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This study is a development of research entitled The Effect of Company Size, Company Value, Sales Growht on Tax Avoidance with Corporate Transparency as a Moderating Variable. It tests the food and beverage sub-sector companies listed on the Indonesia Stock Exchange for the period 2016 to 2021. Whereas in this study I will test the manufacturing sub-sector using the 2019 - 2022 financial report period. This study uses descriptive statistical analysis to describe data from 2012-2022, the objectives of this study are: To determine empirically the effect of the Audit Committee on tax avoidance, to determine empirically the effect of Company Value on tax avoidance, to determine empirically the effect of Sales Growth on tax avoidance, to determine empirically the effect of Firm Size on tax avoidance, to test the moderating effect of Corporate Transparency in the effect of the Audit Committee on tax avoidance, to test the moderating effect of Corporate Transparency in the effect of Company Value on tax avoidance, to test the moderating effect of Corporate Transparency in the effect of Sales Growth on tax avoidance, to test the moderating effect of Corporate Transparency in the effect of Firm Size on tax avoidance. [ABSTRACT FROM AUTHOR]

Using China's A-share listed companies from 2011 to 2021 as a research sample, the study analyzes and empirically examines the impact of ESG performance on corporate risk-taking. The results show that ESG performance has a negative association with risk-taking, which is consistent with the 'stress hypothesis'. Mechanism tests show that ESG performance dampens risk-taking by increasing corporate transparency. Both top management team stability and institutional ownership negatively moderate the inhibitory effect of ESG performance on corporate risk-taking. Further analysis reveals that the inhibitory effect of ESG performance on corporate risk-taking is more prominent in non-state enterprises and financialized enterprises. [ABSTRACT FROM AUTHOR]

This study investigates the relationship between corporate ethics and the information intermediation element of public companies' information environment. Drawing on the well-established virtue, deontological, and consequential ethical theories, we predict that higher corporate ethics standards have a positive effect on financial analysts' behavior and earnings forecasts. Using a sample of 5276 firm-year observations from 780 publicly listed US companies, multivariate regression analyses document a significant positive association between company's level of ethical commitment and analyst coverage and forecast accuracy. Furthermore, the results show that firms with fewer incidents of ethical misconduct are associated with higher analyst consensus. These findings hold across a battery of robustness tests and indicate that a firm's ethical commitment enhances its corporate information environment and allows financial analysts to play a more effective intermediary role in capital markets. [ABSTRACT FROM AUTHOR]

Corporate transparency has a positive impact on firm valuation, as predicted by agency theory; however, the transparency of strategically important government suppliers is not rewarded with higher valuations as the market expects politically sensitive firms to be inherently more transparent. The association between transparency and valuation among politically sensitive firms is consistent with the political cost hypothesis. We address endogeneity concerns using propensity score matching, Heckman's self‐selection models and entropy balancing. Our findings offer novel insights, suggesting that the influence of transparency on corporate valuation varies with political sensitivity – a significant consideration for both finance professionals and scholars. [ABSTRACT FROM AUTHOR]

This paper examines the impact of the United Nations sustainable development goals (SDGs) on community investment (CI), otherwise known as corporate philanthropic expenditures, among Canada's leading private sector companies. The study investigates whether there have been discernible shifts in CI relative to net profit after tax (NPAT) before and after the introduction of the SDGs in 2015, and whether corporations' commitment to the SDGs and/or membership in the United Nations Global Compact (UNGC) have resulted in material increases to CI expenditures. The analysis is based on descriptive statistics, comparing the mean and standard deviation of CI as a percentage of NPAT across 58 firms included in our study. The findings reveal a minor decrease in CI as a percentage of NPAT following the introduction of the SDGs and lower average CI amounts among corporations committed to the SDGs and firms with UNGC membership. This paper offers an interpretive analysis of the results, highlighting the implications of potential greenwashing and the importance of corporate transparency. Further, we emphasize the need for policies to ensure genuine corporate financial commitment to socioeconomic and environmental causes. [ABSTRACT FROM AUTHOR]

