Business Commons^™

The Potential Impact Radius Of A Natural Gas Transmission Line And Real Estate Valuations: A Behavioral Analysis, Charles M. Hilterbrand Jr.

USF Tampa Graduate Theses and Dissertations

This study intended to address the question, “How would a purchase price be impacted if a seller provided buyers a notice that the residential property that has been listed for sale is located within a Potential Impact Radius (PIR) of a natural gas transmission line?” Does the notice of the location affect the purchase value a buyer is willing to offer for a residential property? Does the perceived risk associated with PIR affect the amount a potential buyer would offer?

To address these questions, a Qualtrics survey that included three video tour treatments of a residential property was sent to …

Crashing The Boards: A Comparative Analysis Of The Boxing Out Of Women On Boards In The United States And Canada, Diana C. Nicholls Mutter

The Journal of Business, Entrepreneurship & the Law

This paper will first provide a critical, comparative look at the Canadian and the federal American responses to the under-representation of women on boards of large, publicly traded corporations. There will be a discussion about the competing conceptions which emerge in addressing the regulation of women on boards in the United States and Canada and why each jurisdiction implemented its policy when it did. The conceptions arising out of questions about under-representation of women on boards tend to fall within two categories: business case rationales and normative rationales. Given the competing conceptions of this issue, this paper will attempt to …

Blockholder Heterogeneity And Corporate Textual Disclosure Quality, Xiaoxiao Yu

Accounting Dissertations

This study investigates whether and how different types of blockholders affect a firm’s textual disclosure quality. Using a hand-collected blockholder-firm panel sample from 2011 to 2016, I find that, on average, both the aggregate blockholder ownership and the total number of blockholders are negatively associated with the readability of firms’ 10-K reports, after controlling for the numerical quality of earnings. When blockholders are categorized into different groups based on their filing choices and their affiliations with management, I find that firms with greater number of unaffiliated 13D filers write more readable 10-K reports while firms with both greater number and …

The Transparency And Disclosure Of Corporate Governance System In The Regard Of Investors, O. K. Iminov, A. B. Gafurov

Central Asian Problems of Modern Science and Education

The corporate is a form of business that attracts capital and expands it. The shareholders of corporations as investors fund their money in order to get profit from their ownerships. However, there is a relationship that lies on between shareholders and managers. As we know, the shareholders receive income in the form of dividends from the managers can gain profit over the shareholders‘ ownership. As we know, shareholders receive income in the form of dividends from the profits of companies, while managers receive income from the invested works in the company. It turns out a disagreement between them and the …

Financial Market Implications Of Marketing Actions And The Disclosure Of Marketing Information, Sungkyun Moon

Dissertations and Theses Collection (Open Access)

This dissertation contributes to marketing literature by examining the effects of marketing actions and the disclosure of marketing information through the financial market perspective that has high managerial relevance and policy implications. Specifically, the first essay provides the first empirical examination of the effects of the disclosure of advertising spending on investors’ and analysts’ uncertainty. It is responsive to calls by Marketing Science Institute and Marketing Accountability Standard Board to examine the consequences of disclosure of marketing metrics. The second essay examines the effect of advertising spending on firm value and explores firm and market level contingency effects. By doing …

Disclosure And Reporting Against The Sustainable Development Goals: Connecting New Stakeholders To Sustainability Data, Theresa Heithaus, Richard Mills, Stephanie Perkiss

Faculty of Business - Papers (Archive)

This case study focuses on the disclosures of thirty seven companies and a unique research approach to making their corporate sustainability performance more open, comparable and engaging. A group of 40 students at the University of Wollongong worked in a structured way to aggregate comparable data on corporate sustainability on a selection of metrics related to the SDGs. This report offers an in depth look at one example of the kind of projects that WikiRate and the Principles for Responsible Management Education (PRME) have been running since 2016, involving more than 2,000 students. For this case study, WikiRate staff reviewed …

Advertising And Disclosure: Do Firms Time Advertising During Disclosure Periods?, Yin Wang

