Quality Of Information Disclosure Research Articles

The impact of ESG information disclosure quality on firm value

With green development advocated globally, China has firstly proposed a goal of carbon neutrality and carbon peak. Based on sustainable development theory, signal transmission theory, information asymmetry theory and stakeholder theory, this paper had used the data of 638 A-share listed companies in China from 2018 to 2020 to empirically analysed the relationship between ESG information disclosure quality and firm value. The study had concluded that the ESG quality is positively correlated with firm value. Although the impact of environment (E) and society (S) on firm value is greater than that of governance (G), the improvement of ESG split indicators will increase firm value. Finally, this paper had put forward suggestions for the firms and the government respectively.

Dependency of Financial Information Disclosure Quality on Auditor Expertise, Tenure, and Size: Evidence from the Iraq Stock Exchange

Dependency of Financial Information Disclosure Quality on Auditor Expertise, Tenure, and Size: Evidence from the Iraq Stock Exchange

Corporate Secretary Professional Expertise and Annual Report Readability

This paper aims to examines the relationship between professional corporate secretary expertise and annual report readability of 1,476 observations from all companies listed in the Indonesia Stock Exchange from 2014-2018 using OLS Regression with STATA 15.0. The findings obtained from this research are the legal expertise possessed by the corporate secretary will make the company's financial statements easier to understand. Meanwhile, the accounting expertise of the corporate secretary has no significant effect on the annual report readability. However, the annual report readability of firms with a corporate secretary with international expertise will be more readable. For company management, the results of this study have implications for consideration to involve professional expertise, such as legal expertise and international experience, as a part of qualifications in appointing corporate secretaries to improve the quality of information disclosure. Furthermore, this paper increases the understanding of the corporate secretary’s characteristics and its effect on the company’s annual report readability as a tool to measure the quality of information disclosure to reduce problems related to asymmetric information.

Board gender diversity and the acquisition announcement on Friday: evidence from Spain

PropósitoEste trabajo analiza si la participación de mujeres en el consejo de administración puede influir en el anuncio de adquisición empresarial en un memento de poca atención (viernes) o en otro día de la semana.Diseño/metodología/enfoqueSe analiza una muestra de 252 anuncios de adquisiciones en efectivo realizados por empresas españolas cotizadas en el periodo de 2004 a 2018. Se utiliza el análisis probit.ResultadosLas empresas con mayor porcentaje de mujeres consejeras tienen menos probabilidad de anunciar la adquisición de una empresa cotizada en viernes, evitando así la inatención del inversor. Los resultados sugieren que las mujeres consejeras comunican información de mayor calidad y tienen una mayor preocupación por los inversores.OriginalidadHasta donde sabemos este trabajo es el primero que analiza la influencia de las mujeres consejeras en la publicación de información en viernes y refuerza los estudios sobre la calidad de la información publicada por las empresas cotizadas. El mercado español es el contexto ideal para el estudio de la participación femenina en la toma de decisiones empresariales pues España fue uno de los primeros países en establecer cuotas de género en los consejos de administración.

The Quality of Corporate Social Responsibility Information Disclosure and Enterprise Innovation: Evidence from Chinese Listed Companies

The Chinese government has implemented a series of corporate social responsibility (CSR)-related policies in recent years, aiming to achieve high-quality economic development and transformation. To assess the effectiveness of these CSR policies, this study empirically explores the relationship between the quality of CSR information disclosure and corporate innovation performance using data from A-share listed companies in Shanghai and Shenzhen, China, from 2009 to 2020. The results show that: (1) Improvement in the quality of CSR information can significantly improve corporate innovation performance. (2) Further analysis reveals that the improvement of CSR information quality not only helps to reduce the agency costs and alleviate the financing constraints of enterprises but also reduces the cost of external interpretation of corporate innovation projects and conveys a good corporate image by attracting the attention of analysts and the media, which all contribute to the improvement of corporate innovation performance. This study further refines the mechanism of the impact of CSR disclosure on firms’ innovation performance, which may provide guidance to governments in developing and improving CSR disclosure systems in the future.

