Comprehensiveness of internet reporting by Caribbean companies

2015 ◽  
Vol 5 (1) ◽  
pp. 2-34 ◽  
Author(s):  
Anthony R. Bowrin
Keyword(s):  
Evolutionary Model ◽  
Stock Exchanges ◽  
Firm Characteristics ◽  
Equity Financing ◽  
Public Companies ◽  
Media Communication ◽  
Content Type ◽  
Web Presence ◽  
Industry Affiliation ◽  
Public Equity

Purpose – The purpose of this paper is to examine the comprehensiveness and determinants of internet reporting by publicly listed Caribbean companies. Design/methodology/approach – In total, 65 companies with common shares listed on one of the four Caribbean stock exchanges, were included in the study. The study examined the relationship between firm characteristics (size, industry affiliation, listing status, and CEO role duality) and the comprehensiveness of corporate internet reporting (CIR), while controlling for the importance of public equity financing, company age and profitability. CIR was measured using an unweighted 107-item disclosure index that focussed on web site usability, disclosure timeliness, disclosure content, and several advanced CIR features. The data were subjected to content analysis using descriptive statistics, contingency tables, and multiple regression analysis. Findings – As a whole, publicly listed Caribbean firms seem to be in stage 2 of the internet evolutionary model presented by Hedlin (1999); most firms have a web presence, a majority of firms engage in CIR and very few firms are using social media, communication and processable reporting formats in their CIR. It was found that Caribbean companies, on average, satisfied only 63.1 percent of the items included in the index. As hypothesized company size and industry affiliation were positively related to the comprehensiveness of CIR. Conversely, both industry affiliation and listing status generated mixed results. Also, the importance of public equity financing was significantly and negatively related to the general content and timeliness dimensions of CIR. Practical implications – The findings suggest that Caribbean governments and regulators interested in raising the profile of regional stock exchanges may need to implement incentives for public companies to engage in internet reporting. Originality/value – This is the first study to examine the comprehensiveness and determinants of internet reporting by publicly listed Caribbean companies.

Determinants of competitiveness of the Czech SMEs: findings from the global competitiveness project

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ondřej Dvouletý ◽  
Ivana Blažková
Keyword(s):  
Agricultural Sector ◽  
Direct Marketing ◽  
Public Support ◽  
Firm Characteristics ◽  
Firm Level ◽  
Content Type ◽  
Global Competitiveness ◽  
Regional Location ◽  
Competitiveness Index ◽  
Industry Affiliation

Purpose The purpose of this paper is to examine the firm-level drivers of competitiveness of the Czech small- and medium-sized enterprises (SMEs) using the complex firm-level competitiveness index. The authors explored the relationship between firm competitiveness and firm characteristics such as size, age, industry affiliation and location. Design/methodology/approach The complex competitiveness index as a proxy for firm competitiveness was calculated from the survey data. In total, 132 complete questionnaires filled in by representatives of randomly selected Czech SMEs were collected in 2018. Additional firm characteristics (size, age, industry affiliation and location) considered as determinants of competitiveness were obtained from the commercial database Albertina and from the Czech Statistical Office. The determinants of competitiveness were tested econometrically by estimation of multivariate regression models. Findings The authors mainly found a significant relationship between the firm size and competitiveness of the Czech SMEs. The authors have also confirmed that the least competitive enterprises are those operating in the agricultural sector and that regional location plays an important role in the determination of firm competitiveness. Practical implications The identification of competitiveness drivers can provide entrepreneurs, managers and policymakers with important implications. It seems beneficial for the Czech SMEs to expand the scope of operations to achieve a larger company size, for example, by focussing on investment activities, direct marketing, improving entrepreneurial skills or by applying an aggressive sales strategy, especially towards markets with lower competition. Politicians may respond to these efforts by setting the appropriate policies that promote SMEs’ competitiveness, for example, through the hard and soft public support for financial and human resources. Originality/value Although many studies on competitiveness have been published, there is still a limited number of firm-level studies looking at competitiveness from multiple angles rather than from the study of profitability and productivity. In contrast, the study uses a complex firm-level competitiveness index based on ten competitiveness pillars (technology, human capital, products, domestic market, networks, international markets, online presence, marketing, decision making and strategy) to capture the contribution of different resources and capabilities to firm competitiveness.

