scholarly journals Foreign capital as a determinant of the non-financial reporting development in insurance companies of the Visegrad Group countries

2021 ◽  
Vol 18 (1) ◽  
pp. 203-214
Author(s):  
Marzanna Lament ◽  
Blanka Jarolímová
Keyword(s):  
Financial Reporting ◽  
Corporate Culture ◽  
Foreign Capital ◽  
Insurance Companies ◽  
Socially Responsible ◽  
Financial Reports ◽  
Study Results ◽  
Culture Strategies ◽  
The Impact ◽  
Visegrad Group

Insurance companies are institutions of public trust, and this affects their corporate culture, strategies and management systems. One of the image concerns is reporting on socially responsible actions in non-financial reports. The prime objective of the research presented in this paper is to analyze the dependence between the level of non-financial reporting in the insurance market and the share of foreign capital, measured based on the market size of foreign insurance companies compared to all insurance companies, and the share of foreign insurance companies in non-financial reporting. The study concerned insurance markets in the Czech Republic, Hungary, Poland and Slovakia, and the overall market of the Visegrad Group countries. The theoretical section provides a review of the literature and applicable legislation to indicate the causes of non-financial reporting by insurance companies. Next, the correlation was used to determine the relationship between the variables studied, the regression method was applied to determine the impact of the variables studied, in particular foreign capital, on the level of non-financial reporting. A model was constructed, and the results of its estimation were analyzed. Analysis of the data demonstrated that the greater the share of foreign capital, the higher the level of non-financial reporting. The study results indicate that the share of foreign insurance companies can become a determinant in the development of non-financial reporting.

scholarly journals The influence of accounting ethics on quality of financial reports among accounting practitioners in ibadan, oyo state, nigeria

2020 ◽  
Vol 1 (7) ◽  
pp. 77-87
Author(s):  
Osunwole, Olatunji Oludayo ◽  
Adeyemi, Ola Adewale ◽  
Dunsin, Abimbola Tolulope
Keyword(s):  
Financial Reporting ◽  
Financial Information ◽  
Faithful Representation ◽  
Primary Data ◽  
Accounting Ethics ◽  
Financial Reports ◽  
Study Results ◽  
Accounting Practitioners ◽  
The Impact

This study investigated the impact of relationship marketing on consumer buying behavior in the food and This study examined the influence of accounting ethics on the quality of financial reports of Nigerian firms. Specifically, the study focused on the influence of accounting ethics on relevance and faithful representation of financial information of Nigerian firms. Descriptive survey design was utilized to conduct the study. The target population for this study was over 300 accounting practitioners distributed over deposit money banks, Audit firms, educational tertiary institutions and small and medium scale industries in Ibadan, Oyo state. Slovin’s formula was used to determine the sample size, while stratified and convenience sampling techniques was employed to select 171 respondents that participated in the study. Primary data was used for the study. Questionnaires were used as data collection tools. The study results established that accounting ethics (β = 0.282; p < 0.05) and (β = 0.234; p < 0.05) had positive and significant effect on relevance and faithful representation of financial information respectively. The study concluded that high ethical standard is fundamental in achieving an objective, reliable and transparent financial report. The study recommends that firms in Nigeria should put in place ethics and compliance department to direct and monitor ethics implementation in their day-to-day operations and that firms reporting structure should adhere strictly to the financial reporting framework issued by the International Financial Reporting Standards for better and more acceptable financial reports

Unfunded Public Employee Health Care Benefits and GASB No. 45

2007 ◽  
Vol 21 (3) ◽  
pp. 245-263 ◽  
Author(s):  
Elizabeth K. Keating ◽  
Eric S. Berman
Keyword(s):  
Health Care ◽  
Financial Reporting ◽  
Full Range ◽  
Financial Reports ◽  
Employment Benefits ◽  
Care Plans ◽  
Advantages And Disadvantages ◽  
Government Accounting ◽  
The Government ◽  
The Impact

