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Articles 1 - 4 of 4
Full-Text Articles in Business
Intangible Investments And The Pricing Of Corporate Sga Expenses, Rongbing Huang, Gim S. Seow, Joe S. Shangguan
Intangible Investments And The Pricing Of Corporate Sga Expenses, Rongbing Huang, Gim S. Seow, Joe S. Shangguan
Rongbing Huang
This study examined whether the market fully prices the reported Selling, General, and Administrative (SGA) expenses when this item includes an intangible investment component. For a sample of intangible investment-intensive firms, we showed that their SGA expenses benefit future operating performances. Evidence suggests some degree of market inefficiency in the pricing of SGA expenses and the intangible investment component. Furthermore, the financial analysts do not appear to appreciate fully the future benefits of the component in their earnings forecasts. Finally, the pertinent disclosures in firms’ annual reports are so inadequate as to attenuate the market mispricing, suggesting a significant room …
Stakeholders' Power, Corporate Characteristics, And Social And Environmental Disclosure: Evidence From China, Yingjun Lu, Indra Abeysekera
Stakeholders' Power, Corporate Characteristics, And Social And Environmental Disclosure: Evidence From China, Yingjun Lu, Indra Abeysekera
Faculty of Business - Papers (Archive)
This paper investigates the influences of stakeholders' power and corporate characteristics on social and environmental disclosure practices of socially responsible Chinese listed firms identified by a social responsibility ranking list. A stakeholder-driven, three-dimensional social and environmental disclosure index including disclosure quantity, disclosure type quality and disclosure item quality, is constructed to assess sample firms' social and environmental disclosures in their two public reports: annual reports and corporate social responsibility reports. Findings indicate that corporate social and environmental disclosures have significant and positive associations with firm size, profitability, and industry classification. The roles of various powerful stakeholders in influencing corporate social …
Signalling External Capital Disclosure In Annual Reports, Indra Abeysekera
Signalling External Capital Disclosure In Annual Reports, Indra Abeysekera
Faculty of Business - Papers (Archive)
Much of the discussion of voluntary disclosure of external capital in annual reports entails only limited examination of signals for capital accumulation. Using the method of content analysis, this paper examines practices regarding signalling for disclosure of external capital, the most disclosed category of intellectual capital, in annual reports of a sample of listed firms in Sri Lanka, a developing nation. Eleven case study interviews from the sample firms explore the role of signalling in capital accumulation. Findings reveal that signals differ between industry sectors in convincing stakeholders to advance capital accumulation.
The Relationship Between Corporate Social Responsibility Disclosure And Financial Performance: Evidence From Thailand, Wisuttorn Jitaree, Sudhir C. Lodh, Shyam S. Bhati
The Relationship Between Corporate Social Responsibility Disclosure And Financial Performance: Evidence From Thailand, Wisuttorn Jitaree, Sudhir C. Lodh, Shyam S. Bhati
Faculty of Business - Papers (Archive)
This study examines the relationship between corporate social responsibility (CSR) disclosure and financial performance in Thailand during the period 2009-2011. Four measures of financial performance were used based on data extracted from the annual reports of 232 firms listed on the Stock Exchange of Thailand. A CSR disclosure index was constructed to measure the extent and dimensions of CSR disclosure. Overall, the results from the empirical analysis provide some evidence of positive relationship between financial performance and CSR disclosure. This study adds further evidence to the literature on the relationship between the CSR and financial performance in an emerging country. …