Information Disclosure System Research Articles

How do cultural differences affect stock market performance after mergers and acquisitions? Empirical evidence from China

PurposeAs cross-cultural mergers and acquisitions (M&A) have learning effects on organisations, assessing their impacts on corporate performance is crucial. This study aims to explore the impact of inter-firm cultural differences on long-term post-M&A stock market performance.Design/methodology/approachThe authors select domestic M&A transactions of Chinese listed companies during 2010–2021 as the sample. Then, the authors use the partial least squares structural equation model (PLS-SEM) to construct the latent variable of cultural differences in four dimensions to explore long-term stock market performance.FindingsCultural differences first positively and then negatively impact post-M&A performance. Three transmissions mechanisms are identified: investor sentiment, takeover premiums and information disclosure quality. Further analysis reveals that acquirer stock performance improves with higher analyst coverage and non-local shareholders but worsens if there are business affiliations between the acquirer and target firms.Practical implicationsThis study can help optimise information disclosure systems in M&A transactions for regulatory authorities and aid investors’ understanding of post-M&A performance changes. Furthermore, it can improve acquirers’ understanding of the risks and opportunities in cross-cultural M&A, thereby facilitating the adaptation of management practices to the im-pacts of cultural differences.Originality/valueBy integrating the theories of resource dependence and transaction costs, this study examines the reversal effect of cultural differences between merging companies on post-M&A performance. The authors use a PLS-SEM to empirically analyse the main effects and reveal three transmission mechanisms.

Analysis of Patient Rights Protection through Medical Record Confidentiality and Information Disclosure System in Indonesian Hospitals

This study presents an in-depth analysis of patient rights protection, focusing on medical record confidentiality and the information disclosure system in Indonesian hospitals. The research utilizes a normative juridical approach, employing primary and secondary legal materials and combining statute and conceptual approaches. The analysis highlights gaps in the existing legal and policy frameworks that compromise patient rights, and the challenges healthcare providers face in maintaining medical record confidentiality and disclosure of information. These issues are further illuminated through a review of relevant academic literature, and corroborated by empirical evidence drawn from real-world case studies. Findings reveal a dichotomy between theoretical principles of patient rights and their practical implementation, accentuated by resource limitations, variations in law enforcement, and gaps in understanding among healthcare providers. The study concludes with recommendations for legal and policy reforms that can bridge these gaps, improve patient care, and strengthen trust in Indonesia's healthcare system. These reforms present both challenges and opportunities. While resource constraints and resistance to change may pose difficulties, the potential for improved patient care, enhanced public trust, and socio-economic development makes the pursuit of these reforms a necessary endeavour. This study contributes to a deeper understanding of patient rights protection and sets the stage for ongoing dialogue and action towards healthcare reform in Indonesia.

Corporate Sustainability and Corporate Value

In recent years, the concept of sustainable development has gradually lodged itself in the public mind, and there is increasing emphasis on companies’ performance in environmental, social, and corporate governance (ESG) aspects. This paper empirically investigates the impact of corporate ESG performance on firm value based on all A-share listed companies in China from the first quarter of 2015 to the fourth quarter of 2020 as the initial research sample. The research results indicate that the better the corporate ESG performance, the higher the firm value. The study provides clear insights: firstly, ESG performance can enhance firm value, revealing that ESG can reduce information asymmetry and reduce financial risks for enterprises. Secondly, ESG performance is an endogenous driving force for companies to promote environmental protection, social responsibility, and corporate governance construction, prompting companies to establish a sound ESG information disclosure system. Thirdly, it provides crucial evidence for ESG investors, compelling corporate managers to pay more attention to the impact of ESG management principles on the company and consider the company's future sustainable development.

Research on the Role of Accounting Information Disclosure and Corporate Governance Structure in Protecting Shareholders' Rights and Interests

The influence of accounting information disclosure and corporate governance structure on the protection of shareholders' rights and interests is a complex and key research topic. This paper discusses how accounting information disclosure and corporate governance structure work together to protect shareholders' rights and interests, aiming at revealing its internal mechanism and influence path. It is found that high-quality accounting information disclosure and optimized corporate governance structure can significantly enhance the protection of shareholders' rights and interests. First of all, transparent disclosure of accounting information helps shareholders to understand the financial situation and operating performance of enterprises, so as to make wise investment decisions. Secondly, an effective corporate governance structure can restrict the self-interest behavior of management, reduce the risk of insider control and further protect the rights and interests of shareholders. Therefore, for enterprises, it is very important to constantly improve the accounting information disclosure system and optimize the governance structure, which not only helps to enhance the overall value of enterprises, but also strengthens the trust and loyalty of shareholders to enterprises.