Research on Voluntary Carbon Information Disclosure Mechanism of Enterprises from the Perspective of Stakeholders—A Case Study on the Automobile Manufacturing Industry

As the primary source of carbon emissions, enterprises must work hard to save energy, reduce emissions, and disclose timely carbon information to the public. As a key means of communicating carbon management performance to stakeholders, carbon information disclosure is directly tied to the future sustainability of enterprises. Based on panel data of 118 listed firms in the automotive manufacturing industry from 2017 to 2021, this study rates the sample companies' quality of carbon information disclosure. The impact of the government, creditors, media, employees, and suppliers on such disclosure is also examined from the stakeholders' standpoint. The findings reveal that: (1) Although there has been a gradual increase in the degree of disclosure, overall levels are still low, and the willingness to voluntarily disclose is insufficient. (2) When other variables are neglected, the government, creditors, media, and employees all assist enterprises in disclosing carbon information, but the influence of suppliers will inhibit such disclosure. In the context of a complex economic system, the level of carbon disclosure is positively correlated with the government, the media, and employees, while negatively correlated with creditors. The influence of suppliers is not significant. These findings may aid in formulating related policies from different dimensions, directing enterprises to publish carbon information actively and strengthening carbon management.

A study on the impact of corporate low carbon awareness on the quality of carbon information disclosure--Based on the mediating effects of green technology innovation

In the context of carbon peaking and carbon neutrality, it is of practical significance for heavily polluting enterprises to achieve low-carbon transformation. This paper uses 225 Chinese heavy polluting enterprises listed in Shanghai and Shenzhen A-shares from 2015-2019 as a research sample, and uses multiple regression models and mediating effect models to analyze the impact of corporate low-carbon awareness on the quality of carbon information disclosure and to explore the mediating role of green technological innovation. The study found that the quality of carbon information disclosure was higher and the level of green technology innovation was stronger when the companies had stronger low-carbon awareness. The study further found that green technology innovation plays a positive mediating role in the positive relationship between low carbon awareness and carbon information disclosure quality.

The impact of environmental information disclosure quality on green innovation of high-polluting enterprises.

With the gradual increase of social awareness of environmental protection, environmental information disclosure has become the key for enterprises to accept social supervision and fulfill their social responsibility. This study examines the high-polluting enterprises that were listed on Chinese A-shares between 2008 and 2021. The influence of environmental information disclosure quality on green innovation is examined using ordinary least squares (OLS) as a benchmark model. The results show that the improvement of environmental information disclosure quality of high-polluting enterprises can significantly improve the quantity and quality of green innovation of enterprises and are mediated by alleviating financing constraints and enhancing cash reserves. Moreover, improving the quality of environmental information disclosure of highly polluting enterprises has a more significant contribution to the quantity and quality of green patents of non-state-owned enterprises, enterprises located in central and eastern China, and large enterprises. The findings of this paper provide theoretical support for achieving a "win-win" situation of environmental protection and green innovation.

The impact of corporate environmental disclosure quality on financing constraints: the moderating role of internal control.

It is still controversial whether environmental information disclosure (EID) can alleviate firms' financing constraints. Existing studies have not addressed the issue of whether internal control can address the financing constraint in the context of institutional weaknesses and managerial opportunism of environmental information disclosure quality (EIDQ). Therefore, through constructing multiple linear regression analysis, we empirically studied the impact of EIDQ on the financing constraint of Chinese firms and the moderating effect of internal controls on the above relationship. The findings showed that (1) improving EIDQ could significantly alleviate the financing constraint problem of enterprises, and the mitigation effect is more significant among non-state enterprises; (2) the quality of internal control helps to strengthen the mitigation effect of EIDQ on the financing constraint; and (3) further research found that the mitigation effect of EIDQ on financing constraints was more significant in a sample with a high degree of marketization, stricter government regulation, and non-political affiliation among non-state-owned enterprises. This study provides new ideas for promoting institutional optimization of EID and the development of green finance.

Analyst Site Visits and Corporate Environmental Information Disclosure: Evidence from China

Compared with developed countries, emerging economy countries are facing more severe environmental challenges. Therefore, effective disclosure of corporate environmental information is an important concern for emerging economies to cope with environmental issues. There is a growing volume of literature documenting that analyst site visits can urge corporations to provide high-quality financial information to investors. However, whether analyst site visits can also improve the quality of environmental information is still unclear. In the Chinese setting, where environmental information has attracted much attention, we explore the interaction between analyst site visits and environmental information disclosure. With three regression methods of the ordinary least squares model, two-stage least square model, and difference-in-difference model, we establish regressions to verify the relationships between them by using empirical data from 2012 to 2019 in China. The results show that analyst site visits are significantly positively correlated with corporate environmental information disclosure. This positive relation is more pronounced when corporations are in economically developed and highly market-oriented areas, in poor air quality areas, and for corporations with good, reasonable internal governance. In addition, we find that analyst site visits affect the quality of environmental information disclosure through the intermediary effect of media attention. In the robustness test, further evidence also indicates that the interaction between analyst site visits and corporate environmental information disclosure was more significant before the COVID-19 lockdown policy was implemented in Wuhan. Our findings suggest that governments should provide support for analysts to conduct site visits and formulate regulations on mandatory disclosure of environmental information by different regions as soon as possible.

