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>

Otolaryngologists' Opinions of Voice Therapy for Vocal Nodules in Children

1987 ◽  
Vol 18 (2) ◽  
pp. 172-178 ◽  
Author(s):  
Michael J. Moran ◽  
Arthur L. Pentz
Keyword(s):  
United States ◽  
Effective Means ◽  
The United States ◽  
Positive Opinion ◽  
Voice Therapy ◽  
Vocal Nodules ◽  
Geographic Regions ◽  
Sizeable Minority

Otolaryngologists were surveyed to determine their professional opinions about the role of voice therapy in the treatment of vocal nodules in children. Questionnaires were sent to physicians in five geographic regions of the United States (Northeast, Southeast, Midwest, Southwest, and West). Results indicated that, of the respondents, most otolaryngologists have a positive opinion about the role of voice therapy. However, a sizeable minority of respondents did not consider therapy an effective means of treating vocal nodules.

scholarly journals Financial Market Participation Of Immigrants And Native-Born Americans: The Role Of Income Uncertainty

2011 ◽  
Vol 8 (5) ◽  
Author(s):  
Swarn Chatterjee
Keyword(s):  
Financial Market ◽  
The United States ◽  
Risk Tolerance ◽  
Individual Investors ◽  
Financial Asset ◽  
Asset Ownership ◽  
Market Participation ◽  
Income Uncertainty ◽  
Financial Market Participation

This paper uses the National Longitudinal Survey dataset to examine the role of income uncertainty in explaining the likelihood of financial asset ownership among native-born and immigrant Americans. After controlling for a number of socioeconomic, demographic and behavioral factors, the results suggest that individual investors who face greater income uncertainty are less likely to own financial assets. This relationship holds true for immigrants and native-born Americans. Additionally, the likelihood of financial asset ownership increases with income, risk tolerance, and educational attainment for immigrants as well as for natives. Results also suggest that financial market participation among immigrants increases with the number of years they remain in the United States.

Ethics and Security under the Sarbanes-Oxley Act

2011 ◽  
pp. 254-259
Author(s):  
Thomas J. Tribunella ◽  
Heidi R. Tribunella
Keyword(s):  
Public Policy ◽  
Ethical Issues ◽  
The United States ◽  
Financial Information ◽  
Accounting Firms ◽  
Role Of Government ◽  
Sarbanes Oxley ◽  
The Impact ◽  
Arthur Andersen

The role of government, the impact of legislation, and the interaction of public policy with capital markets in the United States will be addressed in this article. In addition, we will review the ethical issues that were encountered by large accounting firms such as Arthur Andersen in their efforts to audit the financial information of clients such as Enron and Global Crossing.

scholarly journals Corporate Governance Characteristics of Private SMEs’ Annual Report Submission Violations

2020 ◽  
Vol 13 (10) ◽  
pp. 230
Author(s):  
Oliver Lukason ◽  
María-del-Mar Camacho-Miñano
Keyword(s):  
Corporate Governance ◽  
Annual Report ◽  
Financial Information ◽  
Annual Reports ◽  
Board Members ◽  
Firm Age ◽  
Unethical Behaviour ◽  
Independent Variables ◽  
Submission Deadline ◽  
Business Ties

Managers are, by law, responsible for the timely disclosure of financial information through annual reports, but despite that, it is usual that they are engaged in the unethical behaviour of not meeting the submission deadlines set in law. This paper sheds light on the afore-given issue by aiming to find out how corporate governance characteristics are associated with annual report deadline violations in private micro-, small- and medium-sized enterprises (SMEs). We use the population of SMEs from Estonia, in total 77,212 unique firms, in logistic regression analysis with the delay of presenting an annual report over the legal deadline as the dependent and relevant corporate governance characteristics as the independent variables. Our results indicate that the presence of woman on the board, higher manager’s age, longer tenure and a larger proportion of stock owned by board members lead to less likely violation of the annual report submission deadline, but in turn, the presence of more business ties and existence of a majority owner behave in the opposite way. The likelihood of violation does not depend on board size. We also check the robustness of the obtained results with respect to the severity of delay, firm age and size, which all indicate a varying importance of the explanatory corporate governance characteristics.