A Brief Discussion on Reputation Risk and Management of Insurance Company

The reputation of insurance companies plays a crucial role in building consumer trust, thus affecting consumers' purchase intention to buy insurance products and services. Insurance companies with a good reputation will have higher customer loyalty and more easily stimulate consumers' potential insurance demand. This paper will study the factors that affect the reputation risk of insurance companies. The quality of the staff, the level of enterprise management, corporate charisma, financial indicators, and media coverage are 5 factors that affect the reputation risk of insurance companies. It is of great significance for insurance companies to strengthen reputation risk management, avoid and control reputation crisis events, and incorporate reputation risk into their comprehensive risk management system. Therefore, this paper proposes some suggestions for strengthening the reputation risk management of insurance companies. First, the awareness of the reputational risk of insurance companies should be improved; Second, improve the quality of insurance products and services; Third, establish an effective reputational risk management mechanism for insurance companies; Finally, improve the information disclosure system of insurance companies.

Event-based data authenticity analytics for IoT and blockchain-enabled ESG disclosure

Environment, social, and governance (ESG) disclosure has raised significant interest in academia and industry for sustainable development and investing. However, the data authenticity of the ESG disclosure is still a serious matter of concern. This study proposes a novel solution to solve the above problem. First, an ESG information disclosure system (IBESG) enabled by IoT and blockchain is originally designed. The IBESG integrates IoT and blockchain technologies to facilitate the collection and transmission of data during ESG disclosure, and to ensures the data authenticity, consistency, and transparency. Second, the authors design a Local and Global Authenticity Verification Flow (LGA) consisting of edge computing and cloud computing to sufficiently verify the authenticity through the data flow. In addition, data authenticity analytics algorithms are developed in this study, which contains event-based spatial–temporal analytics and authenticity index computation. Finally, an experimental simulation is carried out to illustrate the implementation of the IBESG and the performance of the verification solution, and the sensitivity analysis of the above solution is conducted. Moreover, the relevant suggestions on deployment are given according to the findings during the experiment, and future work on improving the algorithm and conducting experiments in field manufacturing factories is illustrated. This study is expected to help academia and industry apply the solution in similar scenarios and inspire new ideas.

The impact mechanism of carbon emission reduction performance on financial performance based on carbon neutral targets: Evidence from Chinese energy enterprises

Purpose: Low-carbon and green technologies are crucial for achieving industrial structure upgrades and significant leaps forward in the development of energy enterprises. Therefore, this paper examines the correlation between carbon emission reduction and financial performance in energy firms.
 Design/Methodology/Approach: A two-way fixed-effects model is developed using data from 33 Chinese energy-listed companies between 2015 and 2020.
 Findings: The benchmark regression results show that improving a company's carbon emission reduction performance leads to better financial performance. Moreover, assuming corporate responsibility for reducing emissions can boost companies' reputations and foster better relationships with stakeholders. The trustworthiness of the standard regression outcome is validated through alternative independent variables, reducing time frames, and incorporating previously omitted factors. The results of heterogeneity analyses show that reducing carbon emissions has the same effect on financial performance across all regional characteristics and equity subgroups. Furthermore, the internal transmission mechanism analysis reveals that female leadership positively moderates the effect, while financing constraints negatively moderate the relationship between carbon emission reduction performance and financial performance.
 Conclusion: Under the national green development strategy of achieving carbon neutrality and carbon peaking, the carbon information disclosure system should be improved by the government; enterprises should implement innovative methods for low-carbon economic management and operation; and regulators should establish effective green regulations, incentives, and constraints. This paper offers a comprehensive guide for energy companies and their stakeholders to reduce carbon emissions, thereby achieving sustainability.

Information transmission effect of forward-looking text: evidence from mergers and acquisitions report of Chinese listed firms

ABSTRACT This paper examines the transmission effect of forward-looking text information in M&A announcement reports. We find that there is a significant positive relationship between forward-looking text information in M&A announcement reports and short-term cumulative abnormal returns (CAR). After a series of robustness tests, the conclusion remains unchanged. Further study finds that the positive relationship is more significant in firms with low-quality internal control and high levels of accrued earnings management. Overall, the result enriches the research literature on the economic consequences of text information disclosure. At the same time, it also provides an empirical basis for regulatory departments to improve the text information disclosure system of mergers and acquisitions.

