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Utilizing firms in the S&P 500, we study whether greater transparency in the reporting of other comprehensive income (OCI) items, as mandated by ASU 2011-05, resulted in a reduction in information asymmetry, a change in the value relevance of this information, or a change in hedging practice. Our results show that while transparent reporting reduced information asymmetry, firms that engage in cash flow hedging do have greater information asymmetry than their counterparts that do not hedge. We find evidence that investors penalize firm value for greater volatility of OCI relative to net income volatility when reported transparently. When permitted, managers were able to mitigate the negative impact by reporting OCI only in the Statement of Shareholders' Equity. We conclude that managers' concerns regarding potential confusion surrounding OCI volatility following more prominent reporting led to changes in hedging behavior. After transparent reporting, we find a reduced likelihood of foreign currency cash flow (FXCF) hedges and a reduced level of FXCF hedging among firms experiencing the greatest volatility of unrealized hedging gains and losses. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to explore the impact of capital structure (CS), including total debts, short-term debt, long-term debt and total shareholder equity, on environmental, social and governance (ESG) performance in the context of Jordan. Design/methodology/approach: To achieve the study's objectives, the authors used the content analysis approach and the longitudinal data generated from the annual reports of 51 industrial companies listed on the Amman Stock Exchange for the period 2012–2020. Findings: The findings show that debt financing enhances ESG performance in all dimensions, while financing by equity did not affect ESG. Consequently, Jordanian companies' managers are trying to reduce agency costs by investing in ESG activities. In addition, companies are focusing on debt financing instead of equity to achieve their financial as well as nonfinancial goals. This is because the opportunism of new shareholders will likely lead to a focus on maximizing their value at the expense of the broader group of stakeholders, and this will adversely affect companies' ESG performance. Therefore, debt financing limits shareholder control. Originality/value: To the best of the authors' knowledge, this is the first examination of the impact of CS financing choices on ESG performance. Thus, this study has important implications for the decisions of executives, policymakers, shareholders and lenders, as it enables them to better understand the linkage between CS and ESG. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to test whether the extent of compliance with International Financial Reporting Standards (IFRS) 7 requirements is value relevant and whether it influences the value relevance of the firm's accounting information (book value of shareholders' equity and net income). Design/methodology/approach: The sample for this paper consists of 288 financial institutions listed on the Toronto Stock Exchange (TSX) from 2016 to 2019. Panel regressions have been used in this study. Findings: The findings reveal that compliance with IFRS 7 is positively associated with the firm's market value. After making a classification between high-compliance and low-compliance companies, the authors' results indicate that the compliance level is positively associated with the value relevance of net income. Surprisingly, when examining the value relevance of financial instruments disclosures (FID) supplied after the adoption of IFRS 9, the authors find that book values of shareholders' equity and earnings are not more value relevant in the post-IFRS 9 period. Research limitations/implications: Given that the authors' analysis has been restricted to the Canadian setting, the regression results might not be generalized for other countries with different capital markets features. Practical implications: The authors' findings point out that FID can affect investors' decisions as well as their confidence in the companies in which they invest. Hence, the regulatory bodies should gear more efforts to ensure high-compliance levels. Originality/value: To the best of the authors' knowledge, this research is among the first attempts to investigate whether the new FID (after the adoption of IFRS 9) improves the firm disclosure quality and enhances the value relevance of accounting information. [ABSTRACT FROM AUTHOR]