This study investigates the determinants of integrated reporting quality in the context of basic materials and industrial companies. The motivation stems from the need to enhance reporting quality and provide guidance to companies and academia. Specific hypotheses were formulated, including the influence of profitability, company size, age, and board size on integrated reporting quality. The research aims to offer insights into these factors' impact. The study employs a mixed-method approach involving quantitative regression analysis and qualitative content analysis. Findings reveal that profitability is not a significant determinant of integrated reporting quality, while larger companies exhibit higher-quality reports. Younger firms tend to present more elaborate reports. The study validates the role of board size in enhancing reporting quality. These results contribute to refining integrated reporting standards, enhancing transparency, and guiding strategic decisions for sustainable development.

Numerous studies argue that corporate social responsibility (CSR) helps companies build strong and positive relationships with consumers. However, it is not well understood why certain companies are more effective in their CSR activities than others. Some studies have attributed this difference to the country setting, but results are inconclusive. Building on signaling theory, this study explores corporate transparency as a boundary condition of the effects of CSR activities on the consumer–brand relationship. Three experiments and one large survey across three countries examine how a lack of corporate transparency undermines firms' CSR efforts. Importantly, the authors theorize that country environments differ in terms of transparency, which is then reflected in different levels of corporate transparency. Different country levels of transparency help explain the discrepancies of CSR effectiveness for increasing brand attachment and building consumer behavior. Finally, the authors tie the diminishing effect of CSR in the case of low corporate transparency to an increase in consumer skepticism. [ABSTRACT FROM AUTHOR]

Corporations use global sustainability reporting principles, certifications, guidelines, and indices to promote corporate transparency. However, the effectiveness of adopting these global transparency approaches, either separately or collectively, in increasing firm value is as yet unclear. Thus, we examine whether different global transparency approaches engender different outcomes related to firm value and whether adopting a comprehensive or integrated global transparency approach could better enhance firm value. We use a sample comprising 6978 firm‐year observations of firms listed in the United States (S&P 500), Canada (S&P‐TSX 221), and the United Kingdom (FTSE 350) from 2013 to 2019. A fixed‐effects regression model is then used to examine the primary associations in this study. This technique was complemented by a two‐step dynamic generalised method of moment (GMM) model to overcome the expected endogeneity concerns. Our findings indicate that adopting global sustainability reporting principles, certifications, and an integrated global transparency approach is positively attributable to the market value of firms. In contrast, firms' adoption of international guidelines and environmental, social, and governance (ESG) ratings cannot predict the firm value in the study context. Our evidence implies that firms' adoption of an integrated global transparency approach adds the most value to those firms when compared with adopting a standalone transparency approach across the three sampled countries. Our study provides practical implications for policymakers and corporate managers and suggests avenues for future studies to build upon our findings. [ABSTRACT FROM AUTHOR]

The European Union has made the fight against climate change and the achievement of a sustainable economy political priorities. To promote the ecological transition of companies and corporate transparency, a broad regulatory framework has been developed. This paper analyses the effect of institutional pressures derived from this regulatory framework on the environmental information disclosed by 832 multinationals in the period 2011–2020. The results reveal a positive global effect, although, at an individual level, this effect is only maintained for the regulations and recommendations related to non‐financial information and the European Green Deal. Furthermore, the impact differs depending on the category of environmental information disclosed. [ABSTRACT FROM AUTHOR]

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Corporate transparency is a critical requirement for effective governance. Through a thorough financial regulation, it has the potential to influence investors' investment decisions in a company. The global financial crisis, in the past, has prompted a high level of openness worldwide since it frequently implies the quality of information disclosure. To make investment decisions, investors rely on the information provided by the firms. Hence it is crucial to have an encyclopaedic understanding of corporate disclosures. This research employs bibliometric analysis from a multi-industry approach to systematically synthesize and improve corporate transparency and disclosures. For 23 years, 410 journal articles were collected from the Scopus database between 1998 and 2021. This article highlights the publication trend and identifies the most influential work, authors, countries and journals. Finally, the Author, Journal and keyword co-occurrence have expressed the article's research themes through thematic progression. Lastly, the article highlights the gaps in the literature and makes recommendations for further research. [ABSTRACT FROM AUTHOR]