A Study of the Impact of ESG Investments on the Liquidity Risk of Commercial Banks

ESG investment promotes the high-quality development of China's economy, and at the same time brings risks and challenges to the market. there is a certain contradiction between the long-cycle nature of ESG investment and the liquidity of commercial banks. In this context, how to stimulate commercial banks to take the initiative to improve ESG investment, and how ESG investment will have an impact on the liquidity risk of commercial banks has become an urgent issue to be considered. This paper selects the annual panel data of 37 commercial banks in China from 2009 to 2022, empirically tests the theoretical research hypotheses, and empirically investigates the impact of ESG investment on the liquidity risk of commercial banks by using the dynamic panel system generalised moment estimation (GMM), finally, after the above theoretical analyses and empirical studies, this paper draws the following conclusions: from the medium and long term perspective , ESG investment reduces the liquidity risk of commercial banks. Based on this, it is recommended to improve the information disclosure system and rating system of ESG investment, to promote the benign development of ESG investment in the banking industry, and to facilitate the realisation of China's "dual-carbon" goal.

성범죄자 신상공개제도의 문제점과 대응방안에 관한 연구

The personal disclosure system for sex offenders is intended to send a warning message to local residents to be careful not to be harmed because ex-sex offenders live around them. However, the current personal information disclosure system is not becoming a current photographic information, and the unclear residence and actual residence have resulted in unknown consequences even though actual sex offenders live around them. In addition, organizations that handle personal information disclosure have not been able to proceed smoothly due to diversification such as the Ministry of Justice, the Ministry of Gender Equality and Family, and the National Police Agency. The purpose of this study is to find countermeasures against these problems.
 The scope of the study is to examine the theoretical research of the personal disclosure system based on related laws and research papers, and to find practical countermeasures by deriving various problems through Internet articles, domestic and international research papers, and research reports.
 As a result of the study, the disclosure of sex offenders needs to be divided into low-risk and high-risk groups, and intelligent CCTV should be installed and managed in front of the subject's house to inconsistency between residential and actual residence and current photo information. Personal information disclosure management shall be unified into one institution so that the work can be carried out smoothly. When the Ministry of Gender Equality and Family notifies parents or institutions with children and adolescents of the registration of sex crimes, it should take a video of the body or walking scene in addition to the personal information of the sex offender and send the video information so that children and adolescents can see it. Only in this way will children and adolescents be able to clearly recognize that they are sex offenders when they meet a person subject to personal information disclosure on the street.

Current Situation and Consequences of Environmental Information Disclosure in China's Automobile Manufacturing Industry --Taking SAIC Motor Corporation Limited as an Example

A sincere commitment to establishing a community of human destiny is made through achieving carbon peak and carbon neutrality. Following the pace of affluent nations, China has incorporated carbon peak and carbon neutrality into overall economic and social development. Environmental information disclosure is the most basic and major part of environmental accounting, following the sustainable development strategy because of daily accounting supervision and accounting. In this research, a case study of SAIC Group's environmental information disclosure in China from 2019 to 2022 is chosen, and analyzes SAIC Group's operating capacity, profitability, solvency and development capacity by combining information asymmetry theory and stakeholder theory. This paper investigates the roots of environmental information disclosure in the automobile manufacturing industry, chooses a representative SAIC Group to summarize its environmental information disclosure, assesses the current level of corporate environmental information disclosure, and provides relevant departments with pointers and relates for the development of an environmental information disclosure system for enterprises in this industry. Finally, optimization recommendations are offered for the growth of listed businesses' environmental information disclosure in China's vehicle manufacturing sector.

Evaluation of PPP-ABS investment environment based on combined weighting of level difference maximization and TOPSIS method.

Asset-backed securitization (ABS) is currently used to refinance public-private partnership (PPP) projects in the infrastructure field. To stimulate the investors' enthusiasm, this study evaluated the investment environment of PPP projects asset-backed securitization (PPP-ABS). Firstly, we established a PPP-ABS investment environment evaluation indicator system based on the literature review and the practice of PPP-ABS. Then, the optimal weights of each indicator were determined by the combined weighting of level difference maximization method, where the subjective weights were determined by the AHP method, and the objective weights were determined by the entropy method. Finally, we evaluated the PPP-ABS investment environment from 2015 to 2022 with the technique for order preference by similarity to ideal solution (TOPSIS) method. The final valuation results are consistent with the actual situation. The results showed that the PPP-ABS investment environment exhibits a stable and upward trend. Under the overall guidance of the government, the approval process, information disclosure and supervisory systems have continued to improve, the number of ABS products issued has continued to grow, and the overall market risk is controllable. However, some problems still need to be solved and improved, including inadequate accounting and tax systems, insufficient liquidity in the secondary market, and the recovery of economic development in the post-COVID-19 era. This study fills the research gap in PPP-ABS. It proves the rationality and feasibility of PPP-ABS and is expected to provide a reference for investors' decision-making and promote the sustainable and healthy development of PPP-ABS.

