scholarly journals Voluntary disclosure of a company performance and the market reaction

2021 ◽  
Vol 7 (3A) ◽  
pp. 616-633
Author(s):  
Tatiana N. Malofeeva ◽  
Elena J. Makushina ◽  
Vladimir Shestakov
Keyword(s):  
Financial Markets ◽  
Automotive Industry ◽  
Voluntary Disclosure ◽  
Research Result ◽  
The United States ◽  
The Internet ◽  
Company Performance ◽  
Voluntary Disclosures ◽  
Financial Reports ◽  
A Company

In today's world, the disclosure of information by a firm affects its position in the financial markets. Enterprises contact investors utilizing reporting about certain events. For this purpose, both official financial reports and less regulated communication channels, such as the company's website on the Internet, personal meetings, or social networks, can be used. The relevance of this research result is primarily due to the increased attention of investors to voluntary disclosures rather than mandatory ones. By studying a sample of companies in the automotive industry from the United States and Europe, we found out that making positive and negative voluntary disclosures on the annual return on shares of these companies. The paper reports that this effect is significant: while it increases the shares' annual yield with positive disclosures and decreases with negative ones.

scholarly journals FAKTOR DETERMINAN PENGUNGKAPAN SUKARELA OLEH YAYASAN DI INDONESIA

2021 ◽  
Vol 21 (1) ◽  
pp. 1
Author(s):  
Marfuah Marfuah ◽  
Alifia Rachma Diani ◽  
Chivalrind G Ayuntari
Keyword(s):  
Voluntary Disclosure ◽  
Complete Data ◽  
The Internet ◽  
Organizational Size ◽  
Significant Positive Effect ◽  
Financial Reports ◽  
To Receive ◽  
Positive Effect

<p><em>The purpose of this study was to determine the effect of donations, restricted funds, organizational size, and age of the organization age on the voluntary disclosure of the foundation. All foundations in Indonesia are the population in this study. The sample of this research is foundations in Indonesia that submit financial reports via the internet between 2013-2019 and have complete data. Based on these criteria, 114 financial reports were obtained as the research sample. The results of this study prove that restricted funds and organizational size have a significant positive effect on voluntary disclosure, while the donations and age of the organization have no significant positive effect on voluntary disclosure. The implication of this research is that funders must consider the restricted funds and the size of the organization to assess the prospects of the foundation. In addition, the foundation must increase voluntary disclosure to be more transparent in providing information about its foundation. With transparency, the foundation will more easily get the trust to receive funds that are beneficial to the foundation's survival.</em></p>

scholarly journals The rise and collapse of Enron: financial innovation, errors and lessons

2009 ◽  
Author(s):  
Alejandra Cabello ◽  
Elisa Moncarz ◽  
Raúl Moncarz ◽  
Benjamin Moncarz
Keyword(s):  
Financial Markets ◽  
The United States ◽  
High Profile ◽  
American Capitalism ◽  
Great Debate ◽  
Innovative Company ◽  
Business Failures ◽  
History Of ◽  
Energy Deregulation ◽  
A Company

<p>Recent collapses of high profile business failures like Enron, Worldcom, Parmlat, and Tyco has been a subject of great debate among regulators, investors, government and academics in the recent past. Enron´s case was the greatest failure in the history of American capitalism and had a major impact on financial markets by causing significant losses to investors. Enron was a company ranked by fortune as the most innovative company in the United States; it exemplified the transition from the production to the knowledge economy. Many lessons can we learn from its collapse. In this paper we present an analysis of the factors that contributed to Enron´s rise and failure, underlying the role that energy deregulation and manipulation of financial stat.</p>

Debt and Voluntary Disclosure

2020 ◽  
Author(s):  
Anne Beyer ◽  
Ronald A. Dye
Keyword(s):  
Linear Combination ◽  
Voluntary Disclosure ◽  
Voluntary Disclosures ◽  
Debt Contracts ◽  
Equity Prices ◽  
Market Prices ◽  
Positive Weight ◽  
Enterprise Value ◽  
Debt Level ◽  
A Company

