Information Transparency Research Articles

Uncertainty and loan pricing for public and private firms: evidence from the Brexit referendum

We examine the impact of uncertainty on loan pricing for public and private firms in the UK, using the 2016 Brexit referendum as an exogenous shock of uncertainty. We find that uncertainty leads to a significantly higher cost of borrowing for private firms relative to public firms. However, firm-level foreign exposure, i.e. foreign sales and subsidiaries in the foreign markets, mitigates the adverse impact of uncertainty on loan prices more for private firms than public firms. Moreover, uncertainty increases the number of financial covenants in loans for public firms with high information transparency (i.e. constituents of FTSE 100/250). However, we observe a decline in the number of financial covenants in loans for private firms with low information transparency (i.e. private firms without institutional investors) under uncertainty. Overall, we provide novel evidence highlighting the differences in the design of syndicated loan contracts between public and private firms under uncertainty.

Perceived blockchain-related information transparency and organic food purchase intention: an extension of the theory of planned behaviour with the moderation role of blockchain-based trust

PurposeThe current study aims to investigate the impact of perceived blockchain-related information transparency on consumers’ intention to purchase organic food. This study examines how perceived blockchain- related information transparency, directly and indirectly, affects purchase intentions through attitudes, perceived behavioural control and subjective norms. Additionally, the study explores how blockchain-based trust moderates the influence of perceived blockchain-related information transparency on these factors and the intention to purchase organic food.Design/methodology/approachBased on the theory of planned behaviour framework and a sample of 5,326 consumers, this study uses partial least squares structural equation modelling to test the research model.FindingsThis study finds that perceived blockchain-related information transparency directly enhances consumers’ attitudes towards organic food purchase, perceived behavioural control, subjective norms and intention to purchase organic food. Additionally, perceived blockchain-related information transparency indirectly affects consumers’ intention to buy organic food through three antecedents of the theory of planned behaviour model. Notably, these indirect effects were moderated by consumers’ blockchain-based trust.Practical implicationsThis study provides recommendations for leveraging blockchain to enhance transparency and build trust, which could boost consumer engagement and organic food purchases.Originality/valueThis research contributes to blockchain literature by empirically examining the role of perceived blockchain-related transparency and blockchain-based trust in consumers’ purchasing decisions regarding organic food. It provides valuable insights into the consumer-centric benefits of blockchain technology. Furthermore, this study also contributes to the literature on organic food, particularly its promotion through blockchain technology.

Pentingnya SOP dalam Meningkatkan Kualitas Pelayanan Ketatausahaan di Sekolah Dasar

Standard Operating Procedures (SOPs) have an important role in creating information transparency, improving work efficiency, minimizing errors, and supporting the development of educators and education personnel's skills. This study uses a qualitative descriptive approach. The data used came from literature studies, direct observations, and interviews with administrative staff and teachers involved in school operations. The analysis process includes data reduction, data presentation, and conclusion drawing. The results of the analysis show that one of the components in managing administration in elementary schools to ensure the sustainability and quality of education is the Standard Operating Procedures or SOPs. Thus, a well-designed SOP is able to create information transparency, improve work efficiency, minimize errors, and support the development of the skills of educators and education personnel. The implementation of SOPs at SD IT Rocha Indonesia shows that although formal SOPs have not been fully implemented, initial steps such as digitization of archives, regular evaluations, staff training, and internal audits have supported more structured administrative management. Constraints such as technological limitations, manual attendance systems, and lack of formal guidelines can be overcome through the development of relevant SOPs and systematic implementation

A Comparison of Large Language Model Powered Search Tools Reveal Differences in Output Quality, Information Transparency, and Accessibility for Mohs Micrographic Surgery Inquiries.

A Comparison of Large Language Model Powered Search Tools Reveal Differences in Output Quality, Information Transparency, and Accessibility for Mohs Micrographic Surgery Inquiries.

Analysis of Problems and Countermeasures in China's Stock Market

As an important part of the global financial system, China's stock market has unique characteristics and challenges, such as high market volatility, information asymmetry, policy risks, and market mechanism defects. This paper aims to analyze these major problems facing the Chinese stock market and propose practical solutions. By studying the challenges of market volatility, information asymmetry, policy risks, insufficient investor education, and imperfect legal framework, this paper proposes countermeasures to improve the stability and efficiency of China's stock market. These countermeasures include improving policy transparency, promoting institutional investor participation, strengthening investor education, improving information disclosure mechanisms, and strengthening market supervision. The results show that by implementing these measures, market volatility can be effectively reduced, information transparency can be improved, market efficiency can be enhanced, and support can be provided for the sustainable development of China's stock market. This study provides valuable insights for policymakers, investors, and scholars to promote the healthy and stable development of China's stock market.