The application of RAGA-PP model in environmental accounting information disclosure of enterprises in heavy pollution industries

The global concern for environmental protection has driven the demand for corporate environmental accounting information, especially in heavily polluting industries. Currently, there are deficiencies in China's research on environmental accounting information and its institutional development, and there is an urgent need for improved evaluation systems and models. The study proposes the RAGA-PP model, which is an environmental accounting information disclosure evaluation model that combines accelerated genetic algorithm and projection tracing algorithm. The model is based on 28 secondary evaluation indicators and aims to optimize the projection tracing through the accelerated genetic algorithm with real number coding to improve the stability and accuracy of data analysis. The experiment proves that the evaluation error value of the RAGA-PP model is 3.45 % on average, which is significantly lower compared to 9.55 % of the ant colony algorithm. The results show that the RAGA-PP model has significant advantages in accurately evaluating the quality of corporate environmental information disclosure, which confirms its application value in environmental accounting information disclosure in heavy pollution industries. The purpose of the study is to promote the improvement of the environmental accounting information disclosure system and to provide support for enhancing corporate environmental awareness and social responsibility.

The Impact and Challenges of ESG Investment Philosophy on Chinese Capital Market and Investment Practice

Environmental, social and governance (ESG) investment philosophy has gained significant traction in recent years. This philosophy focuses on investments in companies that prioritize environmental sustainability, social responsibility, and good corporate governance practices. This paper examines the impact of ESG investment philosophy on the Chinese capital market and investment practices. It highlights the growing interest in ESG investments in China and the challenges that arise in implementing ESG practices. Additionally, this paper discusses the need for increased transparency and standardization in the ESG information disclosure and rating system, as well as the importance of education and training for investors and professionals in the financial sector. It also explores the potential benefits of ESG investment, such as long-term financial performance, and positive social and environmental impacts. Overall, this essay concludes that the ESG investment philosophy presents both challenges and opportunities for the Chinese capital market and investment practices, and that continued efforts are needed to foster sustainable investing practices in China.

The Harm and Regulation of High-leverage Multiple Behaviors in LBOs

In recent years, as the development of our capital market gradually tends to mature, the number of mergers and acquisitions (M&A) of all kinds of enterprises also begins to present an increasing trend. Leveraged buyout (LBO), as a very clever acquisition form, is favored by many enterprises. However, in the context of imperfect laws and regulations, enterprises and individuals make irrational behaviors driven by extremely high interests, and one of them is blindly raising leverage multiple in pursuit of returns, it has brought a bad influence on the market, enterprises, and individuals. To create a favorable business environment, measurements have to be taken to regulate the overhigh leverage of multiple behaviors in LBOs. The essay uses the method of case study and comparative study. The most typical LBO case will be presented as an introduction, and then some other good cases will be mentioned later to illustrate the characteristics of LBO and the harms of high multiple in LBO and so on. To compensate for the harms that high leverage multiple in LBO bring to the market, enterprises and individuals, several solutions have been raised, including clarifying the principle of good faith in MBOs, improving the system of regulatory rules for the capital market, optimizing the information disclosure system of leveraged buyouts and increasing punishment for illegal speculative activities. The detailed argument will be elaborated on later.

Study on the Impact of Corporate ESG Performance on Green Innovation Performance—Evidence from Listed Companies in China A-Shares

With the establishment of China’s “dual carbon” target and the promotion of high-quality development strategy, the role of green innovation has become increasingly important. Corporate ESG innovation, as a guiding principle for companies to practice sustainable development and an important signal for evaluating their environmental and social responsibilities as well as corporate governance level, deserves in-depth research on its impact on green innovation performance. This paper empirically analyzes the green innovation effect of corporate ESG (Environmental, Social and Governance) performance using Chinese A-share listed companies as a sample from 2009 to 2021. The research shows that corporate ESG performance can enhance green innovation performance. Mechanism analysis reveals that ESG performance mainly improves green innovation performance by alleviating financing constraints and enhancing human capital. Further research shows that all three sub-dimensions of ESG performance contribute to improving green innovation performance, with the strongest effect observed in corporate governance performance. ESG performance not only enhances strategic green innovation performance and independent green innovation performance but also improves substantial green innovation performance and collaborative green innovation performance. Therefore, the government should improve the ESG information disclosure system, increase support for companies with excellent ESG performance, and improve local talent policies to attract high-quality green innovation talents. Investors should incorporate ESG performance into their decision-making and strengthen the identification and use of ESG information. Companies should formulate ESG strategies, increase relevant investments, prioritize corporate governance improvement, and enhance the quality of ESG information disclosure through various means.