Faster attainment of optimal financial leverage guarantees the company's survival and the growth of shareholders' interests. This paper investigates the effect of family ownership on the speed of adjustment of financial leverage toward optimal leverage. The data of 133 companies listed on the Tehran Stock Exchange, selected according to the systematic exclusion pattern, was collected for 10 years from 2012 to 2021 to achieve the research objectives. A multivariate linear regression model was used to test the research hypotheses. In order to measure the speed of adjustment of financial leverage, the partial adjustment pattern model of Öztekin (2015) has been used, and to evaluate the Family Ownership, Chen et al. (2008) method was used. The results showed that the speed of adjustment of financial leverage towards optimal leverage in family companies is faster than in non-family companies. Therefore, family owners in companies with a higher sense of responsibility towards the company's capital can create a safe environment for investors and ensure a return on their investment. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the implementation of International Financial Reporting Standards (IFRS) in Saudi Arabia. It investigates how the adoption of IFRS has affected four critical areas in the financial statements of publicly listed companies: profit and loss statement, balance sheet, cash flow statement and retained equity statement in Saudi Arabia. The paper also explores the essential factors/drivers that influence the adoption of IFRS and its implication in Saudi Arabia. Design/methodology/approach: Data was obtained from Saudi Stock Exchange (Tadawul) listed companies from eleven industries in Saudi Arabia. This cross-sectional study analyses critical financial data across eleven distinctive industries. To identify the impact of adopting IFRS, the researchers use a paired t-test to evaluate seven key elements of financial statements underlying the critical areas: non-current asset, current asset, total assets, shareholders equity, non-current liability, current liability and total liability. The sample captures cross-sectional data from well-developed global industries in Saudi Arabia, pre- and post-implementation of IFRS. Thus, the analysis of the sample data gives a representative picture of the population of the Saudi Arabian industry. Findings: The results reveal significant differences between GAAP and IFRS reporting standards in the measurement, recognition and classification of non-current assets and liabilities. The differences are expressed in the variance between the GAAP and IFRS. Specifically, the differences between GAAP and IFRS demonstrated by the t-value are significant and reliable (respectively, 5.3 and 4.1). Additionally, the t-value is validated by the p-value, which in both was significant. Research limitations/implications: The outcomes of this research will benefit accounting information users, practitioners, researchers and regulators. Since Saudi Arabia's policymakers have mandated the full adoption of IFRS in financial reporting, the study contributes to the adoption of IFRS practices throughout the Saudi industry. Adopting full IFRS standards requires widespread IFRS expertise to cope with the transition. Originality/value: This study advances research into the perennial issues associated with changes in reporting towards IFRS standards, especially in Saudi Arabia. The contribution to theory and practice enters new and fruitful areas. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper reassesses two conflicting hypotheses on the valuation impacts of private placements of equity (PPEs), the monitoring/certification hypothesis and the managerial entrenchment hypothesis, by focusing on the shareholder approval, active buyer, and premium pricing features of PPEs. We find that PPEs with these features have significant positive announcement returns and insignificant mean long-run returns, while the corresponding announcement and long-run returns for PPEs without such features are significantly negative. Firms with value-enhancing PPE features are better governed and use proceeds more efficiently. Thus, the heterogeneous nature of PPEs helps reconcile the puzzling return patterns and conflicting hypotheses regarding PPEs [ABSTRACT FROM AUTHOR]

Purpose: This study aims to evaluate the efficiency of the three telecommunications companies in Saudi Arabia: Saudi Telecom Company (STC), Mobily and Zain over the period of 2010–2019. This evaluation is a step toward improving the performance of the Saudi telecommunications sector. Design/methodology/approach: Three multicriteria decision-making (MCDM) techniques were used to calculate technical efficiency. These techniques include the traditional data envelopment analysis (DEA), window DEA and analytical hierarchy process (AHP). The three inputs used were total assets, operating expenses and capital expenditures, whereas the two outputs were sales revenue and total stockholders' equity. Findings: STC was ranked first using the three techniques, followed by Zain, and then Mobily. According to the DEA window analysis, these three companies were all efficient only in 2012. The efficiency was high in the initial years, 2010–2013, when it was above 0.90, and it dropped below 0.90 in the subsequent years, 2014–2019. In addition, the efficiency of STC remained high, with an average of 0.990. However, the average efficiencies of Zain and Mobily during this period were 0.807 and 0.804, respectively. Originality/value: This is the first study to use the three MCDM techniques to evaluate the performance of telecommunications providers. The results show that window DEA is better than the other two techniques at evaluating performance over time, as it has a higher discrimination power than either the traditional DEA or AHP. [ABSTRACT FROM AUTHOR]

