scholarly journals Evidence on why firms use different disclosure outlets

2016 ◽  
Vol 29 (3) ◽  
pp. 274-291
Author(s):  
Alexey Feigin ◽  
Andrew Ferguson ◽  
Matthew Grosse ◽  
Tom Scott
Keyword(s):  
Empirical Evidence ◽  
Information Content ◽  
Information Acquisition ◽  
Voluntary Disclosure ◽  
Abnormal Return ◽  
Design Methodology ◽  
Small Subset ◽  
Market Reactions ◽  
Content Type ◽  
Acquisition Costs

Purpose The purpose of this study is to consider why firms use different disclosure outlets. The authors argue that the firm's choice of disclosure outlet can be explained by voluntary disclosure theories and investigate whether the market response around different disclosure outlets varies. Design/methodology/approach The authors investigate differences in the characteristics of firms purchasing analyst research, holding investor presentations or Open Briefings and compare market reactions around each disclosure event. Findings The authors find that firm incentives to reduce information acquisition costs or mitigate disclosure risk affect firm disclosure outlet choice, and mixed evidence in support of talent signalling motivations. There is a lower absolute abnormal return around Open Briefings and a higher signed abnormal return around purchased analyst research. Research limitations/implications The research is exploratory in nature and only considers a small subset of disclosure outlets. There may be differences in information content across disclosure outlets. Originality/value They show disclosure outlets are not homogenous and provide empirical evidence voluntary disclosure theories help explain differences between firms’ use of disclosure outlets. Considering the growing number of disclosure outlets available, disclosure outlet choice is likely to be an increasingly important topic in accounting research.

Entrepreneurship in the digital press: a semantic analysis

2019 ◽  
Vol 26 (3) ◽  
pp. 416-431
Author(s):  
Myriam Martí-Sánchez ◽  
Desamparados Cervantes-Zacarés ◽  
Arturo Ortigosa-Blanch
Keyword(s):  
Empirical Evidence ◽  
Thematic Analysis ◽  
Design Methodology ◽  
Semantic Analysis ◽  
Word Association ◽  
Innovation Ecosystem ◽  
Content Type ◽  
The Public ◽  
The Media ◽  
The Way

Purpose The purpose of this paper is to analyse how the media addresses entrepreneurship and to identify the attributes linked to this phenomenon. Design/methodology/approach The sample is defined in terms of a linguistic corpus comprised of content related to entrepreneurship drawn from the digital editions of the three most important Spanish economic newspapers for the period 2010–2017. Word association and co-occurrence analyses were carried out. Further, a non-supervised clustering process was used as the basis for a thematic analysis. Findings Correspondence between social and media patterns related to the entrepreneurship phenomenon is revealed by the results. It is shown how attributes such as “success”, “innovation”, “ecosystem” and “woman” appear as very relevant and are linked to different co-occurrence scenarios. Relevant thematic groups are also identified related to lexical associations such as innovation, digital economy and public policies linked to entrepreneurship. Research limitations/implications It is important to emphasise that this study has identified and explored relationships between words, but not their evolution. Furthermore, conclusions cannot be drawn concerning whether there are differences in how each newspaper has dealt with entrepreneurship because of the way the corpus was constructed. Originality/value The study provides empirical evidence that helps to identify the way media approaches entrepreneurship. The authors carried out the analysis on the media contents and not on the perception of the public on the phenomenon.

scholarly journals Can compensation committees effectively mitigate the CEO horizon problem? The role of co-opted directors

2020 ◽  
Vol 34 (1) ◽  
pp. 1-21
Author(s):  
Ruonan Liu
Keyword(s):  
Corporate Governance ◽  
Research And Development ◽  
Empirical Evidence ◽  
Design Methodology ◽  
Ceo Compensation ◽  
Content Type ◽  
Horizon Problem ◽  
Accruals Management ◽  
Compensation Committees

