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In this paper, it attempts to investigate whether corporate governance affects foreign investment or not. Furthermore, it also wants to detect what factors influence the percentage of foreign investment. Some hypotheses for corporate governance and foreign investment are developed in this study. Multi-regression models are conducted to test the relationship between corporate governance factors and foreign investment. The results of multi-regression models indicate that higher corporate transparency, bigger companies and companies with lower liability ratio attract more foreign investment. Moreover, companies held by big stockholders have higher percentage of foreign investment; on the contrary, family-owned firms are not preferred by foreign investors. In addition, foreign investors like to invest in firms having more independent directors. Furthermore, companies having GDR (Global Deposit Receipt) or ECB (Euro Convertible Bond) do increase the percentage of foreign investment. This paper also utilized the logistic regression to test what corporate governance factors act on the willingness of issuing GDR and ECB. As a result, it finds that company size, liability ratio and percentage of stocks held by owner¡¦s family all have impact on whether the company issue GDR or not. In addition, size and family holding are two significant factors that affect Taiwanese companies to issue ECB. Hence, this paper provides some information for foreign investment in Taiwan.

Tax avoidance that reduces transfers from shareholders to the government is traditionally viewed as value enhancing to shareholders. The agency perspective of tax avoidance, however, suggests that opportunistic managers may exploit the obfuscatory nature of tax avoidance to mask rent extraction. To shed light on these conflicting views, I use a self-constructed opacity index and multiple measures of tax avoidance to examine how corporate transparency relates to tax avoidance. I find that more transparent firms, which potentially have less severe agency problems, avoid more tax relative to their opaque counterparts. This result suggests that in a large section of the economy, tax avoidance is mainly engaged in by managers to enhance shareholder wealth. Further, I find that investors place a value premium on tax avoidance, but the price premium decreases with corporate opacity. This is consistent with the notion that corporate transparency facilitates the monitoring of managerial actions and thus alleviates outside investors’ concern with the hidden agency costs associated with tax avoidance. / text

After Shleifer and Vishny (1997) introduce agency conflicts between controlling insiders and outside investors, a new research trend has emerged, which focuses on controlling insiders' incentives for opportunistic behavior and assumes that controlling insiders may want more opaque corporate information environment to mask their pursuance of private control benefits. However, there are still open issues on the topic of how different controlling shareholder types, such as business group owners, institutional owners and family owners, each affect corporate information environment. Therefore, this study aims to investigate the different roles of controlling ownership types on corporate informational environment. Chapter 1 examines earnings management behaviors of firms affiliated with business groups, using a unique dataset for South Korean business groups (chaebols) between 1993 and 2007. Contrary to predictions of agency theory, we find that group firms are actually less engaged in earnings management than non-group firms, and we offer controlling family's concern for group reputation as an explanation. Group firms are also shown to use more real cash flow-based earnings management than discretionary accruals management. The results are robust with respect to the method of control sample construction, alternative models and group definitions, and endogeneity. There is also evidence that corporate reforms undertaken in the aftermath of the Asian financial crisis, including regulations on auditing and combined group-wide financial reports, appear to have mitigated the use of earnings management by group firms. These results are consistent with the notion that concerns for group reputation may mitigate agency-based opportunistic earnings management behaviors. Chapter 2 examines whether domestic and foreign institutional investors improve corporate transparency in the presence of controlling benefits. We construct the transparency index, as well as its sub-indices based on firm- and market-level information, using group and non-group firm-level data for South Korea between 2001 and 2007. The results show that foreign institutional ownership improves overall corporate transparency, while the effects of domestic institutional ownership are insignificant. This is traceable to sub-index findings that foreign investors are associated with improvement in both firm-level and market-level transparency, while domestic institutional investors are associated with a decrease in firm-level transparency, but with an increase in market-level transparency, which may offset each other. The effects are non-linear for domestic institutional ownership, while those of foreign institutional ownership remain monotonic. These findings are consistent with the notion that domestic institutional investors are conflicted by their role as monitors to boost transparency and by their desire to pursue control benefits by exploiting insider information and promoting selective transparency. Foreign investors, lacking such controlling benefit opportunities, tend to promote general transparency. Chapter 3 examines how the dynamics between family owners and market participants, such as analysts, market makers and investors determine a firm's overall transparency, using South Korean data between 2001 and 2007. Our results show that family ownership has a positive relation with earning-based transparency, while it has a negative relation with market-based transparency. As a result, family ownership seems to have no impact on overall transparency. However, an analysis based on sorting of family ownership shows that firms with less than 30% family ownership show a positive significant relation to overall transparency, but firms with family ownership of 30% or higher have an insignificant relation with overall transparency. This discrepancy may exist because family owners may want to promote corporate transparency through better earning-based information dissemination, but market participants discount such efforts and this discount increases as family ownership increases. / Business Administration/Finance

Article Excerpt: The Anti-Money Laundering Act of 2020, enacted on Jan. 1, 2021, contained the first-ever federal requirement for certain legal entities to identify and report their beneficial owners, also known as the Corporate Transparency Act (CTA). The CTA was designed to “prevent wrongdoers from exploiting United States corporations and limited liability companies for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct.” As trusted advisors, CPAs should consider informing clients of the new reporting requirements and advise them on the best option to pursue, even if they do not file the reports for their clients [...]