scholarly journals Evaluation of information disclosure in annual reports of extractive industry companies

2021 ◽  
pp. 172-176
Author(s):  
E.A Fedorova ◽  
Yu.I Grishchenko ◽  
A.V Grishchenko ◽  
P.A Drogovoz
Keyword(s):  
Information Disclosure ◽  
Annual Report ◽  
Financial Information ◽  
Annual Reports ◽  
Mandatory Disclosure ◽  
Extractive Industry ◽  
The Public ◽  
Mining Companies ◽  
The Russian Federation ◽  
Key Terms

Purpose. To assess how public annual reports of Russian extractive industry issuers comply with the requirements for disclosure of information. To examine how the introduction of Corporate Governance Code affects the level of information disclosure in extractive industries. Methodology. The paper presents the dictionary compiled by the authors using text analysis. The dictionary contains 186 terms which are to be disclosed in compliance with the requirements of Russian law. To evaluate the level of information disclosure in annual reports of extractive industry issuers, the authors calculate mandatory disclosure index. Findings. In this work, based on the standards for disclosing non-financial information in public annual reports of issuers, the following results were obtained: 1. On the basis of regulatory enactments, key terms are identified that are subject to mandatory disclosure in the annual report of the issuer. 2. A methodology is developed for assessing the level of disclosure of non-financial information on the selected blocks based on textual analysis. 3. Assessment of information disclosure in the public annual reports of mining companies in accordance with the legislation of the Russian Federation was carried out. The rating of information disclosure has been built. Originality. The authors are the first to assess mandatory disclosure in 120 public annual reports of 12 largest extractive industry companies whose shares were traded in Moscow Exchange from 2009 to 2018. On the basis of regulatory enactments, key terms are identified that are subject to mandatory disclosure in the annual report of the issuer. A methodology is developed for assessing the level of disclosure of non-financial information on the selected blocks based on textual analysis. The assessment of information disclosure in the public annual reports of mining companies in accordance with the legislation of the Russian Federation was carried out. Practical value. The created library in Package R enables to evaluate disclosure of information in public annual reports for any period.

Disclosure of Non-Financial Information Voluntarily in the Annual Report of Financial Institutions: A Study on Listed Banks of Bangladesh

2013 ◽  
Vol 8 (2) ◽  
Author(s):  
Hussain Muhammad Arif ◽  
Mehedi Hasan Tuhin
Keyword(s):  
Financial Institutions ◽  
Voluntary Disclosure ◽  
Annual Report ◽  
Financial Information ◽  
Annual Reports ◽  
Average Score ◽  
Satisfactory Level ◽  
Specific Factors

The aim of this paper is to measure the extent of disclosure of voluntary non-financial information in the annual reports of listed banks in Bangladesh. An effort has also been made to identify the company specific factors responsible for disclosing voluntary non-financial information in addition to mandatory information. An unweighted disclosure index with 48 items has been used to measure the extent of disclosure. The study reveals that most of the listed banks of Bangladesh are making satisfactory level of voluntary disclosure with average score of about 62%. The findings also show that out of three company specific attributes, age and size are significant in explaining the level of voluntary disclosure.

