慈善组织公信力重塑视阙下会计信息披露机制存在的问题及成因研究

会计信息披露机制作为解决慈善组织信息透明度不足、重塑慈善组织公信力的制度选择,在实施过程中存在一系列问题,阻碍了会计信息披露机制功能的有效发挥。为此,在对会计信息披露机制与慈善组织公信力关系进行分析的基础上,对慈善组织会计信息披露机制存在的问题及其成因进行了深入研究,以期对会计信息披露机制的构建提供一些启示。     

Informal information flows in organizations: The role of the Italian coffee break

Research on information flows within companies has focused on codified formalized information management tools. In practice, it is questionable whether IT-based management systems for storing and disseminating internal information in organizations are sufficiently used by the staff. As an alternative to centralized forms and instruments of information management, there are also informal and dialogic forms, such as the “coffee break” well known in Latin companies: employees come together spontaneously and thus contribute to “natural” internal fluid information circulation. Based on an empirical study conducted in Italian companies, this paper describes essential functions of the coffee break – as a dynamic inter-divisional and heterarchic organizational practice: these include coordination of work processes, confidence building, networking, problem solving, and extension of the meta-knowledge on organizational processes and structures. The paper contributes to the literature on information management by taking into account contextual elements.     

关于加强图书馆信息服务的思考

本主要从加强信息资源开发、加强自动化建设实现资源共享以及加强服务队伍建设三个方面对图书馆如何进行信息服务做了分析与阐述。     

直流系统绝缘异常的处理原则与查找方法

论述了直流系统绝缘下降时，对于设备运行的影响与危害；同时结合现场的实际实际说明查找故障的原则，方法与注意事项。     

Stand by me: Friends,relationship banking,and financial governance in Asia

While northeastern Asian economies have grown at a stellar rate over the past 4 decades, during the same period, bank officials and financial market participants have been charged with corruption, nepotism, and government meddling and have incurred high levels of non-performing loans. The close relationships between financiers and their clients, a part of Chinese society known as guanxi, has often been criticized as a key source of corruption in Northeast Asia finance. However, the complex nature of relationships in guanxi networks brings a good side to Asian finance in that reputational risk disciplines financiers, clients, and government officials. I delve into the personal side of Asian finance using the theoretical poles of transactional and relationship banking. Transactional banking is a top-down, hard-data impersonal form of financial contracting, while relationship banking is a bottom-up interpersonal form of banking that relies on softer data. I argue that relationship banking, which naturally fits into an Asian context, could engender a shift from bad behavior to good behavior to protect wealth, reputation, and friends. Contrary to conventional wisdom, guanxi may lead to better governance in banking and other areas of Asian finance as more information becomes available through numerous media outlets and as groups outside the banking sector (e.g., insurance companies, the press, auditors, and citizens) discipline bankers and their clients through ‘private monitoring.’     

Search Engine Optimization and Pay-per-Click Marketing Strategies

Any e-commerce venture using a website as the main shop front should invest in marketing its website. In this study, the relationship between website owners having invested in search engine optimization (SEO) and pay-per-click (PPC), respectively, is investigated. The design used in this research involves an empirical field experimental approach in which implementation of both SEO and PPC are considered, with subsequent comparison of results. Data were gathered from Google search results after performing both Fat Head and Long Tail key-phrase searches based in various categories. Websites that were listed among the top 10 in the sponsored section of search results were recorded. These websites were then checked to see if they also had an SEO ranking within the top 100 for both the Fat Head and Long Tail key-phrases. It is found that website owners seldom invest in SEO as part of a search engine marketing (SEM) campaign. This seems to confirm some of the findings by other authors. This research has important implications for SEO and PPC practitioners, and for website owners. It should influence the way budgets on search engine marketing are applied. Finally, it could be used by marketing managers in better utilizing their limited SEM dollars. No evidence could be found that this kind of empirical research has been done, hence the results are considered to be unique.     

FINANCIAL EDUCATION AND BEHAVIORAL FINANCE: NEW INSIGHTS INTO THE ROLE OF INFORMATION IN FINANCIAL DECISIONS

Recent empirical evidence based on surveys and experimental activities within the fields of behavioral finance and financial education has offered economists new empirically based insights into how individuals use information in making financial decisions. Specifically, the importance of information in financial decisions may be reduced or eliminated by psychological aspects of the individual, such as a state of overconfidence that is individual or shared with a group, or by the individual's limited ability to process complex and abundant information. This paper aims to complement this emerging body of literature by studying how individuals perceive and process information when making financial decisions. We review these contributions and suggest a number of broad guidelines that can provide a framework for future discussion of this topic within financial decision theory.     

The role of accruals quality in the access to bank debt

This work analyses the effect of accruals quality in the access of firms to bank debt in a panel data of SME Spanish firms. The results show a positive association between accruals quality and bank debt, even when controlling for other determinants of bank debt and for possible endogeneity between bank debt and accruals quality, which suggests that higher precision of earnings reduces information asymmetries with banks and favors the access of firms to bank loans.     

Market liquidity,private information,and the cost of capital: Market microstructure studies on family firms in Japan

We investigate cost of capital, information asymmetry, and market liquidity of listed family firms vs. non-family firms in Japan. First, we find that the cost of debt is lower and the cost of equity is higher for family firms than non-family firms, but the differences are not significant. The WACC of family firms becomes higher than that for non-family firms and the difference is significant probably because family firms in Japan use less leverage. Next, we find that the stocks of family firms are traded with higher information asymmetry than non-family firms. As for information asymmetry and illiquidity measures, we utilize the variables Adjusted PIN and Probability of Symmetric Order Flow Shocks (PSOS). Concomitantly we also estimate alternate conventional measures of market liquidity as a robustness check. Overall, the evidence on liquidity is somewhat mixed, while we find family firms show higher information asymmetry, which may affect cost of equity. As a final policy implication, we recommend family firms in Japan conduct more voluntary and timely disclosure, in particular, for the benefit of general stock investors, and may want to increase leverage to reduce the WACC.     

Pro forma accounting disclosures: The effect of reconciliations and financial reporting knowledge on nonprofessional investors' judgments

Regulation G requires companies that report non-GAAP or “pro forma” earnings provide a reconciliation. While nonprofessional investors are a large, heterogeneous population with varying degrees of financial reporting knowledge, previous research treats them as a homogenous group. The study examines how differences in financial reporting knowledge and information viewing behavior affect the influence of reconciled pro forma earnings disclosures on nonprofessional investors' judgments. Lower-knowledge investors appear to incorporate information on differences between GAAP and pro forma earnings in their judgments as long as they view this information in the reconciliation. However, higher-knowledge investors appear to consistently incorporate information on differences between GAAP and pro forma earnings in their judgments regardless of the relative amount of time they spend viewing the reconciliation relative to other disclosures. Our results suggest that knowledge differences influence how nonprofessional investors acquire and use information on differences between GAAP and pro forma earnings.