Purpose This study aims to examine whether compensation committees dominated by co-opted directors are less effective in mitigating the CEO horizon problem. Design/methodology/approach The author uses a sample of 7,280 firm-year observations from 1998 to 2011. Findings In this study, the author finds evidence of opportunistic research and development (R&D) reduction and accruals management in firms with retiring CEOs and compensation committees dominated by co-opted directors. Moreover, it is found that R&D reduction and income-increasing accruals are less discouraged when determining the compensation for retiring CEOs by compensation committees that are dominated by co-opted directors. The results suggest that compensation committees dominated by co-opted directors are less effective in adjusting CEO compensation to mitigate the CEO horizon problem. Originality/value The study reveals that co-opted directors are weak monitors. Moreover, the study adds empirical evidence to the debate of organizations’ CEO horizon problem. Finally, the study adds to the literature on corporate governance, revealing that compensation committees play an important role in mitigating an organization’s CEO horizon problem by adjusting CEO compensation.

The effect of the imposition of a public reprimand on the stock price of companies in Malaysia

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Emie Famieza Zainudin ◽  
Hafiza Aishah Hashim ◽  
Shahnaz Ismail
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Design Methodology ◽  
Negative Impact ◽  
Abnormal Returns ◽  
Investment Decisions ◽  
Market Model ◽  
Market Reactions ◽  
Content Type ◽  
A Company

Purpose This paper aims to examine the effect of the imposition of public reprimands on the underlying stock prices of companies in Malaysia. Design/methodology/approach Data on 148 companies that received public reprimands during the period from 2007 to 2013 were collected from the Bursa Malaysia website to analyse the market reactions to the imposition of public reprimands. Findings Based on a market model of abnormal returns, the empirical result showed that the imposition of a public reprimand had a negative impact on a company’s stock price. Moreover, when a market model of average abnormal returns (AAR) was used, the result indicated that companies that had received a public reprimand had a negative AAR value. Research limitations/implications The findings from this study have implications for shareholders in making their investment decisions because they can switch their investments to other companies and markets after a company in which they are interested or have made an investment has received a public reprimand. Originality/value There is limited research on the imposition of public reprimands and the effect that it has on companies in developing countries. Hence, this study contributes to research in this area by providing evidence on the effect of public reprimand on stock price reactions in the context of a developing country, namely, Malaysia.

Effect of pre-disclosure information leakage by block traders

2019 ◽  
Vol 20 (5) ◽  
pp. 470-483
Author(s):  
Tai-Young Kim
Keyword(s):  
Moral Hazard ◽  
Design Methodology ◽  
Abnormal Returns ◽  
Information Leakage ◽  
Market Reactions ◽  
Content Type

Purpose This paper aims to investigate pre-disclosure information leakage by block traders and market reactions to disclosures of off-hours block trading compared to off-market trading. Design/methodology/approach Stock responses were analyzed based on timely disclosures regarding Korean firms’ decisions to dispose of their own shares to improve their financial structures. Findings The results showed that pre-disclosure abnormal returns were generated in off-hours block trading. In contrast, on disclosure days, the returns for off-hours block trading were significantly lower than those for off-market trading. It was consistent with prior studies, indicating that block traders were related to information leakage and caused moral hazard problems. Originality/value The comparison between off-hours block trading and off-market trading provides important insights regarding block traders’ behavior. This study’s findings on the leakage of information from block traders indicate the need for firms to exercise caution when using block traders.

The rationale of part-time farming: empirical evidence from Norway

2017 ◽  
Vol 44 (1) ◽  
pp. 53-59 ◽  
Author(s):  
Klaus Mittenzwei ◽  
Stefan Mann
Keyword(s):  
Empirical Evidence ◽  
Household Income ◽  
Design Methodology ◽  
Farm Households ◽  
Apparent Contradiction ◽  
Content Type ◽  
Level Data ◽  
Part Time ◽  
On Farm ◽  
Practical Implications

Purpose Outside farming, pluriactivity is generally considered as undesirable, whereas agricultural economists tend to recommend part-time farming. This contradiction is to be solved. The paper aims to discuss this issue. Design/methodology/approach Linking tax-payer and statistical farm-level data from Norway, the authors tested how profitable part-time farming is for Norwegian farm households. Findings The analysis showed that concentrating on either working on-farm or off-farm generates a higher household income than combining the two. Practical implications Part-time farming may be a lifestyle decision, but apparently is not economically optimal for most farms. Originality/value The contribution solves an apparent contradiction between the discourses inside and outside agriculture.