Firm characteristics and compliance with IAS/IFRS

2019 ◽  
Vol 17 (3) ◽  
pp. 383-410
Author(s):  
Ali Alnaas ◽  
Afzalur Rashid
Keyword(s):  
Financial Reporting ◽  
North Africa ◽  
Design Methodology ◽  
Institutional Ownership ◽  
Stock Exchanges ◽  
Reporting Standards ◽  
Firm Characteristics ◽  
Firm Level ◽  
Content Type ◽  
Financial Reporting Standards

Purpose This paper aims to examine the influence of firm characteristics on harmonisation of companies listed on the Egypt, Morocco and Tunisia Stock Exchanges. Design/methodology/approach This study uses a checklist based mainly on the International Financial Reporting Standards (IFRS). Findings The findings of the study are 6that the level of compliance with IFRS was higher in 2010 than in 2005. Multiple regression analysis indicates that the level of compliance with IFRS increases with company size, institutional ownership, industry and language of disclosure. Research limitations/implications The findings of this study suggest that both institutional- and firm-level forces influence the harmonisation process. Originality/value This study contributes to the literature on accounting harmonisation in the context of North Africa.

Human resources disclosures by African and Caribbean companies

2018 ◽  
Vol 8 (2) ◽  
pp. 244-278 ◽  
Author(s):  
Anthony Roger Bowrin
Keyword(s):  
Human Resources ◽  
Gender Diversity ◽  
Strategic Decision ◽  
Stock Exchanges ◽  
Content Type ◽  
Governance Environment ◽  
Industry Affiliation ◽  
Director Independence ◽  
State Enterprises ◽  
Sustainability Report

Purpose The purpose of this paper is to examine the extent to which economically significant Caribbean and African firms provide human resources disclosures (HRD), and the factors related to their disclosure practices. It is motivated by the dearth of studies of HRD among firms in developing countries. Design/methodology/approach All companies with common shares listed on the main tier of the major stock exchanges in each country examined on December 31, 2013 as well as selected state enterprises were included in the study if their annual report, sustainability report or integrated report was available online. HRD was measured using an unweighted 174-item disclosure index. The research hypotheses were examined using multiple-regression analysis. Findings The level of HRD in the Caribbean and Southern Africa was relatively low (M=33.7 percent, SD=25.3 percent). The amount of HRD was related to organizational culture, firm size, industry affiliation, national governance environment and foreign influence. Geographical region, gender diversity and director independence were not statistically related to the amount of HRD. Practical implications Caribbean and African governments may need to implement incentives for economically significant companies to participate in targeted human resources (HR) development initiatives, to provide more comprehensive HR disclosures and incorporate HR consideration in their strategic decision making. Originality/value This is one of the first studies to compare the amount and determinants of HRD by economically significant Caribbean and African companies.

COVID-19 considerations for SEC cybersecurity guidance, disclosure, enforcement, and parallel proceedings: navigating the new normal

2020 ◽  
Vol 21 (2/3) ◽  
pp. 111-126
Author(s):  
Aldo M. Leiva ◽  
Michel E. Clark
Keyword(s):  
Securities And Exchange Commission ◽  
Effective Vaccine ◽  
Resource Reallocation ◽  
Securities Litigation ◽  
Public Companies ◽  
Content Type ◽  
Business Operations ◽  
Expert Analysis ◽  
Securities Industry ◽  
Remote Operations

Purpose To examine the COVID-19 pandemic’s effects on regulated entities within the context of cybersecurity, US Securities and Exchange Commission (SEC) compliance, and parallel proceedings. Design/methodology/approach Describes the SEC’s ability to conduct its operations within the telework environment, its commitment and ability to monitor the securities market, its enhanced monitoring of the adverse effects of SEC-regulated companies from COVID-19, its guidance to public companies of disclosure obligations related to cybersecurity risks and incidents, the SEC Office of Compliance and Examinations’s (OCIE’s) focus on broker-dealers’ and investment advisories’ cybersecurity preparedness, the role and activities of the SEC Division of Enforcement’s Cyber Unit, and parallel proceedings on cyberbreaches and incidents by different agencies, branches of government or private litigants. Findings SEC-regulated entities face many challenges in trying to maintain their ongoing business operations and infrastructure due to severe financial pressures, the threat of infection to employees and customers, and cybersecurity risks posed by remote operations from hackers and fraudsters. The SEC has reemphasized that its long-standing focus on cybersecurity and resiliency within the securities industry will continue, including ongoing vigilance over companies’ efforts to identify, assess, and address the inherent, heightened cybersecurity risks of teleworking and the resource reallocation that business need to sustain their operations until a safe and effective vaccine is developed for COVID-19. Originality/value Expert analysis and guidance from experienced lawyers with expertise in securities, litigation, government enforcement, information technology, data protection, privacy and cybersecurity.

