Higher Levels Of Disclosure Research Articles

Exploring ESG Disclosure: What? And Why? A Study of Leading European Public Hospitals

Abstract The purpose of the article. This article aims to examine the sustainability disclosure practices of public hospitals within the European Union. It aims to identify the scope and trends in environmental, social and governance (ESG) information reported by these hospitals on their official websites and analyze the influence of national frameworks on these practices. Methodology. The study employs a manual content analysis of the official websites of 50 public hospitals from EU Member States, selected from Newsweek’s The World’s Best Hospitals 2024 list. An ESG Disclosure Index (ESG DI) was developed to evaluate the extent of sustainability information disclosed. The index includes 36 items across various sustainability dimensions. Results of the research. The results show that the surveyed hospitals disclosed an average of 48% of the ESG metrics. Governance issues were disclosed the most (59%), followed by social (52%) and environmental (47%) dimensions. Scandinavian hospitals had a higher level of disclosure than their Southern European counterparts. The study highlights the fragmented nature of sustainability disclosure, which tends to report better performing indicators while selectively omitting others.

The impact of environmental court construction on the quality of corporate environmental information disclosure

This study evaluates the relationship between establishing environmental courts and corporate environmental information disclosure quality. We use panel data from 28,718 Chinese listed companies between 2008 and 2022 and investigate whether the quality of environmental information disclosure by companies improves owing to the establishment of regional environmental courts. The results indicate that the quality of environmental information disclosure increase significantly after establishing environmental courts in the region. Factors such as corporate green culture, public environmental awareness, and local environmental regulatory strength play intermediary roles in this relationship. In the heterogeneous analysis, we find that the effect of environmental court construction on improving the quality of environmental information disclosure is more significant for highly polluting industries and state-owned enterprises. Additionally, environmental courts are more effective in enhancing the quality of corporate environmental information disclosure in regions with the low level of legalization and the high level of environmental information disclosure. Our research contributes to environmental court construction and corporate environmental information disclosure literature and provides decision-making references for businesses and governments.

Out of the Closet, but Not Out of the Woods: The Longitudinal Associations Between Identity Disclosure, Discrimination, and Nonsuicidal Self-Injury Among Sexual Minoritized Young Adults.

Sexual minoritized individuals engage in non-suicidal self-injury (NSSI) at higher rates than their heterosexual peers. Disclosing one's sexual minoritized identity can put one at risk for experiencing discrimination, which is linked to greater engagement in NSSI. However, discrimination has yet to be tested as a mechanism linking sexual identity disclosure to NSSI. Understanding how sexual identity disclosure impacts NSSI has the potential to inform interventions to reduce sexual orientation disparities in NSSI. To address this gap, the current study examined sexual orientation-based discrimination as a mediator of the longitudinal association between sexual identity disclosure and NSSI among 792 sexual minoritized young adults. Higher levels of disclosure at baseline were associated with greater likelihood of NSSI at two-month follow-up via greater discrimination at one-month follow-up, even after controlling for baseline levels of depression and demographic characteristics. The indirect effect became non-significant after controlling for previous levels of discrimination and NSSI. Findings provide partial support for the hypothesis that identity disclosure may precede exposure to discrimination and, in turn, engagement in NSSI. However, identity disclosure does not appear to predict acute increases in discrimination. Future research is encouraged to examine these prospective associations with longer intervals between assessments, as the indirect effect of identity disclosure on NSSI via discrimination may continue to accumulate over time. Findings highlight the need to reduce discrimination following sexual identity disclosure through the implementation of equitable and affirmative practices in school, healthcare, and other settings to improve the well-being of sexual minoritized young adults.

