Information Transparency Research Articles

North Korea's threats and the cost of equity capital: The effect of information environments

We examine how the information environment affects the association between North Korea's threats and the cost of equity financing. Using a sample of Korean publicly-listed firms from 2012 to 2019, we find evidence that the adverse effect of North Korea's threats on the cost of equity capital is more significant for companies in less transparent information environments after controlling for other factors. Our findings contribute to the literature by identifying that the information environment affects geopolitical risk.

Exploring the Impact of Social Robot Design Characteristics on Users’ Privacy Concerns: Evidence from PLS-SEM and FsQCA

Although an increasing number of studies explore the factors influencing users’ privacy concerns regarding social robots, the existing understanding of this issue remains largely fragmented. Previous studies have mainly focused on the "net effect" between variables, leaving the complexity of causal configurations, and the holistic impact of design characteristics of social robots on user privacy concerns remains unclear. Based on the Stimuli-Organism-Response (S-O-R) framework and Communication Privacy Management Theory (CPMT), this study integrates social robot design characteristics such as Anthropomorphism, Warmth, Competence, and Transparency into causal configurations, and uses Perceived Privacy Risk and Perceived Privacy Control as mediating variables to propose a Comprehensive conceptual model. Based on valid data from a sample of 198 Chinese social robot users, this study conducted empirical analyses of the conceptual model using Partial Least Squares Structural Equation Modeling (PLS-SEM) and Fuzzy-set Qualitative Comparative Analysis (FsQCA). PLS-SEM results show that anthropomorphism, warmth, competence, and transparency are key factors influencing privacy concerns, and perceived privacy risk mediates the relationship between warmth, information transparency, and privacy concerns. The FsQCA results further validated the findings of PLS-SEM and identified five configurations of factor combinations that led to higher levels of user privacy concerns. Among them, the combination of high anthropomorphism design, high competence, and low warmth of social robots is the core configuration that leads to users’ privacy concerns. Overall, this study broadens our understanding of social robot users’ privacy concerns and reveals the causal complexity behind social robot users’ privacy concerns. It provides some theoretical and practical insights for subsequent scholars and designers.

Systematic review of IPSAS standards: The introduction of IPSAS in public establishments

The ultimate objective of this paper is to examine the impact of the adoption of IPSAS in Morocco on the production of accounting and financial information, in order to inform decision-making processes. IPSAS ushered in a global revolution in public accounting reforms, and Morocco is among the nations that have adopted these standards, starting their implementation several years ago. The integration of IPSAS mobilises a theoretical and conceptual framework encompassing the theories and New Public Management (NPM), as well as the theory of public value. The aim is to harmonise accounting practices with global standards, thereby enhancing the transparency, comparability and credibility of financial information. However, the implementation of IPSAS in Moroccan institutions raises a number of issues and challenges, particularly in terms of adapting systems, training staff and managing costs. To deepen our understanding of this topic, we conducted a bibliometric analysis using the VOSviewer tool. This analysis enabled us to identify influential authors, collaborative networks, and the main and emerging themes in IPSAS research. The results show that the implementation of IPSAS helps to ensure good quality and transparency in public sector financial reporting, providing better information for financial management, accountability and decision making. IPSAS, as international accounting standards specific to the public sector, aim to improve the quality of financial reporting by public entities, thereby enabling more reliable resource allocation decisions and contributing to improved financial transparency and accountability.

Index of application status transparency and availability of public information for Project Orbis agencies

The purpose of this paper is to provide a guideline for understanding and comparing the regulatory framework of Project Orbis Partners (POPs) and Project Orbis observers, with a focus on their approaches to drug approvals, rejections, and withdrawals. While each agency has its own regulatory framework and guidance, there are some similarities and differences between the language used to describe drug approvals, rejections, withdrawals, and the public availability of these decisions. Project Orbis is an international partnership of regulatory agency, led by the U.S. Food and Drug Administration (FDA), aimed at streamlining the submission and review processes to expedite the global availability of oncology medications for patients. Since its inception, Australia’s Therapeutic Goods Administration (TGA), Brazil’s National Health Surveillance Agency (ANVISA), Canada’s Health Canada (HC), Israel’s Ministry of Health (IMoH) Medical Technologies, Health Information, Innovation and Research (MTIIR) Directorate, Singapore’s Health Sciences Authority (HSA), Switzerland’s Swissmedic (SMC), and United Kingdom’s Medicines and Healthcare Products Regulatory Agency (MHRA) have joined and become POPs. Other international agencies such as, the European Medicines Agency (EMA) and Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) are currently observing Project Orbis, as of late 2023. They are not full Project Orbis partners but work closely with the FDA to facilitate oncology drug approval through international collaboration. Running Title: An Index of the FDA and international regulators involved in Project Orbis looking at the similarities and differences between approval, rejection, and withdrawal characteristics of applications and public transparency of actions.

