scholarly journals Firm transparency and idiosyncratic risk

2017 ◽  
Vol 6 (3) ◽  
pp. 81 ◽  
Author(s):  
Hui-Cheng Yu ◽  
Mao-Feng Kao ◽  
Yi-Chang Chen ◽  
Bor-Yuan Tsai
Keyword(s):  
Social Science ◽  
Emerging Economies ◽  
Annual Report ◽  
Idiosyncratic Risk ◽  
Financial Information ◽  
Academic Press ◽  
Information Transparency ◽  
Empirical Results ◽  
Effective System

This study focuses mainly on whether information transparency can reduce a firm’s management risk. The unique variable of information transparency is drawn from the ‘Annual Report on China’s Companies’ Public Transparency’, which is published by the China Social Science Academic Press. The empirical results indicate that the firm’s management risk reduces when a firm discloses more related financial and non-financial information. That is to say, the greater the firm’s information transparency, the lower the firm’s management risk. Therefore, it is critical to establish an effective system to evaluate information transparency, in particular for emerging economies.

Information publicity and transparency of budget process in the consolidated territorial communities of Lvivska oblast: estimation and ways of improvement

2019 ◽  
pp. 46-52
Author(s):  
Olha Zhabynets
Keyword(s):  
Personal Responsibility ◽  
Local Level ◽  
Financial Information ◽  
Reform Process ◽  
Budget Process ◽  
Timely Manner ◽  
Public Authorities ◽  
Information Transparency ◽  
Key Indicator ◽  
Disclosure Of Information

In the process of decentralization in Ukraine, the information transparency of the management becomes important, which implies the openness and accessibility of information for all members of society. It reflects the current and perspective states of the reform process. Decentralization means not only a transferring of powers, but also financial resources and responsibilities from public authorities to local authorities. So the information publicity and transparency of the budget process should become the key indicator to estimate the effectiveness of the management of the finances of the consolidated territorial communities (CTCs). The purpose of the article is to evaluate and propose ways to increase the information publicity and transparency of the budget process at the local level. The author analyzes the implementation of the requirements of the Ukrainian legislation about informational publicity and transparency of the budget process in the CTCs of Lvivska oblast established in 2015-2017 and shows positive and negative moments in displaying of financial information on CTCs’ sites. A number of measures are proposed to increase the information publicity and transparency of the budget process at the local level. The author considers that in order to ensure publicity and transparency of the budget process in the CTCs of Lvivska oblast it is necessary: to unify and maximally simplify the mechanism of access of CTCs’ members to financial information through the standardization of the procedure for disclosure of information about the budget process; to increase the personal responsibility of the heads of the CTCs for the lack of financial information that is due to be published on the site of communities; to continuously monitor the availability and updating of information about the budget process on the CTCs’ sites in order to respond in a timely manner to the appearance of possible negative trends; to take preventive measures with the use of appropriate sanctions (fine, removal from office, etc.) in cases of delaying the submission of actual financial information to the site of CTCs, the disclosure of information in its entirety, the discovery of unreliability of financial information or other manipulations with figures or financial documents filed on CTCs’ website.

The impact of strategic deviance on analysts’ earnings forecasts: evidence from China

2019 ◽  
Vol 10 (3) ◽  
pp. 362-381
Author(s):  
Xiqiong He ◽  
Changping Yin
Keyword(s):  
Information Asymmetry ◽  
Corporate Strategy ◽  
Forecast Error ◽  
Environmental Uncertainty ◽  
Earnings Forecasts ◽  
Financial Information ◽  
Strategic Information ◽  
Content Type ◽  
Information Transparency ◽  
The Impact

Purpose The purpose of this paper is to explore the effect of firm’s deviant strategy on analysts’ earnings forecasts and further examine the effects of firm’s information transparency and environmental uncertainty on these relationships from information asymmetry perspective. Design/methodology/approach The sample includes listed firms on Shanghai and Shenzhen Stock Exchange during the period 2007-2013. Findings The results indicate that firms’ deviant strategies have effects on analysts’ earnings forecasts, in particular, firms with extreme strategies have less analysts following, larger forecast error and dispersion compared with firms following industry norms. Moreover, information transparency and environmental uncertainty have effects on the relationship between strategic deviance and analysts’ earnings forecasts. Practical implications The empirical results of this paper provide strong evidence that strategy information is an important source of information for analysts’ earnings forecasts, which shows that analysts should pay attention to not only financial information but also the strategic information, especially when the information is related to strategic choice. In addition, it is necessary for investors to focus on strategic information to have a better understanding on financial information of enterprises and make better investment decisions. Originality/value The findings of this study indicate that corporate strategic deviance has an effect on analysts’ earnings forecasting behavior. This study enriches research studies on corporate strategy and external stakeholders and complements related research on analysts’ earnings forecasts from strategic perspective and information asymmetry perspective.