The Disclosure Fog: Institutional Investors and Corporate Greenwashing

ABSTRACTCorporate environmental, social, and governance (ESG) disclosure is often a superficial signal rather than something of substance and is an easily negligible form of greenwashing. Here, we explore the relationship between corporate disclosure greenwashing and institutional investors using data from Chinese listed heavily polluting firms from 2012 to 2021. We hypothesise and discover that while institutional investors encourage firms to publish social responsibility reports, they may actually discourage the use of sustainability‐related phrases in these reports. The findings hold even after performing several endogeneity and robustness tests. We also identify three mechanisms through which institutional investors influence corporate greenwashing: corporate governance, information transparency, and corporate operations. Additionally, pressure‐sensitive institutional investors are more likely to facilitate corporate greenwashing than pressure‐insensitive and pressure‐uncertain investors. However, after the Guidance on Building Green Financial System's implementation in 2016, the positive relationship between disclosure greenwashing and institutional investors has rapidly declined. The promotional effect of institutional investor‐induced greenwashing is also lower in state‐owned enterprises. Overall, our findings not only enrich the literature on institutional investors and corporate information disclosure but also have implications for improving the green financial system.

An Evolutionary Game and Simulation Study of Work Safety Governance and Its Impact on Long-Term Sustainability Under the Supervisory System

Work safety governance is a critical component of corporate ESG (Environmental, Social, and Governance) performance, particularly in high-risk industries. Effective safety supervision systems not only protect workers’ wellbeing, a key social metric in ESG frameworks, but also enhance corporate governance through improved risk management and regulatory compliance. The supervisory system represents a major institutional innovation in China’s approach to addressing increasingly complex work safety governance challenges. This study constructs an evolutionary game model involving the central government, local government, and high-risk enterprises to analyze the evolutionary characteristics of stakeholder behaviors. Through system simulation, we examine how key parameter changes affect the stability of system equilibrium points. Our findings reveal that (1) the current supervisory system effectively incentivizes both local governments to conduct safety supervision and high-risk enterprises to comply with safety investment requirements. (2) While government penalty levels do not affect strategy combinations, both insufficient and excessive penalties slow the system’s evolution toward optimal states. (3) Local governments tend to choose non-regulatory strategies when transfer payments and enterprise subsidies are inadequate. (4) Insufficient supervision intensity from the central government leads to local government non-regulation, and although this can be addressed by increasing supervision intensity, excessive supervision reduces the system’s evolution speed toward ideal states. Based on these findings, we propose policy recommendations for rational supervision intensity control, scientific reward–punishment mechanisms, and enhanced safety information transparency. This framework provides insights into the relationship between governance mechanisms and corporate long-term sustainability, which has been shown to improve ESG standards.

Sistem Informasi Pemeliharaan Meter Solusiefisien dalam Manajemen Alat Ukur di PLN Ranting Cabang Kisaran

Meter management and maintenance play a critical role in ensuring billing accuracy and operational efficiency at PLN, particularly in the Kisaran Branch Office. The manual system currently employed often encounters challenges such as inconsistent data recording, delays in maintenance, and a lack of information transparency. To address these issues, a Meter Maintenance Information System has been designed as an efficient solution for managing measuring instruments.This system is designed to support meter data recording, maintenance schedule monitoring, maintenance history logging, and real- time reporting of meter conditions. Utilizing web-based technology and a centralized database, the system integrates meter data from various locations, facilitating decision- making for technical staff. Implementation results indicate that the Meter Maintenance Information System can improve management efficiency by up to 40%, reduce recording errors, and accelerate the identification process of meter damage. Furthermore, the system supports operational cost efficiency by optimizing maintenance schedules. Thus, this system is expected to serve as a strategic step for PLN to enhance service quality for its customers.