The Government Accounting Standards Board (GASB) recently released Statement No. 45, Accounting and Financial Reporting by Employers for Post-Employment Benefits Other Than Pensions and its companion Statement No. 43 for pooled stand-alone health care plans, which will profoundly affect American governmental finance. The goal of this article is to encourage governments to consider carefully a full range of options in funding and restructuring other post-employment benefits (OPEB). This article will review Statement No. 45's potential impact on governments and review existing disclosures in financial reports as well as bond offering statements. The article will discuss the statement's impact on budgets and governmental operations, including collective bargaining. Funding options under Statement No. 45 will be detailed, including the advantages and disadvantages of irrevocable trusts and OPEB bonds. The article will also discuss the impact of Medicare Part D subsidies received by governments, as well as the bond rating implications of policy decisions surrounding OPEB. As the largest government entities are just now implementing GASB Statement No. 45, estimates of the magnitude of unfunded OPEB liabilities are limited as are the strategies likely to be adopted to cover these obligations. This article offers a summary of the unfunded OPEB liabilities reported by states and major cities and suggests some measures for assessing the ability of these entities to address these costs.

scholarly journals Social Media in Communicating about Social and Environmental Issues—Non-Financial Reports in Poland

Information ◽  
2021 ◽  
Vol 12 (6) ◽  
pp. 220
Author(s):  
Ewa Stawicka ◽  
Joanna Paliszkiewicz
Keyword(s):  
Good Practice ◽  
Environmental Issues ◽  
Marketing Communication ◽  
Limited Extent ◽  
Socially Responsible ◽  
Communication Tools ◽  
Financial Reports ◽  
Good Practices ◽  
Corporate Social ◽  
The Impact

The main purpose of this article is to analyze the dissemination of social reports among entrepreneurs in order to determine the number of reporting organizations and examples in which Corporate Social Responsibility (CSR) areas enterprises report. We analyze the dissemination of social reports among entrepreneurs in Poland and determine the number of reporting organizations and examples in which CSR companies report. This work is a guide for entrepreneurs in Poland to build strategies and activities for transparency and communicating good practice. One of the research goals was to identify and evaluate communication activities with stakeholders in terms of responsible activities, social and environmental. The data analysis comes from a detailed literature review and the Responsible Business Forum (FOB) Reports database for 2008–2019 in Poland. The results of the survey show that many entrepreneurs in Poland, representing small, medium-sized (SME), and even large enterprises underestimate the importance of socially responsible activities. Entrepreneurs communicate with stakeholders to a limited extent and are not informed about good practices. The vast majority of the surveyed enterprises, especially large ones, prepare social reports, which result from obligation: requirements of Directive 2014/95/EU. The SME sector shows a lack of knowledge and uses individual marketing communication tools to a limited extent, limiting itself to advertising activities (very few companies prepare social reports). The article is a practical tip for enterprises showing the impact of business on changes towards sustainable development. Originality/value lies in the fact that the article presents selected research results on various aspects related to social reporting and communicating social and environmental activities to stakeholders.

SOCIALLY RESPONSIBLE MARKETING AS A TOOL OF ORGANIZATION'S REPUTATION MANAGEMENT

2017 ◽  
Author(s):  
Zoya Ostropolska ◽  
Keyword(s):  
Corporate Culture ◽  
Modern Society ◽  
Reputation Management ◽  
Corporate Ethics ◽  
Special Role ◽  
Communication Policy ◽  
Socially Responsible ◽  
Positive Image ◽  
Long Run ◽  
The Impact

It is noted that in modern socio-economic conditions the problem of social responsibility of business, which is based on the responsibility of the organization for the impact of its decisions on society, its welfare, the environment; the interrelation of such concepts as social corporate responsibility, corporate ethics, corporate culture, business ethics, social and ethical marketing, image, reputation is analyzed. Emphasis is placed on the fact that compliance with the principles of socially responsible marketing directly affects the formation of a positive image and reputation of the company, which in turn are the same assets of the company as others, but do not have a material component. The essence of the concepts "image" and "reputation" is revealed, the interrelation between these concepts is investigated and their fundamental differences are determined. The special role of trust in the process of managing the reputation of the organization is determined; the definition of trust as the basis for the formation of reputation is given; emphasis is placed on the crisis of confidence in modern society and approaches to overcoming this crisis. It is noted that the formation of trust is possible due to the openness of the company and public dialogue, which is based on the organization's communication policy, not only with the use of advertising in all its manifestations or PR technologies, but also certain social actions, active participation in public life. solving social problems, ie all those issues that are outside the scope of business, but indirectly affect it. It is concluded that socio-ethical, environmental, cultural problems have long acquired a global character, solving these problems brings additional benefits to business in the long run, strengthens its reputation and forms a positive image in society, to implement all these intentions designed socially responsible marketing , which becomes a tool in managing the reputation of the organization. It is noted that the problem of reputation management as an asset of the organization, which is becoming increasingly important and requires a strategic approach, needs special attention.