Research Collection School Of Accountancy

Using a large sample of monthly advertising data, I examine whether U.S. firms use advertisingstrategically during disclosure periods. I find that firms schedule some advertising to appeararound their SEC 10-K, 10-Q filings and around their earnings announcements, consistent withadvertising being used to increase visibility and attract investor attention during disclosureperiods. This effect is stronger for firms reporting good news, for firms with high individualinvestor ownership, for firms in the retail industry, and for young firms. In addition, firmsincrease their advertising through media with broad target audiences and through business-toconsumer media around their disclosures (i.e. SEC 10-K, 10-Q filings and earningsannouncements). …

Is Say On Pay All About Pay? The Impact Of Firm Performance, Jill E. Fisch, Darius Palia, Steven Davidoff Solomon

Steven M. Davidoff Solomon

The Dodd-Frank Act of 2010 mandated a number of regulatory reforms including a requirement that large U.S. public companies provide their shareholders with the opportunity to cast a non-binding vote on executive compensation. The “say on pay” vote was designed to rein in excessive levels of executive compensation and to encourage boards to adopt compensation structures that tie executive pay more closely to performance. Although the literature is mixed, many studies question whether the statute has had the desired effect. Shareholders at most companies overwhelmingly approve the compensation packages, and pay levels continue to be high. Although a lack of …

Determinants Of Internet Financial Reporting By Egyptian Companies, Laila Aboutera, Amani Hussein

Business Administration

This research aims at examining the determinants of internet financial reporting by Egyptian companies through

measuring the extent of internet financial reporting (IFR) practices in Egypt and the association between IFR and

the Egyptian listed companies’ characteristics. The research sample consists of 133 Egyptian companies listed on

the Egyptian stock exchange as well as Nile stock exchange. The sample includes only those companies that

disclose financial information on the internet. This research considers; company’s size, profitability, liquidity,

leverage, company’s age, auditor type and ownership structure as the independent variables that might impact

the company’s’ corporate IFR practices. Moreover, a disclosure …

The Disclosure Of Organizational Secrets By Employees, Danny Franklin

Graduate Theses and Dissertations

Organizational secrets enable firms to protect their unique stocks of knowledge, reduce the imitability of their capabilities and achieve sustained competitive advantages (Hannah, 2005). In today’s business environments, the loss of valuable proprietary organizational knowledge due to intentional employee disclosure represents a substantial threat to firm competitiveness. Anecdotal evidence suggests that firms in the United States lose more than $250 billion of intellectual property every year, with intentional employee disclosure accounting for a significant portion of these losses (Dandliker, 2012; Heffernan & Swartwood, 1993). Thus, understanding factors that influence such intentional secret disclosure is a key concern, especially in knowledge-intensive …

The Consequences Of Disclosure Regulation: Evidence From Dodd Frank 1502b, Charles Whitley Emerson

Chancellor’s Honors Program Projects

No abstract provided.

Who Bleeds When The Wolves Bite? A Flesh-And-Blood Perspective On Hedge Fund Activism And Our Strange Corporate Governance System, Leo E. Strine Jr.

All Faculty Scholarship

This paper examines the effects of hedge fund activism and so-called wolf pack activity on the ordinary human beings—the human investors—who fund our capital markets but who, as indirect of owners of corporate equity, have only limited direct power to ensure that the capital they contribute is deployed to serve their welfare and in turn the broader social good.

Most human investors in fact depend much more on their labor than on their equity for their wealth and therefore care deeply about whether our corporate governance system creates incentives for corporations to create and sustain jobs for them. And because …

Do Disclosures Of Customer Metrics Lower Investors' And Analysts' Uncertainty But Hurt Firm Performance?, Emanuel Bayer, Kapil R. Tuli, Bernd Skiera

Research Collection Lee Kong Chian School of Business

Investors, analysts, and regulators frequently advocate greater disclosure of nonfinancial information, such as customer metrics. Managers, however, argue that such metrics are costly to report, reveal sensitive information to competitors, and therefore will lower future cash flows. To examine these counterarguments, this study presents the first empirical examination of the prevalence and consequences of backward- and forward-looking disclosures of customer metrics by manually coding 511 annual reports of firms in two industries, telecommunications (365 reports) and airlines (146 reports). The results reveal significant heterogeneity in the disclosure of customer metrics across firms and between industries. On average, in both industries, …

