International Journal of Disclosure and Governance最新文献

We are mainly interested in the impact of acquisition, ownership structure, and national governance quality on accrual earnings management (AEM) in the GCC listed companies’ context. Our sample is composed of 3210 firm-year observations for the period from 2007 to 2017. We employ panel data models in investigating the determinants of AEM for acquiring and non-acquiring firms. The findings reveal that acquiring firms involve more in earnings management than non-acquiring firms and that acquiring firms involve in AEM through income increasing rather than income decreasing. Institutional and state ownership are found to be an efficient tool in restraining companies’ engagement in earnings management whereas foreign ownership is shown to have no impact. National governance quality is found to be an efficient mechanism to reduce the companies’ engagement in earnings management. The study has both organizational and policy implications. In the organizational context, the GCC listed companies could benefit from attracting institutional and state owners to mitigate earnings management and therefore enhance firm performance. In the legislative context, policy makers are encouraged to concentrate on developing national governance systems to mitigate AEM.

We study changes in corporate governance around mergers and acquisitions by comparing the ex-post corporate governance of the combined firm with the ex-ante weighted average governance of the bidder and target. We find that when the quality of the bidder governance is better than the target before the acquisition, the ex-post corporate governance quality of the combined firm is better than the ex-ante weighted average of each firm. We document post-acquisition improvement in the combined firm’s board independence, audit committee independence, stock compensation, and minority shareholders protection, proposing that these firm-level attributes serve as potential channels to explain better corporate governance quality of the combined firm. The operating performance of the combined firm also improves when the bidder’s pre-deal governance quality is better than the target. Our results support the portability theory of corporate governance, suggesting that poorly governed targets are better off if acquired by better-governed bidders.

In the past two decades, corporate sustainability reporting has witnessed tremendous growth and garnered a lot of attention among scholars, and practitioners around the world. It is no longer a matter of choice for companies due to immense pressure from various stakeholders to adopt sustainability practices. This article aims to analyze key research themes in Sustainability Reporting and its disclosure from 2002 to 2022, assess their impact, track field evolution, and identify emerging areas for future study. The data have been collected from the SCOPUS database using relevant keywords and utilized VOSviewer and Biblioshiny tools for bibliometric analysis, including citation trends, authorship patterns, and keyword frequency. This study reveals a surge in scholarly literature since 2012, with prominent clusters in sustainable development, sustainability, decision-making, and stakeholder engagement. “CSR” emerges as the dominant keyword. This study presents a comprehensive evaluation of existing scholarly work in the field of sustainability reporting, highlights emerging trends, and suggests future research directions in corporate sustainability. It also provides practical implications for organizations, policymakers, and stakeholders, bridging the theory–practice gap and enhancing research’s practical value.

This review seeks to synthesize empirical findings on financialization policies and provide answers to two questions: (1) What relationship exists between Financialization and Corporate Governance? (2) Is there any relationship between financialization and CEO compensation/remuneration systems? A group of 38 scientific articles was selected using the methodological protocols ProKnow-C and Methodi Ordinatio. Based on its reading, analysis, and synthesis of the main empirical findings between financialization and the accumulation of capital and between financialization and income distribution, it is evident that there is a negative correlation between this phenomenon and the investment in means of production and the proportion of income from labour. We hope that this work can contribute to a rethinking of the income redistribution model (internationally), as the current model has contributed to an increase in the unequal distribution of social wealth, which is characterized primarily by the excessive compensation of top executives who prioritize short-term goals. We hope that it can also serve as a foundation for future scientific work and as a resource not only for regulatory agencies but also for government entities that must make political, economic, and fiscal decisions to mitigate or even reverse the global effects.