The Intervention and Impact of Digital Society on the Governance of Dual Equity Structure in Enterprises

The digital society has become a prominent feature of today's era. Its highly interconnected, transparent, and intelligent characteristics are profoundly changing the governance mode and operational logic of enterprises. This article aims to explore the intervention and impact of digital society on the governance of dual equity structure in enterprises, and provide practical guidance for the sustainable development of enterprises. The dual equity structure, as a special corporate governance model, is characterized by granting different voting rights to different types of shares, achieving absolute control over the company by the management. However, this structure has also sparked many controversies, such as the possibility of management using control to harm shareholder interests, leading to management dictatorship, and so on. In the context of the digital society, enterprises face new challenges and opportunities in terms of information transparency, decision-making efficiency, and governance mechanisms.

Behind the black box: The moderating role of the machine heuristic on the effect of transparency information about automated journalism on hostile media bias perception

Facing historically low levels of public trust, journalists had been increasingly interested in the potential of artificial intelligence to produce news content. Some have suggested that Automated Journalism (AJ) may reduce Hostile Media Biases (HMB), where partisans perceive balanced articles as slanted against their side. However, empirical evidence for the hypothesis remains limited and inconclusive. In this study, we examine whether the effectiveness of AJ at reducing HMB perceptions could be enhanced by disclosure of transparency information about how the algorithm works. We conducted an online experiment ( N = 264 US adults) in which participants were randomly assigned to read a balanced news article about gun control written by different authors (AJ, AJ + transparency information, journalist, student, no author). Our findings indicate that AJ transparency, on average, did not significantly reduce HMB compared to AJ along. A significant interaction effect was identified: participants who strongly endorsed the machine heuristic were less likely to perceive the content in the AJ transparency condition, but not that of other conditions, as biased. Theoretical and practical implications are discussed.

Evaluating Community Participation in the Public Policy Formulation Process in Indonesia

This study aims to analyze the extent to which community participation influences the public policy-making process in Indonesia. The public policy-making process encompasses a series of actions and decisions that lead to the development and adoption of specific public policies. Community participation is a critical element in this process as it aids in shaping, defining, and implementing policies that directly affect the community. This research employs a qualitative methodology, gathering data through in-depth interviews, document studies, and participant observations of stakeholders directly involved in the public policy formulation process. The findings indicate that while community participation is granted a significant role in policy formulation, several barriers remain, such as a lack of information, limited technical capacity among community members, and other structural issues that impact the level and quality of participation. This study advocates for increased transparency and openness of information, training and capacity-building initiatives for communities, and enhanced participation in the policy formulation process. It contributes to the literature on the role and influence of community participation in public policy formulation, particularly in the Indonesian context.

Sharpened “Real Teeth” of China's securities regulatory agency: Evidence from CEO turnover

This study examines the real impacts of the China Securities Regulatory Commission's (CSRC) enforcement actions on CEO turnover in China's fully circulated market. Using data on Chinese publicly listed firms from 2008 to 2022, we find that misconduct behavior alone does not directly lead to CEO turnover. In contrast, CSRC's enforcement actions elicit significant negative stock market reactions for both SOEs and non-SOEs post-2016 and substantially increase the likelihood of CEO turnover, with a notably larger impact on non-SOEs. Furthermore, enforcement actions involving more severe punishments and targeting information disclosure violations and operational misconduct are more effective at compelling CEOs to step down. Potential channels through which external regulatory actions influence firms' CEO replacement decisions include reducing agency costs and enhancing information transparency. These findings suggest that the “teeth” of China's securities regulatory agency now function primarily through market-based mechanisms rather than administrative force, and these “real teeth” are being sharpened by ongoing regulatory reforms.

Developing films to support vaccine-hesitant, ethnically diverse parents’ decision-making about the human papillomavirus (HPV) vaccine: a codesign study

ObjectiveTo illustrate an evidence-, theory- and person-based approach to codesign the COMMUNICATE films that support parental decision-making about the human papillomavirus (HPV) vaccine for their teenagers.DesignCodesign study.SettingLocalities covered by two...

