Web disclosure and the market for charitable contributions

Nonprofit organizations face intense competition in the market for charitable contributions. Increasingly, donation decisions are made online, and organizations have responded by implementing substantive Internet disclosure and reporting regimes. We posit here that the voluntary disclosure of financial and performance information inherent in these regimes provides additional relevant information to a broad array of market participants, and thus has a positive impact on the receipt of charitable contributions. We test our hypotheses on a random sample of 400 US nonprofit organizations by building on the well established economic model of giving (Weisbrod and Dominguez, 1986), in which donations serve as the proxy for demand. Our central research question is thus: Are donors willing to “pay” for Web disclosure? Results indicate a positive relationship between the level of charitable contributions and the amount of disclosure provided by an organization on its website; however, performance and annual report disclosure are more important than financial disclosure, and performance disclosure has the biggest impact in organizations that are less reliant on donations.     

Strange bedfellows? Voluntary corporate social responsibility disclosure and politics

We show a reliable association between voluntary corporate social responsibility (CSR) disclosure and company political interests, which we proxy by company employees’ contributions to political action committees and statewide voting in presidential elections. This relation is most pronounced for the contributions of Democratic employees at companies in states that vote for the Democratic presidential candidate. We also show a positive association between corporate political contributions and excess stock returns. A portfolio strategy of investing based on company size, CSR disclosure intensity and corporate political contributions produces a significant positive mean excess stock return of 4.5 per cent over 3 months following CSR disclosure.     

上市公司临时报告之重大交易披露标准研究——基于股票上市规则的监管实践与思考

重大性标准是股票上市规则中持续信息披露制度的核心要素。目前部分上市公司资本运作频繁,偏离主业、盈余管理问题突出,同时亦存在通过拆分交易等规避披露要求之情形,导致当前重大性标准未能充分适应市场变化的需要,上市公司商业效率、决策效率以及投资者知情权之间的平衡难以维系。本文在归纳总结上市公司交易事项披露之重大性标准表现形式及内在逻辑的基础上,梳理了我国现行规则的特点及应用难点,研究了成熟资本市场的做法,就股票上市规则中重大性标准测试指标体系的优化、累计计算规则中"标的相关"条件的适用以及上市公司证券投资行为的披露等方面提出完善建议。     

Financial Disclosure Management by Charitable Organisations: A Conceptual and Operational Framework

We present a conceptual and operational framework for analysing financial disclosure management by charitable organisations. We paint an overall picture of the issue and apply various theories to explain this management practice. The framework lists the many motivations and contextual factors that impel managers of charitable organisations to manage financial information and explains how they weight and prioritise items in light of considerations such as incentive bonuses, social performance, resource dependence and monitoring mechanisms. The framework also sums up the strategies and techniques that undergird financial disclosure management and describes the monitoring mechanisms that mitigate this opportunistic practice and its consequences. The paper concludes by presenting several research avenues.     

Equity home bias and corporate disclosure

I show that more comprehensive corporate disclosure reduces investors’ uncertainty about domestic companies’ payoffs at no cost, thereby decreasing investors’ equity home bias toward a country. Since investors should base their investment decisions on valid and easily interpretable company information only, more comprehensive disclosure will reduce the home bias only if domestic securities law is sufficiently stratified and domestic companies use international accounting standards. Using panel data for 38 countries from 2003 to 2008 I find that more comprehensive disclosure reduces investors’ home bias, though significantly only for countries that sufficiently enforce their securities law and implement international accounting standards.     

上市公司会计信息披露法律责任的设定问题

中介机构和上市公司及其管理当局是当前会计信息披露最主要的违法主体 ,但两者在违法动因和危害程度等方面有许多不同。所以 ,要有效地惩罚和威慑违法行为 ,必须针对不同的违法主体设定相应的法律责任。本文主要分析中介机构和上市公司及其管理当局应该分别承担什么样的法律责任。本文认为 ,我国会计信息披露法律监管中主要的问题在于 ,对于上市公司及其管理当局 ,以行政责任为主的责任体系没有能够起到很好的惩罚和威慑作用 ;而对于中介机构 ,则是行政责任的追究力度不够。今后会计信息披露监管中需要重点解决的问题之一是 ,对于上市公司及其管理当局确立以民事责任为主的法律责任体系 ,同时加大对于中介机构违法行为的行政责任的追究力度。     

比较法视域下公司董事赔偿责任保险立法问题研究——基于日本第二次《公司法》修改的比较考察

D&O保险的立法问题是我国司法实践中一个亟需澄清的问题,同时亦是保险法学界关注较多的基础理论问题。本文通过考察D&O保险合同在公司治理中的价值,细致分析在2019年日本第二次《公司法》修改之际学界对D&O保险规则立法与否的争论及立法演进历程,并对增设D&O保险合同规定的初衷以及在决定该保险合同内容时的决策程序进行系统阐释。研究发现,增设D&O保险合同规定、明确公司有权全额负担保险费用,有助于提高管理层的风险承担水平和管理效率,进而促进企业创新。在探讨我国《公司法》是否应当构建D&O保险规则这一问题时,应注意到公司法上的补偿制度是D&O保险存在的前提。就D&O保险合同内容的信息披露问题,一方面,为防止公司费用无限地用于提升填补限额,可采披露D&O合同信息的手段;另一方面,就具体的信息披露事项,不可盲目“照搬”美国做法。     

