Voluntary Disclosure and the Type of Product Market Competition： Capacity vs. Price

This paper investigates empirically the effect of different types of product market competition on levels of voluntary disclosure of proprietary information in financial markets. The author proposes that there are two types of strategic interaction settings relevant to disclosure： capacity competition and price competition. Capacity competition drives firms to disclose more information to attain financial market valuation-related benefits, while price competition drives them to disclose less to protect long-term product market advantages. The author finds that the type of product market competition affects the level of voluntary disclosure over and above the finn＇s external financing needs documented in the previous literature. That is, firms engaged in capacity competition disclose relatively more information than those in price competition. Further analysis shows that capacity competition firms disclose more information than no-strategic-interaction benchmark firms but that price competition firms do not disclose less information than the benchmark firms.

The extent of voluntary disclosure in an emerging capital market： The case of Jordan

This study evaluates the extent of voluntary disclosure in the annual reports of non-financial companies listed at the Amman Stock Exchange （ASE） for the year 2006. The study adopts the disclosure index suggested by Haddad, AI-Shattarat ＆ Nobanee （2009） and evaluates the voluntary disclosure for the Jordanian companies for the year 2006 at three levels： the first provides a description and analysis of the overall voluntary disclosure; the second covers the extent to which each individual item of information is disclosed; the third covers the type of information （e.g., financial information, historical information, management discussion）. The results of the study reveal that there was a considerable variation in the disclosure of the index items and also among the listed companies. On average, a company disclosed about 28.95% of the items applicable to it, and only six out of the 53 companies received disclosure scores greater than 50%. It was also found that 50 items out of 62 items included in the index had a disclosure below 50%, and 10 items had disclosure of less than 10%. With respect to the evaluation of different types of information, the analyses indicated that the category of the background information, the category of financial ratios and the category of management discussions were better disclosed in corporate annual reports than the other types of information.

Voluntary disclosure behavior and strategy in Chinese listed companies

Due to the information asymmetry on the securities market, Chinese listed companies have incentives to disclose voluntarily. Mandatory disclosure and voluntary disclosure are both included in an effective information disclosure system. Mandatory disclosure is the basic demand of the market, and voluntary disclosure is the extended demand of the market, because of its informative complement to the timing, content and depth of disclosure. With the weakening of seller＇s market characteristic in China, the voluntary disclosure behavior in the listed companies has been greatly encouraged. This paper provides a statistical description of the status quo of the voluntary disclosure behavior in Chinese listed companies, and claims that the voluntary disclosure strategy guided by the investor relations management should be included in the corporate strategies.

Towards the Association of Voluntary Disclosures and Value of Firms:Evidence Revisited in India

The information disclosed by the companies in their annual reports reveals much about company’s performance and prospects. Investors take the information as base for decision for investment. Under such circumstance, companies choose to disclose beyond what is mandatorily required. Theories like agency theory, capital need theory and signaling theory support the need of voluntary disclosure. This study is about the relationship between voluntary disclosure and value of Indian pharmaceutical companies listed on World’s oldest stock exchange, Bombay Stock Exchange (BSE). Objectives: Twofold : First, to investigate the extent of voluntary disclosure practices prevailing in pharma sector of India, Second, to study the impact of voluntary disclosure on Value of companies (value as measured by Weighted Average Cost of Capital, Stock Volatility and Price to Book Ratio) for the year 2010-2011 to 2017-2018. Research Methodology: To understand the extent of disclosure, a disclosure checklist is constructed and descriptive statistics are carved to reach the results. To understand the impact, Panel data regression (Fixed effect model, Random effect model, Hausman test) are run. Observation: Voluntary disclosure does not affect WACC but are negatively related to stock volatility and Price to Book Ratio in Indian scenario.

Investigating Voluntary Risk Disclosure： The Case of Jordanian Banks

The aim of the study is to investigate whether banks in Jordan are compliant with the International Financial Reporting Standards （IFRS） 7 requirement for mandatory disclosure and to find out the extent to which the banks provide voluntary risk disclosures. To achieve the objectives of the study, we collected data from all 15 banks listed on the Amman Stock Exchange for the year ending December 2013. The findings of the study suggest that there is strong compliance with respect to mandatory risk disclosure, as required by IFRS. However, the results generally signal a need for further improvement in the voluntary risk disclosure area, since most of the banks do not provide adequate information that can be of use to stakeholders. We also suggest future avenues of research into the topic to determine progress.