This paper studies equilibrium voluntary disclosures for a company financed with both debt and equity, where the firm's manager is compensated based on a linear combination of the market prices of the firm's equity and enterprise values (i.e., the sum of the values of its equity and debt). Such compensation policies span "all equity" contracts, "all debt" contracts, and "all enterprise value" contracts. We show: 1. under both "all equity" and "all debt" contracts, increased debt always leads to reduced voluntary disclosure; 2. under "all enterprise value" contracts, increased debt has no effect on voluntary disclosure; 3. for all contracts that place positive weight on both equity and enterprise values, more debt leads to less (resp., more) disclosure if the initial debt level is low (resp., high); 4. increasing the weight on equity prices always induces less disclosure, so: 5. "all equity" contracts minimize, and "all debt" contracts maximize, disclosure.

scholarly journals Disclosure of Voluntary Accounting Ratios by Malaysian Listed Companies

2018 ◽  
Author(s):  
Azrul Bin Abdullah ◽  
Ku Nor Izah Ku Ismail
Keyword(s):  
Voluntary Disclosure ◽  
Financial Analysis ◽  
Listed Companies ◽  
Annual Reports ◽  
Fundamental Importance ◽  
Company Performance ◽  
Financial Reports ◽  
Using Data ◽  
Accounting Ratios ◽  
Corporate Annual Reports

Accounting ratios are believed to be of fundamental importance in financial analysis, and therefore are useful addition to financial reports. This paper examines the reporting of voluntary accounting ratio by Malaysian companies in corporate annual reports. Drawing on agency and signaling theories, this paper explores whether associations exist between company performance and voluntary disclosure of accounting ratios. In particular, associations are tested between the extent of ratio disclosure and company performance (namely profitability, liquidity, leverage, and company efficiency), size and industry. Six hypotheses are tested using data collected from 2003 annual reports of 100 Malaysian listed companies. This paper provides evidence that the extent of voluntary ratio disclosure is low; and size, industry as well as liquidity significantly influence the reporting of ratios in corporate annual reports. The implications of these findings are discussed.

A Rationale for Imperfect Reporting Standards

2021 ◽  
Author(s):  
Henry L. Friedman ◽  
John S. Hughes ◽  
Beatrice Michaeli
Keyword(s):  
Financial Reporting ◽  
Private Information ◽  
Voluntary Disclosure ◽  
Accounting Standards ◽  
Direct Costs ◽  
General Purpose ◽  
Mandatory Reporting ◽  
Comparative Statics ◽  
Voluntary Disclosures ◽  
Financial Reports

The aim of general purpose financial reporting is to provide information that is useful to investors, lenders, and other creditors. With this goal, regulators have tended to mandate increased disclosure. We show that increased mandatory disclosure can weaken a firm’s incentive to acquire and voluntarily disclose private information that is not amenable to inclusion in mandated reports. Specifically, we provide conditions under which a regulator, seeking to maximize the total amount of information provided to investors via both mandatory and voluntary disclosures, would mandate less informative and more conservative financial reports even in the absence of any direct costs of increasing informativeness. This result is robust to allowing the firm to make reports more informative and to imposing a nondisclosure cost or penalty on the firm. The results and comparative statics analysis contribute to our understanding of interactions between mandatory reporting and voluntary disclosure and demonstrate a novel benefit to setting accounting standards that mandate imperfectly informative reports. This paper was accepted by Suraj Srinivasan, accounting.

scholarly journals Determinan Human Capital dan Gender Direksi Terhadap Kinerja Perbankan di Indonesia

2020 ◽  
Vol 4 (5) ◽  
pp. 205
Author(s):  
Yuliana Yuliana ◽  
Indra Widjaja
Keyword(s):  
Intellectual Capital ◽  
Good Governance ◽  
Stock Exchange ◽  
Gender Composition ◽  
Annual Reports ◽  
Company Performance ◽  
Employee Education ◽  
Financial Reports ◽  
Regression Test ◽  
A Company