INTRODUCTION: A company's net profit is a significant factor in measuring whether the company is performing well or not. How to improve the company's return on assets, strengthen the company's operations, improve the company's capital structure, enhance the company's marketing strength, and accelerate the company's financing speed is an inevitable choice for the company to avoid falling into a financial crisis. OBJECTIVES: Forecasting the financial crisis of listed companies based on the financial situation of selected listed companies. METHODS: The return on assets, shareholders' equity ratio, return on net worth and other company factors have been studied empirically using data mining techniques. A mathematical model for financial risk identification was developed and evaluated. RESULTS: The results show that the accuracy is above 90%. CONCLUSION: The study found that the lower the return on capital, the higher the financial risk the firm faces; the lower the financial debt ratio, the higher the chance of financial difficulties, and the two are positively correlated. [ABSTRACT FROM AUTHOR]

This paper systematically analyzes the relationship between government support and private enterprise innovation. A firm‐level proxy for government support is derived based on Chinese context. Specifically, we explore whether and how government subsidies affect private firms' innovation output. We find that government subsidies can promote private enterprise innovation, and this impact will be further strengthened when firms face high level of financing constraints and when large shareholders pledge their equities. However, this impact will be weakened in regions with high marketization degree and good information environment. Further analysis shows that government support can have a positive impact on corporate innovation by increasing private firms' innovation input and reducing financing costs. Our study sheds new light on the role of government support by investigating the boundary conditions and exploring the impact channel of its effect. Also, this paper fills a gap in the research on the role of government support and the situational research by putting this issue in Chinese context. [ABSTRACT FROM AUTHOR]

Over the period 1980–2012, large U.S. commercial banks raise and retain less equity during credit expansions, which amplifies their leverage. The decrease in equity issuance is large relative to subsequent banking losses. I consider a variety of explanations for why banks resist raising equity and find evidence consistent with the diminishment of creditor market discipline due to government guarantees. I test this explanation by analyzing the removal of government guarantees to German Landesbank creditors and find that creditor market discipline and equity issuance increase. These findings help explain why banks resist raising equity, making financial distress more likely. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

We show that in a general equilibrium model with heterogeneity in risk aversion or belief, shifting wealth from an agent who holds comparatively fewer stocks to one who holds more reduces the equity premium. From an empirical view, the rich hold more stocks, so inequality should predict excess stock market returns. Consistent with our theory, we find that when the U.S. top (⁠|$\textrm{e.g.}$|⁠ , 1%) income share rises, subsequent 1-year excess market returns significantly decline. This negative relation is robust to controlling for classic return predictors, predicting out-of-sample, and instrumenting inequality with estate tax rate changes. It also holds in international markets. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Objective: To verify the relationship between signs of corporate fraud and the relevance of accounting information in Brazilian publicly-held companies. Method: A sample of 126 publicly traded companies listed on the B3 was used, from 2011 to 2020, whether they were involved in different situations that indicate fraud. Fraud was measured by a dummy variable that aimed to capture whether the company was involved in a case of fraud reported in the media or by the existence of a sanctioning administrative process. To analyze this interaction, the econometric model of value relevance, proposed by Collins et al. (1997), complemented Ohlson's model (1995). Results: Generally, the results denote that profit and equity are relevant to their information. However, when analyzing companies with signs of fraud, the loss of relevance of net income is observed, while the relevance of shareholders' equity started to have "inverse relevance" of its information, as it presented a negative sign. Contributions: The findings contribute by highlighting the importance of considering the occurrence of corporate fraud when interpreting accounting information. The loss of relevance of net income may indicate questionable accounting practices, which undermines investor confidence and negatively affects the ability to assess the performance and value of companies. In addition, the "inverse relevance" of equity suggests that corporate fraud can distort the financial reality of companies, making accounting information less reliable and valuable for users. [ABSTRACT FROM AUTHOR]