Facilitating automated fact-checking: a machine learning based weighted ensemble technique for claim detection

The rapid digitization of media, driven by technological advancements, has accelerated the spread of information through online platforms. This has heightened the need for robust fact-checking mechanisms to counter misinformation. The prevalence of misinformation necessitates the development of automated claim detection systems to support efficient automated or semi-automated fact-checking processes. Existing claim detection systems predominantly focus on the English language, with limited resources available for other regional languages like Bangla. This paper proposes a novel ensemble machine learning framework for the effective detection of claims in a low-resource language like Bangla, a critical initial step in the automated fact-checking process. The proposed weighted ensemble technique combines Support Vector Machines, Bernoulli Naive Bayes, and Decision Trees as base classifiers to effectively detect claims. An annotated text dataset comprising 5010 sentences sourced from various online platforms, including several online fact-checking sites, was developed. To determine the optimal model and feature representation for claim detection, various machine learning algorithms were evaluated using BoW, TF-IDF, Word2Vec, and FastText features. The efficacy of ensemble models was examined by investigating both averaging and weighting strategies. Evaluation metrics showcased that the proposed weighted ensemble approach outperformed all baseline models, achieving a maximum F1 score of 0.87. To the best of our knowledge, this study is the first and only approach to claim detection in the Bangla language, with the potential for extension to other resource-constrained languages. Our work aspires to serve as a crucial tool in the fight against misinformation by advancing the accuracy and transparency of information.

Evaluation of the Online Single Submission Service at the Investment and One-Stop Integrated Services Office in Bantaeng Regency, Indonesia

This study evaluates the Online Single Submission (OSS) Service Innovation Program implemented by the Investment and One-Stop Integrated Services Office (DPMPTSP) in Bantaeng Regency, Indonesia. The OSS program aims to streamline business licensing processes and improve service accessibility through digitalization. Using the CIPP (Context, Input, Process, Product) evaluation model, this research assesses the program's effectiveness across key dimensions. The findings reveal that while the OSS program has successfully simplified licensing procedures, its impact is limited by users' lack of digital literacy. The DPMPTSP demonstrates commitment to affordability and transparency, but challenges persist in infrastructure, outreach, and capacity building. The evaluation highlights the need for targeted digital literacy programs, user support, and staff training to optimize service quality. Recommendations include upgrading technology, enhancing information transparency, and conducting regular user satisfaction surveys. By addressing these areas, the DPMPTSP can elevate the OSS program's effectiveness, foster a conducive business environment, and promote economic growth in the region. This study contributes to the broader discourse on e-governance and service innovation in developing economies, offering insights for policymakers and practitioners seeking to enhance public service delivery through digital transformation.

Does ESG Performance Affect Supply Chain Concentration? Evidence From China

ABSTRACTThis study aims to examine the impact of corporate environmental, social responsibility, and corporate governance (ESG) performance on supply chain concentration in the Chinese capital market. It finds that corporate ESG performance reduces supply chain concentration by increasing firms' information transparency and bargaining power. Additionally, digital transformation positively moderates the relationship between ESG performance and supply chain concentration. Further analyses indicate that the dampening effect of corporate ESG performance on supply chain concentration is more pronounced among firms that are non‐state‐owned and have higher financing costs. These findings offer valuable practical guidance for Chinese listed companies and governments.

Quantitative and Qualitative Benefits of Using BIM in Design and Construction Stages for Railway Development

As railway infrastructure projects become increasingly complex, the potential of Building Information Modeling (BIM) technology to enhance project efficiency and management has garnered significant attention. This paper analyzes the quantitative and qualitative benefits of BIM in the design and construction stages of railway development projects through case studies and compares its effectiveness in these two phases. The results indicate that BIM primarily benefits the design stage by reducing design errors and optimizing processes to save costs and time, averaging cost savings of USD 41,000 and a reduction of 49 days in project duration. In the construction stage, the impact of BIM is even more pronounced, reflected in reduced rework, dynamic resource management, and shortened project timelines, leading to savings of USD 710,795 and a reduction of 89 to 104.5 days in project duration. The 3D modeling and real-time information-sharing capabilities of BIM significantly enhance cross-departmental collaboration efficiency and information transparency, minimizing rework caused by communication issues and greatly optimizing project management and execution. This study shows that BIM can lay the groundwork for construction during the design phase and further improve project management efficiency during the construction phase.

ESG rating divergence and firm value: evidence from China

ABSTRACT ESG investing is increasingly influential in today’s markets, but the divergence in ESG ratings across different providers creates significant challenges. This study utilizes ESG rating data from nine different agencies covering Chinese A-share listed companies from 2006 to 2023 to develop a measure of ESG rating divergence and examine its impact on firm value. Based on information asymmetry theory, the results reveal that ESG rating divergence negatively affects firm value through two key mechanisms: information uncertainty and agency costs. Moreover, market supervision emerges as a crucial moderating mechanism, effectively enhancing information transparency and constraining managerial opportunistic behaviour.