Financial statement informativeness and intellectual capital disclosure

2015 ◽  
Vol 13 (1) ◽  
pp. 66-90 ◽  
Author(s):  
Anis Maaloul ◽  
Daniel Zéghal
Keyword(s):  
Intellectual Capital ◽  
Explanatory Power ◽  
Financial Information ◽  
Financial Statement ◽  
Annual Reports ◽  
High Tech ◽  
Content Type ◽  
Accounting Recognition ◽  
The Relationship

Purpose – The purpose of this paper is to analyse the relationship between financial statement informativeness (FSI) and intellectual capital disclosure (ICD). Design/methodology/approach – While FSI was measured as the explanatory power of financial information in explaining market value, ICD was collected through content analysis of annual reports. A sample of 126 US companies, divided into two groups – high-tech and low-tech companies – were used in this study. Empirical analysis was carried out using the Poisson regression method. Findings – The results show a negative (substitutive) relationship between FSI and ICD, especially in high-tech companies. This indicates that companies with low FSI disclose more information about their IC in annual reports. Practical implications – This study confirms the role of voluntary ICD as a solution towards mitigating the problem of the distortion of financial information due to the lack of accounting recognition of IC as an asset in the financial statements. Originality/value – This is the first empirical study to analyse the relationship between FSI and ICD. Therefore, it serves as feedback to the regulators and standard-setters that recently published recommendations on voluntarily disclosing IC.

scholarly journals Qualitative characteristics of company annual reports as perceived by constituencies in the reporting environment

1985 ◽  
Vol 16 (3) ◽  
pp. 119-124 ◽  
Author(s):  
D. K. Flynn
Keyword(s):  
Annual Report ◽  
Listed Company ◽  
Financial Analysts ◽  
Statistical Test ◽  
Financial Information ◽  
Annual Reports ◽  
Reporting Environment ◽  
Qualitative Characteristics

In this article a list of qualitative characteristics which investors and analysts are likely to require from the annual report of a listed company is identified. The research analyses data obtained from a questionnaire in an effort to determine which qualitative characteristics are most important to investors and financial analysts. It is attempted to determine whether a more parsimonious list can be constructed. Finally, a statistical test is performed in order to establish whether preparers and regulators of financial information perceive the qualitative characteristics deemed important by investors and analysts correctly.In hierdie artikel word 'n lys van kwalitatiewe eienskappe wat beleggers en finansiele analiseerders moontlik van die jaarverslag van 'n gekwoteerde maatskappy kan verwag, geidentifiseer. Die navorsing analiseer data verkry van 'n vraelys in 'n poging om te bepaal watter kwalitatiewe eienskappe die mees belangrikste vir beleggers en analiseerders is. Daar word verder gepoog om vas te stel of 'n korter lys opgestel kan word. Laastens word 'n statistiese toets uitgevoer om te bepaal of die voorbereiders en reguleerders van finansiele inligting die kwalitatiewe eienskappe wat beleggers en analiseerders belangrik ag, korrek waarneem.

scholarly journals Integrated Reporting Practice and Disclosure in Bangladesh’s Banking Sectors

2019 ◽  
Vol 3 (2) ◽  
pp. 147
Author(s):  
Niaz Mohammad
Keyword(s):  
Annual Report ◽  
Sustainability Reporting ◽  
Financial Statements ◽  
Financial Information ◽  
Annual Reports ◽  
Integrated Reporting ◽  
Corporate Reporting ◽  
Reporting Practice ◽  
Social Environmental ◽  
Corporate Social

Integrated reporting (IR) is a new form of corporate reporting that has emerged after decades of calls by academics and practitioners for more holistic and integrated corporate reporting on the economic, environmental, and social aspects of business. The present research relied on a critical review of the literature on IR practices and sustainability reporting. Indexed journals were reviewed, and evidence was drawn upon to develop a model examining the possible determinants of IR in annual reports. To this end, reports from 20 different banks from 2012 to 2017 were considered. Analyzing the financial statements of these banks through their annual reports provided insightful disclosures concerning triple bottom lines (social, environmental, and economic); the findings of the study suggested that very few banks have taken initiatives to disclose such information in their annual reports. Using annual report content analysis, the findings showed that in 2017, companies started providing non-financial information regarding the environment, society, and governance along with financial figures. However, it is noteworthy that companies still provide this information in disconnected strands and as part of corporate governance or corporate social responsibility disclosures instead of linking such information to financial information and providing it within integrated reports.

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