Information Disclosure Practices Research Articles

Ethical Challenges in Information Disclosure and Decision-making in Prenatal Testing: A Focus Group Study of Chinese Health Professionals in Maternal and Child Health Services.

The international community has proposed a comprehensive strategy to prevent congenital abnormalities. And China, with a high incidence of congenital diseases, has implemented measures including prenatal screening and diagnosis to reduce the morbidity of congenital abnormalities. However, ethical challenges arise in the practice of prenatal screening and diagnosis among healthcare professionals. Five focus group discussions were conducted with twenty-four health professionals working in maternal and child health services in Hunan Province, China, to explore the ethical challenges they encountered in prenatal testing decision-making and information disclosure practices, as well as their views on these challenges. Participants were selected through purposive sampling, ensuring maximum demographic diversity. Three main themes were identified: 1) balancing between information disclosure and privacy protection; 2) patient-oriented decision-making and tensions within family-oriented decision-making; 3) the disparity between the limited help clinical ethics committees (CECs) can provide and professionals' need for CECs. Ethical norms for information disclosure and autonomous decision-making within prenatal screening and diagnostic institutions must be established. Utilizing CECs is crucial to guide professionals in delivering prenatal testing services while simultaneously focusing on targeted improvement of communication skills among these professionals.

Transnational Analysis of ESG Information Disclosure: Environmental Concerns among Listed Companies in China and the United States

This research provides a transnational analysis of the environmental concerns embedded within the ESG (Environmental, Social, and Governance) information disclosure practices of listed companies in China and the United States. By examining 10 representative firms from each country, the study aims to highlight the variances in environmental awareness and subsequent actions undertaken by entities in these two major economies. However, as some argue, Nonpecuniary factors, such as ESG considerations, should never take precedence over investment returns, risk or lowering fees. Despite this perspective, our investigation adopts a cross-border lens, offering a more holistic perspective. The primary methodological tools involve evaluating ESG report ratings based on MSCI scoring rules and analyzing word frequencies related to environmental topics in Q4 2022 conference call transcripts. Preliminary findings indicate that the predictive effect of the MSCI score does not significantly differ between the two regions, and the attention to environmental issues, as evidenced by word frequencies, is comparable. The study acknowledges limitations arising from the limited dataset and the temporal scope of the research. Nevertheless, this research presents significant implications for international ESG policymaking, potentially guiding more effective strategies to attain Sustainable Development Goals. It also suggests avenues for further research, particularly in expanding the dataset and refining keyword sentiment analysis methodologies.

The real effect of CSRC's random inspections on corporate financial fraud

AbstractTo optimise the regulatory approach, the China Securities Regulatory Commission (CSRC) introduced the double‐random inspection policy (DRIP), which mandates that the provincial branches of the CSRC randomly select at least 5% of local listed firms each year and randomly assign inspectors to conduct on‐site inspections of their information disclosure and corporate governance practices. This paper investigates the real effect of the DRIP on corporate financial fraud. Performing a multi‐period synthetic difference‐in‐differences model (SDID), we first find that the random inspections of CSRC have a positive causal effect on the probability of exposing corporate financial fraud. Furthermore, our heterogeneity analysis reveals that this effect is more pronounced for private firms and firms with poor accounting information quality. We then delve into the mechanisms through which random inspections affect corporate financial fraud. Our findings suggest that random inspections influence corporate behaviour by increasing media and investor attention, as well as prompting the issuance of inquiry letters by stock exchanges. Finally, we examine the economic consequences of random inspections and find that random inspections by the CSRC reduce firms' stock price crash risk.

Strategic transparency under authoritarian environmentalism: information disclosure and the role of environmental NGOs in China’s national emission trading scheme

ABSTRACT Transparency in carbon markets is considered critical to ensure market effectiveness and public accountability. Low levels of transparency and lack of participation of non-governmental actors are persistent criticisms of Chinese (pilot) emission trading systems. Building on debates around authoritarian environmentalism and China's role therein, this article analyses transparency, manifested as information disclosure, in China's national carbon emission trading scheme (C-ETS) – the largest carbon emission market worldwide. Using expert interviews and content analysis, the article outlines practices of C-ETS information disclosure and discusses its characteristics in the context of China’s environmental governance. Key findings include discrepancies both between central and provincial governments related to information disclosure, and between different provincial governments. And while most industry actors lack interest and capacity to engage in C-ETS disclosure, environmental non-governmental organizations (ENGOs), by contrast, are significantly more involved in the policy process and information disclosure, often as ‘eco-elites’. Overall, this reveals that international and domestic ENGOs retain high-level channels to influence policy design and implementation. Yet, ENGO input is not pursued as a public good valuable for its own sake, but sought strategically as a means to the larger goal of efficient market functioning. This type of ‘strategic transparency,’ as we call it, suggests that China’s environmental governance model – regularly considered to be a key example of authoritarian environmentalism – instead represents an evolving mixture of liberal and illiberal tactics.