Urban management, destination management and urban destination management: a comparative review with issues and examples from New Zealand

2015 ◽  
Vol 1 (1) ◽  
pp. 1-17 ◽  
Author(s):  
Douglas G. Pearce
Keyword(s):  
New Zealand ◽  
Empirical Evidence ◽  
Design Methodology ◽  
Ad Hoc ◽  
Urban Management ◽  
Content Type ◽  
Comparative Review ◽  
Multiple Actors

Purpose – The purpose of this paper is to first outline the central thrust of two currently non-convergent but intrinsically related streams of research – urban management and destination management – and explore the links between them. Both require an approach which coordinates and integrates multiple actors and functions in dynamic settings. Design/methodology/approach – The paper then analyses empirical examples from three New Zealand cities to illustrate relationships between destination management and urban management in practice. Findings – These cases show that without being labelled as such, quite a lot of activity takes place which reflects dimensions of both destination management and urban management, especially in terms of integration and coordination. This raises questions of just what constitutes destination management, a series of discrete ad hoc actions or some broader vision and framework. Originality/value – Empirical evidence from the three New Zealand cities shows that, with the exception of Dunedin, destination management is not a term or a concept that is explicitly used there. Nevertheless, without being labelled as such, in practice there is quite a lot of activity taking place which reflects dimensions of both destination management and urban management, especially in terms of integration and coordination.

Lawyers’ predicaments in complying with the anti-money laundering law in Malaysia

2019 ◽  
Vol 26 (2) ◽  
pp. 583-596 ◽  
Author(s):  
Saslina Kamaruddin ◽  
Zaiton Hamin
Keyword(s):  
Qualitative Research ◽  
Central Bank ◽  
Empirical Evidence ◽  
Case Studies ◽  
Money Laundering ◽  
Design Methodology ◽  
Primary Data ◽  
Content Type ◽  
Klang Valley ◽  
Source Of Information

Purpose The purpose of this paper is to provide some empirical findings on the predicaments of lawyers’ anti-money laundering (AML) compliance in Malaysia and the rationales for such predicaments. Design/methodology/approach This paper adopts a qualitative research in which the primary data are obtained from seven case studies involving legal firms within the Klang Valley, Selangor, Malaysia, which is triangulated with the data from the Central Bank and the Malaysian Bar Council. Findings The authors contend that despite the vulnerability of their profession to money laundering, the level of awareness of the AML obligations amongst Malaysian legal practitioners is rather minimal. Also, the imposition of obligations upon them in policing their clients and regulating money laundering is not only onerous but also contrary to the ethics of their profession. Originality/value This paper fills the gap in providing the empirical evidence on lawyers’ compliance to their statutory AML obligations in Malaysia. Also, this paper could be a useful source of information for practitioners, academicians and students. It could also be a beneficial guide for policymakers for any possible future amendments to the law.

Soldier or actor?

2019 ◽  
Vol 27 (1) ◽  
pp. 94-108
Author(s):  
Amit Shukla
Keyword(s):  
Empirical Evidence ◽  
Design Methodology ◽  
Positive Relationship ◽  
Psychological Ownership ◽  
Matched Sample ◽  
Content Type ◽  
Workplace Fairness ◽  
Strong Positive Relationship