Evaluation of the effectiveness of communications between the Department of transport and Development of road transport infrastructure of Moscow and the population within the framework of the implementation of strategic projects

The article examines the assessment of the effectiveness of communications between the Moscow Department of Transport and Development of Road Transport Infrastructure (DTRDTI) and the population in the context of implementing strategic projects. The purpose of the study is to determine the level of information transparency and accessibility of data on the department’s key initiatives for citizens. The materials and methods include the comparative and content analysis as well as statistical processing of data from DTRDTI’s official websites, publications in the media, social networks and other platforms for the period from 2018 to 2022. The methods of content analysis, comparative analysis and statistical data processing are used. The sample covers 1,520 news stories and information messages. The results show that DTRDTI actively informs Muscovites about the progress of strategic projects. Over the study period, the number of publications increased by 67%, and audience reach, and coverage increased by 84%. A special section “Strategic Projects” has been created on the official website of the department, which is updated weekly. Press conferences, briefings and meetings with journalists are regularly held. In 2022, the Moscow Transport mobile application was launched, allowing to track the work on projects and diverse activities of DTRDTI in real time. The use of VR and 3D modeling technologies for visualization of future objects is noted. At the same time, some problems were identified: uneven presentation of information on different projects, insufficient adaptation of content for perception by non-specialists, lack of versions in foreign languages. It is concluded that DTRDTI demonstrates a high level of information openness. At the same time, it is necessary to ensure a more balanced and accessible coverage of the projects being implemented for a wider audience, as well as to develop new communication channels and formats. The experience of the DTRDTI can be of value not only for the relevant agencies of other regions, but also for the scientific community. The approaches and analysis algorithms proposed in the article are applicable for media audit and optimisation of information activities of authorities of different levels.

The Impact of Sanctions on the Level of ESG Transparency in russian Companies after the Start of the Special Military Operation

Under the conditions of sanctions restrictions, there has been a change in the ESG involvement and ESG transparency of Russian companies. At the same time, the nature of such changes, as well as the impact of sanctions, ownership structure and industry affiliation, remains insufficiently studied. The article examines the level of ESG transparency of Russian business before and after the start of a special military operation in 2022, considering the ownership structure and industry affiliation of companies. The study sample includes ESG transparency estimates for 75 Russian public companies for the period from 2021 to 2023. According to the results of the study, it was revealed that after the start of the special military operation, there was a decrease in the level of information transparency in all three ESG aspects, especially in terms of social information and corporate governance information. In addition, it was found that the change in the level of ESG transparency varies depending on the ownership structure and industry affiliation. The results obtained can be used by investors, creditors and other stakeholder groups when making decisions about cooperation with certain companies, taking into account the specifics related to the capital structure and business profile.

COVID-19 Vaccine Hesitancy Among Black Women in the US

COVID-19 vaccine hesitancy among Black women is a critical public health concern, potentially exacerbating existing health disparities and impacting community-wide vaccination efforts. To explore the factors associated with COVID-19 vaccine hesitancy among Black women in the US and identify the specific concerns and experiences shaping hesitant attitudes toward vaccination. Qualitative study using in-depth, semistructured interviews conducted virtually between June and November 2021. Thematic analysis was used to identify key themes from the interview data. Participants were recruited through social media platforms and word-of-mouth referrals from various regions of the US. Interviews were conducted remotely via Zoom. Data were analyzed from June to October 2023. Identification of key themes associated with COVID-19 vaccine hesitancy, identified through thematic analysis of interview data. Fifty-four Black women aged 21 to 66 years participated in the study. Most participants (41 [75.9%]) resided in the South. The sample was predominantly well-educated, with 41 (75.9%) holding a bachelor's degree or higher. Income levels varied, with 16 (29.6%) earning between $40 000 and $59 999 annually. Regarding family structure, 32 participants (59.3%) reported having no children, while 22 (40.7%) had 1 or more children. Three primary themes emerged as being associated with vaccine hesitancy: (1) mistrust in health care and government, rooted in past medical exploitation; (2) concerns over vaccine safety and long-term effects, particularly regarding reproductive health; and (3) ineffective and coercive vaccine communication and promotion. Participants expressed deep-rooted skepticism about being treated as "expendable" in medical research, fears about the rapid vaccine development process, and frustration with coercive vaccine advertisements. Many women desired more comprehensive education about vaccine mechanisms and criticized the use of coercive financial incentives and celebrity endorsements in vaccine promotion. Addressing COVID-19 vaccine hesitancy among Black women requires a multifaceted approach that acknowledges historical traumas, provides clear and transparent safety information, and avoids coercive vaccine promotion strategies. These findings emphasize the need for health care practitioners and public health officials to prioritize trust-building, engage community leaders, and tailor interventions to address the unique concerns of Black women to improve vaccine confidence and uptake.