This study examines the relationship between corporate social responsibility and the effectiveness of internal control, while simultaneously examining board gender diversity to check whether female directors contribute to corporate transparency or not. The sample of the study comprises 15,231 firm-year observations of companies listed on the Shanghai and Shenzhen stock exchanges from 2013 to 2018. The raw data for variable calculation come from authoritative and reputable sources, such as China Stock Market and Accounting Research (CSMAR), DIB Internal Control database, and RKS CSR score. The empirical study shows that socially high-performing firms possess a more effective internal control mechanism. However, the paper failed to find a positive association of gender diversity on the board with internal control effectiveness, and failed to attest reinforcing effect of female directors on internal control in socially responsible firms. This study suggests that in China’s institutional environment, female directors are unlikely to contribute to increased corporate transparency. This study is useful for both regulators and company management to establish a master plan and tactics for board composition to improve corporate transparency, taking into account the effect of the investigated phenomena within the jurisdiction under study. AcknowledgmentThis paper is co-funded by the European Union through the European Education and Culture Executive Agency (EACEA) within the project “EMBRACING EU CORPORATE SOCIAL RESPONSIBILITY: CHALLENGES AND OPPORTUNITIES OF BUSINESS-SOCIETY BONDS TRANSFORMATION IN UKRAINE” 101094100 — EECORE — ERASMUS-JMO-2022-HEI-TCH-RSCH-UA-IBA / ERASMUS-JMO-2022-HEI-TCHRSCH https://eecore.snau.edu.ua/

Abstract In this study, we use bank loan information to construct proxies for corporate transparency and examine whether these measures reflect information asymmetry in the stock market. Our analysis is based on a novel dataset of stock transactions and bank loans of all publicly listed firms on the Shenzhen Stock Exchange, covering January 2008 to June 2013. We find that firms with outstanding loans have a lower level of information asymmetry in the stock market, whereas firms with defaulted loans have a higher level of asymmetry. Further evidence demonstrates that the effect of loan default on information asymmetry in the stock market is more pronounced when these loans are borrowed from joint-equity commercial banks or multiple banks and when the default occurs under inactive market conditions. Our results remain robust to a series of endogeneity and sensitivity tests and provide suggestive evidence of a close connection between the credit loan and stock markets.

The high cost of financing is one of the reasons that restrict the development of the real economy. The soundness and development of the capital market can help reduce the cost of corporate financing. Based on the quasi-natural experiment of the margin financing and short selling system, this paper takes A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2020 as research samples, and uses a difference in difference model to study the impact and internal mechanism of relaxation of short selling on the cost of equity financing of enterprises. The research indicates that the reduction of short-selling control is significantly negatively related to the company's equity financing cost, and the relaxation of short selling can reduce the cost of equity financing by improving the company's transparency. Further research indicates that the relaxation of short selling restrictions has a more significant effect on reducing the cost of equity financing in private companies and companies with a high level of analyst coverage. This paper enriches the literature in related fields such as margin trading and short selling, equity financing cost, and also provides some theoretical references for government department to strengthen the supervision of financial markets and promote financial system reform. [ABSTRACT FROM AUTHOR]

The access to fundamental information prompts traders to buy or sell a security collectively until its market price arrives at the equilibrium value, which this paper terms informed herding. Using a large sample covering the tick‐by‐tick data, we conduct a cross‐country study to examine whether informed herding pervades in the international markets. The empirical finding lends strong support to the global presence of informed herding. Moreover, the effect of informed herding remains significant despite using various robustness checks. Eventually, we discover that informed herding is likely to be driven by two macro‐level institutional characteristics: corporate transparency and foreign accessibility. [ABSTRACT FROM AUTHOR]

Copyright of Journal of International Business Studies is the property of Springer Nature 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.)

