scholarly journals Dynamic R&D competition under uncertainty and strategic disclosure

2021 ◽  
Vol 181 ◽  
pp. 169-210
Author(s):  
Yangbo Song ◽  
Mofei Zhao
Keyword(s):  
Strategic Disclosure

Earnings Informativeness and Strategic Disclosure: An Empirical Examination of “Pro Forma” Earnings

2004 ◽  
Vol 79 (3) ◽  
pp. 769-795 ◽  
Author(s):  
Barbara A. Lougee ◽  
Carol A. Marquardt
Keyword(s):  
Market Efficiency ◽  
Predictive Ability ◽  
Press Releases ◽  
Empirical Examination ◽  
Strategic Disclosure ◽  
Earnings Information ◽  
Pro Forma Earnings ◽  
Earnings Informativeness ◽  
Earnings Surprises ◽  
Pro Forma

This paper provides evidence on the characteristics of firms that include “pro forma” earnings information in their press releases, whether the usefulness of pro forma earnings to investors varies systematically with these characteristics, and whether the investor response to pro forma earnings is consistent with market efficiency or mispricing. Using a sample of 249 press releases from 1997–99, we find that firms with low GAAP earnings informativeness are more likely to disclose pro forma earnings than other firms. We also find that strategic considerations, measured using the direction of GAAP earnings surprises, are an important determinant of pro forma reporting. In addition, our examination of the relative and incremental information content of pro forma earnings shows that investors find pro forma earnings to be more useful when GAAP earnings informativeness is low or when strategic considerations are absent. Tests of the predictive ability of pro forma earnings for future profitability and returns are mixed, and we therefore cannot conclusively determine whether the investor reaction to pro forma earnings at the time of the press release is consistent with market efficiency or mispricing. The paper contributes to the growing literature on pro forma earnings and more generally to the literature on voluntary and strategic disclosure.

Is Voluntary Disclosure Value Relevant? Evidence from Top Listed Firms in India

2021 ◽  
pp. 097226292098629
Author(s):  
Rupjyoti Saha ◽  
Kailash Chandra Kabra
Keyword(s):  
Voluntary Disclosure ◽  
Value Relevance ◽  
Stock Exchange ◽  
Market Value ◽  
Policy Implications ◽  
Positive Contribution ◽  
Listed Firms ◽  
Strategic Disclosure ◽  
Relevant Evidence ◽  
The Relationship

In view of ongoing reforms in India with emphasis on improving transparency of corporate, the present study aims to examine the influence of voluntary disclosure on the market value of India’s top-listed firms. To this end, the study uses a sample of top 100 non-financial and non-utility firms listed at Bombay Stock Exchange based on market capitalization over a 5-year period (2014–2018). To control potential endogeneity in the relationship between voluntary disclosure and firms’ market valuation, fixed effect panel data model and two-stage least squares model of estimation have been employed. The result obtained from the analysis suggests that enhanced level of voluntary disclosure significantly improves the market value of sample firms. The study further undertakes additional analysis by categorizing voluntary disclosure into its sub-components wherein the findings reveal that three components of voluntary disclosure such as corporate and strategic disclosure, forward looking disclosure and corporate governance disclosure make positive contribution towards market value of firms, while the remaining components of voluntary disclosure such as human and intellectual capital disclosure and financial and capital market disclosure do not appear to have any significant influence on the same. Overall, the finding suggests that voluntary disclosure made by sample firms is considered relevant by investors. However, value relevance of different components of voluntary disclosure varies with the nature and extent of information disclosed. The study offers some important policy implications.

To disclose or not to disclose? Fashion brands' strategies for transparency in sustainability reporting

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Iva Jestratijevic ◽  
James Ohisei Uanhoro ◽  
Rachel Creighton
Keyword(s):  
Quantitative Study ◽  
Design Methodology ◽  
Secondary Data ◽  
Sustainability Reporting ◽  
Strategic Thinking ◽  
Fashion Industry ◽  
Content Type ◽  
Strategic Disclosure ◽  
Sustainability Disclosure ◽  
Practical Implications