The purpose of this study was to determine the determinants of the performance of banking companies in Indonesia. It is very important for a company to manage its Intellectual Capital through Human Resources (HR), Structural and whether the quality is managed in accordance with the principles of Good Governance, so as to improve company performance (Firm Size). The dependent variable is the Average Employee Age (Um), Average Employee Education (Pend), Employee Gender Composition (GenCom), Diversity of Female Directors (GenDir), Composition of Directors to Commissioners (DirCom), Number of Company Branches (Cab), Number of Employees (Kary). Samples are 11 banking companies on the Indonesia Stock Exchange which are classified as Book III and Book IV banks that publish annual reports and financial reports for 2015-2018. A total of 44 samples.Data were analyzed using linear regression test using SPSS. The results of the study for Intellectual Capital only (Cab) and (Kary) who have a significant influence, while (Um) and (Pend) do not have a significant effect. The results for Good Governance are the (GenCom) and (DirCom) significantly influence the performance, while (GenDir) has no significant effect. In a beta test (Kary) is the variable that most influences company performance.

scholarly journals THE DEGREE OF COMPANY VULNERABILITY USING ALTMAN MODEL: A SURVEY OF PUBLIC LISTED COMPANIES IN INDONESIA

2010 ◽  
Vol 2 (2) ◽  
pp. 88-99
Author(s):  
Marko S. Hermawan ◽  
Junius Tirok ◽  
Dharma S. Dawis
Keyword(s):  
Stock Exchange ◽  
Mining Industry ◽  
Safe Zone ◽  
Company Performance ◽  
Grey Zone ◽  
Financial Reports ◽  
Public Companies ◽  
Financial Report ◽  
Several Variables ◽  
A Company

This research is purposed to analyze the degree of vulnerability of a company’s performance. From the financial report produced, investor will analyze the level of its performance. There are several variables of defining the performances, in which they are used to distinguish the degree of vulnerability. This level of degree affects investor’s decision on company’s performance. The object of this research, after taking relevant data from years 2006- 2008 published annual financial reports, there are 184 public companies listed in Indonesian Stock Exchange that are qualified in the analysis procedure. The Altman (1993) model of Z-score formula is used to define variables reflecting in a company performance, in which is classified into three-zone index (safe zone, grey zone and distress zone). This research has found that more companies lie in the grey and distress zone. Amongst the safe zone companies are Mining Industry and the lowest degree is the Infrastructure Industry. Also, a trend of decreasing performance occurred during 2008. There are possible reasons that might result in the performance of the industries. This result of research will benefit for investors in considering investing in Indonesian companies.

scholarly journals EFFECT OF VOLUNTARY DISCLOSURE ON EARNING RESPONSE CONTROLLING FOR PROFITABILITY, LEVERAGE AND SIZE

2016 ◽  
Vol 1 (1) ◽  
Author(s):  
Cheng Fan Fah ◽  
Tan Suai Huei
Keyword(s):  
Voluntary Disclosure ◽  
Abnormal Return ◽  
Company Performance ◽  
Voluntary Disclosures ◽  
Earnings Response Coefficient ◽  
Unexpected Earnings ◽  
Response Coefficient ◽  
Earnings Response ◽  
Investor Reaction ◽  
Positive Effect

This study aim to investigate the effect of voluntary disclosures on earnings response and company performance in Malaysian listed companies control for profitability, leverage and size.. In the study using disclosure index adopted by Botosan (1997) to measure the scope of voluntary disclosure index; earnings response coefficient (ERC) is measure the regression of abnormal return and unexpected earnings; and company performance such as profitability, leverage and size of company are used in the measurement. The results concluded that voluntary disclosure has positive effect on earning response coefficient (ERC). And the unexpected earnings also have a significant positive effect on earnings response coefficient (ERC). On the other hand, it can explain that expected voluntary disclosure affect to investor reaction.

scholarly journals Analisis Pengungkapan Faktor-Faktor Yang Mempengaruhi Penerapan Internet Financial Reporting (IFR) Sebagai Voluntary Disclosure Pada Tahun 2014-2018