Purpose Though widely studied, organisational citizenship behaviour (OCB) is yet to emerge as a thoroughly understood concept. For instance, citizenship behaviours emanating from self-serving motives remain largely unexplored. The purpose of this study is to investigate the role of psychological ownership in differentiating individuals with genuine motives (“soldiers”) from those with self-serving motives (“actors”). Design/methodology/approach The study defines and operationalises genuineness of OCBs by comparing self-rated and others-rated citizenship behaviours. It is hypothesised that psychological ownership is positively associated with citizenship behaviour, and this relationship is positively moderated by degree of genuineness. All the hypothesised relationships are tested on the basis of empirical evidence produced by a two-wave study on a cross-hierarchical matched sample (n = 338) in a large Indian IT MNC. Findings A strong positive relationship between psychological ownership and citizenship behaviour was observed. A positive moderation by genuineness was also found suggesting that relationship between psychological ownership and citizenship behaviour became stronger with higher genuineness. In a nutshell, the results indicated that soldiers and actors could be differentiated on the basis of their relative scores on psychological ownership. Originality/value Apart from theoretical contributions, the present study offers a headway to managers in identifying employees who engage in citizenship behaviour out of genuine motives toward their organisation. As citizenship behaviours increasingly find prominence in employees’ self-appraisal, this differentiation assumes importance in promoting workplace fairness.

Behavioral biases on institutional investors: a literature review

Kybernetes ◽  
2016 ◽  
Vol 45 (10) ◽  
pp. 1668-1684 ◽  
Author(s):  
Selim Aren ◽  
Sibel Dinç Aydemir ◽  
Yasin Şehitoğlu
Keyword(s):  
Literature Review ◽  
Empirical Evidence ◽  
Institutional Investors ◽  
Design Methodology ◽  
Home Bias ◽  
Institutional Investor ◽  
Disposition Effect ◽  
Herding Behavior ◽  
Content Type ◽  
Behavioral Biases

Purpose The purpose of this paper is to evaluate published institutional investor research focused on home bias, disposition effect, and herding behavior in recognized journals and to ascertain some substantial gaps with regard to them. Design/methodology/approach Recently published studies between 2005 and 2014, which intend to examine behavioral biases on institutional investors, have been reviewed through juxtaposing them under the three fundamental titles and figuring them according to the explanation why these biases occurs. Findings The research examining home bias has identified the presence of this effect on institutional investors and explained it with information or culture. Yet, the existence of disposition effect has not been found in the extant research. These studies have estimated disposition effect through overconfidence and experience. Also, extant studies have provided evidence of herding behavior, attributing this behavior to pursuing same published information and protecting their reputation and career. Originality/value Currently, no study, which reviews and evaluates the empirical research body on behavioral biases displayed institutional investors, exists. To the authors’ knowledge, this is the first paper which highlights the empirical evidence on these bias and summarizes the explanations in these studies for these biases exhibited by institutional investors. This could contribute to the researchers focusing on behavioral biases on institutional investors by providing them with a meaningful figuralization regarding their evidence and explanation.

The effect of social spending on reducing poverty

2017 ◽  
Vol 44 (5) ◽  
pp. 620-632
Author(s):  
Ferdi Celikay ◽  
Erdal Gumus
Keyword(s):  
Empirical Evidence ◽  
Design Methodology ◽  
Negative Relationship ◽  
Social Spending ◽  
Social Expenditure ◽  
Education Expenditure ◽  
Content Type ◽  
Long Run ◽  
Short Run ◽  
The Relationship

Purpose The purpose of this paper is to provide new empirical evidence on the relationship between social expenditure and poverty in Turkey. Design/methodology/approach There are voluminous studies in the literature and many of which contain condradictory results. The authors use panel error correction models and employ Turkish statistical territorial units data (26 regions) covering the period 2004-2011 in the analysis. Findings The authors have found that in the short run, there is a negative relationship between social expenditure and poverty, as expected. In the long run, however, there exists a positive relation between them. The authors utilize expenditure on education as one component of social expenditure, and the authors obtain a negative relationship between education expenditure and poverty, both in the short run and in the long run. Social implications Poverty is an important social problem that more studies on this subject should examine various aspects and find policies to alleviate it. Originality/value Literature on poverty and social spending are growing and their results are contradictory. However, this paper clearly and significantly provides new empirical evidence on the effect of social spending on reducing poverty using Turkish data. This kind of study is hardly found for developing countries like Turkey. It contributes to the literature.

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