scholarly journals The expected impact of applying IFRS (17) insurance contracts on the quality of financial reports

Accounting ◽  
2021 ◽  
pp. 581-590
Author(s):  
Ahmad Dahiyat ◽  
Walid Owais
Keyword(s):  
Financial Reporting ◽  
Cash Flows ◽  
Faithful Representation ◽  
Insurance Companies ◽  
Reporting Standard ◽  
International Financial Reporting Standard ◽  
Financial Reports ◽  
Insurance Contracts ◽  
Analytical Approaches

This study aimed to explore the expected effect of applying the International Financial Reporting Standard (IFRS) 17 Insurance Contracts on the quality of financial reports. The study followed the exploratory descriptive analytical approaches. A questionnaire was developed and distributed to a sample of 120 financial employees in all insurance companies in Jordan. It concluded that the expected impact of applying the standard on the quality of financial reports was significant, especially on the comparability of financial reports, and faithful representation. It was found that there is an expected, statistically significant and positive effect between the application of the standard, and the quality of financial reports in general, and the expected influence of applying the standard and each of comparability, faithful representation, relevance, verifiability, timely, and understandability respectively. The study recommends the application of the standard in the specified time, work to create appropriate conditions, and the need to follow objective assumptions from the company's management for the estimation of cash flows when applying the standard.

scholarly journals OHS Disclosures Within Non-Financial Reports: The Romanian Case

2020 ◽  
Vol 12 (5) ◽  
pp. 1963
Author(s):  
Ana Petrina Păun ◽  
Codruța Cornelia Dura ◽  
Sorin Mihăilescu ◽  
Roland Iosif Moraru ◽  
Claudia Adriana Isac
Keyword(s):  
Financial Reporting ◽  
Descriptive Analysis ◽  
Health And Safety ◽  
Financial Reports ◽  
Regional Context ◽  
Eu Directive ◽  
Sustainability Reports ◽  
Legislative Changes ◽  
Local Companies ◽  
The Impact

The article addresses the issue of disclosing Occupational Health and Safety (OHS) issues by corporations in Romania, under the influence of recent changes in the legislative framework imposed by the adoption of the EU Directive 2014/95/EU on non-financial reporting by large corporations exceeding 500 employees. The goal of our study consist in determining the relevant factors that influence the level of the Romanian companies’ OHS disclosure. To this end, we have compiled a sample of 35 organizations that have elaborated and published non-financial reports during 2016–2017 and we have analysed the impact of some relevant determinants upon the reporting phenomenon. With the aim of providing a clear picture of the regional context of our study, we put together many pieces of information regarding the corporations that played the trend-setters role in Romania, by disclosing corporate social responsibility (CSR)/sustainability reports between 2003 and 2017, although this practice has been characterized by a voluntary and unsteady approach in many cases. The importance of outlining the regional context of the Romanian reporting companies is given by the urge to raise the local managers’ level of awareness towards sustainability issues and to use the recent legislative changes as opportunities to catch up with more advanced EU countries. The research methods used in order to identify the interdependencies established between the key factors involved in the disclosure practices included a mixed quantitative-qualitative approach, and referred to: content analysis of sustainability reports; descriptive analysis of the statistical variables which were taken into consideration; correlation analysis of numerical variables; and the ANOVA method for investigating the interdependencies between the categorical and numerical variables. Among the influencing factors that impact with a greater or lesser intensity the quality of OHS reporting performed by the local companies, the following were highlighted: the corporations’ market share, their field of activity, and the ownership structure.

scholarly journals Economic Paradigms and Corporate Culture after the Great COVID-19 Pandemic: Towards a New Role of Welfare Organisations and Insurers

