The Voluntary Disclosure Of Financial Information On The Internet And The Firm Value Effect In Companies Across Latin America
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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.
Securities Regulation In Cyberspace Third Edition
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Author :
language : en
Publisher: Wolters Kluwer
Release Date :
Securities Regulation In Cyberspace Third Edition written by and has been published by Wolters Kluwer this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Determinants Of Voluntary Disclosure Of Financial Information On The Internet By Brazilian Firms
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Author : Wesley Mendes-Da-Silva
language : en
Publisher:
Release Date : 2014
Determinants Of Voluntary Disclosure Of Financial Information On The Internet By Brazilian Firms 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.
Disclosure transparency is one of the pillars of good corporate governance. Moreover, the digital age has produced a dramatic shift in the corporate communication paradigm. As a result, companies increasingly use the Internet as an investor relations medium and a vehicle to disseminate financial information to capital markets. This paper examines the determinants of voluntary disclosure of financial information on the Internet by Brazilian firms. Cross-sectional analyses based on 291 non-financial companies listed on the Sao Paulo Stock Exchange in 2002 suggest that firm size and lower annual stock returns are associated with higher levels of voluntary financial information disclosure on corporate websites. These results are consistent with the notion that Brazilian firms (1) under public scrutiny or (2) that are performing poorly are more likely to disclose financial information on corporate websites.
Voluntary Disclosure Of Company Information Costly Additions Or A Step Towards Competitive Advantage
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Author : Patrick Roy
language : en
Publisher: diplom.de
Release Date : 2001-12-12
Voluntary Disclosure Of Company Information Costly Additions Or A Step Towards Competitive Advantage written by Patrick Roy and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-12-12 with Business & Economics categories.
Abstract: In a first step, this ERP derives the theoretical necessity to provide voluntary strategic and non-financial Information. It is argued that companies are an integral part of a common environment and society, acting in a framework of interdependent relationships. A company is more and more seen as a community of interests of different groups, and it can only act in an optimal way if the demands of all groups are taken into account and its behaviour is adjusted accordingly. In this context, interest groups' demands for company Information depend an the possibilities of improvements in decision making or monitoring that arise with its use, which in turn is mainly determined by the potential of Information to reduce uncertainty in the areas of interest. For external decision-makers, uncertainty often arises from sources about which conservative company statements provide little insight. Due to the traditional, finance-oriented concept of disclosure, this is particularly true for strategic and non-financial aspects. Related additional Information that is voluntarily provided can considerably reduce uncertainty, even more so as part of audited statements. Conventional financial reporting and existing disclosure requirements will generally not nearly satisfy those information needs of user groups. Any economic action, though, should only be taken if related benefits are exceeding related costs. This priority of economicalness also holds for companies' production, processing and disclosure of Information. Therefore, it is necessary to consider as detailed as possible potential opportunities and disadvantages for voluntarily disclosing company Information both an and outside capital markets. This is done in a second major part of the present work. First, voluntary disclosure can potentially affect share prices and thereby the market value of the firm, markets not being strong-form efficient. So, by giving company Information, a higher market value can directly be induced, thereby potentially lowering the cost of capital which, for example, improves the company's competitive position in the battle for cheap additional financing. [...]
Corporate Governance In Developing Economies
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Author : Robert W. McGee
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-10-15
Corporate Governance In Developing Economies written by Robert W. McGee and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-10-15 with Business & Economics categories.
Much has been written about the economic and political problems of countries that are in the process of changing from centrally planned systems to market systems. Most studies have focused on the economic, legal, political, and sociological pr- lems these economies have had to face during the transition period. However, not much has been written about the dramatic changes that have to be made to the accounting and ? nancial system of a transition economy. This book was written to help ? ll that gap. This book is the sixth in a series to examine accounting and ? nancial system reform in transition and developing economies. The ? rst book (Accounting and Financial System Reform in a Transition Economy: A Case Study of Russia) used Russia as a case study. The second volume in the series (Accounting and Financial System Reform in Eastern Europe and Asia) examined some additional aspects of the reform in Russia and also looked at the accounting and ? nancial system reform efforts that are being made in Ukraine, Bosnia and Herzegovina, Armenia, Eastern Europe, and Central Asia. The third volume (Taxation and Public Finance in Tran- tion and Developing Economies) examined taxation and public ? nance in transition and developing economies. The fourth volume (Accounting Reform in Transition and Developing Economies) examines accounting reform in transition and devel- ing economies.
Internet Based Corporate Disclosure And Market Value
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Author : Urbi Garay
language : en
Publisher:
Release Date : 2014
Internet Based Corporate Disclosure And Market Value written by Urbi Garay 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.