2020 ◽  
Vol 15 (2) ◽  
pp. 87-97
Author(s):  
Anita Oktaviani ◽  
Hastutie Andriati ◽  
Rudiawie Larasati
Keyword(s):  
Financial Reporting ◽  
Voluntary Disclosure ◽  
Stock Exchange ◽  
Manufacturing Sector ◽  
Systematic Risk ◽  
The Internet ◽  
Company Size ◽  
Manufacturing Companies ◽  
Financial Reports ◽  
Business World

  Abstract This study aims to test and analyze empirically the influence of company size, profitability, leverage, outside ownership, and systematic risk on internet financial reporting, an empirical study of manufacturing companies listed on the Indonesia Stock Exchange from 2014 to 2018. In companies, the development of information technology, especially the internet very much used to facilitate various processes and activities of the company. The rapid use of the internet in the business world requires companies to use the internet for several company activities such as transactions, searching, or sharing information in hard-to-reach areas. This study uses a quantitative approach with the research population, namely companies included in the manufacturing sector listed on the Indonesia Stock Exchange in 2014, 2015, 2016, 2017, and 2018. Data on financial reports and annual financial reports can be obtained through access to www.IDX.co.id. The population in this study were 123 manufacturing companies listed on the Indonesia Stock Exchange in the 2014-2018 period. The number of samples used in this study was 29 company samples. The analysis technique used in this research is multiple linear regression in order to obtain a comprehensive picture of the relationship between the independent and dependent variables. Based on the results of this study, company size has no significant effect on internet financial reporting with a significant value of 0.550, profitability has a significant effect on internet financial reporting with a significant value of 0.000, leverage has a significant effect on internet financial reporting with a significant value of 0.001, outside ownership has a significant effect on internet financial reporting. internet financial reporting with a significant value of 0.034 and systematic risk has no significant effect on internet financial reporting with a significant value of 0.862. Keywords: Size firm; Profitability; Leverage; Outside ownership; Systematic risk; Internet financial reporting Abstrak Penelitian ini bertujuan untuk menguji dan menganalisis secar empiris adanya pengaruh ukuran perusahaan, profitabilitas, laverage, outside ownership dan resiko sistematik terhadap internet financial reporting studi empiris perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2014 sampai 2018. Pada perusahaan, perkembangan teknologi informasi khususnya internet sangat dimanfaatkan untuk mempermudah berbagai proses kegiatan dan aktivitas perusahaan. Pesatnya penggunaan internet dalam dunia bisnis menuntut perusahaan untuk menggunakan internet pada beberapa aktivitas perusahaan seperti transaksi, mencari atau berbagi informasi pada wilayah yang sulit dijangkau. Penelitian ini menggunakan pendekatan kuantitatif dengan populasi penelitiannya yaitu perusahaan-perusahaan yang termasuk dalam sektor manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2014, 2015, 2016, 2017 dan 2018. Data laporan keuangan dan laporan keuangan tahunan dapat diperoleh melalui akses ke www.idx.co.id. Populasi pada penelitian ini sebanyak 123 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada periode 2014-2018. Jumlah sampel yang digunakan pada penelitian ini sebayak 29 sampel perusahaan. Teknik analisa yang digunakan dalam penelitian ini adalah regresi linier berganda agar dapat memperoleh gambaran yang menyeluruh mengenai hubungan variabel independen dan variabel dependen. Berdasarkan hasil penelitian ini ukuran perusahaan tidak bepengaruh signifikan terhadap internet financial reporting dengan nilai signifikan sebesar 0,550, profitabilitas berpengaruh signifikan terhadap internet financial reporting dengan nilai signifikan sebesar 0,000, laverage berpengaruh signifikan terhadap internet financial reporting dengan nilai signifikan sebesar 0,001, outside ownership berpengaruh signifikan terhadap internet financial reporting dengan nilai signifikan sebesar 0,034 dan resiko sistematik tidak bepengaruh signifikan terhadap internet financial reporting dengan nilai signifikan sebesar 0,862. Kata Kunci : Ukuran perusahaan, Profitabilitas, Laverage, Outside ownership, Resiko sistematik, Internet financial reporting.

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