Sustainability Disclosures and Their Influence on Cost of Capital: A Comprehensive Bibliometric Study

Since the beginning of the twenty-first century, corporate social responsibility (CSR) has emerged as a global phenomenon in the business sector, capturing the attention of all stakeholders. Both early-stage and established firms often engage in high levels of voluntary disclosure, thereby reducing their cost of capital. This study synthesizes existing literature related to the impact of CSR on the cost of capital, focusing on sustainability and environmental disclosure. Utilizing the Scopus database, we conducted a bibliometric analysis through VOSviewer, analyzing 76 research articles from reputable academic journals published between 2002 and 2022. Our analysis identified three primary clusters: (1) the red cluster, titled "CSR and ESG disclosure and its impact on cost of capital" with 43 articles examining corporate social performance strategies, environmental risks, and green support; (2) the green cluster, titled "CSR activities and environmental or voluntary disclosure" with 21 articles focusing on corporate social investment, greenhouse gas emissions, voluntary disclosure, and their impact on cost of capital; and (3) the blue cluster, titled "sustainability disclosure or toxic release" with 12 articles centered on corporate social decoupling and toxic release. Our findings provide valuable insights for enhancing a firm's environmental and economic performance and offer guidance for decision-makers, lenders, investors, shareholders, and policymakers on reducing a firm's cost of capital through sustainability policies and strategies. Additionally, we highlight unexplored dimensions for future research, including forecasting firm investments using decoupling techniques, exploring the mediating role of CSR on the cost of capital, and examining the relationship between carbon intensity, greenhouse gases, and toxic release.

Study on HIV Status Disclosure and Treatment Adherence Amongst Support Group Members in Mushin Local Government Area (LGA), Lagos State

Human Immunodeficiency Virus (HIV) remains a significant global health concern, particularly in sub-Saharan Africa, where the burden of the epidemic is highest. Lagos State, in Southwest Nigeria, faces a significant challenge with HIV prevalence, particularly in the Mushin Local Government Area (LGA). This study investigates the relationship between HIV status disclosure and adherence to Antiretroviral Therapy (ART) medication among members of the God is Good Support Group in Mushin LGA, Lagos State, Nigeria. The study used a qualitative framework design and conducted semi-structured interviews with twenty members of the support group who were purposely selected due to the specific nature of the target population. Collected data was manually transcribed, while thematic analysis was used to analyze the interview data. The results showed that the majority of participants in the support group had disclosed their HIV status to their partners, and those who hadn't disclosed often confided in children or close relatives. Participants reported receiving strong support from their confidantes after disclosure. Participants believed that effective treatment adherence is crucial for achieving viral suppression, and a significant majority believed that disclosing their HIV status helped them achieve viral suppression. Most participants had positive experiences disclosing their status to partners, with nearly all reporting supportive partners. Only a small minority reported negative impacts on their sexual life, suggesting that disclosure may not necessarily harm relationships. Based on these findings, the study concludes that there is a high level of disclosure among support group members, and participants with good adherence were more likely to have disclosed their status. Disclosure was associated with achieving viral suppression, potentially due to the support received. The study suggests that strengthening support groups through funding from local, state, and international organizations could be beneficial in encouraging disclosure and improving health outcomes for individuals living with HIV.

“Sorry That Happened to You”: Testifying, Trauma, and the Politics of Child Marriage in the United States

ABSTRACT In the United States, the marriage of minors remains legal in 40 of 50 states despite evidence that the practice often leads to the physical, sexual, and emotional abuse of girls. As a political issue, child marriage has failed to capture the attention of the public or media. Yet, over the past six years, a majority of state legislatures have put marriage age reforms on their legislative agendas, in some cases leading to policy adoption of a child marriage ban. Using archival data from 50 states and in-depth interviews, I argue that the advocacy of a small group of child marriage survivors precipitated progress on marriage age reforms. I find that legislators responded positively to narratives given by child marriage survivors and expressed a paternal need to protect girls. I also examine the limitations of placing survivors of traumatic life experiences at the forefront of policy action. This article contributes to our knowledge of how gender justice issues rise to the legislative agenda and how certain overlooked issues require a high level of personal traumatic disclosure to gain attention.

Intellectual Capital: The Role of Green Accounting on Corporate Social Responsibility