The Influence of Market and Company Characteristics on Voluntary Disclosure

In this paper, the determinants of the voluntary disclosure level of firms have been investigated during a period of deep financial crisis. Two disclosure indexes used as dependent variables are proposed： a global index based on both quantitative and qualitative disclosure and a solely quantitative voluntary index. Firstly, the explanatory variables have been selected taking into account the main contributions of international literature. In addition, some specific variables have been introduced in order to take into account the peculiarities of Italian market system and the ongoing financial crisis. A positive relationship has been found among the global voluntary disclosure （GVD） and the number of employees, the dividend policy, and the presence of independent directors on the board. On the contrary, a negative correlation with respect to the percentage of the firm＇s outstanding shares held by directors （not independent） exists. With reference to the quantitative voluntary disclosure （QVD） index, there is a positive correlation with the number of employees, the dividend policy, the market floating, and the incidence of intangible assets. Moreover, such （quantitative） a disclosure is different depending on the industrial membership sector.

The effect of earnings forecast precision on firm value and insider trading under voluntary disclosure in Taiwan

Taiwan changed its earnings forecast policy from mandatory to voluntary disclosure in 2005. In this study, the inferences of voluntary earnings forecast are examined based on forecasts issued by listed firms. This study suspects that insiders have a temptation to strategically manipulate financial forecast information to influence markets and thus receive extra rents. Under the new earnings forecast disclosure policy, the number of disclosing firm decreases but the precision of earnings forecast increases. The empirical result from dynamic panel data evidences the forecast error of voluntary disclosure may negatively impact firm values. Furthermore, there is a positive relationship between insiders＇ trading profit and manipulation of earnings forecasts. As volatility in insider manipulation increases, it is difficult for the investors to predict the real intention of insiders, and insiders may achieve greater benefits from trading. This study also observes that many listed companies hold investor conferences to provide earnings guidance in Taiwan. The reason may be that investor conference is more flexible and has less forecast error cost than the formal financial forecast. This study provides important insights into earnings forecast policy in emerging markets. The competent authority should improve corporate governance and develop monitoring functions to abate forecast manipulation.

The Impact of Financial Distress Status and Corporate Governance Structures on the Level of Voluntary Disclosure Within Annual Reports of Firms （Case Study of Non-financial Firms in Indonesia Over the Period of 2009-2011）

The purpose of this research is to examine the impact of financial distress status and corporate governance structures on the level of voluntary disclosure. We apply six independent variables, including the firm＇s financial distress status and five components of corporate governance structures, such as board independence, audit committee independence, institutional ownership, board meeting frequency, and audit committee meeting frequency. This research is carried out by examining the annual reports of 114 non-financial firms listed at the Indonesian Stock Exchange over the period of 2009-2011. To test hypotheses, we undergo two different analyses, including independent samples t-test and Multiple Linear Regression. We find that： （1） The audit committee independence and the audit committee meeting frequency have significant positive impacts on the level of voluntary disclosure; （2） The financial distress status is negatively related to the level of disclosure at various levels of significance; and （3） All the independent variables are simultaneously related to voluntary disclosure.

Factors Influencing the Voluntary Disclosure of Vietnamese Listed Companies

This paper aims to investigate the factors affecting the extent of voluntary disclosure by examining the annual reports of 205 industrial and manufacturing companies listing on Ho Chi Minh Stock Exchange （HSX） and Hanoi Stock Exchange （HNX） for the year of 2012. Those factors include company size, profitability, leverage, state ownership, managerial ownership, and foreign ownership, board independence, role duality, and type of external auditors. Evidence from this study suggests two main findings： （1） Companies with high foreign ownership have a high level of voluntary disclosure; （2） The company size is an important factor related to the increased level of voluntary disclosure in annual reports of Vietnamese listed companies. However, no significant associations are found between profitability, leverage, state ownership, managerial ownership, board independence, role duality, and type of external auditors as hypothesized in this study.

Information Voluntary Disclosure Made by China＇s Listed Companies： the Status Quo and Its Countermeasure

Voluntary disclosure is one of the major sign of the mature security market. Chinese securities market is in her young age. The quality and way of information disclosure in listed companies is one of major concern for the market. With the development and expansion of the market, the voluntary disclosure has been drawn a great attention by investors. However, in China, the information disclosure is mainly mandatory and only very a few companies are willing to disclose voluntarily. In general, the information voluntary disclosure in China is lacking. This paper discusses the current status, possibility, and problems for the voluntary disclosure based on data from the annual reports prepared by listed companies. Recommendation for the future improvement and fulfillment of the voluntary disclosure are out forward accordingly.