Employing a comprehensive measure of country-level corporate transparency, we document a positive relation between corporate transparency and externally financed firm growth. This relation is robust to controlling for variables related to the quality of a country's legal institutions and the overall level of financial development. We also show that the level of external financing in the form of long-term debt is higher among firms in countries with greater corporate transparency. Further cross-sectional tests reveal that the role of corporate transparency in firm growth and external financing is less pronounced among bank-oriented countries as compared to market-oriented countries. In sum, our evidence highlights the positive impact of corporate transparency on economic growth through its impact on firm access to low-cost external financing. [ABSTRACT FROM AUTHOR]

Although transparency literature is mainly concentrated on government transparency, but it has gone far beyond it and has been extended to private companies, cooperatives, NGOs and charities. The field of cooperatives is one of the fields in which transparency has entered in recent decades in the form of concepts such as "corporate governance", "corporate transparency" and "open corporate data". The aim of this research is to design an index to measure transparency in cooperatives. This qualitative research has been conducted using documentary studies, interviews with 45 experts and focus group. The statistical population of the study includes all experts and activists in the field of cooperation, including managers and government experts, members of unions and chambers, and members of cooperatives. Cooperative Transparency Index (CTI) consists of 6 dimensions and 39 items. In addition to measuring the level of transparency in cooperatives (in the range of 0 to 100), this index determines the optimum or desired level of transparency, separately for "each user in each item", "each item", "each dimension" and "final amount of Index". Finally, some policy recommendations have been proposed to promote transparency in the cooperative sector, including participation of major actors in cooperative sector, reduction of bureaucratic complexities and education of cooperatives.

This study analyzes the effect of tax avoidance on corporate transparency in Brazilian listed companies. The research was based on a sample of 256 non-financial companies listed in the Brazilian stock exchange (B3) from 2010 to 2018. A disclosure index was developed considering the BR GAAP(CPC 32), and tax avoidance measures (Effective Tax Rates –ETR, Cash Effective Tax Rate –CashETR, and Book-Tax-Differences –BTD) were used as explanatory variables in a panel. The findings revealed that tax avoidance has a negative influence in corporate transparency and that the industry and commerce sectors, company size, the level of leverage and profitability, have a positive influence in information disclosure.

In this study, we use bank loan information to construct proxies for corporate transparency and examine whether these measures reflect information asymmetry in the stock market. Our analysis is based on a novel dataset of stock transactions and bank loans of all publicly listed firms on the Shenzhen Stock Exchange, covering January 2008 to June 2013. We find that firms with outstanding loans have a lower level of information asymmetry in the stock market, whereas firms with defaulted loans have a higher level of asymmetry. Further evidence demonstrates that the effect of loan default on information asymmetry in the stock market is more pronounced when these loans are borrowed from joint-equity commercial banks or multiple banks and when the default occurs under inactive market conditions. Our results remain robust to a series of endogeneity and sensitivity tests and provide suggestive evidence of a close connection between the credit loan and stock markets. [ABSTRACT FROM AUTHOR]

The main purpose of this study was to conduct an independent investigation of some international regulations that make provision for criminal liability for abuse of influence; analysis of the experience of countries that have achieved considerable success in implementing and improving criminal legislation, which determines the implementation of mechanisms of public legal responsibility for abuse of influence to consider the possibility of implementing some of their provisions in the legal system of Ukraine. The general methodological framework of this study was formed by an integrated approach to cognition, in which all the main aspects of the subject matter were investigated. The combatting intensifies and measures are being taken to prevent criminal offences in official and professional activities relating to the provision of public services. It was concluded that there is considerable progress in corruption combatting in the world. Ukraine is one of the countries that take steps in developing anti-corruption legislation, though, further improvements are needed. The materials of this study are of practical value for further scientific research and legislative transformations in the field under study. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of managerial ability on idiosyncratic volatility from the perspective of corporate information. Using the companies listed on the Shenzhen A‐share Main Board from 2003 through 2017, we test the relationship between managerial ability and the quality of information disclosure. We further explore the internal mechanism by which managerial ability impacts on idiosyncratic volatility. The empirical results show that competent managers reduce idiosyncratic volatility by improving corporate transparency. In other words, corporate transparency plays an intermediary role. Competent managers disclose higher quality information. In turn, reputable management and high‐quality company information attract more attention and information mining. This improves corporate transparency, which can reduce arbitrage space and alleviate the idiosyncratic volatility of the stock price. Our main findings survive a series of robustness tests including an alternative measure of managerial ability, the application of a 2SLS regression and so on. [ABSTRACT FROM AUTHOR]