The influence of board gender diversity and ownership structure on integrated reporting: Evidence from Malaysia

This study examines the influence of board gender diversity and ownership structure on integrated reporting. Integrated reporting is widely regarded as a report providing the most comprehensive and valuable information regarding an organization's performance and value creation, offering significant benefits in improving stakeholder relations. This type of reporting is expected to accurately represent existing relationships between organizations and their stakeholders by focusing on investors and other stakeholders. Therefore, the purpose of this study is to examine the influence of gender diversity and the role of ownership structure in an integrated reporting context. In order to elucidate the relationships among the variables in this study, the agency theory was utilized. The sample of the study was derived from the top 100 Malaysian companies based on market capitalization for the years 2018 to 2020. The content analysis approach was employed to hand-collect the data from the annual reports. The findings of this study show a positive and significant relationship between board gender diversity and government ownership with integrated reporting. However, this study found a negative and significant relationship between family and foreign ownership with integrated reporting. This study could assist company owners and management in improving their company's information disclosure practices. Also, companies might consider adopting policies and practices that promote gender diversity in leadership roles and optimize ownership structures to enhance their integrated reporting practices. Additionally, regulatory authorities might find the results of this study valuable in formulating effective policies aimed at advancing integrated reporting.

ZAKAT DISCLOSURE INDEX BY ISLAMIC BANKS AND DEVELOPMENT FINANCIAL INSTITUTIONS IN MALAYSIA

Paying zakat and disclosing it transparently to stakeholders is one of the ways to demonstrate the Islamic ethical value and accountability of Islamic finance institutions (IFIs). Nevertheless, comprehensive zakat information disclosure practices by Islamic banks (IBs) and Development Financial Institutions (DFIs) have received less attention. Therefore, this study was conducted to develop a comprehensive Zakat Disclosure Index (ZDI) for IBs and DFIs and measure the ZDI level of these institutions. Content analysis was performed through financial statements, annual reports, annual integrated reports and annual sustainability reports for four consecutive financial years from 2016 to 2019. The entire population of 16 IBs and 6 DFIs was selected. The ZDI was developed with two categories based on the liability of paying zakat. The scoring was divided into three groups: (i) mandatory financial information versus voluntary financial information versus mandatory non-financial information versus voluntary non-financial information; (ii) mandatory versus voluntary; and (iii) financial versus non-financial. The result showed that the overall disclosure level was at 60 percent, where mandatory disclosure was at 43 percent and voluntary disclosure was at 17 percent, while for financial and non-financial information, the scores were not much different at 25 percent to 33 percent. The study’s implication lies in establishing astandardised zakat index, enhancing comparability among reporting entities. Furthermore, the study holds importance for regulators as it aids in assessing the sufficiency of existing regulations and guidelines. It can guide regulatory actions to uphold the principles of maqasid shariah in reporting practices.

ANALISIS PENGUNGKAPAN INFORMASI LINGKUNGAN DALAM LAPORAN KEUANGAN PDAM KABUPATEN BONDOWOSO : PERSPEKTIF GREEN ECONOMI DAN TANGGUNGJAWAB SOSIAL PERUSAHAAN

This research aims to analyze the disclosure of environmental information in the financial statements of the Regional Drinking Water Company (PDAM) of Bondowoso Regency, considering the perspectives of green economy and corporate social responsibility. The disclosure of environmental information is increasingly important in the context of environmental protection and business sustainability. A qualitative approach is used to analyze the financial statements of PDAM Bondowoso Regency with a focus on environmental information disclosure elements. Findings from this research are expected to provide new insights into environmental information disclosure practices in the public sector, especially in regional companies such as PDAM. The implications of this analysis can contribute to the development of green economy and corporate social responsibility in Bondowoso Regency and encourage other companies to improve transparency and accountability in disclosing environmental information in the financial statements of PDAM Bondowoso Regency. In conclusion, the management of waste by PDAM Bondowoso Regency still has shortcomings, such as suboptimal waste treatment, gaps in handling various types of waste, technological limitations, and lack of awareness or understanding. The disclosure of environmental information in financial statements is also constrained by factors such as lack of awareness, resource constraints, and regulatory uncertainty. This results in suboptimal disclosure of prevention and detection cost allocations and environmental failure costs. Steps are needed to enhance transparency, such as improvements in disclosing cost allocations and detailed operating costs for waste management. Thus, stakeholders can better understand PDAM's efforts to maintain environmental sustainability and public health