Manuscript Type: Empirical.Research Question/Issue: We examine the relationship between an Internet-based corporate disclosure index and firm value, and evaluate the relatively understudied corporate use of the Internet by firms listed in the seven largest stock markets of Latin America (Argentina, Brazil, Colombia, Chile, Mexico, and Peru).Research Findings/Insights: We find a positive and strong relation between our corporate governance disclosure index and the Tobin's Q for firms in Latin America. More specifically, we find, after controlling for firms' characteristics, industry and country of origin, that an increase in 1% in the Internet-Based Corporate Disclosure Index causes an increase of 0.1592% in the Tobin's Q and an increase of 0.0119% in the firm's ROA. This result is statistically and economically significant for our sample of Latin American firms. These findings are robust after considering the potential endogeneity of our regression variables and after performing a battery of other robustness checks.Theoretical/Academic Implications: The evidence shown here contributes to the mounting literature that suggest that firms can differentiate themselves by self-adopting better corporate governance practices and, more specifically, better financial and corporate disclosure measures using the Internet. That is, even in a weak investor protection setting, firms can enhance their market value by self-adopting good corporate disclosure practices.Practitioner/Policy Implications: The results presented in this paper are relevant not only for Latin America but also for other emerging markets and regions attempting to improve their corporate disclosure practices. These results suggest that national corporate governance systems should pay attention and guarantee a minimum of disclosure using the Internet.
Applied Economics Business And Development
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Author : Qingyuan Zhou
language : en
Publisher: Springer
Release Date : 2011-07-22
Applied Economics Business And Development written by Qingyuan Zhou and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-07-22 with Computers categories.
This four-volume-set (CCIS 208, 209, 210, 211) constitutes the refereed proceedings of the International Symposium on Applied Economics, Business and Development, ISAEBD 2011, held in Dalian, China, in August 2011. The papers address issues related to Applied Economics, Business and Development and cover various research areas including Economics, Management, Education and its Applications.
Do Higher Value Firms Voluntarily Disclose More Information Evidence From China
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Author : Jean Jinghan Chen
language : en
Publisher:
Release Date : 2013
Do Higher Value Firms Voluntarily Disclose More Information Evidence From China written by Jean Jinghan Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This paper examines the effect of guanxi on the relation between firm value and voluntary disclosure of information about new investment projects in China's institutional setting. We find a negative relation between firm value and voluntary disclosure for firms that rely more heavily on guanxi in their value creation (e.g. non-high-tech firms, and firms located in regions with underdeveloped institutions). This type of firms refrains from detailed voluntary disclosures for fear of revealing sensitive information that may harm their guanxi. They may more incline to use guanxi to lower information asymmetry and the cost of capital. Therefore, they have less motivation of voluntary disclosure. By contrast, for firms that rely less heavily on guanxi and more on other sources of core competencies (e.g. high-tech firms, and firms in high-marketization regions), we find a positive relation between firm value and voluntary disclosure. This type of firms more replies on voluntary disclosure to reduce information asymmetry and financing cost. Such incentives are particularly strong for high value firms. The moderating role of guanxi on the relation between firm value and voluntary disclosure is explained by firms conscientiously balancing the costs and benefits of voluntary disclosure relative to guanxi. Our evidence has implications for research on motives for disclosure and regulation of financial reporting.
Is Voluntary Disclosure Value Relevant Evidence From Italian Listed Companies
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Author : Davide Scaltrito
language : en
Publisher:
Release Date : 2016
Is Voluntary Disclosure Value Relevant Evidence From Italian Listed Companies written by Davide Scaltrito 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.
The paper aims to assess the level of voluntary disclosure in companies listed on the Italian Stock Exchange and understand the relationship between the quality of voluntary disclosure and market value of Italian listed companies. Voluntary disclosure refers to the discretionary release of financial and non-financial information, which companies are not obliged to disclose by accounting standard setting bodies. In particular, this paper analyzes the effect that disclosure of voluntary information could have on the stock market value of Italian listed companies. To do this, 203 annual reports of Italian listed companies for the year 2012 were analyzed. A voluntary disclosure index index is created to measure the extent of disclosure. The index is used in an ordinary least squares model, as a dependent variable, to understand relationships between the above-mentioned determinants. The disclosure score is composed mainly of 38 items per firm.A total of 7,714 items were collected and analyzed.Results show the level of voluntary disclosure provided by Italian listed companies in their 2012 annual reports positively and significantly affect the value relevance of Italian listed companies.
What You Say And How You Say It
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Author : Maximiliano Gonzalez
language : en
Publisher:
Release Date : 2019
What You Say And How You Say It written by Maximiliano Gonzalez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Firms in Latin America could differentiate themselves by adopting better information disclosure practices. In this paper, we construct an Information Disclosure Index (IDI) for a sample of 454 firms in the six largest Latin America countries. We look at 3.191 company reports and show that firms with better disclosure practices have better market valuation (Tobin's Q) and operating performance (ROE). We then measure the tone of the information disclosed using word content analysis, and find that uncertainty in tone is negatively associated with higher firm valuation (Tobin's Q) and better financial performance (ROE).