The Impact of Prospect Theory on Asset Forecasting: A Comparative Study Based on Random Forest and Linear Regression

This study focuses on the application of predictive models and prospect theory in the field of machine learning to predict financial asset prices. Here, the linear regression and random forest algorithms were employed to forecast the price values and fluctuations of two different financial assets: the S&P 500 index and Bitcoin prices. Meanwhile, this study compared the performance of different financial asset datasets before and after the introduction of prospect theory models. Through calculation and comparative analysis, this article provides an in-depth discussion on the predictive performance of regression models and classification models. The research results indicate that in most cases, simple linear regression models have high prediction accuracy. Meanwhile, this paper also found that introducing prospect theory can effectively improve the accuracy of prediction models for specific financial assets. This result has a positive impact on the financial industry, helping to optimize risk management and investment decision-making, improving efficiency at the market level and promoting information transparency, while also promoting the development of emerging financial formats in financial innovation

How can advocates leverage power to advance comprehensive regulation on ultra-processed foods? learning from advocate experience in Argentina

BackgroundThe use of corporate power to undermine public health policy processes is increasingly well understood; however, relatively little scholarship examines how advocates can leverage power to promote the successful adoption of public health policies. The objective of this paper is to explore how advocates leveraged three forms of power – structural, instrumental and discursive – to promote the passage of the Promotion of Healthy Eating Law (Ley 27,642) in Argentina, one of the most comprehensive policies to introduce mandatory front-of-package (FOP) warning labels and regulate the marketing and sales of ultra-processed foods (UPFs) adopted to date.MethodsWe conducted seventeen semi-structured interviews with advocates from different sectors, including civil society, international agencies, and government. Both data collection and analysis were guided by Milsom’s conceptual framework for analyzing power in public health policymaking, and the data was analyzed using hybrid deductive and inductive thematic analysis.ResultsAdvocates harnessed structural power through the leveraging of revolving doors, informal alliances, and formal coalitions, enabling them to convene discussion spaces with decision-makers, make strategic use of limited resources, and cultivate the diverse expertise (e.g., research, nutrition science, advocacy, law, political science, activism and communications) needed to support the law through different phases of the policy process. Advocates wielded instrumental power by amassing an armada of localized evidence to promote robust policy design, building technical literacy amongst themselves and decision-makers, and exposing conflicts of interest to harness public pressure. Advocates exercised discursive power by adopting a rights-based discourse, including of children and adolescents and of consumers to transparent information, which enabled advocates to foster a favorable perception of the law amongst both decision-makers and the public. Key contextual enablers include a political window of opportunity, the COVID-19 pandemic, and the ability to learn from the regional precedent of similar policies.ConclusionsPublic health policymaking, particularly when encroaching upon corporate interests, is characterized by stark imbalances of power that hinder policy decisions. The strategies identified in the case of Argentina provide important insights as to how advocates might harness and exercise structural, instrumental, and discursive power to counter corporate influence and promote the successful adoption of comprehensive UPF regulation.

Dual-class share structures and financial outcomes in high-tech firms: evidence from US-listed China concept stocks

ABSTRACT This study investigates the effect of dual-class share structures on high-tech firms’ financial outcomes. Using a unique and hand-collected high-tech sample of China concept stocks that launched their IPOs on the US stock exchange between 2000 and 2018, we find that high-tech firms with dual-class share structures have better financial performance than propensity-matched single-class firms. Channels for the financial promotion effect of dual-class share structure include increasing debt financing and promoting R&D innovation. Heterogeneity tests show that this effect is more pronounced for high-tech firms with larger boards, higher information transparency, and the simultaneous implementation of sunset clauses. Our findings can be useful references for the practical application of dual-class shares in Chinese capital markets.

The impact of tax compliance on platform enterprises’ competitive advantage and the role of contract enforcement efficiency

The importance of competitive advantage for platform enterprises' long-term development necessitates explorations of the factors that influence such an advantage. This study empirically investigates the impact of tax compliance on the competitive advantage of platform enterprises, specifically focusing on the efficiency of contract enforcement using online sales data from the WIND database. The findings reveal that platform enterprises' adherence to enterprises' tax compliance enhances the competitive advantage effect. The results of the panel threshold model regression demonstrate that the positive contribution of tax compliance to competitive advantage is contingent on contract enforcement efficiency. Moreover, the promotional effect is more pronounced in regions with superior contract enforcement efficiency, indicating a nonlinear marginal incremental effect. Heterogeneity analysis reveals that the influence of platform firms' tax compliance on competitive advantage effects is constrained by factors such as tax administration strength, information transparency, firm size, and regional variations. These findings deepen our understanding of the relationship between tax compliance and platform enterprises' competitive advantage, offering valuable insights for such enterprises’ decision-making concerning competitive strategies.