African Urban Spaces in Historical Perspective. Edited by STEVENJ.SALM and TOYINFALOLA. Rochester NY: University of Rochester Press, 2005. Pp. xl+395. £50/$75 (ISBN 1-58046-163-8). Urbanization and African Cultures. Edited by TOYINFALOLA and STEVENJ.SALM. Durham NC: Carolina Academic Press, 2005. Pp. xv+464. $45, paperback (ISBN 0-89089-558-9).

2006 ◽  
Vol 47 (2) ◽  
pp. 323-325
Author(s):  
ANDREW BURTON
Keyword(s):  
Social Science ◽  
Urban History ◽  
Historical Perspective ◽  
Urban Spaces ◽  
Future Research ◽  
Academic Press ◽  
University Of Texas ◽  
Interdisciplinary Character

The profile of African urban history has risen considerably of late, with the appearance of a number of important monographs and edited collections. What is more, with the plethora of younger scholars as well as more established historians now exploring Africa's urban pasts, its profile is set to rise further. African Urban Spaces in Historical Perspective represents the latest contribution to this emerging sub-field. A companion volume, Urbanization and African Cultures, is of a more interdisciplinary character. Both are drawn from contributions to a 2003 University of Texas conference.African Urban Spaces will be of more interest to readers of this journal, not only because of its historical focus but also its higher quality and greater cohesion. It covers an impressive geographical and temporal range, with chapters on primary and secondary cities throughout Africa, spanning the precolonial past to the present. It is introduced by one of the pioneers of Africa's urban history, Catherine Coquery-Vidrovitch, who teases themes from the collection and signals promising avenues for future research. However, poor referencing mars the introduction, a symptom of the apparently loose editorial role exercised over the book as a whole. Greater intervention could have strengthened the collection considerably: not only to ensure consistent referencing (authors variously adopt endnotes and social science/intratext systems) and to minimize typographical errors, but more seriously to tighten the sloppier passages and chapters. The quality of the chapters varies considerably, some representing useful scholarly contributions, others being pedestrian accounts offering little or nothing new.

scholarly journals Individual Investors Perceptions On The Summary Annual Report: A Survey Approach

2011 ◽  
Vol 10 (3) ◽  
pp. 60 ◽  
Author(s):  
Marc J. Epstein ◽  
Moses L. Pava
Keyword(s):  
Annual Report ◽  
The United States ◽  
Financial Information ◽  
Annual Reports ◽  
Individual Investors ◽  
Corporate Communications ◽  
Survey Results ◽  
Sizeable Minority ◽  
Survey Approach

<span>As the role of institutional investors is being transformed, there is a tendency to overlook the needs of individual investors. Nevertheless, there are well over 30 million individual investors in the United States, and these numbers are growing rapidly. One area of particular concern is corporate communications. All investors, professional as well as non-professionals, should have access to financial information. However, annual reports, as currently issued, are often difficult to read and understand, and therefore lack communication value. A possible solution is the summary annual report (SAR), which has been designed to condense and simplify the traditional GAAP statements. To date, most U.S. Corporations have not adopted the new format, in part, out of a fear of negative shareholder reaction. Our survey results clearly indicate that annual reports, as they are currently issued, are difficult to understand for a sizeable minority of investors. One out of 4 investors reported that annual reports were so difficult to understand that they were of no substantial help in making investment decisions. Further, results show that a majority of respondents demand inclusion of further explanation of the financial information in less technical terms, and over a third would like to see SARs to the exclusion of full GAAP reports. Through the SAR, management has an opportunity to significantly improve corporate communications. WE strongly recommend that management continues to experiment with its format, design, and content.</span>

scholarly journals FDI Asymmetries in Emerging Economies: The Case of Colombia

2019 ◽  
Vol 11 (8) ◽  
pp. 35
Author(s):  
Jose U. Mora ◽  
Celso J. Costa Junior
Keyword(s):  
Emerging Economies ◽  
Adjustment Costs ◽  
Nominal Wage ◽  
Real Output ◽  
Empirical Results ◽  
Capital Adjustment ◽  
Long Run ◽  
Price Rigidities ◽  
Short Run ◽  
Distribution Of Income

We build a DSGE model to study the asymmetries of FDI shocks in an economy like Colombia. Besides nominal wage and price rigidities, we use the fact that Colombia has two productive and differentiated regions, Bogota that produces more than 25% of Colombia GDP (DANE, 2016) and the rest of the country, Ricardian and non-Ricardian agents, habit formation, capital adjustment costs, and modeled an entire foreign sector. Empirical results show that even when in the long run results are not very different in terms of real output, the short run effects are asymmetric implying that a shock to FDI in the rest of the country might cause important microeconomic adjustments that could improve the distribution of income throughout the country.

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