РОЛЬ ПРОФЕССИОНАЛЬНОЙ ЭТИКИ И ВНУТРЕННЕГО АУДИТА В РАСКРЫТИИ ИНФОРМАЦИИ О ПРЕДПРИЯТИИ

The issue of disclosure continues to be a challenge for users of financial and non-financial reporting and the accounting standards community. Financial disclosure standards aim to improve the qualitative characteristics, comparability, verifiability, timeliness and understandability of financial statements. Enterprises that implement the principles of the ESG agenda face the problem of disclosing information about the results of socially responsible activities in non-financial reporting. Such reporting is optional and standardized. This is due to the voluntary nature of socially responsible activity. The quality of information disclosure is determined by professional ethical principles and internal audit.

Environmental awareness and environmental information disclosure: An empirical study based on energy industry.

Environmental protection and governance have become a topic of global concern. Sustainable development and green development are the unshakable ideas of China's social and economic development. Under this premise, the energy industry, as a pillar industry in China, has the disadvantages of high energy consumption and heavy pollution. Therefore, the quality of environmental information disclosure in energy industry needs to be improved urgently. This paper selects 66 samples from 22 energy companies in Shanghai and Shenzhen stock markets from 2018 to 2020 as the research object, establishes two potential variables and 13 observed variables of environmental awareness and environmental information disclosure respectively, and constructs structural equation model to study the impact of corporate environmental awareness on environmental information disclosure. The research shows that the environmental awareness of enterprises is positively related to the level of environmental information disclosure. The conclusion is helpful to improve the enthusiasm and consciousness of energy companies to disclose environmental information. A better role in supervising the quality of environmental information disclosure by the government, enterprises and the public can be played.

Effect of reporting with IFRSS on the quality of information disclosure in the financial statements: A study of selected deposit money banks in Nigeria with international recognition

This paper examines the effect of reporting with International Financial Reporting Standards (IFRSs) on the quality of information disclosure in financial statements. To achieve the objective of the paper, two hypotheses were tested in line with the objectives of the study. The survey research design was adopted, and the population of 55 respondents gotten from eight (8) banks. But for the purpose of the analysis 48 sample size was used which constitutes the numbers of respondents from the eight (8) banks’ top management staff that are involved in the preparation of financial statements. The instrument used for data collection was titled “IFRSs Adoption and Quality of Information Disclosure (IFRSAQID)”. Based on the findings of the study, there is a strong and significant relationship between the quality of information due to the adoption of IFRS 16, and reporting in a common language due to the fact that the adoption improved the disclosure of more information. Based on this, it was recommended that banks should be encouraged to adhere to the requirements IFRSs in the recognition, measurement, and disclosure of financial information to reduce information asymmetry. Also, regulatory bodies should ensure strict compliance and defaulters should be penalized to reduce incessant financial scandals that have caused investors to lose a substantial amount of their wealth to reckless reporting in the past. The paper is very apt considering the information asymmetry that has existed for decades due to the adoption of IAS 17 replaced by IFRS 16, and using banks with international recognition because their operation is beyond the domestic banking system.

Effect of reporting with IFRSS on the quality of information disclosure in the financial statements: A study of selected deposit money banks in Nigeria with international recognition

Effect of reporting with IFRSS on the quality of information disclosure in the financial statements: A study of selected deposit money banks in Nigeria with international recognition

Outsourcing and the variability of corporate performance

ABSTRACT This paper investigates the impact of outsourcing on the variability of corporate performance, based on manually collected outsourcing data of Chinese companies from 2012 to 2020. The results show that outsourcing significantly reduces the variability of corporate performance, and the negative correlation between outsourcing and the variability of corporate performance is more significant in companies with high quality of information disclosure, low degree of asset specificity, and low production efficiency. It shows that outsourcing is an effective management decision to disperse corporate risks.