This study aims to determine whether there is an effect of green accounting on CSR disclosure and Intellectual Capital, the effect of Intellectual Capital on CSR disclosure, green accounting on CSR disclosure with Intellectual Capital as a moderating variable and CSR disclosure in Islamic Commercial Banks from an Islamic perspective. The population in this study are all Islamic Commercial Banks registered with ojk.go.id for the 2017-2022 periods. There are 14 banks with a sample of 84 companies. The sampling methodology employed in this study involved the utilization of purposive sampling and saturation approaches. This study used panel data regression model analysis, i.e., fixed effect regression and random effect regression. The results of this study showed green accounting have no effect on CSR, Intellectual Capital have no effect on CSR, Green Accounting influences Intellectual Capital, Intellectual Capital moderates the effect of Green Accounting on CSR. The implication of this study is that companies making CSR disclosures are influenced by several factors, one of which is green accounting. The results of this study can be taken into consideration for companies, especially for managers to determine their satisfaction in terms of CSR disclosure. For the community and stakeholders, the results of this study will provide information on the level of corporate social responsibility disclosure that can influence the decision making of stakeholders. Stakeholders will decide to invest in companies that have a high level of corporate social responsibility disclosure, because it indicates that the company has conducted and managed the company adequately. This research employs secondary data, so the study cannot control and supervise the possibility of errors in data processing calculations.

How Do Users Experience Traceability of AI Systems? Examining Subjective Information Processing Awareness in Automated Insulin Delivery (AID) Systems

When interacting with artificial intelligence (AI) in the medical domain, users frequently face automated information processing, which can remain opaque to them. For example, users with diabetes may interact daily with automated insulin delivery (AID). However, effective AID therapy requires traceability of automated decisions for diverse users. Grounded in research on human-automation interaction, we study Subjective Information Processing Awareness (SIPA) as a key construct to research users’ experience of explainable AI. The objective of the present research was to examine how users experience differing levels of traceability of an AI algorithm. We developed a basic AID simulation to create realistic scenarios for an experiment with N = 80, where we examined the effect of three levels of information disclosure on SIPA and performance. Attributes serving as the basis for insulin needs calculation were shown to users, who predicted the AID system’s calculation after over 60 observations. Results showed a difference in SIPA after repeated observations, associated with a general decline of SIPA ratings over time. Supporting scale validity, SIPA was strongly correlated with trust and satisfaction with explanations. The present research indicates that the effect of different levels of information disclosure may need several repetitions before it manifests. Additionally, high levels of information disclosure may lead to a miscalibration between SIPA and performance in predicting the system’s results. The results indicate that for a responsible design of XAI, system designers could utilize prediction tasks in order to calibrate experienced traceability.

Is expanded auditor reporting meaningful? UK evidence

In 2013, the United Kingdom (UK) Financial Reporting Council (FRC) mandated independent auditors to provide an expanded audit report to disclose the risks of material misstatement and application of materiality. This paper examines the information content and economic consequences of the expanded auditor’s report and offers three main results. We first investigate the usefulness of auditor reporting regime change and find evidence that the new reporting regime has some influence on market indicators. Second, we document that firms receiving an expanded audit report with a higher level of disclosure on risks of material misstatement (materiality) exhibit significantly higher (lower) idiosyncratic risk, beta, and cost of equity. That is, the expanded auditor’s disclosure meaningfully affects firms’ risk fundamentals. Third, we find that information conveyed by the expanded auditor’s report impacts bid-ask spread, trading volume, volatility of market returns, and analyst forecast dispersion. Collectively, our analyses suggest that auditors provide information that meaningfully reflects the risks that the audited companies face. Furthermore, this information is associated with significant economic consequences for capital market participants, implying that it is not generic. This firm-specific and useful disclosure supports the FRC (followed by International Auditing and Assurance Standard Board (IAASB) and Public Company Accounting Oversight Board (PCAOB)) decision mandating the expanded audit report and provides evidence-based insights to major recent structural reforms aiming at proposing remedies to audit and capital market problems in the UK, and beyond.

Longitudinal Associations Between Pet Relationship Quality and Socio-Emotional Functioning in Early Adolescence.

Adolescence is a key developmental period for socio-emotional skills, and companion animal relationships may be one potential source of emotional support and resilience during this time. This study used longitudinal data from 940 pet-owning adolescents, collected over four time points, from youth in the Northeastern United States. We assessed whether pet relationship quality (indexed by relationship satisfaction, companionship, and emotional disclosure) predicted trajectories of loneliness, social anxiety, and depression. Results indicated that high satisfaction with a pet relationship was associated with more favorable trajectories, but companionship (i.e., regarding frequency of interacting with the pet) was not related significantly to socio-emotional functioning. High levels of disclosure to a pet were linked with less favorable trajectories for loneliness and depression, but not related to social anxiety. These results suggest that a pet relationship can, in some cases, be associated positively with socio-emotional development, but that there is significant complexity in these associations. Families, educators, and practitioners should take a nuanced approach to understanding individual adolescent-pet relationships as a contextual asset for specific youth.