Purpose: In this study, we investigated the influence of female board membership on the relationship between corporate transparency and performance of Brazilian public firms. Methodology: The sample of this empirical-analytical study included 297 non-financial firms traded on B3 in the period 2015-2019. The data were analyzed with Student's t test, the Mann-Whitney test and regressions on panel data. Results: Female board representation was small (6.9%). Student's t test and the Mann-Whitney test showed that firms with female board members and transparency awards did not differ from other firms with regard to economic performance, but market performance was better. In the regression analysis, corporate transparency had no significant impact on performance and, despite the growing acknowledgment in society of the role of women in key corporate positions, the presence of women on the board did not change this association. Thus, our results indicate that the sampled firms did not derive measurable economic benefits from the presence of women on the board of directors. Contribution of the study: The study enriches the debate on female representation in key corporate positions in Brazilian public firms and helps understand the influence of female board membership on the relationship between corporate transparency and economic/market performance. [ABSTRACT FROM AUTHOR]

The UK government has proposed a seemingly minor change to the UK corporate transparency regime, being to require Companies House to verify the identity of new directors of companies, persons of significant control and those incorporating companies, to help in the fight against corporate crime. These proposals seem sensible and innocuous. However, there are a number of theoretical implications which flow from this seemingly minor change. First, it starts the process of making the UK corporate register an effective gatekeeper. Second, it involves the state more in the establishment and operation of the company, strengthening the argument that the corporate form somehow exists as a gift from the state. Third, shareholders are ignored, which challenges argumentation structures for those who believe in shareholder primacy. This illustrates how dependent ostensibly universal company law theory is on a particular doctrinal structure, and thus how exposed particular calibrations of arguments are to being undermined. Every time the UK government proposes a minor change to company law doctrine, the butterfly flaps her wings and those advancing existing company law argumentation structures must brace themselves. [ABSTRACT FROM AUTHOR]

We synthesise the empirical studies on innovation in the accounting, finance, and corporate governance disciplines using Bushman and Smith's corporate transparency framework as our theoretical lens. The review presents competing findings on the association between financial reporting and innovation. Most of the reviewed studies fail to address the critical question of how the financial reporting system affects the interactions among financial development, corporate governance and innovation. We suggest future research, ranging from enriching the theoretical perspectives to incorporating the future of innovation research in the COVID‐19 environment. [ABSTRACT FROM AUTHOR]

The modern management system has a complex, sometimes multi-level organizational management structure and puts forward more and more demands on the quality of the financial information provided. The paper describes an integrated reporting that meets the increasing stakeholders demands. The research methodology is classical by itself and based on the use of situational and dialectical approaches to the object having the method of abstraction, formalization and generalization. A deductive analysis of general scientific, geopolitical factors, economic psychology, economic theory and accounting theories, projected onto the Russian specifics of doing business which leads to the formation of nontrivial conclusions. The latter are interesting in the symbiosis of criticism and constructivism because against the lack of objective reasons for the introduction of integrated reporting in Russia, there are questions raised about the need to generate a unified theory that underlies the functioning of accounting systems as well as the economic consciousness development of our society and implementation of business ethics. The scientific and practical significance of the study is to identify the application features of integrating financial reporting practice at the national level.