Copyright of Revista Evidenciação Contábil & Finanças is the property of Revista Evidenciacao Contabil & Financas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Over the past few decades, financial performance has attracted researchers' attention, especially in the insurance sector. Insurance is a tool for the growth and sustainability of both rising and developing economies. It promotes economic stability for people, organizations, and governments by taking on risk and spreading it across the market. We intend to classify insurance companies' financial performance in Jordan's Amman Stock Exchange (ASE). The sample size is 15 out of 22 selected insurance firms from 2008 to 2020. We apply the Multi-Layer Perceptron (MLP) model for the detection of (high/low) total asset turnover (TAT) as output, while we select the subrogation (SB), claims paid (CP), market capitalization (MC), and total shareholders' equity (SE) as input to the MLP model. The performance of the MLP model is evaluated using different criteria, namely the false positive rate (FP rate), false negative rate (FN rate), F-measure, precision, and accuracy (ACC). The results show that MLP is efficient and performs well in multiple criterion tests through iteration growth. Based on our knowledge, the paper assesses the financial performance of Jordanian insurance firms, which has not been investigated previously. Furthermore, this study gives valuable information to regulators and policymakers to improve asset management efficiency in the insurance sector. [ABSTRACT FROM AUTHOR]

The impact of personal risk caused by controlling shareholders' equity pledges on the company's debt policy is an issue worth exploring. Using Chinese A-share listed companies from 2006 to 2020, this paper studies the impact of ultimate owner equity pledges on firm debt size and debt maturity structure and explores the mechanism of ultimate owner personal leverage on firms. The results show that the increase in ultimate owner stock pledges leads to higher financial leverage and a longer debtmaturity structure for the company. In addition, the study reveals that the high personal leverage of the ultimate owner of the pledged equity is an influential mechanism driving the transfer of personal risk to the firm. In particular, even if a company's actual debt ratio is higher than its target debt ratio, equity pledges can prompt listed companies to increase their debt ratios and debt maturities, causing them to take on excessive debt risk and transfer the risk to creditors. It follows that the tunneling effect is a driving force of equity pledging and corporate debt policies. These results remain robust after the robustness test and endogenous test. The conclusions of this paper not only emphasize the impact of shareholders' personal risk on the firm but also provide a reference for investors' perception of firm risk. [ABSTRACT FROM AUTHOR]

This research applies the dynamic slack-based measure (DSBM) model to evaluate the dynamic efficiency of manufacturing companies in the long run and uses the Censored Least Absolute Deviations (CLAD) model to analyze the effect of corporate governance on their overall efficiency and the efficiency of each input factor. We find the following main results. First, overall efficiency of the manufacturing industry listed companies is low. 2) Debt efficiency is lower than the efficiency of shareholders' equity and exhibits a downward trend. 3) Labor efficiency is the lowest among all inputs. 4) The efficiency of the medicine and bio-products industry is the highest, while the efficiency of the paper and printing industry (which causes serious pollution) is the lowest. 5) Companies with low export intensity and high capital intensity are the most efficient, while companies with high export intensity and low capital intensity are the least efficient. 6) Ownership concentration and efficiency have a significantly positive U-shape relationship. 7) Board size and efficiency have a significantly inverted U-shape relationship. 8) An actual controller with a state-owned nature has a significantly negative impact on efficiency. 9) Executive compensation, equity incentive, and institutional ownership have a significantly positive impact on efficiency. [ABSTRACT FROM AUTHOR]

749 Amidst the COVID-19 outbreak, Italy as well as a number of other European states, including Austria, Germany and Spain, enacted emergency legislation suspending subordination of shareholders and intragroup loans in order to help companies stay afloat. While this measure was clearly prompted by extraordinary circumstances, it should be noted, however, that unlike jurisdictions which adopt automatic subordination, such as Germany and Spain, or where subordination is also based on quantitative criteria, such as Austria, subordination in Italy is based on flexible standards that may not strictly call for an emergency suspension. The COVID-19-related suspension of subordination provides the momentum for reassessing the scope of application of the subordination of shareholder and intragroup loans under Italian law. Although substantially unexplored in the international legal literature, subordination was introduced in Italy in 2003 and has now been applied for nearly twenty years. The system is quite sophisticated and also recognizes a variety of restructuring exemptions allowing priority to the loans. This paper examines subordination of shareholder and intragroup loans under Italian law, seeking to establish a workable construction of the standards of the excessive imbalance between debt and equity and of the reasonableness of a capital contribution on which the application of the remedy is predicated. Building also on relevant economic studies, the paper argues that the Italian subordination system has the potential to distinguish between desirable and undesirable shareholder and intragroup loans based on whether the loan is intended to finance positive net present value projects, restricting the latter while not deterring the former, so as to guarantee the goal of increasing the expected total value of the company and producing better satisfaction of creditors' claims. 750 [ABSTRACT FROM AUTHOR]