In 2015, the Vienna University of Economics and Business (WU) and the African Tax Institute at the University of Pretoria launched a project to identify the links between corruption, money laundering and tax crimes in Africa. The project promotes the concepts of good tax governance and the importance to economic development of a tax system that is transparent and free of corruption. The project explores how law enforcement agencies and tax authorities can best cooperate to counter corruption and bribery. The project was initially aimed at three focus countries, namely, Ghana, Nigeria and South Africa, but soon was extended to other African countries. This is a joint initiative with the United Nations Office on Drugs and Crime (UNODC) and is also supported by the World Bank. This book brings together a series of background papers prepared for the Conference on Inter-Agency Co-operation and Good Tax Governance in Africa held at the University of Pretoria in July 2016. After a rigorous double peer-review process, the papers were revised by the authors. We express our gratitude to and acknowledge the services of the following peer reviewers: Tom Balco; Carika Fritz; Leon Gerber; Willem Jacobs; Benjamin Kujinga; Thabo Legwaila; Annet Oguttu; Dirk Scholtz; David Solomon; and Xeniya Yeroshenko. Finally, we express our sincere gratitude to all the research and administrative assistants who contributed to the Good Tax Governance in Africa Project. This book pays tribute to their efforts. Jeffrey Owens, Rick McDonell, Riël Franzsen and Jude Amos (Vienna and Pretoria, November 2017)

Abstracts in English, Zulu and Southern Sotho / This thesis examines organisational transparency in South African banking after the financial crisis of 2007-2009. The crisis upset the global economy and resulted in general mistrust in banks and the global financial system. In addition to poor governance standards, inadequate transparency was identified as a key issue to be addressed in order to prevent future crises. The nature and consequences of banking transparency became a matter of worldwide debate. While the extant literature focuses mainly on banking transparency in the context of accounting, this study uses a communication perspective, examining transparency as a dynamic social and organisational phenomenon that is constituted through and reflected in organisational discourse, with both symbolic and practical implications. The primary objective of this study was to establish how the discourse in the institutional field of banking in South Africa after the Financial Crisis shaped the construction of the meaning of transparency in banking, and consequently how organisational field level discourse contributed to the institutionalisation of transparency practices in South African banking. The study adapted several conceptual frameworks previously used in discourse studies in order to analyse a banking field discourse at meso-level. From the data analysis perspective, the qualitative content analysis was performed with the aid of ATLAS.ti 8 software. The sample for the study comprises 76 purposively selected documents produced by the actors within the institution field of banking from the onset of the Financial Crisis until 2018. This study underlines the importance of the discourse within the institutional field of banking in South Africa and the construction of what is normal, acceptable and expected in terms of banking transparency, and its institutionalisation, thus highlighting the historical and social embeddedness of banking transparency. The data analysis identifies the main discursive strands within the banking discourse: one that is focused on market conduct transparency and the other, which addresses the importance of banks’ transparency in maintaining stability in the financial system. The results also reveal multiple meanings of transparency in South African banking and draw attention to the historical and discursive events