Enhancing sustainable progress: an analysis of supreme audit institutions' performance audits and information disclosure practices

Enhancing sustainable progress: an analysis of supreme audit institutions' performance audits and information disclosure practices

Advance Selling Strategy with Return Service: The Impacts of Information Disclosure and Disclosure Methods

The return cost burdens both consumers and merchants, leading merchants to emphasize information disclosure during pre-sales of new products. This study analyzes the effects of information disclosure methods on consumer valuation and merchants’ pre-sale strategies across four scenarios: no advance selling, no information disclosure, traditional information disclosure, and blockchain-enabled information disclosure. We examine optimal pricing and inventory strategies under each scenario, assessing the value of information disclosure and the merchant’s optimal advance selling strategy. We find that traditional information disclosure could lead to various pre-sale pricing outcomes based on consumer valuation distribution bounds, trust levels, and merchant return losses. Blockchain-based disclosure influences merchants to implement premium pricing, which may render blockchain unnecessary. Offering pre-orders is beneficial with any information disclosure method. If consumers have varied product understandings, merchants benefit more from using an information disclosure strategy rather than just offering returns; otherwise, the reverse is true. The paper provides theoretical insights into optimal pre-sale information disclosure practices.

Enhancing capital market efficiency: The role of data assets disclosure in reducing stock price synchronicity

In the burgeoning digital economy, data have emerged as a pivotal factor of production, embodying a critical source of competitive advantage and core assets for companies. This study investigates the influence of data assets disclosure on the efficiency of capital market pricing, particularly through the lens of stock price synchronicity among Shanghai and Shenzhen A-share listed companies from 2013 to 2021. The analysis reveals that transparent data assets information significantly diminishes stock price synchronicity. The reduction is more pronounced when the disclosed data assets information is highly verifiable and comprehensible. Mechanistic exploration suggests that this effect primarily arises from diminished information asymmetry, enhanced long-term investments by institutional investors, and eased financing constraints. Notably, the impact is more substantial in non-high-tech companies and those with superior information disclosure ratings. After rigorous robustness checks and endogeneity considerations, our findings persist, highlighting the critical function of data assets disclosure in reducing stock price synchronicity and offering actionable insights for refining corporate information disclosure and governance practices.

Research on ESG System Construction and Environmental Accounting Information Disclosure：A Case Study of CITIC Securities

Since the signing of the Paris Agreement, societal concern regarding climate change and sustainable development has grown exponentially. The construction of ESG (Environmental, Social, and Governance) frameworks and the disclosure of environmental accounting information have garnered significant attention. Constructing a financial ESG framework and refining its environmental accounting system holds paramount significance. This study employs a case study approach, using leading Chinese securities firm, CITIC Securities, as a focal point. It elucidates the complementary relationship between ESG frameworks and environmental accounting within financial institutions. Leveraging databases and publicly available information such as CITIC Securities' annual reports and corporate social responsibility report, the study systematically analyzes the development of CITIC Securities' ESG framework and the current status of environmental accounting information disclosure. Based on these findings, the study identifies issues in CITIC Securities' and other financial institutions' information disclosure practices, such as a tendency towards one-sided disclosure or the presence of "greenwashing" phenomena. Finally, the study proposes measures and recommendations in four key areas: standardization, enhanced disclosure, independent verification, and digitization empowerment.

Public information disclosure practices and civic participation: The roles of social justice perceptions and internet use

This study examined the relationship between public information disclosure practices and civic participation and the roles of social justice perceptions and internet use in that relationship. Our data comes from the 2019 Chinese Social Survey (CSS, 2019), a large nationwide household survey across 31 provinces (autonomous regions and municipalities). To ensure data relevance to our main variables, we conducted screening, resulting in the retention of data from 9 621 participants (female = 56 73%; mean age = 46 62 years, SD = 14 22 years). The results indicated that public information disclosure practices were associated with higher levels of civic participation. Specifically, public information disclosure practices were positively associated with institutional civic participation and negatively associated with non-institutional civic participation. Moreover, citizens' perception of social justice indirectly mediated civic participation. Internet use moderated the relationship between public information disclosure practices and the perception of social justice. These findings underscore the importance of types of public information disclosures in routine civil society governance. By implication, public information disclosures are tools for empowered civic participation with social justice