Listed companies with a higher separation of two rights have less risk of control transfer of the ultimate controlling shareholder. The ultimate controlling shareholder's equity pledge ratio plays a remarkable mediating role in this process. At different pledge rates, the ultimate controlling shareholder's equity pledge exhibits an 'encroachment' or 'incentive' effect on corporate governance, respectively, resulting in an inverted U-shaped relationship between equity pledge rate and the risk of control transfer. Company size has a heterogeneous effect on the risk of control transfer, while shareholding concentration has heterogeneous and single threshold impacts on this risk. [ABSTRACT FROM AUTHOR]

In the past literature, the prediction model of financial distress mainly used the information of corporate finance and corporate governance, and less considered the predictive effect of controlling shareholder information. Based on the sample of A-share listed companies in China from 2014 to 2019, this paper empirically investigates the incremental effect of controlling shareholder's equity pledge on improving the accuracy of financial distress prediction. It is found that the information of controlling shareholder's equity pledge can significantly improve the accuracy of financial distress prediction. After changing the definition of the explained variable and the data source, the conclusion remains robust. This paper verifies the role of controlling shareholder's equity pledge in predicting financial distress, extends the selection of financial distress prediction model variables to the controlling shareholder level, and enriches the research on the economic consequences of equity pledge. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to discuss whether a new accounting policy can help enterprises withstand operating risks and whether corporate governance can play a supervisory role. Taiwan took the lead worldwide in allowing companies to distribute cash dividends from capital reserves. Compared with traditional cash dividends distributed from retained earnings, this move was aimed at maintaining the stability of cash dividends and helping listed companies address the risks of temporary downturns. However, the distribution of cash dividends from capital reserves may violate the principle of capital maintenance and damage creditors' equity. The authors sought to examine whether corporate governance could play a supervisory role. Design/methodology/approach: The present study targeted Taiwanese listed companies and cited data from the Taiwan Economic Journal. The study period was from 2011–2019. The authors tested the hypotheses using the least square method. Findings: The results showed that ultimate controlling shareholders of listed companies can maximize their own interests through ownership arrangements, whereas corporate governance cannot play a supervisory role nor protect creditors' equity. The findings provide insight on whether, in the development process of corporate governance, appropriate measures are taken to protect creditors' equity in addition to shareholders' equity, or achieve a good coordination of interests among all stakeholders. Originality/value: The ultimate controlling shareholders or directors of a listed company would seek to maximize their own interests, and transfer the operating risks to creditors through the arrangement of dividend policy, thus harming creditors' equity. However, independent directors cannot play a supervisory role. The authors inferred that corporate governance standards previously focused on the shareholder level or alleviation of the agency problem between controlling shareholders and non-controlling shareholders but ignored creditors' equity. [ABSTRACT FROM AUTHOR]

This paper investigates the effect of corporate social responsibility (CSR) on flotation costs in seasoned equity offerings (SEOs). On the basis of an international sample covering 38 countries during the period 2002–2018, we find that CSR performance is negatively associated with SEO flotation costs and this negative impact is mainly attributable to issuers' engagement in CSR, particularly in environmental and social activities. We further reveal that the CSR strategies of SEO issuers are successful in reducing market‐based costs as well. Overall, this paper offers critical insights for understanding the role of stakeholder‐oriented practices in adding value to shareholders through equity offerings. [ABSTRACT FROM AUTHOR]