(Non-)disclosure of lifetime sexual violence in maternity care: Disclosure rate, associated characteristics and reasons for non-disclosure.

In maternity care, disclosure of a past sexual violence (SV) experience can be helpful to clients to discuss specific intimate care needs. Little evidence is available about the disclosure rates of SV within maternity care and reasons for non-disclosure. The aim of this study was to examine (1) the disclosure rate of SV in maternity care, (2) characteristics associated with disclosure of SV and (3) reasons for non-disclosure. We conducted a descriptive mixed method study in the Netherlands. Data was collected through a cross-sectional online questionnaire with both multiple choice and open-ended items. We performed binary logistic regression analysis for quantitative data and a reflexive thematic analysis for qualitative data. In our sample of 1,120 respondents who reported SV, 51.9% had disclosed this to a maternity care provider. Respondents were less likely to disclose when they received obstetrician-led care for high-risk pregnancy (vs midwife-led care for low-risk pregnancy) and when they had a Surinamese or Antillean ethnic background (vs ethnic Dutch background). Reasons for non-disclosure of SV were captured in three themes: 'My SV narrative has its place outside of my pregnancy', 'I will keep my SV narrative safe inside myself', and 'my caregiver needs to create the right environment for my SV narrative to be told'. The high level of SV disclosure is likely due to the Dutch universal screening policy. However, some respondents did not disclose because of unsafe care conditions such as the presence of a third person and concerns about confidentiality. We also found that many respondents made a positive autonomous choice for non-disclosure of SV. Disclosure should therefore not be a goal in itself, but caregivers should facilitate an inviting environment where clients feel safe to disclose an SV experience if they feel it is relevant for them.

Ownership concentration and cost of equity in Pakistan: the moderating role of disclosure and governance quality

PurposeThe purpose of this study is to examine the relationship between the ownership concentration and cost of equity of firms in Pakistan context. Moreover, this study also investigates how the presence of disclosure quality and governance quality affects the relationship between ownership concentration and the cost of equity of firms.Design/methodology/approachData are collected from six non-financial sectors listed on Pakistan Stock Exchange during the period of 2015–2019. This study uses pooled ordinary least square (OLS) method to validate the proposed hypothesis in STATA.FindingsThe study found a positive and significant relationship between ownership concentration and cost of equity. The results also show that better disclosure and governance quality negatively moderates the relationship between ownership concentration and cost of equity.Practical implicationsThe findings of this study will help firm managers to implement a high level of disclosure and governance quality in firms to reduce agency problems which will further help a firm in reducing the firm's cost of equity. Furthermore, this study is valuable for practitioners regarding thinking about the process of designing ownership structures to protect minority shareholders' rights, especially in emerging markets.Originality/valueThe novelty of this study is having better disclosure quality and more board independence members helps firms with higher ownership concentration in reducing the cost of equity.

SHARI‘AH DISCLOSURE AND READABILITY OF ISLAMIC BANKS IN PAKISTAN

Islamic banks are required to ensure Shari‘ah compliance as established by regulatory authorities, i.e., the State Bank of Pakistan. Stakeholders consider Shari‘ah compliance as a crucial factor when investing in these banks, which is why annual reports are produced to communicate the level of compliance. However, these reports often lack complete and readable information about the banks’ level of Shari‘ah compliance. This study analysed the extent of Shari‘ah governance disclosure and readability in annual reports of 19 Pakistani banks, including full-fledged and window Islamic banks. Using the Shari‘ah disclosure index and content analysis, the study identified the disclosure level and explored the disclosures’ readability using Bog Index in the Shari‘ah reports. Results showed that full-fledged banks had a higher level of disclosure than window banks. Meanwhile, Shari‘ah reports were generally difficult to read. Improving the level of disclosure and readability in Shari‘ah reports can have a positive impact on all stakeholders. The study provides implications for management to enhance the level of SharÊ‘ah compliance and readability, which will lead to a better understanding of the banks’ operations, increased trust in these institutions, and ultimately, contribute to the growth and development of Islamic finance in Pakistan. Stakeholders such as investors, customers, and policymakers will be able to make more informed decisions with a clearer understanding of the banks’ operations. A better reputation for Islamic banking will help attract more customers and investors, further boosting the country’s growth and development of Islamic finance.