that trigger change in institutional fields. / Le thesisi iphenya ukusebenza shashalazi kwenhlangano eNingizimu Afrika ngemuva kwenhlekelele yezimali ukusukela ngo 2007 ukufika ngo 2009. Le nhlekelele yaguqula isimo somhlaba kwezomnotho yaze yadala izinga lokungasathembeki kwamabhangi nohlelo lwezimali emhlabeni wonke. Ukwengeza phezu kwamazinga angagculisi okuphathwa kwamabhizinisi, ukungasebenzi shashalazi ngokwanele kuye kwabonwa njengodaba oluyinkinga okufanele luxazululwe ukugwema izinkinga esikhathini esizayo. Ubunjalo besimo kanye nemiphumela yohlelo olushashalazi lwemboni yezamabhangi kugcine sekuba wudaba oluxoxwa umhlaba wonke. Njengoba umbhalo wobuciko okhona ugxile kakhulu phezu kohlelo olushashalazi lwamabhangi kweze-accounting, lolu cwaningo lusebenzisa umqondo wezokuxhumana, luhlola uhlelo olushashalazi njengohlelo lwenhlangano yomphakathi oluguqukayo futhi olwakhekayo, kanti lolu hlelo lubonakala njengodaba lwenhlangano, ngendlela yophawu nangendlela ephathekayo. Inhloso yokuqala yalolu cwaningo kwabe kukuthola indlela lesi sifundo emkhakheni weziko lezamabhangi eNingizimu Afrika ngemuva kokuthi iziNhlekelele zeZimali zishintshe isakhiwo sencazelo yegama lokusebenza shashalazi kwezamabhangi, bese ekugcineni ingabe udaba lwezinga lomkhakha wenhlangano lube negalelo elinjani ekwakhiweni kwezingqubo zohlelo olushashalazi embonini yezamabhangi eNingizimu Afrika. Ucwaningo luguqule izakhiwo zegama ezimbalwa ebezisetshenziswa esikhathini esedlule ezifundweni zocwaningo ukuhlaziya udaba lomkhakha wezamabhangi ezingeni lomhlaba. Ngokomqondo wokuhlaziywa kwedatha, ukuhlaziywa ngendlela egxile kwingxoxo yolwazi olumumethwe kwenziwa ngosizo lwe-ATLAS.ti 8 software. Isampula yocwaningo iqukethe imibhalo engama-76 ekhethwe ngenhloso ekhiqizwe ngabadlali abangaphakathi komkhakha weziko lezamabhangi ngesikhathi sokuqala kweNhlekelele yeZezimali ukufika ngonyaka ka 2018. Ucwaningo lugcizelela ukubaluleka kwesifundo esingaphakathi komkhakha weziko lezamabhangi kanye nokwakhiwa kwalokho okuthathwa ukuthi kujwayelekile, kuyamukeleka futhi kulindelwe mayelana nohlelo lokusebenza shashalazi kwamabhangi, kanye nokkwakhiwa kwalolu hlelo, ngakho-ke lokhu kuveza umlando kanye kanye nabantu ohlelweni lokusebenza shashalazi kwezamabhangi. Ukuhlaziywa kwedatha kwenze ukuthi kuphawuleke izimpawu ezibalulekile ezidukisayo ngaphakathi kohlelo lwezamabhangi; olunye lugxile phezu kohlelo olushashalazi mayelana nokuziphatha kwamabhangi, kanti olunye lubhekene nokubaluleka kohlelo olushashalazi kwezamabhangi ngenhloso yokugcina ingqubo ezinzile ohlelweni lwezezimali. Imiphumela nayo iveza izincazelo eziningi zohlelo lokusebenza shashalazi kwamabhangi eNingizimu Afrika kanye nokuxwayisa ngomlando nangezehlakalo ezidukisayo eziphembelela ukuthi kube nezinguquko emikhakheni yamaziko. / Phuputso ena e hlahloba ponaletso ya mokgatlo lekaleng la dibanka tsa Afrika Borwa kamora koduwa ya ditjhelete ya ho tloha 2007 ho isa ho 2009. Koduwa ena e ile ya ferekanya moruo wa lefatshe mme ya fella ka ho se tsheptjwe ha dibanka le tsamaiso ya ditjhelete ya lefatshe. Ntle le maemo a mabe a puso, ponaletso e sa lekanang e ile ya hlwauwa e le taba ya mantlha e lokelang ho rarollwa ho thibela mathata a kamoso. Sebopeho le ditlamorao tsa ponaletso ya dibanka ebile taba ya puisano ya lefatshe ka bophara. Leha dingodilweng tse fumanehang hona jwale di shebile ponaletso ya dibanka haholo-holo maemong a ho boloka dibuka, phuputso ena e sebedisa pono ya puisano, e lekolang ponaletso e le taba e matla ya phedisano le mokgatlo e hlophisitsweng ka, mme e bontshitswe puong ya mokgatlo, ka diphello tsa matshwao le tse sebetsang ka bobedi. Morero wa mantlha wa phuputso ena e ne e le ho tiisa hore na puo lefapheng la dibanka Afrika Borwa kamora Koduwa ya Ditjhelete e thehile kaho ya moelelo wa ponaletso dibankeng jwang, le hore na puo ya boemo ba mokgatlo e kentse letsoho jwang ho hlophiseng mekgwa ya ponaletso dibankeng tsa Afrika Borwa. Phuputso e ile