ResearchBackground. The process of economic globalization is accelerating, and the financial risks that listed companies need to face are more complicated. Research Purpose. In order to clarify the impact of shareholder equity pledge on financial leverage imbalance crisis, research on the analysis and prevention of financial leverage imbalance crisis of shareholder equity pledge based on the DANP model is carried out. Research Method and Process. The DANP financial leverage imbalance early warning model is introduced to analyze the impact of shareholder equity pledge on financial leverage imbalance crisis by combining the financial leverage effect and potential risks of shareholder equity pledge, optimize the financial leverage imbalance early warning evaluation index system, preprocess the early warning evaluation indicators, determine the constant weight of each evaluation index, and obtain the final financial leverage imbalance crisis early warning evaluation value based on the determined constant weight. Research Results. The DANP model can accurately analyze the financial leverage imbalance crisis in the case of shareholder equity pledges, clarify the company's financial status in the case of shareholder equity pledges, propose to standardize equity pledge behavior, improve the company's internal control system in response to the crisis of shareholder equity pledge financial leverage imbalances, and improve the three prevention and control measures of the independent director system to enhance the ability of enterprises to resist the crisis of financial leverage imbalance. [ABSTRACT FROM AUTHOR]

In this study, it is aimed to measure the long term performance of deposit banks operating in Turkey with an integrated MCDM framework. The effect of stock market indicators is also considered when evaluating the performance of deposit banks. The arithmetic average of the selected ratios between 2014 and 2018 is calculated to obtain long term performance indicators. The weights of the criteria are set with the Best-Worst Method. Five different MCDM tools, namely ARAS, EDAS, MOORA, OCRA and TOPSIS, are used to evaluate the long-term performance of banks. The financial ratio, which has the highest importance, is liquid asset / total assets ratio, according to the expert evaluations. The average return on assets and shareholders' equity/total assets ratio is determined as highly correlated criteria with the final score. [ABSTRACT FROM AUTHOR]

The equity pledge has become a universal practice in the world. Taking Chinese listed companies from 2007 to 2020 as a sample, this paper investigates the influence of controlling shareholders' equity pledges on M&A behavior. It is found that the probability of M&A of listed companies is greater when the controlling shareholder has an equity pledge (or the proportion of equity pledge of controlling shareholder is higher). M&A activities can raise the stock price and play the role of market value management. Controlling shareholders with margin call pressure have stronger motivation to use M&A to increase their share price. Investors seem to be aware of this behavior and underestimate the potential benefits of M&A under this pressure. Propensity score matching (PSM) and difference in difference (DID) were used to test endogeneity and the results were still robust. Overall, our results reveal the impact of equity pledges by controlling shareholders on M&A. Furthermore, margin call pressure, this organizational psychology promotes this possibility. [ABSTRACT FROM AUTHOR]

Based on the unbalanced panel data of China's A-share listed companies from 2013 to 2021, this paper empirically examines the influence of controlling shareholders' equity pledge on the listed companies' stock repurchase. It is found that listed companies will stabilize the share price through stock repurchase to prevent the risk of control right transfer due to stock price decline. There is a positive correlation between equity pledge and stock repurchase. Moreover, this positive correlation is more significant among nonstate-owned listed companies and listed companies in the eastern region. Further research shows that the positive influence of equity pledge on stock repurchase is more significant under a good information environment and good corporate governance. However, the earnings management behavior of listed companies has no significant influence on the positive influence of equity pledge on stock repurchase. [ABSTRACT FROM AUTHOR]