环境信息披露制度、公司治理和环境信息披露

企业环境信息披露体现了上市公司对环境信息披露制度的遵守和执行,同时增加了公众对上市公司行为的了解;反过来,这将促使上市公司改变他们的一些行为。本文在给出企业环境信息披露制度定义的基础上,采用我国重污染行业上市公司2006—2010年年报和独立报告中披露的环境信息进行实证研究,研究证明制度对企业环境信息披露有显著的正向关系,即环境信息披露法律法规的颁布及实施提高了企业环境信息披露水平;同时研究验证了公司治理具有增强制度对企业环境信息披露的促进作用。研究结果为《上市公司环境信息披露指南》的出台提供了证据支持、为完善企业环境信息披露制度的设计提供了经验证据。     

Causes and effects

Most companies make charitable donations, but few approach their contributions with an eye toward enhancing their brands. Those that do take such an approach commit talent and know-how, not just dollars, to a pressing but carefully chosen social need and then tell the world about the cause and their service to it. Through the association, both the business and the cause benefit in ways they could not otherwise. Organizations such as Avon, ConAgra Foods, and Chevrolet have recognized that a sustained cause-branding program can improve their reputations, boost their employees' morale, strengthen relations with business partners, and drive sales. And the targeted causes receive far more money than they could have from direct corporate gifts alone. The authors examine these best practices and offer four principles for building successful cause-branding programs. First, they say, a company should select a cause that advances its corporate goals. That is, unless the competitive logic for supporting the cause is clear, a company shouldn't even consider putting its finite resources behind it. Second, a business should commit to a cause before picking its charitable partners. Otherwise, a cause-branding program may become too dependent on its partners. Third, a company should put all its assets to work, especially its employees. It should leverage the professional skills of its workers as well as its other assets such as distribution networks. And fourth, a company should promote its philanthropic initiatives through every possible channel. In addition to using the media, it should communicate its efforts through the Web, annual reports, direct mail, and so on. Cause branding is a way to turn the obligations of corporate citizenship into a valuable asset. When the cause is well chosen, the commitment genuine, and the program well executed, the cause helps the company, and the company helps the cause.     

公众公司财务报告的披露、分析与解释机制

本文旨在研究公众公司财务报告的披露、分析与解释机制。以披露为基础的财务报告架构要想有效地发挥其功效, 必须做到两点第一, 必须要披露财务报告; 第二, 使用者应该有效地使用所披露的财务报告。前者通过公众公司财务报告披露机制完成, 其中披露规则和披露过程是关键; 后者则需要借助公众公司财务报告的分析与解释机制, 主要包括证券分析师、评级机构等中介服务机构功能的发挥。本文对这些机制和要件分别进行了理论探究和制度分析, 并在此基础上针对中国相关机制的现状和问题进行剖析, 得出一些有益的启示和改进的建议。     

Voluntary Disclosure of Intellectual Capital by Hong Kong Companies: Examining Size, Industry and Growth Effects Over Time

This paper investigates voluntary intellectual capital disclosure (ICD) by listed Hong Kong companies. It uses data taken from the years 1992, 1998 and 2002 to give a longitudinal account of voluntary ICD. Company size and industry effects on voluntary ICD are tested, as are the effects of time and level of disclosure on the financial success of a company. We find that levels of voluntary ICD are low but increase over time. Size and industry effects are found, while company financial success is positively correlated with the voluntary disclosure. These findings have implications for policy formulation and practice in relation to the reporting of intellectual capital.     

论公司慈善捐赠中董事的忠实与勤勉义务

妥当定位公司慈善捐赠中董事的行为规则,是解决公司慈善捐赠活动中各种利益冲突的关键.客观上公司慈善捐赠会增进社会公共利益,但董事决策公司慈善捐赠的行为目标却应该与董事在公司治理中的职责相一致,即促进公司利益最大化.公司慈善捐赠中董事需对公司承担忠实义务和勤勉义务,以公司利益为自己的行为准则,竭力通过捐赠促进公司长期与短期利益的最大化.     

信息披露、信息中介与企业过度投资

本文基于中国上市公司的经验数据,对信息披露、信息中介与企业过度投资之间的关系进行了探索,研究结果表明:信息披露水平提高和信息中介的发展,将减轻信息不对称程度,进而提高了企业的投资效率,抑制过度投资行为。本文还发现上述机制之间存在互补关系,信息中介作用的发挥依赖于信息披露机制,而更多的信息中介参与营造了较好的信息传播环境,增强了信息披露机制的抑制效果。     

VOLUNTARY DISCLOSURE OF ACCOUNTING RATIOS IN THE UK

This paper investigates whether the voluntary disclosure of ratios in corporate annual reports can be explained by agency and signalling theory. The two theories are discussed and the applicability to explaining ratio disclosures considered. Drawing on agency and signalling theory, seven hypotheses are tested using data collected over five years, for 313 UK companies. More specifically, associations are considered between ratio disclosure and the following characteristics: company profitability; return on investment; gearing; liquidity; company efficiency; size and industry. The paper finds some evidence of an association between ratio disclosure and company performance, size and industry. The implications of these findings are considered and areas of further research discussed.     