Does corporate governance influence readability of the report by the chairman of the board of directors? The case of Jordanian listed companies

AbstractThis study investigates whether readability of the president's statement is linked to both company performance and factors related to corporate governance in an emerging market context. We analyse Jordanian manufacturing companies listed on the Amman Stock Exchange (ASE) during the period 2017–2021. An exploratory study using panel data from ASE, parametric correlations, and regression models shows the relationship between readability of the president's statement, corporate governance, and characteristics of the board of directors. The results indicate that corporate governance significantly moderates readability of the president's statement and the firm's performance. The results also show a relationship between readability of the chairman's statement and directors' accounting experience and confirm that independence of the board of directors and concentration of ownership affect readability of the accounting disclosures in the chairman's statement. Finally, poor board compliance significantly mitigates the association between board features and readability of the chairman's statement. These findings help to explain how and why firms adjust their information disclosure and transparency practices, affecting corporate reporting credibility and efficacy. This study is one of few to examine how board features affect readability of the president's statement within the Jordanian legal framework, which is plagued by poor board compliance due in part to constant amendments.

Event-study approach: the case of Airbnb and hotel stocks

ABSTRACT This study investigates the impact of Airbnb announcements on hotel stock prices across ten countries, distinguishing between exact- and general-location announcements. We found that while general announcements have minimal impact, those with exact locations consistently reduce hotel stock prices, as evidenced by negative cumulative abnormal returns (CAR) trends. The primary impact occurs within the [−3, +1]-day window surrounding the announcement. These robust findings persist across various tests, underscoring their reliability. Implications include the importance of investor awareness regarding location-specific announcements and the need for regulatory examination of information disclosure practices on platforms like Airbnb., n.d. The study offers valuable insights for investors and policymakers navigating the dynamic landscape of the hospitality industry in the age of online platforms.

Exploring Forward-Looking Information Disclosure Practices: Insights from the Malaysian Landscape in the IFRS Era

Exploring Forward-Looking Information Disclosure Practices: Insights from the Malaysian Landscape in the IFRS Era

The Impact of Corporate ESG Performance on Corporate Green Innovation

The incorporation of green innovation by firms is considered essential to attain superior developmental outcomes. This study aims to examine how ESG (Environmental, Social, and Governance) performance influences green innovation and delve into the mechanisms that facilitate its implementation based on data spanning from 2011 to 2021, with a particular emphasis on companies listed on the A-share market in China. Its primary. The research findings substantiate that robust ESG performance by enterprises plays a pivotal role in driving green innovation. This influence can be attributed to several key factors within the implementation mechanism. Firstly, companies exhibiting excellence in ESG performance tend to demonstrate heightened social responsibility. Secondly, commitment to comprehensive and transparent information disclosure practices is more pronounced among such companies. Lastly, easier navigation of financing constraints is often observed, facilitating their green innovation initiatives.Drawing upon this analysis, valuable suggestions are proposed, emanating from ESG information disclosure practices and their influence on fostering green innovation. The study underscores the importance of integrating environmental, social, and governance considerations into corporate strategies as a means to usher in an era of sustainable, high-quality development for firms.

Environmental disclosure practices in mixed ownership models: A study of Chinese private enterprises.

Environmental information disclosure is critical avenue for stakeholders to gauge the fulfillment of corporate environmental responsibilities, as well as a key path for companies to gain social reputation and achieve sustainable development. To achieve both economic and social sustainability and improve the environmental information disclosure by private firms, this study delves into the impact mechanism and realization path of mixed ownership reform on environmental information disclosure among Chinese private enterprises listed between 2010 and 2020. Utilizing a panel fixed effect model, we scrutinize the interplay between state capital involvement and the disclosure of environmental information by private enterprises. Our findings reveal that state capital involvement may encourage private enterprises to disclose environmental information through resource allocation and governance improvements. The higher the shareholding ratio of state-owned participating shareholders, the more it helps private firms to disclose environmental information. State-owned shareholders play a pivotal role in the appointment of supervisors, directors, and executives, effectively improving corporate governance mechanisms and positively moderates how private companies with state-owned capital participate in disclosing environmental information. Moreover, the magnitude of media coverage and the public opinion pressure faced by private enterprises further amplify the influence of state-owned capital involvement on environmental information disclosure. Additionally, our research reveals that corporate profitability partially interplays with the effects of state-owned capital disclosure of environmental information by private companies. According to the research results, we recommend that the government proactively promote mixed ownership reform with private enterprises as the main participants, fully leveraging the resource advantages and influence of state-owned capital. At the same time, it is imperative to strengthen the governance effect of internal state-owned shareholders and external public opinion supervision in private enterprises. Enhancing profitability is also identified as a key driver for private enterprises to engage in more robust environmental information disclosure practices.

