Pub Date : 2023-09-15DOI: 10.1057/s41310-023-00197-1
Sandro Brunelli, Francesco Venuti, Thomas Niederkofler, Camilla Falivena
Abstract This paper feeds the literature about investors’ reaction to the release of going concern modified audit reports, which is abundant and controversial among scholars. Moving a step beyond the solely detection of abnormal stock returns at and around the event date, as done in the only two previous studies on the Italian setting, we perform an OLS multiple regression to test the informativeness of CARs and the influence of variables as selected firms’ accounts, auditor characteristics, the market capitalization and specific measures of financial distress to gather evidence whether investors react adversely to elements different from going concern modifications (GCMs). Based on our findings, investors react negatively to GCMs attached to qualified opinions and, surprisingly, positively to GCMs attached to clean opinions, reversing the prevailing evidence found out in the literature, especially in the USA. We attribute these results to the rough knowledge of Italian naïve investors of the going concern (GC) issue. The study detects how disclosure features conceived for large equity markets can lead to different investors’ behaviours in small ones on the one hand; on the other hand, it cannot lead to unequivocable generalization, even within similar countries, in light of sub-specific country features. The piece of evidence achieved suggests, for further research, to make an investors categorization to analyse market reactions, which takes more into account three main features stressed by the prevailing literature of small equity markets: high ownership concentration, the higher presence of institutional investors and the poorer reputation of BIG4 auditors.
{"title":"Financial distress, auditors’ going concern modification (GCM) and investors’ reaction in a concentrated ownership environment: new evidence from the Italian stock market","authors":"Sandro Brunelli, Francesco Venuti, Thomas Niederkofler, Camilla Falivena","doi":"10.1057/s41310-023-00197-1","DOIUrl":"https://doi.org/10.1057/s41310-023-00197-1","url":null,"abstract":"Abstract This paper feeds the literature about investors’ reaction to the release of going concern modified audit reports, which is abundant and controversial among scholars. Moving a step beyond the solely detection of abnormal stock returns at and around the event date, as done in the only two previous studies on the Italian setting, we perform an OLS multiple regression to test the informativeness of CARs and the influence of variables as selected firms’ accounts, auditor characteristics, the market capitalization and specific measures of financial distress to gather evidence whether investors react adversely to elements different from going concern modifications (GCMs). Based on our findings, investors react negatively to GCMs attached to qualified opinions and, surprisingly, positively to GCMs attached to clean opinions, reversing the prevailing evidence found out in the literature, especially in the USA. We attribute these results to the rough knowledge of Italian naïve investors of the going concern (GC) issue. The study detects how disclosure features conceived for large equity markets can lead to different investors’ behaviours in small ones on the one hand; on the other hand, it cannot lead to unequivocable generalization, even within similar countries, in light of sub-specific country features. The piece of evidence achieved suggests, for further research, to make an investors categorization to analyse market reactions, which takes more into account three main features stressed by the prevailing literature of small equity markets: high ownership concentration, the higher presence of institutional investors and the poorer reputation of BIG4 auditors.","PeriodicalId":45050,"journal":{"name":"International Journal of Disclosure and Governance","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135393413","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-04DOI: 10.1057/s41310-023-00195-3
Vismaya Gangadharan, Lakshmi Padmakumari
{"title":"Fogging the firm performance: an empirical examination of the annual report readability in India","authors":"Vismaya Gangadharan, Lakshmi Padmakumari","doi":"10.1057/s41310-023-00195-3","DOIUrl":"https://doi.org/10.1057/s41310-023-00195-3","url":null,"abstract":"","PeriodicalId":45050,"journal":{"name":"International Journal of Disclosure and Governance","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47808860","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-04DOI: 10.1057/s41310-023-00196-2
