Corporate Disclosure In The Internet Age
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Corporate Disclosure In The Internet Age
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Author : Peter J. Wallison
language : en
Publisher:
Release Date : 2015
Corporate Disclosure In The Internet Age written by Peter J. Wallison and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Put aside the wild daily swings in the market for a moment and concentrate on this key fact: the ratio of market values to book values of S&P 500 companies has ascended from one-to-one in the late 1970s to six-to-one today. For some, this reflects excessive speculation, an unsustainable bubble. But a better explanation may be that during this period the source of value creation in our economy moved from tangible to intangible assets, from hardware to software-literally, from bricks and mortar to brains. A transition this significant requires big changes in the legal and regulatory framework in which the economy functions. Significant modernization has occurred in the frameworks applicable to financial services and telecommunications. Yet, suprisingly, as the information age has advanced and balance sheets have become less relevant as measure of true value, there has been relatively little change in the regulatory requirements for disclosure, including the contents of the financial statements that form the heart of our corporate disclosure system. The growing gap between balance sheet and market values tells us that we will need something different in the future, as more and more companies earn their profits from intangible assets. Failure to properly value intangibles can result in distorted valuation, volatility and, perhaps, a bubble. So what is to be done? First, the existing model for financial disclosure must be updated so that it does a better job of reflecting the value of the intangibles that are the core assets of the information economy. Investors will be best served if all assets -tangible and intangible-are measured and reported, even if the value of some intangibles can only be communicated through indicators. Such an indicator could consist of a company's product returns, for example. In addition, financial reporting must be forward-looking, describing not only historical cost, but providing as accurate a snapshot as possible of an organization's current operations and likely future prospects. In part, this can be done through business releasing non-financial data that can be analyzed against the data of competitors and industry benchmarks. To achieve these objectives, a number of prominent analysts and accounting theorists have suggested that companies supplement their current financial reports with databases, accessible through the internet, These would contain more finely grained components of the current asset, liability and expense categories than the information aggregated in conventional quarterly and annual reports. Other useful data elements would include indicators from which the status of such intangibles as customer loyalty and employee satisfaction might be derived. The number of times a customer makes purchases of a household item from a particular company is a clear example. Work is already under way in many industries to settle only the precise definitions of various data elements that would be used for electronic data interchange, This work uses a new data processing language known as extensible markup language (XML) that permits the tagging of the multiplicity of data elements that are part of the movement of goods in a supply chain. The tags allow software applications of various kinds to dip into this pool of data and extract the information necessary for carrying on business transactions in t a common language. When applied to financial information, it would permit more rapid and thorough analysis and benchmarking, Most important, it would permit assessments of company prospects to become user-driven, rather than issue-driven. But a framework is clearly necessary to achieve this. We need a reliable model encouraged by regulators but user and market-driven, and developed by analysts, corporate financial officers and the accounting profession. As new approaches to disclosure take hold-such as the recent and unconventional release of customer acquisition costs by Amazon.com-the role of accountants will change. Instead of certifying financial statements, accountants may work on defining data elements providing assurance for the reliability of company data disclosures. In addition, as US and international accounting standard converge, accountants may acquire responsibility for reporting on the reliability of indicators used to measure the intangible assets-such as those that increasingly represent the core value of may companies. The US economy continues to spawn innovative companies and new ideas. It would be ironic if the capital markets, which supply the necessary financing for innovation and change, were unable to benefit from the vast improvements in information use that the internet has made possible.
The Evolution Of Corporate Disclosure
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Author : Alessandro Ghio
language : en
Publisher: Springer Nature
Release Date : 2020-04-02
The Evolution Of Corporate Disclosure written by Alessandro Ghio and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-02 with Business & Economics categories.