ya hlophisa meralo e mmalwa e neng e sebedisitswe diphuputsong tse fetileng tsa dipuo e le ho manolla puo ya lekala la dibanka maemong a bohareng. Ho latela pono ya manollo ya lesedi, manollo ya boleng ba dikateng e entswe ka thuso ya software ya ATLAS.ti 8. Sampole ya phuputso e na le ditokomane tse kgethilweng ka boomo tse 76 tse hlahisitsweng ke ba amehang lefapheng la dibanka ho tloha qalong ya Koduwa ya Ditjhelete ho fihlela 2018. Phuputso ena e totobatsa bohlokwa ba puo kahare ho lefapha la dibanka Afrika Borwa le kaho ya se tlwaelehileng, se amohelehang le se lebelletsweng mabapi le ponaletso ya dibanka, le tlhophiso ya yona ka hona ho totobatsa ho kenella ha nalane le phedisano ho ponaletso ya dibanka. Manollo ya lesedi e hlwaya dikarolwana tse ka sehloohong tse ka hare ho puo ya banka: e nngwe e shebane le ponaletso ya boitshwaro ba mmaraka, ha e nngwe e bua ka bohlokwa ba ponaletso ya dibanka ho boloka botsitso tsamaisong ya ditjhelete. Diphetho di boetse di senola ditlhaloso tse ngata tsa ponaletso dibankeng tsa Afrika Borwa le ho lebisa tlhokomelo diketsahalong tsa nalane le tse amanang le puo tse bakang phetoho makaleng a ditsi. / Communication Science / D. Phil. (Communication)

Abstract in English with Zulu and SeTswana translations / This thesis examines organisational transparency in South African banking after the financial crisis of 2007-2009. The crisis upset the global economy and resulted in general mistrust in banks and the global financial system. In addition to poor governance standards, inadequate transparency was identified as a key issue to be addressed in order to prevent future crises. The nature and consequences of banking transparency became a matter of worldwide debate. While the extant literature focuses mainly on banking transparency in the context of accounting, this study uses a communication perspective, examining transparency as a dynamic social and organisational phenomenon that is constituted through and reflected in organisational discourse, with both symbolic and practical implications. The primary objective of this study was to establish how the discourse in the institutional field of banking in South Africa after the Financial Crisis shaped the construction of the meaning of transparency in banking, and consequently how organisational field level discourse contributed to the institutionalisation of transparency practices in South African banking. The study adapted several conceptual frameworks previously used in discourse studies in order to analyse a banking field discourse at meso-level. From the data analysis perspective, the qualitative content analysis was performed with the aid of ATLAS.ti 8 software. The sample for the study comprises 76 purposively selected documents produced by the actors within the institution field of banking from the onset of the Financial Crisis until 2018. This study underlines the importance of the discourse within the institutional field of banking in South Africa and the construction of what is normal, acceptable and expected in terms of banking transparency, and its institutionalisation, thus highlighting the historical and social embeddedness of banking transparency. The data analysis identifies the main discursive strands within the banking discourse: one that is focused on market conduct transparency and the other, which addresses the importance of banks’ transparency in maintaining stability in the financial system. The results also reveal multiple meanings of transparency in South African banking and draw attention to the historical and discursive events that trigger change in institutional fields. / Le thesisi iphenya ukusebenza shashalazi kwenhlangano eNingizimu Afrika ngemuva kwenhlekelele yezimali ukusukela ngo 2007 ukufika ngo 2009. Le nhlekelele yaguqula isimo somhlaba kwezomnotho yaze yadala izinga lokungasathembeki kwamabhangi nohlelo lwezimali emhlabeni wonke. Ukwengeza phezu kwamazinga angagculisi okuphathwa