머신러닝을 활용한 유치원 정보공시 만족도 영향 요인 분석

The purpose of this study is to identify the use of kindergarten notifications, which can be the realization of the information disclosure system and to predict overall satisfaction using statistical analysis methods and random forest algorithms. Based on the results of the annual kindergarten notification satisfaction survey conducted by the Korea Educational Information Service, differences in user response were analyzed, and random forest was used to identify factors that affect overall satisfaction prediction among machine learning algorithms. As a result of the t-test and one-way distribution variance analysis, the difference in use status according to gender, age, residential area, and type was statistically significant. As a result of random forest model learning, Accuracy 0.85 and F1 Score 0.84 were shown. Explanable artificial intelligence such as variable importance, SHAP plot, and partial dependence charts of the learned model was used to identify variables that affect the prediction of kindergarten information disclosure. It was confirmed that the usage status variable contributed more to the satisfaction prediction than the user's background variable, and based on the results, the direction of improvement of kindergarten information disclosure and kindergarten notification was derived.

Research on the Impact of ESG Rating on Enterprise Growth

ESG transformation is profoundly changing corporate goals and business logic, improving the growth potential of enterprises. This article selects data from Chinese A-share listed companies from 2011 to 2021 as research samples to empirically test the impact of ESG rating on enterprise growth and its impact mechanism. Research has found that ESG rating can significantly enhance the growth of enterprises. Meanwhile, the impact of ESG rating on enterprise growth exhibits heterogeneity in different types of enterprises and regions with different degrees of marketization. From the perspective of impact mechanism, ESG rating can promote high-quality development of enterprises and improve enterprise growth by improving financial flexibility and alleviating financing constraints. This article provides relevant theoretical evidence for the practice of implementing the ESG rating in enterprises and it has important practical guiding significance for the government to formulate enterprise information disclosure and ESG evaluation systems, as well as for China to further promote high-quality transformation and growth of the macro economy.

Research on the Information Disclosure System in Mergers and Acquisitions of Listed Multinational Companies in China

Under the wave of economic globalization, more and more Chinese enterprises have gone abroad and listed in overseas securities markets to demand overseas capital. This paper comprehensively uses the method of empirical analysis and comparative analysis to explore the problems and institutional defects in the disclosure of listing information outside China. It elaborates in detail the differences between the information disclosure systems among China and the main security-listed places. On this basis, it puts forward the improvement countermeasures of the listing information disclosure system outside China. In this paper, ESG information disclosure of listed companies has attracted more and more attention from academia and the practical community. The domestic and foreign literatures on the concept of ESG is the subject of analysis, and the supporting theory, disclosure motivation and disclosure effect of ESG information disclosure research of listed companies are systematically sorted out.

Nexus of environmental, social, and governance performance in China‐listed companies: Disclosure and green bond issuance

AbstractThis study establishes a connection between existing literature on corporate environmental, social, and governance (ESG) matters, information disclosure, and green bonds by employing the issuance of green bonds to indicate investors' acknowledgment of a company's sustainable activities. Prior research has not adequately addressed the relationship between ESG performance, disclosure, and green bond issuance. A novel dataset has been compiled by merging ESG performance and information disclosure data of Chinese‐listed companies spanning from 2016 to 2020, alongside green bond issuance information from the Wind and Hexun databases. Concurrently, China's pursuit of carbon neutrality necessitates the establishment of a green, low‐carbon, and circular economy framework. ESG has surfaced as an indispensable instrument for appraising a company's sustainability and advocating the enhancement of its information disclosure systems, thereby aiding investors in forming well‐informed judgments. This study scrutinizes the correlation between each facet of ESG performance, disclosure, and green bond issuance, from the perspective of companies listed in emerging markets. The findings corroborate that companies exhibiting commendable ESG practices are more predisposed to issuing green bonds, particularly when such practices are suitably disclosed. The identified evidence will spur the enforcement of obligatory ESG disclosure regulations, further propelling China's advancement in ecological civilization and green finance.