Integrated Reporting and IFRS 3: an empirical study to Cost of Equity through Firm Risk and Investor Protection

This study examines the relation of cost of equity associated with the disclosure quality of IFRS 3 and the Integrated Reporting (IR) compliance. Employing an IR sample composed of 498 non-financial firms that use IR either mandatorily or voluntarily from 2011 to 2019, we investigate the impact of IR and IFRS 3 disclosure quality on the cost of equity. Based on Breuer et al. (2018) and Chava (2014) we suggest two distinct channels through which IR and IFRS 3 can influence the cost of equity: firm risk and investor base. In companies with strong legal, cultural, and political factors, our results show that the cost of equity falls when a firm invests in IR and at the same time provides high levels of IFRS 3 information. Moreover, we find that higher IFRS 3 disclosure score lowers firms’ risk in companies with high IR compliance. We interpret the negative relation at higher levels of disclosure as evidence that investors consider firms with low levels of IR informativeness to be riskier. Finally, we find that the negative impact of IFRS 3 disclosure quality and of IR compliance to cost of equity is more intense when firms’ risk is low.
 
 JEL Classification: C 33; G17; G32; L2; M14.
 Keywords: integrated reporting, IFRS 3, accounting disclosure quality, cost of equity, firm risk and investor protection

Does the market value “green” companies? Evidence from Indonesia

Financial reporting is important for disclosing crucial information that shows the financial activities and performance of a business. Environmental disclosure in the annual report will enable investors and other interested parties to make informed judgments about the efficiency and impact of managers' sustainability decisions and actions. The aim of this study is to knowledge whether the stock market value the company that are of environmental, by performance and self-disclosure. This study makes significant contributions to the literature in several aspects. First, this is the first study to empirically examine the value relevance of 2 types of non-financial performance that use evidence from Indonesia Stock Market, to the best of our knowledge prior study only use one types of environmental reputation, performance or disclosure itself. This study uses the Ohlson modification model, however, the price model developed by Ohlson in this study modified by adding environmental information as other information that is expected to affect share prices. The results of this study are that environmental performance is value relevant to share prices, which shows that environmental performance influence investors in positive side. Whereas sustainability report disclosure shows different results, the effect is negative towards share prices, these results indicate that companies with high levels of sustainability report disclosure are not highly valued by investors. This can be caused by investors lack of understanding the importance of sustainable companies.

Level of Disclosure of Environmental Provisions and Contingent Liabilities

Disclosure allows accounting to achieve its main objective, that of providing useful and reliable information to its users. Thus, based on the Theory of Disclosure, this study aims to identify the level of disclosure of provisions and environmental contingent liabilities of companies with high potential for pollution. For this, descriptive research with a qualitative approach was carried out, applying the content analysis technique in the financial statements between the years 2010 and 2019. For data collection, a checklist prepared according to the established criteria was used. by the Accounting Pronouncements Committee No. 25 (CPC 25) for the recognition and disclosure of provisions and contingent liabilities of an environmental nature. The findings reveal a low disclosure of the established items, despite the growing number of affirmative observations in the last three years. As for the level of disclosure, the results showed that the most prominent segment was the extraction and treatment of minerals, with a percentage of 73% in the group of companies listed on the ISE. Regarding the analysis of the groups, the average of the companies listed and not listed on the Corporate Sustainability Index (ISE) was calculated, showing through the Student's T test the existence of a statistically significant difference between the averages, of 27.66 and 15 ,21, respectively, accepting and rejecting the research null hypothesis. However, the need for other analysis methods was identified to confirm whether the companies included in the ISE have a higher level of disclosure.