COVID-19-related disclosures by listed firms in Vietnam

Purpose This paper aims to measure the COVID-19-related disclosure extent of listed firms in Vietnam and its associated factors. Design/methodology/approach The authors apply a previously developed reporting framework to evaluate the disclosures of 100 listed firms with the largest market capitalization on the Hanoi and Ho Chi Minh stock exchanges as of 31 December 2021. The disclosures were from integrated reports, annual reports, corporate governance reports and financial statements. The authors then used a regression model to examine the factors that influenced the disclosures, such as corporate governance, ownership concentration and firm profiles. Findings The research results reveal that the extent of COVID-19-related disclosure in Vietnam is relatively low. It also finds that the audit committee, firm size, age and industry are positively associated with the extent of COVID-19-related disclosure. Originality/value To the best of the authors’ knowledge, this study is the first to examine COVID-19-related disclosures of listed companies in Vietnam and their determinants. It contributes significantly to the empirical evidence in this field. The findings of this study can help corporate managers and policymakers to improve information disclosure practices during future financial crises.

ESG Information Disclosure of Listed Companies Based on Entropy Weight Algorithm Under the Background of Double Carbon

As global climate change becomes increasingly severe, environment, society, and governance (ESG) assessment systems offer new standards to examine enterprises' sustainable development behavior, performance, and potential. Listed companies' ESG information disclosure practices are causing shifts from quantity growth to quality improvement, voluntary disclosure to mandatory disclosure, and single exposure to comprehensive disclosure. Under “double carbon target” guidance, China is accelerating the construction of its ESG assessment system, whose critical link involves disclosing enterprise ESG information. Considering the strategic objectives of peak carbon dioxide emissions and carbon neutrality, this paper analyzes the progress of ESG governance in the domestic banking industry and examines the ESG information disclosure quality assessment method based on the entropy weight algorithm. Accurate, complete, and timely disclosure of information helps investors and creditors make scientific and reasonable economic decisions, reduces investment and credit risks, helps listed companies experience healthy development, and improves the market's overall operating efficiency.

ESG analytics in investment decision making: in search for material information

Subject. The article considers approaches to determining information that is material for corporate reporting and analyses the way they affect the usefulness of the information presented to stakeholders and required for decision making. The choice of a particular approach determines the identification and formulation of material topics, information sources, and the target audience. Users need to understand the principal approach of the company to determining material information in corporate reporting in order to avoid controversies and unreasonable decisions.Objectives. The purpose of our study was to analyse approaches to defining material information for non-financial reporting and assess their impact on the usefulness of the information for stakeholders, primarily for investors.Research methods. The research involved using methods of comparative, logical, and financial analysis. The materials analysed were standards of financial and non-financial reporting, including frameworks and guidelines. The analysis was performed in order to define the concept of material information and requirements for it as well as suggested methods of identification of material topics and parameters to be presented in corporate reports of organisations. The following standards were analysed: GRI standards; standards by the International Sustainability Standards Board (ISSB); standards of the Sustainability Accounting Standards Board (SASB); Corporate Sustainability Reporting Directive (CSRD), and recommendations on disclosure of financial consequences of climate change of the Task Force on Climate-related Financial Disclosures (TCFD). The analysis of information disclosure practices was performed based on the sustainability statements of leading Russian companies operating in oil and gas industry and in steel industry for 2019-2021. We also used data from ESG ratings and rankings of Russian rating agencies.Results and discussion. The results of our study showed that while basic approaches to defining materiality suggested by leading international initiatives in corporate reporting have a lot in common, there are still crucial differences. The main difference is the focus on either the impact of external factors on the company (financial materiality) or the impact of the company on the society and environment (impact materiality). The understanding of these differences can help stakeholders to integrate the ESG information in the decision making process and use it to substantiate the decisions made. The problems revealed by the study, as well as the dynamic nature of the assessment of materiality of ESG data make it difficult to regulate the process of non-financial disclosure as compared to the disclosure of financial data. At the same time, the existing methods of determining material ESG information, taking into account industry specifics and based on the analysis of the organisation’s activities, its context, and requirements of the stakeholders, make it possible to find a practical solution to the problem.Conclusions. The conclusions and results of the study can be used to develop recommendations on public non-financial reporting for Russian companies taking into account the requirements of stakeholders.