Anything is better than nothing’: exploring attitudes towards novel therapies in leukodystrophy clinical trials

Background/AimLeukodystrophies comprise a group of genetic white matter disorders that lead to progressive motor and cognitive impairment. Recent development of novel therapies has led to an increase in clinical trials for leukodystrophies. To enable recruitment of individuals with a leukodystrophy into clinical trials, clinical trial acceptability should be ascertained. We sought therefore, to identify the motivations for and barriers to clinical trial participation in addition to clinical trial features that may be of concern to individuals with a leukodystrophy and/or their carers.MethodsAdults with a leukodystrophy and parents/carers of individuals with a leukodystrophy were recruited through the Australian Leukodystrophy Registry and through online advertisements. Qualitative semi-structured interviews were used to explore participants views on what clinical trials involve, the perceived risks and benefits of clinical trials, their desire to participate in clinical trials and their personal experience with leukodystrophy. Thematic analysis of data was performed with co-coding of interview transcripts.Results5 interviews were held with parents of children with leukodystrophy, 4 with parents of adults with leukodystrophy and 3 with adults diagnosed with leukodystrophy. Motivations for clinical trial enrolment include access to potentially lifesaving novel treatments and improved prognostic outcomes. Participants were concerned about adverse clinical trial outcomes, including side effects and exacerbation of illness. Despite this, majority of participants were willing to try anything in clinical trials, demonstrating a high tolerance for first in human trials and trials utilising invasive treatment options.ConclusionsInterviewees communicated a strong desire to participate in interventional clinical trials involving novel therapies. To support enrolment into future leukodystrophy clinical trials we suggest the provision of transparent information regarding clinical trial treatments, consideration of alternative trial control measures, and inclusion of treating clinicians in the trial recruitment process. Clinicians play an integral role in initiating transparent conversations regarding trial risks and adverse outcomes.

Toward Personalized Care and Patient Empowerment and Perspectives on a Personal Health Record in Hemophilia Care: Qualitative Interview Study.

To enable personalized treatment and shared decision-making in chronic care, relevant health information is collected. However, health information is often fragmented across hospital information systems, digital health apps, and questionnaire portals. This also pertains to hemophilia care, in which scattered information hampers integrated care. We intend to co-design a nationwide digital personal health record (PHR) for patients to help manage their health information. For this, user perspectives are crucial. This study aims to assess patients' and health care providers' perspectives regarding the use of a PHR in hemophilia care in the Netherlands, required functionalities, and expectations and concerns. In this semistructured interview study, 19 pediatric and adult persons with hemophilia, parents, and women with other inherited bleeding disorders, as well as 18 health care providers working within and outside of hemophilia treatment centers, participated. Perspectives of patients and providers were explored separately. To explore requirements, participants were asked to prioritize functionalities. Participants expected a PHR would increase the transparency of health information, improve patients' understanding of their illness, and help the coordination of care between health care providers and institutions. Prioritized functionalities included the integration of relevant health information and patient-entered data. Formulated expectations and concerns focused on 4 themes: usability, safety, inclusiveness, and implementation. While patients expressed worries over medicalization (ie, more confrontational reminders of their illness), providers were concerned about an increased workload. People with hemophilia, their parents, and health care providers welcomed the development of a PHR, as they expected it would result in better coordinated care. Formulated expectations and concerns will contribute to the successful development of a PHR for persons with hemophilia, and ultimately, for all persons with a chronic condition.

Environmental protection tax law and corporate financial fraud: Evidence from listed firms in China

Taxation constitutes a fundamental element in the administration of a country. The environmental protection tax, an essential green tax system in China, offers enhanced flexibility compared to regulatory measures predicated on administrative orders. It performs a crucial and substantial role in enabling organizations to progress toward superior growth. This research endeavor aims to analyze the impact of green taxation on corporate financial misconduct. Data about China's A-share listed companies from 2011 to 2022 is analyzed to achieve this. A difference-in-differences model is developed by integrating the 2018 Environmental Protection Tax Law implementation into a quasi-natural experiment. Implementing the Environmental Protection Tax Law reduces the quantity and propensity of financial fraud within organizations. The results of the mechanism test suggest that the enforcement of the Environmental Protection Tax Law may hinder the involvement of businesses in financial misconduct through the promotion of information transparency and the strengthening of managerial pressure. The effect of enforcing the Environmental Protection Tax Law on mitigating corporate financial fraud is more significant for organizations that have adopted equity incentives for their CEOs and have greater degrees of digitization, according to a heterogeneity analysis.