MALAYSIAN TAKAFUL REPORTING FROM A MAQASID SHARIAH PERSPECTIVE

The concept and goals of takaful are based on the objectives of Islamic law, which are centred on the five dimensions of maqasid Shariah that are essential to the life of a Muslim. The application of takaful in the Muslim community appears to have a significant relationship with the attainment of Shariah objectives. The study intends to investigate the extent of Takaful reporting in Malaysia and its relationship to maqasid shariah. The disclosure index was created using the three perspectives of Islamic accountability (Shariah, social, and financial) as well as takaful-specific information. The checklist items consist of 124 items: 67 mandatory items and 57 voluntary items. These items are classified as financial reporting; Shariah compliance and governance; corporate governance; takaful policy requirements; Family Takaful; takaful undertaking solvency requirements; risks and enterprise risk management. Takaful operators disclosed 95% of the total mandatory disclosure on average. In terms of voluntary disclosure, takaful operators disclosed 38% of total voluntary disclosure. All mandatory items are fundamental or essential (daruriyat), and takaful operators are expected to have a high level of disclosure, whereas voluntary disclosure items such as general needs information (hajiyat) and refinement information (tahsiniyat) have a lower level of disclosure. Keywords: Takaful; Maqasid Shariah; Voluntary Disclosure; Mandatory Disclosure; Institutional Theory

Level of voluntary disclosure and market value: An applied study on companies listed in Amman Stock Exchange

Voluntary disclosure is viewed as an essential communication tool through which the company's ideas can be promoted to potential stakeholders, which contributes to achieving the company's growth and sustainability. This study came to reveal the reality of voluntary disclosure in the Jordanian industrial companies and its impact on its market value. The descriptive-analytical approach was adopted, where content analysis of the financial reports published by 72 industrial companies listed on the Amman Stock Exchange during the period (2016-2022). The study found that the level of disclosure of non-financial items included the aspects of the board of directors, social responsibility, and community policy were high, which reached 56%, compared to the level of disclosure of financial items, which reached 43%. This indicates that companies pay more attention to disclosing non-financial items than financial items. In addition, the study indicated that companies with a high level of voluntary disclosure have a better market value compared to those companies that have not disclosed or have a lower level of disclosure. Moreover, increasing voluntary disclosure of strategic information, financial information, and non-financial information increases the market-to-book value, because voluntary disclosure enhances the information available to investors about shares, which in turn improves the market value.

AN EMPIRICAL STUDY ON THE INFLUENCES OF ACCOUNTING POLICIES, ORGANIZATIONAL CLIMATE, AND FINANCIAL REPORTING DISCLOSURES ON THE PERFORMANCE OF NON-FINANCIAL LISTED COMPANIES

This paper seeks to analyze the impact of disclosures on managers’ characteristics, business climate information, and key accounting policy variables on financial performance. Data were extracted from the annual reports of the non-financial listed companies on the Bucharest Stock Exchange. Fifty-seven companies from eight industries have been investigated over five years. The least-squares method for panel data (Panel Least Squares) was used in estimating eight models that proved to be valid for the Fisher test. The findings showed that a high level of disclosure of information about managers increases performance. In contrast, the increased disclosure of business climate information and the average degree of internal control is leading to lower company performance. From the analysis of key accounting policy variables, the estimated models showed that the overall level of provisions has a significant positive influence on the performance of the companies. In two models also the estimates of decommissioning costs of tangible assets have a significant positive impact on performance. A significant negative impact on performance is exerted by uncertainties in recognition, accounting valuation, or presentation of assets, judgments, and assumptions on contingencies, litigation risks, and R&D innovation costs. The existence of the audit report and the type of auditor do not significantly influence the performance of the examined companies. However, the existence of the corporate governance report is significantly and positively impacting financial performance.

Disclosure Index of asset accounting procedures in the public sector

The objective of this study was to determine the level of disclosure of asset accounting procedures in the public sector of municipalities in the State of Espirito Santo from the perspective of analysis of the variables internal control, municipal development, population and budget revenues. Quantitative analysis methods are used in this research, such as descriptive statistics and multiple linear regression. It was found that the mean of the Disclosure of Assets Accounting Procedures Index achieved by the analyzed municipalities was 55.19%. This index suggests that the efforts made by the municipalities to meet the requirements of the regulatory agencies is still limited. The results showed that: i) the variables internal control and population were not statistically significant for the model; ii) the variables education and budget revenues showed a positive relationship with the disclosure index, indicating that municipalities with better educational levels and higher revenues tend to have higher disclosure levels. Finally, the evidence of this research contributes to the analysis of the disclosure index and its determinants, as well as to the understanding of the process of harmonization of public sector accounting to international standards in municipalities of the State of Espirito Santo.