Investor protection and market reaction to unusual market activity replies

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Chun-Teck Lye ◽  
Tuan-Hock Ng ◽  
Kwee-Pheng Lim ◽  
Chin-Yee Gan
Keyword(s):  
Market Reaction ◽  
Investor Protection ◽  
Abnormal Returns ◽  
Stock Exchanges ◽  
Uncertain Information ◽  
Information Uncertainty ◽  
Content Type ◽  
Market Activity ◽  
Information Hypothesis ◽  
New Information

PurposeThis study uses the unique setting of unusual market activity (UMA) replies to examine the market reaction and the effects of disclosure and investor protection amid information uncertainty.Design/methodology/approachA total of 1527 hand-collected UMA replies from the interlinked stock exchanges of Indonesia, Malaysia, Thailand and Singapore for the period of 2015–2017 were analysed using event study and Heckman two-step methods with market and matched control firm benchmarks.FindingsThe overall results support the uncertain information hypothesis. The UMA replies with new information were also found to reduce information uncertainty, but not information asymmetry, and they are complementary to investor protection in enhancing abnormal returns. The overall finding suggests that the UMA public query system can be an effective market intervention mechanism in improving information certainty and efficiency.Research limitations/implicationsThis study provides insight on the effects of news replies and investor protection on abnormal returns, and support for the uncertain information hypothesis. The finding is useful to policymakers and stock exchanges as they seek to understand how to alleviate investors' anxiety and to create an informationally efficient market. Nevertheless, this study is limited by the extensiveness of the hand-collected UMA replies and also the potential issue of simultaneity-induced endogeneity.Originality/valueThis study uses UMA replies and cross-country data taking into account the effects of market surroundings such as information uncertainty and the level of investor protection on market reaction.

scholarly journals Muḍārabah and mushārakah as micro-equity finance: perception of Selangor’s disadvantaged women entrepreneurs

2020 ◽  
Vol 12 (2) ◽  
pp. 217-237
Author(s):  
Reazul Islam ◽  
Rubi Ahmad
Keyword(s):  
Women Entrepreneurs ◽  
Structural Equation ◽  
Islamic Law ◽  
Profit Sharing ◽  
Equity Financing ◽  
Content Type ◽  
Disadvantaged Women ◽  
Poor Women ◽  
Microfinance Institution ◽  
Equity Finance

Purpose This study aims to gain the perception of Selangor’s disadvantaged women on the Sharīʿah (Islamic law) rules on two micro-equity financing instruments, namely, muḍārabah (profit sharing) and mushārakah (profit-and-loss sharing) (M&M). Design/methodology/approach A survey was carried out in the rural area of Selangor district in Malaysia by administering a self-generated structured questionnaire. A total of 330 completed questionnaires were retrieved from the members of an Islamic microfinance institution (IsMFI), namely, Amanah Ikhtiar Malaysia (AIM). The data were analysed by using structural equation modelling. Findings The female borrowers of AIM perceive the Sharīʿah rules of M&M requiring high moral and ethical values and diligent repayment performance. They are aware of some other underlying provisions such as business liquidation, share transfer, information discloser and business termination. The overall findings of this study suggest that the perceived Sharīʿah rules are akin to those that are commonly used in general partnership businesses between Muslims. It also indicates that disadvantaged entrepreneurs would accept the rules that are easy to comprehend as well as favourable to their interests. It further suggests that respondents’ experiences of microfinance and business operation do not have a significant influence on their perception of M&M instruments. Research limitations/implications This study was limited to Selangor. So, the perception of Muslim women surveyed may not represent the views of all women in Malaysia. However, it can offer a primary understanding of the said issue. Practical implications The findings of this study can help IsMIFs take initiatives to offer M&M as micro-equity finance to poor women entrepreneurs. Originality/value So far, limited studies have been carried out on M&M-based microfinancing. This paper offers new insights presenting disadvantaged women entrepreneurs’ perception of these financing instruments.

Clients’ means of influence on mortgage valuation in Nigeria

2015 ◽  
Vol 33 (4) ◽  
pp. 367-385 ◽  
Author(s):  
Chukwuma C. Nwuba ◽  
Uche S. Egwuatu ◽  
Babatunde M. Salawu
Keyword(s):  
Risk Mitigation ◽  
Hierarchical Linear Model ◽  
Firm Characteristics ◽  
Cross Sectional Survey ◽  
Cross Sectional ◽  
Content Type ◽  
Mortgage Valuation ◽  
Research Designs ◽  
Client Pressure ◽  
The Impact

Purpose – The purpose of this paper is to investigate client influence on mortgage valuation in Nigeria to establish and rank the means of influence clients employ, and the impact of firm characteristics on client influence. Design/methodology/approach – A combination of cross-sectional survey and focus groups research designs was adopted. Questionnaire structured on five-point Likert format was used to collect data from a sample of valuation firms in five Nigerian cities. Descriptive statistics, χ2, and moderated hierarchical linear model were used for data analysis. Findings – Clients’ means of influence on valuation are more of subtle approach than threat or coercion. The most prevalent means are respectively, plea for assistance, promise of continued retainership on banks’ valuer panels, and disclosing the loan amount. Client influence differs across cities; firm characteristics have no influence on client pressure. Practical implications – The research provides basis for valuation bodies to review practice rules and standards and seek for legislation for valuer independence. It can serve as material for teaching and training in professional ethics. Social implications – Biased valuations jeopardises credit risk mitigation process with potential for destabilising banks, finance sector, and consequences for the economy. Originality/value – The study provides empirical evidence of the nature of client influence across several major Nigerian cities. In contrast to existing Nigerian studies that focus on single cities, the study covers several cities. It therefore provides a broad basis for problem-solving and decision-making.