Relationship between the Size of Accounting Firm and the Quality of Carbon Accounting Information Disclosure——The Case of Shanghai and Shenzhen A-share listed companies in heavy pollution industry in Beijing-Tianjin-Hebei region

The quality of carbon accounting disclosure has attracted much attention as carbon neutrality and carbon peaking targets were mentioned in the general debate of the United Nations General Assembly in 2020. As the world's largest country of Carbon Emission, China lacks research related to the size of accounting firms and the quality of carbon accounting disclosure. This paper establishes an evaluation system of carbon accounting information disclosure quality from the perspective of accounting information quality characteristics, selects Shanghai and Shenzhen A-share listed companies in Beijing, Tianjin and Hebei regions in 2021 as the research sample, and compares carbon accounting information disclosure quality of listed companies audited by accounting firms of varying sizes from each characteristic dimension of accounting information quality characteristics, and lastly a comprehensive comparison and one-way ANOVA were conducted to explore the relationship between the size of accounting firms and the quality of carbon accounting information disclosure of listed companies in the heavy pollution industry as a whole. The research results indicate that the reliability, timeliness, understandability, and integrity of carbon accounting information of listed companies audited by larger accounting firms are better, but comparability and relevance are not significantly related to accounting firm size; overall, the larger accounting firms correspond to higher quality of carbon accounting information disclosure of listed companies in heavy pollution industries. Based on the research results, this paper puts forward relevant suggestions at three levels: accounting firms, the state, and enterprises, to improve the quality of carbon accounting information disclosure of listed companies, and then to promote the carbon emission reduction work of enterprises, thereby facilitating the achievement of "dual carbon" objectives.

An Empirical Study on the Impact of Information Disclosure Quality of Listed Companies on the Resignation of Independent Directors

In recent years, there have been frequent scandals of financial information falsification in listed companies, independent directors have been held jointly and severally liable for large sums of money, and the recent wave of resignations of independent directors has led to extensive consideration by scholars. This paper is based on a comparison of the resignations of Kangmei Pharmaceutical and a comparative analysis of the resignations of independent directors of two companies, Dalian Shengya and Shougang Hotel. It is concluded that the correlation between disclosure quality ratings and independent director resignations is negative. It can therefore be inferred that the level of disclosure practiced by listed corporations is a decisive factor in the resignation of independent directors, which leads to further recommendations on the system of independent directors.

Does Digital Transformation Enhance Corporate Risk-Taking?: Evidence from China

Abstract Corporate risk-taking, as an essential factor in corporation development, is influenced by the enterprise’s strategic decision-making. Today, with the rapid development of science and technology, digital technology has a profound effect on the whole society and enterprises. Then, one question is proposed: how should enterprises make strategic decisions to deal with the current opportunities and challenges, enhance their own corporate risk-taking, and then achieve high-quality development? We collected the data from companies listed on China’s Shenzhen Stock Exchange and Shanghai Stock Exchange from 2010 to 2020. Starting from the corporate risk-taking perspective, we conducted an empirical analysis to validate the relationship between digital transformation of corporations and corporate risk-taking. We found that digital transformation of corporations enhanced corporate risk-taking. The enhanced effect was realized as digital transformation improved the information disclosure quality and asset utilization. The enhanced effect was even greater if the enterprise occupied a less favorable competitive position or received less media attention. This paper reviews the literature concerning economic consequences of enterprise digital transformation, shed new light on the enterprise’s selection of digital strategies to achieve sustainable development, and guides the digital transformation of an enterprise.

Muddy the waters to conceal information? Evidence from firms' inconsistent answers during Q&As

This paper investigates the differential responses by managers to institutional investors during Q&As at site visits and to retail investors during online Q&As. We find that the gap in firms’ responses to different types of investors increases the potential for comment letters to be sent to firms and leads to higher information asymmetry, consistent with the notion that this gap implies a lower quality of information disclosure. Additional tests show that managers are more likely to post differential responses when questions form retail investors have a more negative orientation, and the differential responses lead to high stock price synchronicity.

Research on influencing factors of carbon information disclosure quality in China's power industry.

High-quality carbon information disclosure is required with the development of China's national carbon emission trading market. It is still controversial what factors influence carbon information disclosure quality in China's power industry. This paper involved four factors: government regulation, media reports, enterprise size, and directors' professional backgrounds based on strategic change theory. The carbon information disclosure quality was measured using the analytic hierarchy process (APH) and entropy weight method (EWM). Then, panel data regression was used to analyze the relationship between the factors and carbon information disclosure quality. The results showed that (1) the quantity of media reports has no significant correlation with carbon information disclosure quality. (2) The proportion of directors with legal backgrounds to all directors is significantly and negatively correlated with carbon information disclosure quality. (3) Government regulation, the media value orientation, enterprise size, and the proportion of directors with accounting backgrounds to all directors are significantly and positively related to the carbon information disclosure quality.