This book provides a critical analysis of the evolution of corporate disclosure. Building upon prior academic literature, it assesses the most important changes in mandatory corporate disclosure, the growing relevance of social and environmental disclosure, and revolutionary new forms of corporate communication, in particular social media. It also includes empirical analyses that shed further light on the impact of voluntary communication, i.e. social and environmental reporting and corporate social media communication, on managerial and investment decisions. Lastly, it discusses new directions for accounting and corporate governance research on the theoretical and empirical challenges of corporate disclosure. Offering a wealth of relevant and timely advice, the book will help regulators design policies that allow businesses to overcome current and emerging economic, social, and technological challenges.
Effective Company Disclosure In The Digital Age
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Author : Gill North
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2015-10-16
Effective Company Disclosure In The Digital Age written by Gill North and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-16 with Law categories.
Effective corporate reporting and disclosure are critical in financial markets to promote vigorous competition, optimal performance, and transparency. This book examines whether existing disclosure frameworks in eight countries with the world's most significant securities exchanges achieve these objectives, and then, drawing on extensive empirical findings, identifies the policies and practices that contribute most to improving the overall quality of listed company reporting and communication. Contending that public disclosure of listed company information is an essential precondition to the long-term efficient operation of financial markets, the book provides analysis of such issues and topics as the following: - arguments for and against mandatory disclosure regimes; - key principles of periodic and continuous disclosure regulation; - tensions between direct and indirect investment in financial markets; - assumptions concerning the need to maintain a privileged role for financial intermediaries; - intermediary, analyst, and research incentives; - protection of individual investors; - selective disclosure; - disclosure of bad news; - the role of accounting standards; - public access to company briefings; - long term performance reporting and analysis; and - company reporting developments. A significant portion of the book provides an overview of disclosure regulation and practice in the United States, Canada, Germany, the United Kingdom, Japan, Hong Kong, Australia, and Singapore. A highly informative survey looks at company reports, disclosures, and websites of large listed companies, including Microsoft, Citigroup, Teck Resources, Deutsche Bank, BP, Sony, PetroChina Company, BHP Billiton, and Singapore Telecommunications. The book discusses common disclosure issues that arise across jurisdictions, provides valuable insights on the efficacy of existing disclosure regulation and practice, and highlights the important principles, processes, and practices that underpin best practice company disclosure frameworks. It will be welcomed by company boards and executives and their counsel, as well as by policymakers and scholars in the areas of corporate, securities, banking and financial law, accounting, economics and finance.
The Gaap Gap
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Author : Robert E. Litan
language : en
Publisher: American Enterprise Institute
Release Date : 2000
The Gaap Gap written by Robert E. Litan and has been published by American Enterprise Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Accounting categories.
Today's knowledge-based economy requires an entirely new system of assessing the value of companies--a system tapping the vast communication capabilities of the Internet.
Corporate E Governance Disclosure In The Digital Age
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Author : Juan L. Gandía
language : en
Publisher:
Release Date : 2008
Corporate E Governance Disclosure In The Digital Age written by Juan L. Gandía and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Corporate governance research has focused mainly on the analysis of the information that firms ought to disclose and the effects of disclosure, basically without considering the media involved. This paper examines the relevance of technology, and particularly the internet, for the improvement of corporate governance and transparency in listed companies. The need for this study is clear in view of the increasing interest shown by supervisory authorities for the oversight of the European and US capital markets in regulating not only content but also the manner in which corporate governance information is disclosed over the internet. In this paper we have quantified three corporate governance transparency indexes and empirically identified the variables that explain the levels of disclosure attained. Our results reveal that the firms scoring highest in terms of transparency are also those that are most likely to use the internet as a channel for the disclosure of corporate governance information. Key factors underlying the levels of transparency observed include the degree to which firms are followed by analyst, the time they have been listed, their visibility and the fact of belonging to the communications and information services sector.
Engaging Privacy And Information Technology In A Digital Age
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Author : National Research Council
language : en
Publisher: National Academies Press
Release Date : 2007-07-28
Engaging Privacy And Information Technology In A Digital Age written by National Research Council and has been published by National Academies Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-07-28 with Computers categories.