Assessing Disclosure Quality： A Methodological Issue

The voluntary disclosure studies conducted until today, in social accounting and related fields, use different approaches to evaluate the so-called ＂disclosure quality＂. Disclosure quality is not so easy to measure, and it is derived from the application of different methodologies. In particular, the methodologies to assess the level of disclosure could be classified as subjective or objective. To the first category belong all the ＂tools＂ that are used directly without relying on the analysis of the original source of the information studies （Imhoff, 1992; Coleman ＆ Eccles, 1997; Welker, 1995）. The objective measurements used to assess the disclosure quality are, instead, based on the direct study of the original information source in order to obtain the information required （Krippendorff, 1980; Weber, 1985; Botosan, 1997; Lang ＆ Lundholm, 2000）. The aim of the paper is to give scholars and researchers a brief framework to understand the different methodologies used in accounting literature to assess the disclosure quality, providing examples of the application of the same in different research contexts.

Peer effect on climate risk information disclosure

In this study,we examine the peer effect on climate risk information disclosure by analyzing A-share listed companies in China.We find that industry peers influence target firms’climate risk information disclosure through active(passive)imitation resulting from cost-benefit considerations(institutional pressures).Leader companies are more likely to be emulated by within-industry follower companies and target firms prefer to learn from similar withinindustry firms.Executive overconfidence and performance pressure negatively affect target firms’willingness to emulate their peers.Finally,the peer effect of climate risk information disclosure demonstrates a regional aspect.Our findings have implications for reasonable climate risk information disclosure at the micro level and effective regulation to move toward achieving carbon peak/neutrality at the macro level.

The Extent of Voluntary Information in the Annual Report and the Share Price Volatility： Application of DEA and SFA on the French Market

In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data envelopment analysis （DEA） and the stochastic frontier analysis （SFA） models on a sample of 50 listed French firms belonging to the Soci6t6s des Bourses Fran^aises （SBF250） index from 2004 to 2008. The authors focus on the extent of voluntary disclosure in the annual reports that have been measure by using a composite disclosure index. Then, the authors study the relevance of disclosure policies through the ability of the voluntary disclosure level to effectively reduce the share price volatility. The findings of DEA and SFA provide, in average, highly efficient scores of the sample, reveal the several dispositions taken by the French Exchange Market authorities and the initiative of French firms to improve the market stability. In addition, the findings highlight, in average, stability of the firms＇ efficiency scores over the studied period. The authors explain these findings by the stability of corporate disclosure policy as suggested in previous literature （e.g., Botosan, 1997）. However, there are some differences between the findings of SFA and DEA models.

Voluntary disclosures and peer-to-peer lending decisions:Evidence from the repeated game

This study investigates the effect of voluntary disclosures on lending decisions in the repeated game.Using a unique dataset from a peer-to-peer lending platform,"ppdai" (poipaidai),we document that voluntary disclosures in the repeated game play a stronger role in promoting funding success than those in the one-shot game.We argue that voluntary disclosures improve the bidding activity in the repeated game through which they increase funding success.In addition,the greater impact of voluntary disclosures on funding success in the repeated game only holds for loans without a personal guarantee attribution.Our extended results suggest that the subjective voluntary disclosures in the repeated game have greater information content only when borrowers have a successful borrowing experience.We also point out that voluntary disclosures in the repeated game are associated with a lower probability of default.Our results are robust to the Heckman two-step estimation that addresses the self-selection effect and a specification designed to rule out the alternative explanation from reputation in the repeated game.Our study provides new insights into the real effects of costless,voluntary and unverifiable disclosures on lending decisions.

强制与自愿二元定位下《证券法》ESG信息披露制度的体系完善

如何提升ESG信息披露的数量与质量,是当下ESG信息披露制度完善的首要目标。现有研究主要基于ESG强制性信息披露可以弥补自愿性监管不足之逻辑,认为应加强ESG信息披露的强制性;却忽略了自愿性信息披露的价值,以及在为何加强、如加强强制性方面论证不足。首先,理论研究发现,自愿性信息披露具有强制性信息披露不可替代的优势,其灵活性更契合ESG信息披露的个性化特征,形成更有效的市场信息;另一方面,自愿性与强制性信息披露是不可割裂的,在制度功能、披露内容与制度构建上具有关联性、互补性。完善的ESG信息披露制度需要强制性与自愿性的二元结合。其次,ESG的功能定位直接影响监管模式的选择。监管部门如将ESG定位为促进公司长期价值的工具,即属于公司自治范畴,采用自愿立场;如将ESG定位为社会治理的手段,往往会提升ESG信息披露的强制性以达到社会治理的目标。据此,我国现阶段基于“双碳”治理的目标提升环境信息披露的强制性,保留其余信息披露的自愿性具有理论与实践正当性。再次,虽然二元监管模式定位合理,但是在具体制度建设中仍存在环境强制性信息披露监管不足、自愿性ESG信息披露激励不足的内生冲突。当前环境强制性信息披露仍然采用单一重要性原则,可能造成ESG信息披露供给不足以及难以应对“漂绿”现象;在法定环境信息披露事项上,也存在标准不一的问题。自愿性信息披露则存在激励不足的现象。上市公司可能因为ESG信息披露承担监管风险,但却无细则与免责事由指引如何避免。最后,在制度优化上,监管强化存在引进双重重要性原则以及增列强制性信息披露事由两条路径。但考虑到双重重要性原则所代表的社会公共利益与证券法投资者保护利益的根本性冲突,现阶段统一法定环境信息披露标准较为合适。另一方面,证券法可以增列与环境有关的公司治理结构披露事项,以与环境法信息公开相区别。激励强化存在引进预测性信息安全港以及细化指引两条路径。但考虑到国内并无预测性信息安全港的相关规则,立法成本过高,因此现阶段细化自愿性ESG信息披露较为适宜。

