scholarly journals The Relationship Between Information Transparency And The Informativeness Of Accounting Earnings

2011 ◽  
Vol 23 (3) ◽  
Author(s):  
Yu-Chih Lin ◽  
Shaio Yan Huang ◽  
Ya-Fen Chang ◽  
Chien-Hao Tseng
Keyword(s):  
Stock Exchange ◽  
Fiscal Year ◽  
Font Size ◽  
Accounting Earnings ◽  
Ranking System ◽  
Earnings Response Coefficients ◽  
Information Transparency ◽  
Taiwan Stock Exchange ◽  
Transparency And Disclosure ◽  
The Relationship

<p class="MsoNormal" style="text-justify: inter-ideograph; text-align: justify; line-height: 11pt; margin: 0in 34.55pt 0pt 0.5in; mso-line-height-rule: exactly;"><span style="font-size: 10pt; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: DFKai-SB; mso-bidi-font-style: italic;"><span style="font-family: Times New Roman;">The issue of corporate governance has prompted calls for greater transparency and disclosure on companies around the world. As a result, a disclosure ranking system, Information Transparency and Disclosure Ranking System (ITDRS) was launched in Taiwan since 2003 by the request of Taiwan Stock Exchange Corporation (TSEC). This paper examines the relationship between information transparency and the informativeness of accounting earnings. The empirical tests are conducted using TEJ database for firms listed on the Taiwan Stock Exchange with fiscal year ends between 2003 and 2004. Empirical results indicate that, information transparency, measured by the ranking of ITDRS, reduces the informativeness of accounting earnings. However, if information transparency is measured by the ratio of long-term investment in stocks, evidences show higher earnings response coefficients (ERC) for the more transparent firms. The results suggest that accounting numbers are more useful or valuable than the ITDRS ranking results from investors&rsquo; perspective. It also suggests that the ITDRS may be not a good proxy for financial transparency.</span></span></p>

scholarly journals PENGARUH ENTERPRISE RISK MANAGEMENT TERHADAP KINERJA PERUSAHAAN DENGAN INTELLECTUAL CAPITAL SEBAGAI VARIABEL MODERASI

2021 ◽  
Vol 1 (3) ◽  
pp. 141-158
Author(s):  
Risa Martia Aryanti ◽  
Susi Retna Cahyaningtyas ◽  
Iman Waskito
Keyword(s):  
Risk Management ◽  
Intellectual Capital ◽  
Stock Exchange ◽  
Enterprise Risk Management ◽  
Fiscal Year ◽  
Company Performance ◽  
Construction Companies ◽  
Enterprise Risk ◽  
The Relationship ◽  
Exchange Data

The study aims to determine the effect of enterprise risk management on company performance with intellectual capital as a moderating variable. The dependent variable of company performance is measured by ROE. Enterprise risk management independent variables measured content analysis based on the 2017 COSO ERM framework in the form of 20 principles that include 5 components. Intellectual capital moderation variable is measured by VAICTM. This research uses the signaling theory. The sample was obtained based on purposive sampling and produced 43 companies in property, real estate and building construction companies for the 2015-2019 fiscal year which were listed on the Indonesia Stock Exchange. Data were analyzed based on Moderating Regression Analysis (MRA). The results of this study indicate that enterprise risk management has no effect on company performance which shows the coefficient of ERM is negative, that is -0.965 with a probability of 0.336> 0.05. This result also shows that intellectual capital does not moderate the relationship between enterprise risk management and company performance, which shows the coefficient value of -0.047 with sig. 0.962.

scholarly journals The Influence of Corporate Environmental Responsibility on Overinvestment Behavior: Evidence from South Korea

2020 ◽  
Vol 12 (5) ◽  
pp. 1901
Author(s):  
Jaehong Lee ◽  
Eunsoo Kim
Keyword(s):  
South Korea ◽  
Stock Exchange ◽  
Market Competition ◽  
Fiscal Year ◽  
Environmental Responsibility ◽  
Investment Efficiency ◽  
Corporate Environmental Responsibility ◽  
Financial Firms ◽  
Strong Product ◽  
The Relationship

The purpose of this paper is to examine the association between corporate environmental responsibility (CER) activities and investment efficiency as measured by overinvestment, and whether the industry-level competition affects this association. We investigate a sample of 2285 non-financial firms with fiscal year-end in December listed in the Korea Stock Exchange Market for the period of 2013–2018, measuring the investment efficiency by overinvestment model. Using environmental scores from the Korea Corporate Governance Service to measure CER activities, we show that, on average, firms can decrease overinvestment behavior through CER activities in South Korea. Moreover, in firms in a highly competitive market, the negative association between CER activities and overinvestment is pronounced, indicating that strong product market competition are effective in monitoring managerial opportunistic behavior. These results are robust, even after controlling for different setting and alternative CER. These findings also suggest that the relationship between CER and overinvestment appears to be benefit firms that are sound and sustainable and honestly present their financial information.

