A pattern of factors influencing the information transparency and disclosure of listed companies in Tehran Stock Exchange

The study examines the factors influencing auditor independence among listed companies in Nigeria. A sample of 65 firms out of the 194 listed on the Nigerian Stock Exchange (NSE) were purposively selected for analysis, these comprise 14 money deposit banks (financial), 1 mortgage bank and 50 non-financial firms. Secondary data were employed for the study and were sourced from the audited financial reports of sampled companies and fact book of the Nigerian Stock Exchange between the periods of 2006 and 2013. Data were analysed using descriptive statistics and Generalised Method of Moments (GMM). Preliminary tests were carried out such as Sargan test, Arellano-Bond Serial Correlation Test among others. The study revealed that Big4, audit tenure, profitability, leverage and inventory with account receivable had negative significant impact, which can impair auditor independence, while size of the firms and loss had positive influence on auditor independence in Nigeria. Also, the square root of the number of subsidiaries was positively related to auditor independence, but not significant and the total number of subsidiaries had positive influence on auditor independence but not significant. These results implied that the two variables can increase the complexity of the audit and, consequently, a rise in audit fees expect in their presence. This will in turn reduce auditor independence. The study therefore recommended that joint audit be adopted and audited tenure be reviewed. The findings of the study would enable management, regulators, investors and other stock market participants to play their unique and important roles in enhancing auditor independence in Nigeria.

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Modeling of Financial Distress Probability for Vietnamese Listed Companies

Journal of Economics and Development ◽

10.33301/2014.16.03.04 ◽

2014 ◽

pp. 68-81

Author(s):

Yen Phu Kim ◽

Hiep Nguyen Manh

Keyword(s):

Market Efficiency ◽

Financial Distress ◽

Logit Model ◽

Stock Exchange ◽

Listed Companies ◽

Information Cost ◽

Factors Influencing ◽

Financially Distressed ◽

Convenient Model

To date, an in-depth discussion of the factors influencing financial distress in Vietnam is still lacking. This paper explores the determinants of corporate financial distress of Vietnamese firms listed on the Hochiminh Stock Exchange using a dynamic logit model. We find that financially distressed enterprises have highly leveraged capital structures with low liquidity and low profitability. The financial distress probability is more pronounced for firms with small capitalization as well as those newly established and less profitable. With the hope of improving market efficiency, we finally come up with a simple, convenient model which helps investors estimate a firm’s financial distress probability without information cost.

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The Relationship Between Information Transparency And The Informativeness Of Accounting Earnings

Journal of Applied Business Research (JABR) ◽

10.19030/jabr.v23i3.1388 ◽

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

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’ perspective. It also suggests that the ITDRS may be not a good proxy for financial transparency.

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Audit Committee Effectiveness Among Malaysian Listed Companies

Malaysian Management Journal ◽

10.32890/mmj.3.2.1999.8561 ◽

2020 ◽

Author(s):

Shamsul Nahar Abdullah ◽

Ku Nor Izah Ku Ismail

Keyword(s):

Corporate Governance ◽

Audit Committee ◽

Stock Exchange ◽

Listed Companies ◽

The Other ◽

Interactive Effects ◽

Committee Chairman ◽

Kuala Lumpur ◽

Political Costs ◽

Leadership Structure

This study investigates further the previous paper by Shamsul Nahar and Al-Murisi (1997) by examining the interactive effects of the variables in that paper and introducing other variables associated with corporate governance and political costs. The present study postulated that percentage of external directors on audit committee interacted with the presence of an accountant on audit committee and with the number of years an audit committee in existence, respectively, to influence audit committee effectiveness. The study also posited that the interaction of the presence of an accountant on audit committee and the number of years an audit committee in existence positively and significantly influenced audit committee effectiveness. Addition. ally, the roles of leadership structure, audit committee chairman, and a firm's size on audit committee effectiveness were also investigated. Using a multiple regression from a sample consisting the Kuala Lumpur Stock Exchange listed companies, results showed that only a firm's size significantly influenced audit committee effectiveness in the predicted direction. Other variables, on the other hand, did not show any significant influence on audit committee effectiveness.

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