PurposeThe purpose of this quantitative study is to identify disclosure strategies for transparency in sustainability reporting to support strategic thinking around transparency in the fashion industry. This research has two specific research objectives: to capture progress towards greater transparency across sustainability reporting areas, across fashion brands and years, and to identify strategic approaches for transparency in sustainability reporting by revealing common patterns in business disclosure.Design/methodology/approachThe authors cross-sectionally analyzed secondary data using four consecutive Fashion Transparency Indices (2017–2020). Brands' strategies for transparency in sustainability reporting were examined through the stakeholder theory lens.FindingsFindings confirm the presence of four approaches to disclosure: measurable, ambiguous, policy-only and secretive strategy. The disclosure was disproportionally distributed between 30% brands as transparency leaders and 70% brands as transparency laggards. The most transparent brands were not necessarily those rated highest by the index but those whose progress toward transparency was traceable over the years.Research limitations/implicationsThe study has overcome the limitation of the verifiability approach, supporting the requirement for diachronic and strategic disclosure assessments.Practical implicationsAs most brands hesitantly disclose sustainability information, stakeholders cannot know whether business policies equate to more than a corporate wish list. If there is no inspection for mandatory business disclosure, and if there is no penalty for disclosure violations, some fashion retailers will continue to generate profits while operating in an uncompliant and “opaque” manner.Originality/valueThe framing of disclosure strategies for transparency in sustainability reporting is the first scholarly effort to investigate diachronically sustainability disclosure among a big sample of major fashion brands.

Suicide-related disclosure: implications for inclusion and recovery

2019 ◽  
Vol 18 (3) ◽  
pp. 162-168
Author(s):  
Lindsay Sheehan ◽  
Nathalie Oexle ◽  
Michael Bushman ◽  
Anthony Fulginiti ◽  
Laura M. Frey
Keyword(s):  
Longitudinal Research ◽  
Theoretical Models ◽  
Interpersonal Theory ◽  
Future Research ◽  
Theoretical Frameworks ◽  
Interpersonal Theory Of Suicide ◽  
Content Type ◽  
Strategic Disclosure ◽  
Key Issues ◽  
Suicidal Thoughts And Behaviors

Purpose People who have lived experiences with suicide often struggle with concealable stigmatized identities that threaten their inclusion and recovery. While disclosure of a stigmatized identity can promote support and recovery and therefore prevent suicide, it may also present distinct risks. The purpose of this paper is to summarize key issues in suicide-related disclosure, suggest theoretical models for describing suicide-related disclosure and identify research needs. Design/methodology/approach This conceptual paper discusses the existing literature on disclosure of concealable stigmatized identities, then explores research on disclosure of suicidal ideation, suicide attempt and suicide loss. Theoretical models (disclosure processes model and interpersonal theory of suicide) that can be employed in understanding suicide-related disclosure are explored. Finally, the paper suggests areas for future research, including longitudinal research to identify strategic disclosure practices that can lead to greater inclusion and recovery. Findings Research on suicide-related disclosure should differentiate between disclosure of past and current suicidality, incorporate theoretical frameworks and examine approaches for preparing potential confidants and disclosers for the disclosure process. Originality/value This paper highlights issues unique to the disclosure of suicidal thoughts and behaviors, and to suicide loss.

scholarly journals Pledgee competition, strategic disclosure, and future crash risk

2019 ◽  
Vol 12 (3) ◽  
pp. 271-291 ◽  
Author(s):  
Xiaoxi Li ◽  
Jing Liu ◽  
Kemin Wang
Keyword(s):  
Crash Risk ◽  
Strategic Disclosure

scholarly journals Electoral Competition with Strategic Disclosure

Games ◽  
2019 ◽  
Vol 10 (3) ◽  
pp. 29 ◽  
Author(s):  
Jacopo Bizzotto ◽  
Benjamin Solow
Keyword(s):  
Information And Communication Technologies ◽  
Small Groups ◽  
Social Cost ◽  
Communication Technologies ◽  
Strategic Disclosure ◽  
The Social ◽  
Recent Developments ◽  
Information And Communication ◽  
Voter Choice ◽  
Voter Groups

Recent developments in information and communication technologies allow candidates for office to engage in sophisticated messaging strategies to influence voter choice. We consider how access to different technologies influence the choice of policy platforms by candidates. We find that when candidates can target messages to specific voter groups, platforms are more likely to be inefficient. In particular, when candidates can run targeted campaigns, they commit to projects that benefit small groups even when the social cost of these projects outweigh their benefits. Our results are robust to negative advertising.

Upstream Exploitation and Strategic Disclosure

2020 ◽  
Vol 39 (5) ◽  
pp. 923-938
Author(s):  
Liang Guo
Keyword(s):  
Bad News ◽  
Strategic Disclosure

Incentive to mitigate upstream exploitation by input suppliers can yield intermediate disclosure where both very good and very bad news are withheld even when disclosure is costless.

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