scholarly journals Moderating Effects of Media Coverage and Corporate Governance on CSR-CFP Nexus-Evidence from Listed Companies on Taiwan Stock Exchange

2016 ◽  
Vol 8 (5) ◽  
pp. 190 ◽  
Author(s):  
Yuan Chang
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Media Coverage ◽  
Stock Exchange ◽  
Random Effect ◽  
Listed Companies ◽  
Regression Result ◽  
Taiwan Stock Exchange ◽  
Stage Estimation ◽  
The Relationship

Media coverage helps firm’s benevolent action under the sunlight (well-known by the public). Effective CEO incentive compensation and sound corporate governance align the interest of management with the firm by forming correct and efficient decision on positive-feedback social activities. This paper examines whether media coverage, compensation and corporate governance act as positive moderators for the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP), namely, CSR-CFP nexus. Based on data of TWSE-listed companies during 2005-2009, regression result generally shows that higher CEO compensation strengthen positive relationship between firm’s CSR engagement and financial performance. Weaker corporate governance deteriorates positive CSR-CFP relationship. Media coverage has little influence on the relationship between CSR and CFP. Robustness checks such as fixed/random effect estimation, two-stage estimation and propensity score matching to control for selection bias yield similar outcome.

scholarly journals LEGITIMACY SIGNALS AND FAMILY IPO PERFORMANCES

2013 ◽  
Vol 14 (1) ◽  
pp. 156-181 ◽  
Author(s):  
Hung-bin Ding ◽  
Kuntara Pukthuanthong
Keyword(s):  
Family Firms ◽  
Management Practices ◽  
Stock Exchange ◽  
Legitimacy Theory ◽  
Business Research ◽  
Taiwan Stock Exchange ◽  
The Family ◽  
The Relationship ◽  
Technology Industries

The objective of this research is to examine the relationship between signals including governance and management practices and the performance of family firms IPOs. Using IPO data of 129 family firms and 129 comparable non-family firms from the Taiwan Stock Exchange, our findings highlighted the role of non-family insiders, or non-family affiliated directors in the IPOs of family firms. Our comparison between family and non-family IPOs shows hiring prestigious underwriters significantly improves the performance of family firm IPOs. Finally, we found the industries of IPO firms moderate the relationship between corporate governance characteristics and IPO performances, as non-family firms in technology industries are perceived to be more legitimate than their family counterparts. This paper makes three contributions to existing research. Firstly, we contribute to the legitimacy theory by suggesting an interaction effect between internal (organizational) and external (environmental) factors. Secondly, our analysis highlighted the roles of affiliated directors and industry in the performances of public family firms. Thirdly, this study contributes to the family business research by underscoring the differences between family and non-family firms in the IPO context.

scholarly journals THE RELATIONSHIP BETWEEN INCOME SMOOTHING AND INVESTMENT EFFICIENCY WITH COMPANIES’ VALUE

2016 ◽  
Vol 1 (11) ◽  
pp. 27
Author(s):  
Mahdi Salehi ◽  
Fatemah Gholami
Keyword(s):  
Stock Exchange ◽  
Statistical Tests ◽  
Income Smoothing ◽  
Fiscal Year ◽  
Investment Efficiency ◽  
Testing Hypotheses ◽  
Spss Software ◽  
Statistical Sample ◽  
Relationship Of ◽  
The Relationship

The main objective of this study is to examine the relationship of income smoothing and investment efficiency with the value of the companies listed on the Tehran Stock Exchange. For this purpose, the companies’ information was analyzed for a financial period from 2008 to 2012 and the statistical sample of the research includes those companies of which the fiscal year ends on March 20th. Suitable statistical tests including regression analysis and the data were analyzed with the help of SPSS software used for collecting data regarding investment for testing hypotheses. Generally, the findings indicated that the value of the income smoother companies was higher than income non-smoother companies’. Additionally, the value of companies with investment efficiency was higher than the value of companies without investment efficiency. Furthermore, the results showed that the value of income smoother companies with investment efficiency was higher than the value of income non-smoother companies with investment efficiency.

scholarly journals Managerial ownership, capital expenditures, and firm performance: evidence from the Taiwan stock exchange