Disclosure and transparency of sustainability information in Spanish social enterprises: An empirical study of audited special employment centers

AbstractThe research analyzes how certain factors such as activity sector, size, and economic‐financial performance can influence the level of disclosure and transparency of sustainability information in special employment centers. This publication is based on an empirical study applying a quantitative methodology in 194 social economy enterprises with data from 2020. The results confirm that companies that disclose sustainability information do so based on GRI standards and in all areas of sustainability. Belonging to certain activity sectors and size influence the disclosure of sustainability information. Also, the results show that assets, operating income, liquidity and economic profitability have an influence. This research contributes to improving the disclosure and transparency of sustainability information in social economy enterprises and provides indicators on management in sustainability aspects, useful for the analysis of subsidy management.

Hesitancy to COVID-19 Vaccine Among Healthcare Workers: A Scoping Review

Vaccine hesitancy is a global concern and a significant barrier to vaccine uptake. Healthcare workers (HCWs) are more likely to contract COVID-19 and are the most trusted source of patient vaccine-related information. This scoping review summarized the rates of hesitancy against COVID-19 vaccine and booster dose among HCWs. We also explored the determinants of COVID-19 vaccine hesitancy and acceptance. The review method was described according to the PRISMA extension for scoping reviews. Literature search from PubMed, Google Scholar, Scopus, and EBSCOhost was conducted for studies published from January 2020 to August 2022. Themes were generated using inductive and deductive methods to identify the determinants for hesitancy and acceptance of COVID-19 vaccine. Overall, a total of 157 articles were included in this review. The hesitancy rate varied before the COVID-19 vaccination rollout ranging from 3.8% to 79.0%, while the hesitancy rate was 1.1%-73.3% in studies conducted after the vaccination rollout. Six themes were generated for hesitancy and seven themes for acceptance of COVID-19 vaccines. The themes identified for vaccine hesitancy and acceptance were trust issues in vaccines or authority; vulnerability to COVID-19 infection and its complications; information and misinformation; personal and past vaccine experience; religious and ethical; and socio-demographic and work factors. Professional integrity was the additional theme for vaccine acceptance. Safety and effectiveness issues, trust, perceived risk of infection, and misinformation were among the common factors. It is recommended that the government develops strategies, guidelines, or more transparent information about the vaccines to improve the acceptance of COVID-19 vaccinations.

Financial and Business Literacy Among Urology Residents: Is this a Problem and How Can We Better Prepare Residents for their Careers?

Although financial wellness is a predictor of physician burnout, we are yet to optimize financial education or wellness of Urology trainees. We assessed existing studies, compared them to those of other specialties, and discussed resources and methods to address this deficiency. Urology residents tend to be less fiscally savvy (carry significant debt, and lack retirement savings or disability insurance), and 90% of trainees and young Urologists do not feel comfortable with the business of practice, including skills like coding and billing, contract negotiation, and self-value assessment. Financial and business literacy are deficiencies of Urology training, as in other specialties. Eventually, the goal should be universal adoption of a formal curriculum that is graded in nature. In the interim, we need to propose and endorse adoption of a formal curriculum, and we should support trainees by promoting a space for easily accessible and transparent information regarding best practices in personal finance and the business of healthcare.

Market reactions to capital increases: Insights from asset revaluation in pharmaceutical companies on the stock exchange

This study investigates the impact of capital increases on market reactions, focusing specifically on pharmaceutical companies listed on the Tehran Stock Exchange (TSE). We analyze stock returns over a six-month window: three months preceding and three months following the announcement of capital increases. Employing the market model, we assess investor responses and the revaluation of assets associated with these capital injections. Our comprehensive sample includes 200 pharmaceutical firms selected through systematic random sampling, covering the period from 2017 to 2023. The results reveal that asset revaluation significantly enhances investor reactions compared to capital increases stemming from cash contributions and retained earnings. Furthermore, our findings underscore the critical role of information transparency from company management in shaping market responses. This research contributes to a deeper understanding of investor behavior and informs management strategies related to capital restructuring in the dynamic pharmaceutical sector.