证券法信息披露规则的体系解释

证券法“一体两面”的信息披露规则体系,以重大信息披露规则为体,以虚假陈述和内幕信息为两个违法面相,三者的信息范围及重大性标准具有一致性。2020年新修订的《证券法》颁行,新增自愿信息披露规则,形成强制披露为主、自愿披露为辅的信披制度安排。与强制披露的信息重大性具有确定性不同的是,自愿披露的信息重大性具有不确定性、延伸性和附着性,该类信息未公开时不属于内幕信息,但一经公开,则应与强制披露遵从相同的行为规范。重大性标准是信息披露规则体系的基础,非重大信息不必披露,二元重大性标准具有内在一致性,比较而言,依法披露信息的立法应采用源于证券立法哲学的投资者决策标准,该标准适用过程中的主观性可通过列举价值判断型事项进行规则补强。

内部控制、自愿碳信息披露与财务绩效

针对内部控制、自愿碳信息披露与财务绩效的关系问题,采用实证研究的方法,以2017—2021年沪市A股重污染行业企业为样本,分析内部控制、自愿碳信息披露与财务绩效的关系。研究表明:高质量的内部控制与财务绩效显著正相关;内部控制与自愿碳信息披露显著正相关;高质量的内部控制可以通过自愿碳信息披露来提高财务绩效,自愿碳信息披露在内部控制与财务绩效的关系中发挥部分中介效应。研究结论为重污染行业企业加强内部控制,促进企业绿色低碳发展提供参考。

企业ESG信息披露与债券投资风险研究

ESG信息披露对投资领域产生了巨大影响,探究企业ESG信息披露和债券投资风险之间的关系,既能发现债券市场可持续发展投资策略的实施现状,也为ESG在固定收益证券中作用表现提供证据。以债券利差作为债券投资风险的瞄定变量,利用2011年第一季度至2021年第四季度中国上市企业债券数据,将彭博社对企业ESG的首次评分作为政策冲击,构建多时点DID模型展开检验,结果表明:企业ESG信息披露可以有效降低债券投资风险,且这种降低作用在剩余期限较短、非国有企业、成长期企业以及位于市场化程度较高地区企业的债券更为显著。进一步分析证实:ESG信息披露可以通过改变债券流动性和企业财务风险降低债券投资风险。外部作用方面,公众气候关注度的提高会增强企业ESG信息披露对债券投资风险的收窄作用,而政府对企业ESG信息自愿披露的软约束效果不佳。研究结果为加快企业ESG信息披露制度建设、优化债券ESG投资策略提供一定的理论支撑。

风险承担水平何以促进企业数字化转型“少言多行”

在经济不确定性背景下,企业控制风险承担水平和进行数字化转型的价值日益凸显。基于2010—2021年中国沪深A股上市公司数据,本文考察了企业风险承担水平对数字化转型的影响。结果表明,企业风险承担水平促进数字化转型“少言多行”,结论通过了稳健性和内生性检验,且企业创新和数字化转型同群效应在该影响中起到了调节作用。异质性分析表明,在数字化转型言行一致的企业、国有企业和服务业企业中,企业风险承担水平对数字化转型的促进效应更强。由此,本文从两方面提出建议,政府要加强数字化基础设施建设,注重差异化施策,助力企业数字化转型;企业应整合资源提升自身风险承担水平。

海关与商界合作视角下服务贸易涉税审核与企业合规管理

与制造业高度相关的生产性服务贸易因其专业性、复杂性而加剧了进口涉税审核的信息不对称问题。因此,解决企业服务贸易涉税合规痛点,尤其是易被企业忽视的海关涉税部分,对促进服务贸易及其相关制造业高质量发展具有重要意义。为促进企业合规发展和提升贸易便利化水平,海关与商界应加强合作,创新审核模式。企业应在进一步明晰服务贸易涉税审核要点基础上,深入了解主动披露模式,通过行为定性、条件评估、税款核算和敞口测算等路径,在合规管理实践中落实主动披露机制,以实现“海关监管到位、企业合规经营”的双赢局面。