In earnings conference calls, management releases new information, and financial analysts on the call immediately respond and question management. The linguistic tone of analyst comments moves the stock price almost instantly in a manner that suggests that analyst assessment of management disclosures contains information not present in the disclosures themselves. Additional findings suggest tha...

Building on an institutionalist framework of the various organizational field-level pressures on firms to engage with the challenge of corruption, we analyse anti-corruption disclosures across a sample of 933 sustainability reports. Such reporting complements anti-corruption initiatives, as it allows the company to demonstrate its commitment. Our results show clear countryand sector-level diffe...

INTRODUCTION ..................................................................................... 397 I. THE THREAT OF TPFS: EVERYONE UNDERSTANDS THE GAME EXCEPT THE CONSUMER ................................................. 398 II. CONSTITUTIONAL BARRIERS: RATIOS AND DISCLOSURES ........ 402 A. Pre-Riley: A Reasonable Compromise ............................... 402 B. Riley: Taking Away Valuab...

This paper studies the value-relevance of FCD disclosures of European non-financial firms. Our findings show that these firms use FCDs to hedge and not to speculate but that the impact of hedging strategies’ disclosures is statistically and economically weak revealing that either (i) managers hedge only a small proportion of the currency risk they are facing, or that (ii) investors make systema...

Our study investigates the extent of voluntary disclosures by family French firms under entrenchment and alignment interest hypotheses. It also sheds light on moderating effect board characteristics this relation using a self-constructed index. Based sample listed companies from 2009 to 2013, we use GLS regressions for empirical investigation. The results show that entrenched families have nega...

Focusing only on shareholders’ financial return is not consistent with the concept of sustainable corporate governance. In contrast to financial performance, corporate social responsibility (CSR) is a non-financial performance index. Financial reports consist of both financial and non-financial disclosures. These disclosures help investors make decisions. This paper characterizes the interactio...