By leveraging the value‐added tax (VAT) Reform as an exogenous event in China, we examine the impact of the tax cut on bank collateral loan on firms. Our findings suggest that (1) The Reform allows firms to deduct the tax of purchasing fixed assets that leads to a significant increase in the firm's collateral loan amounts. (2) The transmission mechanism is due to the increased level of corporate transparency and a lowered financial risk after the Reform. (3) The impact of the Reform on collateral bank loans is more pronounced for state‐owned firms, large firms, firms far away from lenders and firms located in low financial development regions. [ABSTRACT FROM AUTHOR]

Research Question: This study investigates whether corporate information opacity affects the association between family ownership and cost of capital. Motivation: Firms’ ownership structure has been identified as a major factor that affects their cost of capital. Idea: Corporate transparency affects the impact of ownership structure upon firms’ cost of capital, especially in the case of family-controlled firms Data: We examine a sample of companies listed in the Athens Stock Market for the period of 2009-2016. Tools: We compose a Corporate Opacity Index for each sample firm by adopting the Anderson et al. (2009) approach. Additionally, accounting factors such as firms’ size, leverage, profitability and corporate governance characteristics that may affect the above-mentioned association are examined as well. Sensitivity tests have been conducted to check the robustness of the results. Findings: Family ownership and corporate opacity are only marginally related with firms’ cost of capital. Firms’ size, liquidity and their leverage appear to be inversely associated with their cost of debt capital. Contributions: The findings of this study provide insights regarding the impact that corporate transparency has upon cost of debt capital, allowing financial institutions, regulators and market participants to design improved debt contracts under economic depression. Our study sheds light to the impact of information opacity on the association between family ownership and cost of capital within the business environment of Greece that possesses certain structural characteristics in the context of economic crisis.

The companies in Romania which have their titles traded on the Bucharest Stock Exchange (BVB), must operate in a transparent manner, based on the rules established by the Corporate Governance Code (CGC) of the Bucharest Stock Exchange. The implementation of these rules will be based on the "comply or explain" principle that aims to provide the market with correct and upto-date information on how the listed companies comply with the corporate governance rules. The BVB monitors the degree of implementation of the CGC provisions by the companies listed through the "comply or explain" statement, a statement that includes a self-assessment of how the "provisions to be respected" are met and the measures taken to comply with the provisions that are not fully fulfilled yet. The objective of the work is focused on the analysis of the compliance of the provisions of the CGC, respectively of the level of implementation by the Romanian companies listed on the Main Market of the Bucharest Stock Exchange during 2016-2018. The companies analyzed in the study must comply with a set of principles and recommendations set out in the Corporate Governance Code, based on the fact that these shares are traded on a regulated capital market. The purpose of the CGC is to create an attractive capital market internationally and to increase the confidence in the listed companies, based on best practices, transparency and trust.

We study how cultural norms from overseas affect corporate transparency. Using cultural background information on board directors, we document that corporations with directors with culture from overseas have greater corporate transparency. Specifically, we show that firms with directors with foreign cultural background have more voluntary information disclosure, more analyst coverage, more accurate earnings forecast and less earnings management. Moreover, these firms are more likely to choose Big 4 auditors. We also find that the relationship between culture from overseas and corporate transparency are more strongly positive when the directors have foreign experience from more incorruptible countries or districts. Our findings provide evidence on how directors spread transparency cultural norms rooted in their hearts to firms in developing countries. [ABSTRACT FROM AUTHOR]

This study analyzes the effect of tax avoidance on corporate transparency in Brazilian listed companies. The research was based on a sample of 256 non-financial companies listed in the Brazilian stock exchange (B3) from 2010 to 2018. A disclosure index was developed considering the BR GAAP (CPC 32), and tax avoidance measures (Effective Tax Rates -- ETR, Cash Effective Tax Rate -- CashETR, and Book-Tax-Differences -- BTD) were used as explanatory variables in a panel. The findings revealed that tax avoidance has a negative influence in corporate transparency and that the industry and commerce sectors, company size, the level of leverage and profitability, have a positive influence in information disclosure. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine the relationship between corporate transparency and financial constraints in the Tehran Stock Exchange. To this end, 118 companies, listed on the Tehran Stock Exchange, were selected as our sample in the period of 1383-1394 (2004-2015). Applying panel data in multivariate logistic regression models, we tested the hypotheses of the research. In the present study, accounting earning transparency and discretionary accruals criteria represent corporate transparency; furthermore, KZ criterion measures the financial constraints. The Findings of this research reveal that there exists a negative and significant relationship between corporate transparency and financial constraints. This means that companies with more transparent financial information would face fewer restrictions while financing.