2020 ◽  
Vol 12 (19) ◽  
pp. 8163
Author(s):  
Emilia Di Lorenzo ◽  
Marilena Sibillo
Keyword(s):  
Corporate Culture ◽  
Insurance Companies ◽  
Socially Responsible ◽  
Investment Policies ◽  
Corporate Strategies ◽  
Current Events ◽  
Virtuous Cycle ◽  
Public Health Protection

Current events have put us in front of new paradigms on which our life and its economic aspects seem to be based: the worldwide spread of contagion from COVID-19 threatens dramatic long-term changes in the economy, lifestyle, and social structures. Valuing virtuous behaviour through the transfer and sharing of risks among several actors allows us to achieve benefits for all. The COVID-19 pandemic leads us to experiment with new forms of public health protection, including through insurance instruments. The role of insurance companies, intrinsically linked with the protection of primary areas such as healthcare and welfare, therefore becomes more critical than ever in terms of securing the protection of people, families, and productive activities. This work endorses the design of a virtuous cycle of investments, which may be implemented starting with insurance companies; such a project would unfold through insurance policies’ contractual lines, securitisation schemes, investment policies, and socially responsible corporate strategies

The relationship between sustainability practices and financial performance of construction companies

2013 ◽  
Vol 2 (1) ◽  
pp. 6-27 ◽  
Author(s):  
Renard Y.J. Siew ◽  
Maria C.A. Balatbat ◽  
David G. Carmichael
Keyword(s):  
Financial Performance ◽  
Financial Reporting ◽  
Health And Safety ◽  
Financial Ratios ◽  
Financial Reports ◽  
Content Type ◽  
Construction Companies ◽  
Wide Range ◽  
Sustainability Practices ◽  
The Impact

PurposeOver recent years, a number of companies have committed to sharing information relating to their environmental, social and governance (ESG) activities, in response to a higher demand for transparency from stakeholders. This paper aims to explore the impact of such reporting on the financial performance of construction companies.Design/methodology/approachThis paper first examines the state of non‐financial reporting of publicly‐listed construction companies on climate change, environmental management, environmental efficiency, health and safety, human capital, conduct, stakeholder engagement, governance and other matters deemed to be of concern to institutional investors. It then presents the results of an empirical study on the impact of issuing non‐financial reports and the extent of companies’ sustainability practices (represented by ESG scores) on the financial performance of the companies. Financial performance is measured via a range of financial ratios.FindingsThe paper finds that a majority of the publicly‐listed construction companies studied have low levels of reporting, while construction companies issuing non‐financial reports largely outperform those which do not in a number of selected financial ratios, although the correlation between financial performance and ESG scores is not strong.Originality/valueThe originality of this research lies in its use of “hard data”, and it is supported by a wide range of financial ratios; this is distinguished from the existing, largely qualitative literature.

Is Earnings Quality Associated with Corporate Social Responsibility?

2012 ◽  
Vol 87 (3) ◽  
pp. 761-796 ◽  
Author(s):  
Yongtae Kim ◽  
Myung Seok Park ◽  
Benson Wier
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Earnings Management ◽  
Financial Reporting ◽  
Data Availability ◽  
Socially Responsible ◽  
Financial Reports ◽  
Top Executives ◽  
Accruals Quality ◽  
Corporate Social

ABSTRACT This study examines whether socially responsible firms behave differently from other firms in their financial reporting. Specifically, we question whether firms that exhibit corporate social responsibility (CSR) also behave in a responsible manner to constrain earnings management, thereby delivering more transparent and reliable financial information to investors as compared to firms that do not meet the same social criteria. We find that socially responsible firms are less likely (1) to manage earnings through discretionary accruals, (2) to manipulate real operating activities, and (3) to be the subject of SEC investigations, as evidenced by Accounting and Auditing Enforcement Releases against top executives. Our results are robust to (1) controlling for various incentives for CSR and earnings management, (2) considering various CSR dimensions and components, and (3) using alternative proxies for CSR and accruals quality. To the extent that we control for the potential effects of reputation and financial performance, our findings suggest that ethical concerns are likely to drive managers to produce high-quality financial reports. Data Availability: Data used in this study are available from public sources identified in the study.

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