2008 ◽  
Vol 5 (4) ◽  
pp. 418-426
Author(s):  
Ching-Hai Jiang ◽  
Kuei-yuan Wang ◽  
Yen-Sheng Huang
Keyword(s):  
Firm Performance ◽  
Positive Relationship ◽  
Stock Exchange ◽  
Interactive Effect ◽  
Capital Expenditures ◽  
Managerial Ownership ◽  
Empirical Results ◽  
Taiwan Stock Exchange ◽  
Using Data ◽  
The Relationship

This paper examines the relationship among managerial ownership, capital expenditures and firm performance using data of 359 firms listed on the Taiwan Stock Exchange over the period 1998-2005. The empirical results indicate a concave relationship between managerial ownership and future firm performance and a positive relationship between managerial ownership and capital expenditures. Moreover, for firms with larger capital expenditures, the interactive effect of managerial ownership and capital expenditures is significantly positively related to firm performance

scholarly journals EARNINGS RESPONSE COEFFICIENTS IN THE GREEK MARKET

2013 ◽  
Vol 14 (2) ◽  
pp. 414-431 ◽  
Author(s):  
Dimitrios I. Maditinos ◽  
Željko Šević ◽  
Jelena Stankevičienė ◽  
Nikolaos Karakoltsidis
Keyword(s):  
Stock Returns ◽  
Stock Return ◽  
Stock Exchange ◽  
Cross Sectional ◽  
Earnings Response Coefficients ◽  
Earnings Response ◽  
Athens Stock Exchange ◽  
One Year ◽  
The Relationship ◽  
Cumulative Model

The paper explores the relationship between accounting information and stock returns of the companies listed on the Athens Stock Exchange (ASE) in the period 1998–2008. Publicly available financial data on the companies included in the ASE during 1998–2008 have been collected and processed. The data sample consists of 245 companies and varies from 2,166 to 1,441 firm-year observations. The research methodology has been based on the extension of the model introduced by Kothari and Sloan (1992) and investigates whether the level of earnings divided by price at the beginning of the stock return period is associated with returns in the context of ‘prices lead earnings’ using annual and quarterly data. Cross-sectional regression analysis points to a significant relationship between earnings and returns on measurement windows of one year and longer. Similar results have been found in the case of a cumulative model where earnings are aggregated up to four years; however, relationship in the short measurement window up to three quarters has resulted in low earnings response coefficients.

scholarly journals Determinan Earnings Response Coefficient dan Peran Konservatisme Akuntansi sebagai Pemoderasi pada Perusahaan Property dan Real Estate

2018 ◽  
Vol 5 (02) ◽  
pp. 245-258
Author(s):  
Rina Nurmalina ◽  
Suratno Suratno ◽  
Widarto Rachbini ◽  
Syahril Djaddang
Keyword(s):  
Stock Exchange ◽  
Accounting Conservatism ◽  
Earnings Response Coefficients ◽  
Purposive Sampling ◽  
Earnings Response Coefficient ◽  
Conservative Accounting ◽  
Response Coefficient ◽  
Investment Opportunities ◽  
Earnings Response ◽  
The Relationship

ABSTRACT The purpose of this study is to examine the factors that influence the earnings response coefficient consisting of leverage, profitability, and investment opportunities that are moderated by accounting conservatism in companies listed on the Indonesia Stock Exchange in the period 2011-2017. The selection of a sample of 49 year data was used with the purposive sampling method. The results of this study indicate that, leverage has a negative effect on earnings response coefficients. Profitability, investment opportunity sets and accounting conservatism have no significant effect on earnings response coefficients. Conservatism accounting does not moderate the relationship between leverage and profitability to the earnings response coefficient. Conservative accounting moderates the relationship between investment opportunities set at the earnings response coefficient. ABSTRAK Tujuan dari penelitian ini adalah untuk menguji faktor-faktor yang mempengaruhi koefisien respon laba yang terdiri dari leverage, profitabilitas, dan peluang investasi yang dimoderasi oleh konservatisme akuntansi pada perusahaan yang terdaftar di Bursa Efek Indonesia pada periode 2011-2017. Pemilihan sampel sejumlah 49 data tahun digunakan dengan metode purposive sampling. Hasil penelitian ini menunjukkan bahwa, leverage berpengaruh negatif terhadap koefisien respon laba. Profitabilitas, set kesempatan investasi dan konservatisme akuntansi tidak berpengaruh signifikan terhadap koefisien respon laba. Akuntansi konservatisme tidak memoderasi hubungan antara leverage dan profitabilitas terhadap koefisien respons laba. Akuntansi konservatisme memoderasi hubungan antara peluang investasi yang ditetapkan pada koefisien respons laba. JEL Classification: M41, G11

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