This study is aimed to examine the effects of corporate transparency (measured by some proxies including accruals-based earnings management, audit opinions, the quality of audit firms, state ownership and the related party transactions) on the investors' optimism and pessimism toward stock prices, which usually occur due to difficulties in firm valuations. To highlight the important role of corporate transparency in decision making of investors, we test five hypotheses. For this purpose, monthly data of 70 firms listed in Tehran Stock Exchange during the period from 2009 to 2014 is analyzed through the time series analysis. The findings approves the first, second, fourth and fifth hypotheses suggesting more effects of investor sentiment on stock prices in firms with more accruals-based management, unqualified audit reporting, more related party transactions and State-controlled firms, as compared to firms with less accruals-based management, qualified audit reporting, less related party transactions, and private companies. Also, in respect to the third hypothesis which is not confirmed, the findings show that there is no significant difference between investor sentiment effects on stock prices in firms audited by the Audit Organization and those of firms audited by the other audit institutions. As a whole, the findings confirm the important role of corporate transparency in mitigating the effects of investor sentiment on stock prices.

We examine if firms with directors with related industry expertise (DRIs), or directors that are supply chain partners, exhibit a greater propensity to forecast earnings, and improve the specificity and accuracy of forecasts. Using instrumental variables to mitigate endogeneity, we find that DRIs and supply chain partners possess unique insights which improve managerial forecasts especially when there is greater earnings uncertainty (innovations along the supply chain, poor performance, operating in volatile industries). We use director deaths as exogenous shocks to board composition and confirm results. Results indicate that DRIs play an informational role in enhancing voluntary disclosures and improving corporate transparency. [ABSTRACT FROM AUTHOR]

This study analyzes the dynamics of attracting foreign institutional investment, using the mediated moderation approach to investigate whether corporate transparency can mediate the interactive effects of firm performance and family or policy on foreign institutional investment. This study has several findings. First, corporate transparency does not mediate the relationship between firm performance and foreign institutional investment. Second, firm performance can interact with the policy effect to affect foreign institutional investment. Third, based on the second finding, a further test found that the mediating process through corporate transparency does not account for the moderation effect of policy on the relationship between firm performance and foreign institutional investment. The findings can provide academics, practitioners, and policy makers with evidence regarding the role of firm performance and corporate transparency, as well as the effects of family and policy in encouraging foreign institutional investment. [ABSTRACT FROM AUTHOR]

Copyright of Scientific Proceedings of Ostroh Academy National University Series, Economics is the property of National University of Ostroh Academy 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.)

Introduction. The process of substantiating the decisions made by corporate governance entities requires reliable analytical tools. One of the most pressing issues of an applied nature is to improve the analytical support of corporate governance based on the specific information needs of its subjects, which were formed in recent years with the emergence of new information sources and complicating the environment of corporate structures. Methods. The methodological basis of the article is the fundamental provisions of modern economics and scientific works of scientists. The research used methods of analysis and synthesis - to study the object and subject of research, abstract and logical - for theoretical generalizations and conclusions, constructive - to form the variability of management decisions through analytical support. Results. The necessity of improving the analytical support of corporate governance is substantiated. The specific needs of corporate management of analytical information are not provided. Two main subsystems (corporate information system of analysis, analytical system of corporate management) are allocated as a part of system of analytical maintenance of corporate management. There are two approaches to building a corporate information analysis system (functional, object). The necessity to include in the system of analytical support of corporate management methods that would ensure the formation of an idea of the quality and transparency of the information support of the corporate reporting system is substantiated. The essence of the analytical system of corporate governance is substantiated, which provides the directions of analysis that provide the specific information needs of the subjects of corporate governance. Discussion. The obtained results are intended for the development of an analytical system of corporate governance, as one of the subsystems of the general system of its analytical support, which will ensure the following areas of analysis: transparency of corporate reporting; the level of specificity of assets; additional disclosure of information. [ABSTRACT FROM AUTHOR]