“We are a family firm”

2018 ◽  
Vol 8 (1) ◽  
pp. 2-21 ◽  
Author(s):  
Claudia Binz Astrachan ◽  
Isabel C. Botero
Keyword(s):  
Family Business ◽  
Family Firms ◽  
Family Firm ◽  
Business Owners ◽  
Public Companies ◽  
Content Type ◽  
Brand Building ◽  
Depth Interview ◽  
The Family ◽  
Family Associations

Purpose Evidence suggests that some stakeholders perceive family firms as more trustworthy, responsible, and customer-oriented than public companies. To capitalize on these positive perceptions, owning families can use references about their family nature in their organizational branding and marketing efforts. However, not all family firms actively communicate their family business brand. With this in mind, the purpose of this paper is to investigate why family firms decide to promote their “family business brand” in their communication efforts toward different stakeholders. Design/methodology/approach Data for this study were collected using an in-depth interview approach from 11 Swiss and German family business owners. Interviews were transcribed and coded to identify different themes that help explain the different motives and constraints that drive their decisions to promote the “family business brand.” Findings The analyses indicate that promoting family associations in branding efforts is driven by both identity-related (i.e. pride, identification) and outcome-related (e.g. reputational advantages) motives. However, there are several constraints that may negatively affect the promotion of the family business brand in corporate communication efforts. Originality/value This paper is one of the first to explore why family businesses decide to communicate their “family business brand.” Building on the findings, the authors present a conceptual framework identifying the antecedents and possible consequences of promoting a family firm brand. This framework can help researchers and practitioners better understand how the family business nature of the brand can influence decisions about the company’s branding and marketing practices.

Return to relevance

2015 ◽  
Vol 31 (1) ◽  
pp. 2-6
Author(s):  
Robert Fox
Keyword(s):  
Literature Review ◽  
Web Sites ◽  
Web Site ◽  
Design Methodology ◽  
Library Science ◽  
User Needs ◽  
Content Type ◽  
Web Presence ◽  
Design Philosophy ◽  
Information Professionals

Purpose – In order to continue to respond to patron needs in a relevant way, it is necessary to continuously reevaluate the central message that the library website is intended to convey. It ' s necessary to question assumptions, listen to user needs, and shift our paradigm to make the library web presence as effective as possible. Design/methodology/approach – This is a regular viewpoint column. A basic literature review was done prior to the column being written. Findings – The library Web site remains, in many respects, the “first face” of the library for patrons. To remain relevant, traditional methodologies used in library science may need to be set aside or catered to the needs of the patron. Originality/value – Various methods regarding design philosophy are explored which may be of use to information professionals responsible for the design and content of the library Web sites.

Epidemics and Chinese firms' stock returns: is COVID-19 different?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Quang Thi Thieu Nguyen ◽  
Dao Le Trang Anh ◽  
Christopher Gan
Keyword(s):  
Stock Returns ◽  
Negative Impact ◽  
Stock Exchange ◽  
Market Performance ◽  
Disease Outbreaks ◽  
Stock Exchanges ◽  
Content Type ◽  
Event Study Method ◽  
Economic Shock ◽  
The Impact

PurposeThis study investigates the Chinese stocks' returns during different epidemic periods to assess their effects on firms' market performance.Design/methodology/approachThe study employs an event study method on more than 3,000 firms listed on Shanghai and Shenzhen stock exchanges during periods of SARS, H5N1, H7N9 and COVID-19FindingsEpidemics' effect on firms' stock returns is persistent up to 10 days after the event dates. Although the impact varies with types and development of the disease, most firms experience a negative impact of the epidemics. Among the epidemics, COVID-19 has the greatest impact, especially when it grows into a pandemic. The epidemics' impact is uneven across industries. In addition, B-shares and stocks listed on Shanghai Stock Exchange are more negatively influenced by the epidemic than A-shares and those listed on Shenzhen Stock Exchange.Research limitations/implicationsThe results of the study contribute to the limited literature on the effects of disease outbreaks as an economic shock on firm market performance. Given the possibility of other epidemics in the future, the study provides guidance for investors in designing an appropriate investing strategy to cope with the epidemic shocks to the market.Originality/valueThe research is novel in the way it compares and assesses the economic impact of different epidemics on firms and considers their impact at different development stages.

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