This study investigates the influence of corporate governance mechanisms on debt service obligations within the context of 34 automobile companies listed on the Tokyo Stock Exchange from 2006 to 2021, utilizing a purposive sampling approach. Employing a range of statistical models including the random effect model, fixed effect model, and the generalized method of moments (GMM), the study yields several key findings. Firstly, it reveals a significant and positive correlation between the presence of independent board members and the debt service obligations of Japanese automobile firms. Secondly, a noteworthy negative association is uncovered when the CEO holds a dual role, impacting debt service obligations negatively. Thirdly, the inclusion of non-executive board members on corporate boards is found to be linked to a significant and adverse effect on debt service obligations among these firms. Finally, the study underscores the positive impact of board members' knowledge, skills, and the frequency of meetings on the debt service obligations of automobile companies in Japan.

This study investigates the impact of legal and regulatory frameworks on whistleblowing intention (WI) in the context of the United Arab Emirates multicultural setting and legal environment. Applying the ethical decision-making model and using data collected via an online survey, it examines factors leading to employees’ decisions to blow a whistle. The results support the premise of a model promulgating the interdependency of WI upon ethical awareness and ethical judgement; however, while respondents showed willingness to report major fraud and behaviors resulting in “harm to others,” they preferred to ignore and not report minor fraud. This contention is also supported by the effects of work tenure and fear of retaliation on WI. To explain the findings, the study scrutinizes the effect of the country’s legal environment on employees’ intent to blow a whistle. It argues in favor of the implementation of a stand-alone comprehensive whistleblowing law.

This study examines the linguistic cues of tax avoidance in 10-K filings by constructing a tax-strategy-related (TSR) word list. We find a positive relationship between a firm's innate ability to avoid taxes, measured by the occurrence of TSR words, and the level of tax avoidance. Our results are robust across multiple measures and unaffected by firms' disclosure behavior or managerial ability. Additionally, investors negatively value the disclosure of TSR words in well-governed and less tax-avoiding firms.

This paper aims to investigate the relationship between sustainability disclosure practices and earnings management in the Jordanian context. Based on an analysis of 66 non-financial firms listed on ASE, spanning the period of 2017–2020. The findings revealed that companies' compliance with the disclosure of sustainability improves their ethical behavior, which limits earnings management practices and increases the reliability of their financial statements. The findings have implications for regulators, corporate executives, practitioners, policymakers, top management, and business partners. More corporate sustainability practices present more trustworthy information and more sustainable performance of the economic. To the best of the authors’ knowledge, this is the first study to examine the relationship between the extent of sustainability disclosure and earnings management in Jordanian firms. Moreover, two models were used for earnings management, which adds value to the existing literature.

This study examines the impact of firms’ earnings quality on stock price synchronicity, considering the foreign equity ownership to moderate such a relationship. This study argues that firms’ earnings quality is firm-specific information that can enhance the stock price synchronicity in the market. The sample used is ASX200 firms in 2017–2019 period, excluding firms in Finance and Utility sectors. The data are collected from the databases FactSet and Morningstar. Using pooled regression analysis, this study shows that out of three market-based earnings quality attributes, timeliness significantly reduces information asymmetry, enhances transparency by impounding more firm-specific information in prices, and ultimately mitigates pricing errors in trading, hence lower stock price synchronicity. It supports prior studies showing that market impound the loss quicky. Meanwhile, conservatism and relevance show insignificant results, emphasizing the superiority of timeliness over other market-based earnings quality in the developed capital market. We discover that foreign equity ownership is not regarded as firm-specific information that reduce the stock price synchronicity. As a moderating variable, the foreign ownership level decreases the impact of timeliness on stock price synchronicity.

The objective of this paper is to analyze the impact of the product market competition on investment efficiency with the mediating effect of Firm Risk Management through a dynamic panel estimation model. The sample consists of 260 non-financial firms listed on the Pakistan stock exchange for the period of 2010–2022. In addition, this paper analyzes the data through the mediation technique as per a review of the prior literature. Investment efficiency is the primary function of corporate finance. Pakistan being an emerging country is mostly owned by the family-owned business. These businesses have different policies as compared to non-family-owned businesses. This is the empirical indication that product market competition decreases investment efficiency in an emerging economy. The result reveals that in Pakistan, product market competition has a significant negative impact on investment efficiency. Firm Risk Management is also mediating the relationship in line with the prior study. The result supports agency theory, Schumpeterian viewpoint, and capital allocation theory.