CGN: Disclosure & Accounting Decisions (Topic)最新文献_第3页

Social Capital, Product Market Competition and Corporate Disclosure of Proprietary Information 社会资本、产品市场竞争与企业专有信息披露

CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2019-01-21 DOI: 10.2139/ssrn.3319715

Eunhee Kim, S. Radhakrishnan, Z. Wang, X. Zhu

{"title":"Social Capital, Product Market Competition and Corporate Disclosure of Proprietary Information","authors":"Eunhee Kim, S. Radhakrishnan, Z. Wang, X. Zhu","doi":"10.2139/ssrn.3319715","DOIUrl":"https://doi.org/10.2139/ssrn.3319715","url":null,"abstract":"We examine the impact of social capital in local communities on corporate disclosure of proprietary information. Firms located in communities with higher social capital care more about the collective interests of the local communities. While the disclosure of proprietary information has the benefit of improving stock prices, the proprietary information revealed can be exploited by the firm’s product market rivals to its disadvantage and impose significant costs on both investors and the local community. Thus, when managers take the interests of local communities into consideration, they will view the disclosure of proprietary information to be a more costly action compared to those who only consider investors’ interests alone. Our empirical analysis confirms that firms located in communities with higher levels of social capital are associated with less disclosure of proprietary information. In addition, we find that the negative association between social capital and the disclosure of proprietary information is more pronounced for firms facing higher proprietary cost, with lower external financing dependence or with higher long-term institutional ownership.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114781987","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Firm Value Effects of Targeted Disclosure Regulation: The Role of Reputational Costs 目标披露监管的企业价值效应:声誉成本的作用

CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2018-06-28 DOI: 10.2139/ssrn.3204505

K. Hombach, T. Sellhorn

引用次数: 14

Uncertainty in Managers’ Reporting Objectives and Investors’ Response to Earnings Reports: Evidence from the 2006 Executive Compensation Disclosures 管理者报告目标的不确定性与投资者对收益报告的反应:来自2006年高管薪酬披露的证据

CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2018-06-12 DOI: 10.2139/ssrn.2902246

F. Ferri, Rong Zheng, Yuan Zou

引用次数: 2

Who Consumes Firm Disclosures? Evidence from Earnings Conference Calls 谁在消费公司披露的信息?来自收益电话会议的证据

CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2018-06-06 DOI: 10.2139/ssrn.2653088

Ann Heinrichs, Jihwon Park, Eugene F. Soltes

引用次数: 25

Corporate Profitability: Return on Equity, Return on Investment, Modigliani & Miller Proposition II And Economic Value Added 企业盈利能力:净资产收益率、投资收益率、Modigliani & Miller命题二和经济增加值

CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2018-03-20 DOI: 10.2139/ssrn.3144286

Roberto Moro Visconti

引用次数: 0

The Impact of Risk Committee on Financial Performance of UK Financial Institutions 风险委员会对英国金融机构财务绩效的影响

CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2018-03-01 DOI: 10.1504/IJAF.2018.10014470

Ahmed A. Elamer, Ismail Benyazid

{"title":"The Impact of Risk Committee on Financial Performance of UK Financial Institutions","authors":"Ahmed A. Elamer, Ismail Benyazid","doi":"10.1504/IJAF.2018.10014470","DOIUrl":"https://doi.org/10.1504/IJAF.2018.10014470","url":null,"abstract":"Following the recent financial crisis, Walker (2009) recommended that financial institutions should form a separate board level risk committee (RC) to manage various risks and prevent excessive risk taking. This research focuses on investigating how firms with separate risk committees differ from those that do not have one. The main research question we address is whether RCs have a fundamental influence on financial performance. We measure financial performance by ROA and ROE and we control for firm size, liquidity and gearing. Our sample consists of all listed financial institutions in FTSE-100 index from 2010 through 2014. Results indicate a negative relationship between risk committee characteristics (i.e., existence, size, independence, and meeting frequency) and financial performance. The results also indicate that firms without RC performed considerably well than firms with RC. The results are contradictory to Walker's (2009) where RCs are recommended for their ability to mitigate and manage risks more expertly. However, we argue that establishing strong RC constrains management ability to make excessive risk taking behaviour, which may affect financial performance negatively. We contribute to the current research on the impact of risk committee governance attributes on financial performance after banking and governance reforms.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122263402","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 39

Are Disclosures Readable? An Empirical Test 披露是否可读?实证检验

CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2018-02-23 DOI: 10.2139/SSRN.3128876

Uri Benoliel, X. Zheng

引用次数: 4

Non-GAAP Reporting and Accounting Restatement 非公认会计准则报告和会计重述

CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2018-01-23 DOI: 10.2139/ssrn.3107497

Shin-Rong Shiah-Hou

引用次数: 1

Earnings Management Preferences of Family Firms and Its Impact on the Market Value of the Firm 家族企业盈余管理偏好及其对企业市值的影响

CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2018-01-15 DOI: 10.2139/ssrn.3102030

Suhas M. Avabruth, P. Saravanan

引用次数: 2

Making a Market for Corporate Disclosure 为公司信息披露创造市场

CGN: Disclosure & Accounting Decisions (Topic) Pub Date : 2018-01-01 DOI: 10.2139/SSRN.2814125

Kevin S. Haeberle, M. Henderson

{"title":"Making a Market for Corporate Disclosure","authors":"Kevin S. Haeberle, M. Henderson","doi":"10.2139/SSRN.2814125","DOIUrl":"https://doi.org/10.2139/SSRN.2814125","url":null,"abstract":"One of the core problems that law seeks to address relates to the inadequate production and sharing of information. The problem manifests itself throughout the law — from the basic contracts, torts, and constitutional law settings through that of food and drug, national security, and intellectual property law. Given that we live in the Information Age, the problem is both disconcertingly under-addressed and eminently addressable at the same time.Perhaps nowhere is the concern more notable than when it comes to the generation and release of valuable information by the public companies that drive the United States economy. This aspect of the problem is evidenced by prominent recent debates on the extent to which firms should be required to disclose information on their political spending since the Supreme Court’s Citizens United decision. Beyond sharing of that valuable information, policymakers have long sought to ameliorate sub-optimally low levels of corporate disclosure to shareholders, regulators, and the public more generally. Their main tool has come in the form of the famous mandatory-disclosure rules of the mid-1930s, as well as the layers added on them over the years. But the disclosure regime has long been critiqued for falling well short of its goals. A number of solutions have been offered, ranging from the radical (dump the regime and its overlays altogether in favor of state-level regulation) to the mundane (adding to the 100-plus-page list of what issuers of securities must disclose). In this Article, however, we offer an innovative approach based on simple regulatory changes to allow market forces to interact in a way that has the potential to better address the problem of information underproduction: amend federal regulations that prevent forces of supply and demand from meeting in a market for early access to corporate disclosures. Thus, we propose a market for corporate disclosure.","PeriodicalId":355269,"journal":{"name":"CGN: Disclosure & Accounting Decisions (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130196937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 17