Risk disclosure and cost of equity: The Spanish case

In this paper we make an empirical study of the relationship between risk disclosure and the cost of equity. In particular, the objective being pursued is to contrast whether or not the cost of equity for the company is related to its financial and non-financial risk disclosure. Our results show no statistically significant relationship between the latter and the cost of equity; and a statistically significant relationship, with a positive sign, between this cost and financial risk disclosure. This suggests that company risk disclosures appear to introduce unknown contingencies and risk factors rather than only update information about known risks.     

A multinational test of determinants of corporate disclosure

This paper develops a model of cultural, national, and corporate factors that influence the financial disclosure of corporations. This model is then tested empirically using a sample of companies from 33 countries. The paper extends the literature on disclosure by considering a larger number of variables that represent determinants of disclosure and by empirically testing the model using a larger number of countries than prior studies. The model is tested using disclosure scores included in International Accounting and Auditing Trends. The model considers the influence of culture, national political and economic systems, and corporate financial and operating systems on the amount of corporate financial disclosure. The results of the regression model indicate that disclosure is influenced by culture, national systems, and corporate systems. The model developed is shown to provide a reasonably good explanation of the disclosure decision. Differences among the components of the model help explain differences in observed financial disclosure between companies in different countries and between companies within the same country. The results indicate that the financial-disclosure decision for a company is complex and influenced by many national and corporate factors.     

The effect of fair disclosure regulation on timeliness and informativeness of earnings announcements

This paper examines the effect of Korea’s fair disclosure regulation on the timeliness and informativeness of earnings announcements. The present regulation for Korean listed firms requires that if a company’s sales revenue, operating income (or loss) and net income (or loss) have changed by over 30% compared to the prior year, the firm must disclose this information through a preliminary financial report (PFR) even before the company is audited by external auditors. To analyze the effects of this policy, we first investigate the timeliness of preliminary financial report disclosures. We examine the extent to which Korean listed companies actually comply with the requirement for prompt notification of information concerning material changes in financial performance. Second, we investigate the informativeness of preliminary financial reports by analyzing differential stock market reactions to different timings of preliminary financial report disclosures. Our empirical results reveal that more than half of our sample firms release their preliminary financial reports after external audits are completed, thereby potentially invalidating the effectiveness of the regulation. In addition, we find that preliminary financial reports have information value only if they are disclosed prior to annual audit report dates. This finding supports the notion that timeliness increases the informativeness of preliminary financial report disclosure by curbing insiders’ ability to potentially profit from their information advantage.     

关键审计事项与公司业绩

在审计报告中增加关键审计事项段落,丰富了审计报告的信息含量,提升了审计报告作为桥梁的沟通价值。本文利用2017年上市公司年报审计的相关数据,研究披露关键审计事项对于公司业绩的影响,并进一步探究股权性质和内部控制质量在二者关系中的作用。本文研究发现,披露关键事项越多,公司业绩越差,由于国有企业具有更多的政策扶持和资源优势,披露关键事项与公司业绩的负相关关系较弱,高质量的内部控制水平可以提高公司的风险防控水平和决策质量,提升投资者的信任程度,因此披露关键审计事项与公司业绩之间的负相关程度较弱。     

The impact of corporate attribites on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe

This article reports the results of an empirical investigation of the degree of influence of eight corporate attributes on the extent of mandatory disclosure and reporting of 49 listed companies in Zimbabwe. Using a disclosure index which consisted of 214 mandated information items, the extent of mandatory disclosure be each sample company was quantified, and was used with other data specific to each sample company to test the relational hypotheses. Although several alternative specifications of multivariate regression models were developed and estimated, only the results of a robust regression analysis which indicated that company size, ownership structure, company age, multinational corporation affiliation, and profitability have statiscally significant positive effect on mandatory disclosure and reporting practices of the sample companies were reported. The quality of external audit, industry-type and liquidity were statistically insignificant.     

R&D支出信息披露的价值相关性研究

研究开发(R&D)支出的信息披露有助于投资者了解企业R&D的投入水平和技术实力,并据此预测企业未来的盈利能力和发展潜力,有利于投资者判断公司的价值。对我国新无形资产准则实施以来的研发支出信息披露的现状进行分析的基础上,本文对研发支出及其信息披露的价值相关性进行了检验,研究发现,股票价格对资本化研发支出和费用化研发支出存在选择性吸收,研发支出信息披露质量对股票价格有显著的影响,提高研发信息披露质量有利于提高会计信息的价值相关性。