In China's growth enterprise market, information disclosure has become the main basis for investors to make investment decisions. A sound information disclosure system is the cornerstone of maintaining the normal order of the market and a strong guarantee for the sustainable and healthy development of the New Third Board market. This study mainly discusses the enterprise risk information disclosure based on a semantic analysis method. The method of emotion dictionary construction based on dictionary has a large scale, but it is suitable for general domain emotion dictionary construction; the method of emotion dictionary construction based on corpus has strong domain. Obtain a plurality of modeling corpora to be identified; from each modeling corpus to be identified, obtain at least one emotional feature word; for any emotional feature word, obtain at least two labeling results for the emotional feature word, at least two the labeling results are labelled by the publisher and multiple receivers, and each labeling result corresponds to a classified sentiment label; according to at least two labeling results of sentiment feature words. In this paper, sentiment analysis is carried out for web financial reviews, so the domain applicability of sentiment dictionary is required to be high. The basic characteristics of the company are as follows: Indep and Concen. As an independent third party with no interest relationship with listed companies, independent directors play an important role in reducing agency costs and insider control, protecting the interests of investors, and improving the company's decision-making ability. ROA returns on total assets, which is intended to measure the ability of a company to use all its assets (including liabilities and shareholders' equity) to generate a percentage of pretax profit before interest. When calculating ROA for a certain period, the denominator (total assets) in the formula can be the average of the total assets at the beginning of the period and the total assets at the end of the period as the denominator. To be more precise, take the weighted average. To a certain extent, the concentration of equity can eliminate the defects of equity dispersion, so as to achieve the strategic purpose of enterprises. The financial characteristics of the company are measured by ROA, Leve, and OPG. Once the company's operating revenue growth rate is not ideal, it will affect the company's listing, so the management has the motivation to affect the company's relevant information disclosure. The shareholding ratio of venture capital is measured by the total proportion of all venture capital. The average value is 8.5%, the maximum value is 74%, and the minimum value is 0.04%. In the future, not only the information disclosure requirements of regulatory agencies for listing and applying for listing will be more stringent, but also the information disclosure requirements of external investors will be more stringent. This study helps to make up for the lack of gem data. Combined with the relevant experience accumulated in the actual work and the relevant regulations of the mature OTC capital market, some suggestions are put forward, in order to be beneficial to the improvement of the market information disclosure system. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to explore the influence of founder shareholders' resources on the allocation of control rights from the perspective of incomplete contract theory and resource-based theory. Design/methodology/approach: This paper analyzes newspaper materials with NVivo11on a case of battle for corporate control in Chinese top-listed company-Vanke Group. Findings: The research shows that human capital is the key resource and the holding proportion of financial resources directly affects the allocation of control rights. At the same time, social capital is unstable and easily broken. At last, institutional environment also affects the degree between the relationship of founder shareholders' resources and the allocation of control rights. The influence of founder-shareholder resources on the allocation of control rights follows the path of "crisis – founder-shareholder's resources – founder's ability - allocation of control rights." Research limitations/implications: This study only selects the financial capital, human capital and social capital of Shi Wang, the founder of Vanke, as the analysis object. The study can expand the types of founder shareholder resources to verify and enrich the conclusions. Originality/value: The current theoretical research in the literature focuses on the necessity of equity and shareholder's resources versus the control rights. Some key factors and mechanism on the relationship have not been fully clarified. The results of this paper not only extend the combination research of social network and corporate governance, but also provide enterprise founders with references for making reasonable decisions during control battle. [ABSTRACT FROM AUTHOR]

I argue that growth in private equity and publicly traded ownership of US for-profit colleges has created new shareholder-value pressures for schools to maximize returns for investors. Privately held firms, which had long dominated the sector, were converted to private equity ownership through 88 buyouts since 1987. Private equity managers then used IPOs to establish 20 of 35 publicly traded firms that operated in the sector. I use longitudinal panel analyses of 14,212 federally qualified colleges to show that schools under these ownership forms featured unusually high debts and low graduation rates for students. The results (a) provide some of the most robust evidence to date that shareholder value strategies of cost-cutting and implicit contract violations can adversely affect non-labor stakeholders; and (b) help to theorize the growing but understudied role of private equity as a transitional ownership form that spreads shareholder value strategies to privately held firms. [ABSTRACT FROM AUTHOR]

The study is carried out to determine reinsurance in place of a risk management instrument and its effect on the non-life insurance firms' profitability in Nigeria, adopting ex-post-facto design, with multiple correlation and regression model to analyze the data obtained from Nigeria Insurers Association Digest report 2007 to 2018, which is indicating 12 years of study sample size. The findings of the study show that Premium Cession Ratio (PCR) and Net Retention Ratio (NRR) have positive effect on the profitability (ROA) of insurance companies but not significant with their coefficient values of (0.059880 and 0.006273) and their associated probability values of (0.2811 and 0.8880) respectively. However, the findings reveal that Reinsurance Dependence Cede Premium (RDC) and Reinsurance Commission to Shareholder's Equity (RCS) have affected the profitability (ROA) of insurance business entities negatively and insignificantly with their values of coefficient (-0.266824 and -0.894553) and their corresponding pvalue is (0.5149 and 0.3497) respectively. [ABSTRACT FROM AUTHOR]