, corporate social responsibility has no influence on the financial performance of a business. This indicates that the high and low disclosure of corporate social responsibility has no influence on the corporate financial performance. While intellectual capital and firm size have an impact on the corporate financial performance