Enhancing information transparency of online used car transactions through virtual reality in a competitive market

Enhancing information transparency of online used car transactions through virtual reality in a competitive market

Transformation of Generation Z Work Motivation through Information Transparency, Performance Recognition, and Technology Support in Palembang Telecommunication Industry in Indonesia

This study explores the influence of information transparency, performance recognition, and technology support on the work motivation of Generation Z employees in the telecommunication industry in Palembang, Indonesia. Using a quantitative approach, data were collected from 48 respondents through a structured questionnaire with a Likert scale of 1 to 5 and analyzed using SPSS version 26. The findings indicate that all three factors significantly and positively impact work motivation, with technology support emerging as the strongest predictor. The results highlight the importance of fostering transparent communication, implementing effective recognition systems, and providing advanced technological tools to engage and motivate Generation Z employees. These insights offer valuable implications for human resource strategies in the telecommunication sector.

Analysis of the Impact of Digitalization of Financial Statements and Internal Control on Report Accuracy and Shareholder Trust in Public Companies in Indonesia

This study examines the impact of financial statement digitalization and internal control on report accuracy and shareholder trust in public companies in Indonesia. Employing a quantitative approach with 240 samples, data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS 3). The findings indicate that digitalization significantly enhances shareholder trust by improving the transparency and accessibility of financial information. Internal control emerges as a key factor in ensuring report accuracy, which indirectly strengthens shareholder confidence. The results underscore the need for public companies to integrate digital tools with robust internal controls to achieve high-quality financial reporting and foster stakeholder trust. This study contributes to the theoretical understanding of digitalization and governance while offering practical insights for improving corporate transparency in emerging economies.

Competition Concerns and Antitrust Responses to China's Health and Medical Data Openness Policy

As a policy trend in many jurisdictions around the world, health care data openness can effectively improve the level of public governance, drive innovation in the medical industry, and promote market competition in the medical industry to a certain extent. However, the process of opening up health care data often comes with the risk of competition. First, the opening of health care data may lead to more efficient and stable collusion in reaching and implementing collusion. Second, the opening of health care data will also lead to more exploitative and exclusive abuse in the health care industry. Third, the opening of health care data will also lead to the frequent occurrence of data-driven and leveraged mergers and acquisitions risks. In order to effectively eliminate competition risks, China should propose new anti-monopoly countermeasures. On the one hand, China should strengthen the legislative regulations on the opening of health and medical data, including the regulation concept of monopoly agreement should be adjusted from information transparency to the implementation of classification and classification, and the regulation of abuse of market dominance should pay attention to the quantification of market power and the identification of specific behaviors, so as to include operators' commitments in the regulation of data-driven mergers and acquisitions. On the other hand, China also needs to introduce a full-chain regulatory system that combines the dual effects of competition advocacy and law enforcement, in the form of prior routine market investigations and fair competition reviews, as well as a flexible in-process and after-action regulatory approach. In addition, it is also necessary for China to build a coordinated regulatory model across multiple departments. On the basis of emphasizing the fundamental position of competition policy, we should make full use of the power of social supervision to regulate the restrictive competition behavior in the process of health and medical data opening in a more comprehensive way, and improve the safety and innovation of health and medical data opening to the greatest extent. 健康医疗数据开放作为世界范围内多个司法辖区的政策趋向，能有效提高公共治理水平、驱动医疗行业创新，以及在一定程度上促进医疗行业的市场竞争。然而，健康医疗数据开放过程通常伴随着竞争风险。其一，健康医疗数据开放可能导致共谋的达成与实施更高效，以及共谋合意更加稳定。其二，健康医疗数据开放也会导致医疗行业的剥削性滥用与排他性滥用行为更加普遍。其三，健康医疗数据开放还会导致数据驱动类与杠杆并购类风险的频发。为了有效消除竞争风险，中国应提出新的反垄断应对方案。一方面，中国应强化健康医疗数据开放的立法规制，包括垄断协议规制理念应从调整信息透明度到实施分级分类，滥用市场支配地位的规制则需注重市场力量的量化与具体行为的识别，将经营者承诺前置纳入数据驱动型并购的规制中。另一方面，中国还需要导入全链条监管体系，以结合竞争倡导与执法的双重功效，具体表现为事前常规性市场调查与公平竞争审查双管齐下，以及构建弹性的事中与事后监管方式。此外，构建多部门的协同监管模式对中国而言同样必要。在强调竞争政策的基础地位上，充分借助社会监管的力量，较为全面地规制健康医疗数据开放过程中的限制竞争行为，最大程度提高健康医疗数据开放的安全性与创新性。