Privacy is a growing concern in the United States and around the world. The spread of the Internet and the seemingly boundaryless options for collecting, saving, sharing, and comparing information trigger consumer worries. Online practices of business and government agencies may present new ways to compromise privacy, and e-commerce and technologies that make a wide range of personal information available to anyone with a Web browser only begin to hint at the possibilities for inappropriate or unwarranted intrusion into our personal lives. Engaging Privacy and Information Technology in a Digital Age presents a comprehensive and multidisciplinary examination of privacy in the information age. It explores such important concepts as how the threats to privacy evolving, how can privacy be protected and how society can balance the interests of individuals, businesses and government in ways that promote privacy reasonably and effectively? This book seeks to raise awareness of the web of connectedness among the actions one takes and the privacy policies that are enacted, and provides a variety of tools and concepts with which debates over privacy can be more fruitfully engaged. Engaging Privacy and Information Technology in a Digital Age focuses on three major components affecting notions, perceptions, and expectations of privacy: technological change, societal shifts, and circumstantial discontinuities. This book will be of special interest to anyone interested in understanding why privacy issues are often so intractable.
Patterns And Determinants Of Internet Based Corporate Disclosure In China
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Author : Jason Zezhong Xiao
language : en
Publisher:
Release Date : 2016
Patterns And Determinants Of Internet Based Corporate Disclosure In China written by Jason Zezhong Xiao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This paper analyzes the factors behind Chinese listed companies' voluntary adoption of Internet-based financial reporting, as well as their extent of disclosure. Factors identified as being relevant to voluntary disclosure choices in the more advanced market economies are included. In addition, theories on innovation diffusion and voluntary disclosure are used to generate hypotheses about factors specific to the Chinese context, such as type of auditor, foreign listing, different classes of stock ownership, and government regulation. Findings from the largest 300 listed Chinese companies support the proposition that these firms' Internet-based disclosure choices are responsive to specific attributes of their environment. The implications of the findings for policy and research are delineated.
Privacy Free Expression And Transparency
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Author : Cannataci, Joseph A.
language : en
Publisher: UNESCO Publishing
Release Date : 2016-12-19
Privacy Free Expression And Transparency written by Cannataci, Joseph A. and has been published by UNESCO Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-19 with categories.
Privacy In The Digital Age
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Author : United States. Congress. Senate. Committee on the Judiciary
language : en
Publisher:
Release Date : 2001
Privacy In The Digital Age written by United States. Congress. Senate. Committee on the Judiciary and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
The Voluntary Disclosure Of Financial Information On The Internet And The Firm Value Effect In Companies Across Latin America
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Author : Wesley Mendes-Da-Silva
language : en
Publisher:
Release Date : 2014
The Voluntary Disclosure Of Financial Information On The Internet And The Firm Value Effect In Companies Across Latin America written by Wesley Mendes-Da-Silva and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Society has been imposing standards of ethical behavior on the corporations, above all as regards the degree of transparency of information about their activities being made available to the public. At the same time the world has gone through changes because of the Information Age. The old paradigms of communication have been definitely broken, bringing about changes in the day-to-day of the corporations. Thus the companies are increasing the use of the Internet as a means of investor relations. By that they present a greater degree of corporate transparency to the market, which may maximize value for the shareholders. Studies have evaluated that the practice of Corporate Governance adopted by Latin American companies is still in the beginning (La Porta et al. 2000 and Gibson, 2002). Also the scientific production about that theme is still very discreet in Latin America. Thus being, the objective of this article is to verify the existence of association between the disclosure of financial information using the Web (INFO) by Latin American companies and the firm value as measured by the Tobin's Q Ratio (Q). The study consists of a cross-section based on data from a group of 150 companies selected randomly and stratified considering the environment of the Stock Exchanges in Argentina, Brazil and Mexico in 2002. Multivariate analysis has made evident the existence of significant association between the firm value and the voluntary Disclosure of Financial Information. The results have also revealed that this association could vary according to the Industry sector (SECT) of the company or also its size (SIZE). It has also been observed that it is irrelevant the country (COUNT) in which the company operates to the association between the voluntary disclosure of financial information on its web page and the firm value.