kwamabhizinisi, ukungasebenzi shashalazi ngokwanele kuye kwabonwa njengodaba oluyinkinga okufanele luxazululwe ukugwema izinkinga esikhathini esizayo. Ubunjalo besimo kanye nemiphumela yohlelo olushashalazi lwemboni yezamabhangi kugcine sekuba wudaba oluxoxwa umhlaba wonke. Njengoba umbhalo wobuciko okhona ugxile kakhulu phezu kohlelo olushashalazi lwamabhangi kweze-accounting, lolu cwaningo lusebenzisa umqondo wezokuxhumana, luhlola uhlelo olushashalazi njengohlelo lwenhlangano yomphakathi oluguqukayo futhi olwakhekayo, kanti lolu hlelo lubonakala njengodaba lwenhlangano, ngendlela yophawu nangendlela ephathekayo. Inhloso yokuqala yalolu cwaningo kwabe kukuthola indlela lesi sifundo emkhakheni weziko lezamabhangi eNingizimu Afrika ngemuva kokuthi iziNhlekelele zeZimali zishintshe isakhiwo sencazelo yegama lokusebenza shashalazi kwezamabhangi, bese ekugcineni ingabe udaba lwezinga lomkhakha wenhlangano lube negalelo elinjani ekwakhiweni kwezingqubo zohlelo olushashalazi embonini yezamabhangi eNingizimu Afrika. Ucwaningo luguqule izakhiwo zegama ezimbalwa ebezisetshenziswa esikhathini esedlule ezifundweni zocwaningo ukuhlaziya udaba lomkhakha wezamabhangi ezingeni lomhlaba. Ngokomqondo wokuhlaziywa kwedatha, ukuhlaziywa ngendlela egxile kwingxoxo yolwazi olumumethwe kwenziwa ngosizo lwe-ATLAS.ti 8 software. Isampula yocwaningo iqukethe imibhalo engama-76 ekhethwe ngenhloso ekhiqizwe ngabadlali abangaphakathi komkhakha weziko lezamabhangi ngesikhathi sokuqala kweNhlekelele yeZezimali ukufika ngonyaka ka 2018. Ucwaningo lugcizelela ukubaluleka kwesifundo esingaphakathi komkhakha weziko lezamabhangi kanye nokwakhiwa kwalokho okuthathwa ukuthi kujwayelekile, kuyamukeleka futhi kulindelwe mayelana nohlelo lokusebenza shashalazi kwamabhangi, kanye nokkwakhiwa kwalolu hlelo, ngakho-ke lokhu kuveza umlando kanye kanye nabantu ohlelweni lokusebenza shashalazi kwezamabhangi. Ukuhlaziywa kwedatha kwenze ukuthi kuphawuleke izimpawu ezibalulekile ezidukisayo ngaphakathi kohlelo lwezamabhangi; olunye lugxile phezu kohlelo olushashalazi mayelana nokuziphatha kwamabhangi, kanti olunye lubhekene nokubaluleka kohlelo olushashalazi kwezamabhangi ngenhloso yokugcina ingqubo ezinzile ohlelweni lwezezimali. Imiphumela nayo iveza izincazelo eziningi zohlelo lokusebenza shashalazi kwamabhangi eNingizimu Afrika kanye nokuxwayisa ngomlando nangezehlakalo ezidukisayo eziphembelela ukuthi kube nezinguquko emikhakheni yamaziko. / Phuputso ena e hlahloba ponaletso ya mokgatlo lekaleng la dibanka tsa Afrika Borwa kamora koduwa ya ditjhelete ya ho tloha 2007 ho isa ho 2009. Koduwa ena e ile ya ferekanya moruo wa lefatshe mme ya fella ka ho se tsheptjwe ha dibanka le tsamaiso ya ditjhelete ya lefatshe. Ntle le maemo a mabe a puso, ponaletso e sa lekanang e ile ya hlwauwa e le taba ya mantlha e lokelang ho rarollwa ho thibela mathata a kamoso. Sebopeho le ditlamorao tsa ponaletso ya dibanka ebile taba ya puisano ya lefatshe ka bophara. Leha dingodilweng tse fumanehang hona jwale di shebile ponaletso ya dibanka haholo-holo maemong a ho boloka dibuka, phuputso ena e sebedisa pono ya puisano, e lekolang ponaletso e le taba e matla ya phedisano le mokgatlo e hlophisitsweng ka, mme e bontshitswe puong ya mokgatlo, ka diphello tsa matshwao le tse sebetsang ka bobedi. Morero wa mantlha wa phuputso ena e ne e le ho tiisa hore na puo lefapheng la dibanka Afrika Borwa kamora Koduwa ya Ditjhelete e thehile kaho ya moelelo wa ponaletso dibankeng jwang, le hore na puo ya boemo ba mokgatlo e kentse letsoho jwang ho hlophiseng mekgwa ya ponaletso dibankeng tsa Afrika Borwa. Phuputso e ile ya hlophisa meralo e mmalwa e neng e sebedisitswe diphuputsong tse fetileng tsa dipuo e le ho manolla puo ya lekala la dibanka maemong a bohareng. Ho latela pono ya manollo ya lesedi, manollo ya boleng ba dikateng e entswe ka thuso ya software ya ATLAS.ti 8. Sampole ya phuputso e na le ditokomane tse kgethilweng ka boomo tse 76 tse hlahisitsweng ke ba amehang lefapheng la dibanka