If You Only Knew The Power Of The Dark Side: An Analysis Of The One-Sided Long Position Hedge Fund Public Disclosure Regime And A Call For Short Position Inclusion, Christian Bonser

Fordham Journal of Corporate & Financial Law

Disclosure rules in the United States capital markets were designed to promote fairness among all participants by providing a transparent system for equal access to information. The interpretation of information is the foundation of all prudent investment decisions; thus, an efficient capital market depends on the proper disclosure of information. Hedge funds heavily influence and play an integral role in the proper functioning of capital markets. For the markets’ benefit, hedge funds must publicly disclose their investing activity, which consists of long positions, like buying stock to sell later, and short positions, like short selling.

However, while hedge funds are …

The Usefulness Of Climate Change Risk Disclosure: Evidence From Sec Fr-82, Chong Wang

Theses and Dissertations--Accountancy

On February 8, 2010, the SEC issued an interpretive guidance, SEC FR-82, (guidance hereafter) and required public firms to disclose climate change risk in their 10-Ks. However, this guidance has been controversial. Using firm-year observations from the Russell 3000 Index, this paper shows the following findings regarding the usefulness of climate change risk disclosure. First, a review of the legislative process leading to the 2010 guidance suggests that institutional investors and Democratic politicians play a key role in lobbying the SEC to require the climate change disclosure. Second, firms with climate change risk disclosures have lower future return on assets, …

Native Advertising: A Close Look At An Emerging Advertising Unit, David Kamerer

School of Communication: Faculty Publications and Other Works

This study is a content analysis of a random sample of in-feed native ads, as curated by the Sharethrough Native Advertising Leaderboard. A native ad is paid content that looks like organic content and is served in the same feed. Native ads can earn premium CPMs for publishers, while giving advertisers a “lean in” format that online readers may actually enjoy. What are these native ads like? They utilized a mixture of assets including text (almost all), photos (an average of five), videos (almost half had one or more), interactive elements (20 percent) and GIFs. Only 75 percent of ads …

Solving Ethical Puzzles To Unlock University Technology Transfer Client Work For An Intellectual Property Legal Clinic, Cynthia L. Dahl

All Faculty Scholarship

Intellectual property (IP) and technology legal clinics are experiencing an unprecedented surge in popularity. Before 2000 there were only five such clinics, but by 2016 there were seventy-four, with fifty added since 2010 alone. As law schools are approving new IP clinics and as practitioners are developing syllabi, there is an increasing need to share knowledge about models that work and how to avoid pitfalls.

One potentially fertile – but traditionally underutilized -- source of client work for an IP and technology clinic is the university technology transfer office (“TTO”), the department that protects, markets, and licenses all university intellectual …

How Does Peer Honesty Affect Focal Manager Honesty In A Budget Reporting Setting?, Michael Paz, Bernhard E. Reichert, Alex Woods

Michael Paz

We examine the effect of peer honesty on focal manager honesty in a budget reporting setting. We disclose peer honesty to the focal manager at three levels: no, partial, and full disclosure of the reporting behavior of the other managers in the focal managers’ cohort. In partial disclosure, only the reports of the least honest peers are disclosed to the focal manager. In full disclosure, all managers’ reports in the cohort are disclosed to the focal manager. We predict and find that disclosure of other managers’ reports leads to less honesty compared to the absence of disclosure. We show that …

Cybersecurity Disclosure Effectiveness On Public Companies, Jingjing Jin

Senior Honors Projects, 2010-2019

On October 13, 2011, the U.S. Securities and Exchange Commission issued a guidance on corporate disclosure of cyber-risks and information security breaches (SEC, 2011). To determine if a company disclosed information on the breach, I reviewed the company’s risk factors, management’s discussion and analysis of financial conditions and results of operations, description of the business, legal proceedings, financial statement disclosures, and disclosure controls and procedures. However, the disclosure regulations from this guidance are vague and thus do little to force disclosure of valuable information. The guidance has led to companies disclosing ambiguous, generic risk factors that can be applied to …