Jabir Ali, Ishrat Naaz, Tabassum Ali
{"title":"Does corporate social responsibility improve value-added intellectual capital efficiency in food and agribusiness firms in India?","authors":"Jabir Ali, Ishrat Naaz, Tabassum Ali","doi":"10.1057/s41310-023-00196-2","DOIUrl":"https://doi.org/10.1057/s41310-023-00196-2","url":null,"abstract":"","PeriodicalId":45050,"journal":{"name":"International Journal of Disclosure and Governance","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43094622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-31DOI: 10.1057/s41310-023-00194-4
Magdy Noguera
{"title":"Investment and finance committees composition and firm performance: evidence from US Real Estate Investment Trusts (REITs)","authors":"Magdy Noguera","doi":"10.1057/s41310-023-00194-4","DOIUrl":"https://doi.org/10.1057/s41310-023-00194-4","url":null,"abstract":"","PeriodicalId":45050,"journal":{"name":"International Journal of Disclosure and Governance","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47444210","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-27DOI: 10.1057/s41310-023-00193-5
Ines Kateb, I. Belgacem
{"title":"Navigating governance and accounting reforms in Saudi Arabia's emerging market: impact of audit quality, board characteristics, and IFRS adoption on financial performance","authors":"Ines Kateb, I. Belgacem","doi":"10.1057/s41310-023-00193-5","DOIUrl":"https://doi.org/10.1057/s41310-023-00193-5","url":null,"abstract":"","PeriodicalId":45050,"journal":{"name":"International Journal of Disclosure and Governance","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43238625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-10DOI: 10.1057/s41310-023-00192-6
W. Sassi, Hakim Ben Othman, K. Hussainey
{"title":"The determinants of eXtensible Business Reporting Language (XBRL) adoption: a cross-country study","authors":"W. Sassi, Hakim Ben Othman, K. Hussainey","doi":"10.1057/s41310-023-00192-6","DOIUrl":"https://doi.org/10.1057/s41310-023-00192-6","url":null,"abstract":"","PeriodicalId":45050,"journal":{"name":"International Journal of Disclosure and Governance","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45937602","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-04DOI: 10.1057/s41310-023-00191-7
Doaa A Aly, Muath Abdelqader, Tamer K. Darwish, Arshad Hasan, Anna Toporkiewicz
{"title":"How organizational board compositions lead to a higher job satisfaction: an empirical analysis of US and UK companies","authors":"Doaa A Aly, Muath Abdelqader, Tamer K. Darwish, Arshad Hasan, Anna Toporkiewicz","doi":"10.1057/s41310-023-00191-7","DOIUrl":"https://doi.org/10.1057/s41310-023-00191-7","url":null,"abstract":"","PeriodicalId":45050,"journal":{"name":"International Journal of Disclosure and Governance","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48221735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-07DOI: 10.1057/s41310-023-00190-8
M. Firoozi, Sana Mohsni
{"title":"Cybersecurity disclosure in the banking industry: a comparative study","authors":"M. Firoozi, Sana Mohsni","doi":"10.1057/s41310-023-00190-8","DOIUrl":"https://doi.org/10.1057/s41310-023-00190-8","url":null,"abstract":"","PeriodicalId":45050,"journal":{"name":"International Journal of Disclosure and Governance","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45714569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-23DOI: 10.1057/s41310-023-00189-1
Salma Loulou-Baklouti
{"title":"Does board gender diversity affect intellectual capital voluntary disclosure? Evidence from Tunisia","authors":"Salma Loulou-Baklouti","doi":"10.1057/s41310-023-00189-1","DOIUrl":"https://doi.org/10.1057/s41310-023-00189-1","url":null,"abstract":"","PeriodicalId":45050,"journal":{"name":"International Journal of Disclosure and Governance","volume":"1 1","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42709215","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-16DOI: 10.1057/s41310-023-00188-2
M. A. Eklund
{"title":"CEO compensation and market risk: moderating effect of board size and CEO duality in the Swiss context","authors":"M. A. Eklund","doi":"10.1057/s41310-023-00188-2","DOIUrl":"https://doi.org/10.1057/s41310-023-00188-2","url":null,"abstract":"","PeriodicalId":45050,"journal":{"name":"International Journal of Disclosure and Governance","volume":" ","pages":""},"PeriodicalIF":2.7,"publicationDate":"2023-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46515757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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