ho tloha qalong ya Koduwa ya Ditjhelete ho fihlela 2018. Phuputso ena e totobatsa bohlokwa ba puo kahare ho lefapha la dibanka Afrika Borwa le kaho ya se tlwaelehileng, se amohelehang le se lebelletsweng mabapi le ponaletso ya dibanka, le tlhophiso ya yona ka hona ho totobatsa ho kenella ha nalane le phedisano ho ponaletso ya dibanka. Manollo ya lesedi e hlwaya dikarolwana tse ka sehloohong tse ka hare ho puo ya banka: e nngwe e shebane le ponaletso ya boitshwaro ba mmaraka, ha e nngwe e bua ka bohlokwa ba ponaletso ya dibanka ho boloka botsitso tsamaisong ya ditjhelete. Diphetho di boetse di senola ditlhaloso tse ngata tsa ponaletso dibankeng tsa Afrika Borwa le ho lebisa tlhokomelo diketsahalong tsa nalane le tse amanang le puo tse bakang phetoho makaleng a ditsi. / Communication Science / D. Phil. (Communication)

This dissertation comprises three essays which empirically investigate consequences of transparency. The first essay investigates how transparency, demanded by the government as a customer of firms, affects firms’ financial reporting. It provides evidence that, relative to firms without government customers, government suppliers have a higher quality of financial reporting. Findings indicate that government procurement requirements, which are linked to internal control over financial reporting, can positively affect the external information environment of firms. The second essay examines how managers react to a stricter transparency mandate in pension accounting, if this mandate increases the expected volatility of balance sheet items. Managers of affected firms change decisions on pension plans which mitigate volatility and in addition, affected firms exhibit less volatile accruals but more volatile discretionary real actions suggesting managers reduce volatility in balance sheets. Findings imply that a transparency mandate in pension accounting may have (unintended) consequences for managerial decision-making if the mandate reveals more economic volatility on balance sheets. The third essay studies how (data-transparently) researchers visualize their quantitative findings and how this affects the impact of academic work. It finds that, compared to articles in field-specific economics journals, articles in economics journals with a broader audience use more figures than tables and that articles visualizing (data-transparently) with figures receive more citations. An online experiment, which manipulates how a fictive study visualizes scientific results, finds that participants assess the internal validity of research as being higher and are more willing to cite research if it visualizes results data-transparently. The findings imply that (data-transparent) visualization can enhance the impact of academic work. / Die Dissertation besteht aus drei Aufsätzen, die die Auswirkungen von Transparenz untersuchen. Im ersten Aufsatz wird analysiert, wie sich die von einer Regierung im Rahmen der öffentlichen Auftragsvergabe geforderte Unternehmenstransparenz auf die Finanzberichterstattung von Unternehmen auswirkt. Lieferanten der Regierung weisen eine höhere Qualität der Finanzberichterstattung auf als Vergleichsunternehmen. Der zweite Aufsatz untersucht, wie Manager auf strengere Transparenzanforderungen in der Pensionsbilanzierung reagieren, wenn diese die Bilanzvolatilität erhöhen. Die Manager nehmen Bilanzanpassungen vor, die die Volatilität reduzieren, was auf eine beabsichtigte Bilanzglättung hindeutet. Der dritte Aufsatz untersucht den Zusammenhang zwischen der Visualisierung von quantitativen Forschungsergebnissen in wirtschaftswissenschaftlichen Zeitschriften und dem Einfluss akademischer Forschung. Economics-Journals verwenden mehr Abbildungen als Business-Journals, was Zitationen zu fördern scheint. Experimentelle Evidenz zeigt weiterhin, dass datentransparente Visualisierungen den Einfluss akademischer Forschung positiv beeinflussen können, dass dies aber auch stark disziplinabhängig ist.