Fair Value Hierarchy Measures: Post-Implementation Evidence On Ifrs 7, Pearl Tan

Research Collection School Of Accountancy

Using a balance sheet valuation model, this study examines if information on the fair value hierarchy of on-balance sheet financial assets and financial liabilities are incorporated in the market’s valuation of companies’ equities in Singapore. The results of the study show significant associations between as-reported Level 1 and Level 2 fair value measures of financial assets and market values. However, the results are not significant for Level 3 fair value measures of financial assets and each of the three levels of fair value measures of financial liabilities. The results also show that returns are more positively associated with as-reported gains …

The Determinants And Consequences Of Disclosure Committee Adoption, Lyle Roy Schmardebeck

Graduate Theses and Dissertations

After the passage of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission recommended that companies voluntarily adopt disclosure committees to aid in preparing company disclosures. In this paper, I investigate the determinants and consequences of disclosure committee adoption. I find that companies with material weaknesses in internal controls over financial reporting and less readable 10-K filings are more likely to adopt disclosure committees. In consequences analyses, using a propensity score matched control sample and a difference-in-differences research design, I find that 10-K filings are longer and less readable after disclosure committee adoption. However, consistent with institutional theory, I …

Corporate Disclosure Of The Decision To Change The Fiscal Year-End, Thomas Porter, Edward Swanson, Michael Wilkins, Lori Holder-Webb

Michael S Wilkins

This paper investigates whether registrants comply with SEC rules designed to provide timely notification and transparent disclosure of the effects of a change in fiscal year-end. For a sample of 79 firms, the Form 8-K announcement of the change was filed late 25% of the time and no announcement was available for an additional 14% of the firms. In the subsequent Form 10-K, roughly half of the firms did not report operating results for both the transition period and a comparative period from the prior year, as required by the SEC. The rate of non-compliance was higher for firms audited …

Evidence On The Audit Risk Model: Do Auditors Increase Audit Fees In The Presence Of Internal Control Deficiencies?, Chris Hogan, Michael Wilkins

Michael S Wilkins

The article discusses the study of determining whether audit risk model is descriptive of what occurs in the auditing practice or if the relationship between fees and internal control deficiencies (ICDs) suggest that audit enterprises exert more effort in auditing firms that impart ICDs. The study examines the internal controls over financial reporting (ICOFR), generally accepted accounting principles (GAAP), audit risk model, audit fees and sections of Sarbanes-Oxley Act. The study found out that audit fees are significantly higher for firms disclosing material weakness.

Recognition And Disclosure Of Impairment In China, Jing Wang, Keith Hooper

Faculty of Business - Papers (Archive)

This paper aims to examine the extent of goodwill impairment in listed companies of China and the audited disclosure of goodwill. China is an important adopter of International Financial Standards but the question remains that, as a recent adopter, to what extent contentious issues such as goodwill impairment are implemented. The research analyzes the financial and share market information gathered from the top 50 companies listed on the Shanghai Stock Exchange. The findings reveal that goodwill amortization has been discontinued and replaced by goodwill impairment, but interestingly the Big Four firms seem more likely to recognize a goodwill impairment loss …

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

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

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

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. …

Price Shocks, News Disclosures, And Asymmetric Drifts, Hai Lu, Kevin Wang, Xiaolu Wang

Research Collection School Of Accountancy

Motivated by investor disagreement and corporate disclosure literatures, we examinehow stock price shocks affect future stock returns. We find that both large short-termprice drops and hikes are followed by negative abnormal returns over the subsequent year,consistent with the conjecture that price shocks are useful indicators of inter-temporalspikes in investor disagreement and investor opinion converges gradually. The asymmetricdrifts, return continuation for negative price shocks versus return reversal for positive ones,are in sharp contrast to the general findings of symmetric drifts in corporate event studies.Moreover, price shocks associated with public news events are followed by significantlyweaker downward drifts, suggesting that news disclosures …

Governance, Media And The Quality Of Environmental Disclosure, Juergen Seufert

Faculty of Business - Papers (Archive)

Article review - Governance, Media and the Quality of Environmental Disclosure K. H. Rupley, D. Brown and R. S. Marshall Journal of Accounting and Public Policy, 2012, 31 (6), pp. 610-640