The position of the whistle-blower is known to be a precarious one, with the whistle-blower often either regarded as a hero or a reprehensible traitor. Various pieces of legislation have attempted to remedy their precarious position, especially within the employment relationship, and in which the whistle-blower more often than not has the most to lose. The study at hand has the specific objective of comparing the position of the whistle-blower in terms of South African Law, against 16 specific measurables, and in comparison with the position of the whistle-blower in New Zealand, Australia (Victoria) and the United Kingdom. In the main, the protection offered to the whistle-blower within the South African context, is embodied within the Protected Disclosure Act 26 of 2000 (hereinafter referred to as the “PDA”).In examining the protection afforded to the whistle-blower in South Africa, it is concluded that the framework involved extends much further than just the mere provisions in the PDA. However, there are admitted challenges in respect of this framework as discussed, both legislative and non-legislative, especially in respect of duties of disclosures placed on persons in circumstances in which concurrent protection is not afforded to the whistle-blower. With reference to the comparison in respect of the measurement parameters set, it was found that the PIDA (UK) meets the least amount of the measurements set, with the PDA A (Australia, Victoria) meeting the most of the measurements; the PDA NZ is equally balanced in meeting and not meeting the measurements and the PDA meeting less of the measurements than not, but still meeting more than the PIDA. It was found that had it not been for the catch-all provision contained in section 4 (1) (b) of the PDA, the PDA would have ranked last. / Mercantile Law / LL. D.

It is generally acknowledged that human capital intangibles are major value drivers in the new economy characterised by information and technology. The main purpose of this study is to examine the extent to which companies listed on the Johannesburg Stock Exchange disclose information on human capital related issues. The study combined both qualitative (literature reviews and content analysis) and quantitative (survey questionnaire) methods to collect data of 60 corporate annual reports (CARs) of listed companies in South Africa from survey questionnaires administered on various categories of preparers and users of these CARs. The study made use of 91 human capital disclosure checklists developed from literature reviews for the purpose of data collection. The data analysis was done with the aid of Atlasti-a qualitative data analysis software and SPSS- a quantitative data analysis software. The findings show that majority of the items on the disclosure checklist are not yet disclosed in the CARs even though most of the items on the checklist are adjudged to be useful for organisational value creation. In view of the initial findings of this study, a human capital disclosure framework is recommended. / Business Management / D. Accounting Science

This study focused on Corporate Community Involvement Disclosures (CCID), a theme usually disclosed under Corporate Social Responsibility Disclosures (CSRD) in annual reports. The primary aim of the research is to investigate the genuineness and raison d'être of CCID in annual reports. To do this the researcher adopted a holistic approach employing an extensive theoretical framework, which integrates Legitimacy, Stakeholder, Agency, Signalling and Semiotics theories and asking three main research questions. Firstly, what are the motivations for CCID in annual reports? Secondly, what is the information content of CCID in annual reports? And lastly, how real is CCID in annual reports? That is can CCID be read and construed as a real measure of corporate community development (CCD)? Using content analysis and a quality score index the study examined a panel dataset covering the period from 1999 to 2009. The data was collected from a sample of 803 annual reports of 73 UK companies taken from the FTSE 350 companies and cutting across all ten industries of the Industrial Classification Benchmark (ICB) Index. Generally the study is more of a quantitative study with hypotheses developed and tested with panel data regression models in order to provide answers to the three research questions. However, due to the sensitivity of the third research question, in addition to panel regression, the researcher performed a qualitative analysis of question three using semiotics. The study provided evidence to show that CCID as disclosed in annual reports have an undertone of reputation/impression management like other CSR disclosures (CSRD). The community activities reported do not seem to address the expectations of the local communities per se; rather the disclosures seemed to be targeted at a wider stakeholder group that is likely to offer immediate reward for such disclosures. Similarly result from semiotic analysis revealed that signification of reality is either doubtful or unreal for most companies sampled. The study is unique as it is the first to explore the reality of CCID as it appears in annual reports using a combination of a panel study approach and semiotics. In addition a major contribution of the study is that it explored the ways in which multiple theoretical underpinnings can inform research by developing a CCID Meta-theory model and thus provided a robust and enriched analysis and unique insights into the CCID phenomenon.

Thesis (MPhil)--University of Stellenbosch, 2002. / Full text to be digitised and attached to bibliographic record. / ENGLISH ABSTRACT: This research project examines the concept and practice of whistle blowing with the aim of answering the fundamental question: when is whistle blowing morally justified or unjustified? While the different forms of whistle blowing receive attention, the focus is on the corporate world, or non-governmental whistle blowing. Whistle blowing in the corporate world has become a moral and strategic point of debate with the issue being how it can be employed as a mechanism against corruption and other forms of abuse in a way that is fair to employees, employers, and the public .. The project focuses on the moral justification of whistle blowing and the ethical framework within which it needs to function. The methodology used is that of an extensive literature study. The views of researchers' from different countries are discussed and analyzed, and the deontological and utilitarian approaches to ethical decision-making are used to arrive at deductive conclusions. It is concluded that from an ethical viewpoint, employees are morally obliged to blow the whistle to prevent potential harm to e.g. the public or the environment. Specific conditions must be satisfied, however, before whistle blowing against a corporation or employer can be regarded as morally justified. With reference to the views of researchers and a South African case study, it is established that whistle blowers need to be protected against retaliation from employers and that legislation in this regard has been lacking. An important mechanism to protect whistle blowers would be the introduction of laws to protect them against retaliatory actions such as dismissals or demotion. One of the aims of South Africa's Protected Disclosures Act (Act. No. 26, 2000) is to protect employees against any occupational detriment as a result of having blown the whistle in a manner consistent with the conditions outlined in the Act. It Is concluded that it is to the advantage of employers to promote a culture in which justified and responsible whistle blowing is encouraged and protected. Suggested ways to achieve this include developing an ethic of whistle blowing, involving unions, introducing rewards, instituting codes of ethics, and establishing specific complaint recipients within organizations. On the basis of a US case study and a study of relevant literature, it is concluded that employers and corporations also need to be protected against unethical whistle blowing. By laying down conditions that have to be met before an act of whistle blowing can be justified, the Protected Disclosures Act (Act No. 26, 2000) provides protection in this regard. The study concludes with a critical appraisal of the positive as well as the negative aspects of the Protected Disclosures Act. The Act provides the necessary legal framework and guidelines for fair and responsible whistle blowing with protection for both employees and employers, and as such could help to reduce crime and corruption in both the public and private sectors. In the South African context of high levels of poverty, illiteracy and unemployment, however, certain shortcomings are identified that may diminish the potential value of the Act. / AFRIKAANSE OPSOMMING: Hierdie navorsingsprojek ondersoek die konsep en praktyk van onthulling ("whistle blowing") met die doeI om die fundamentele vraag te beantvlloord: wanneer is onthulling moreel geregverdig of ongeregverdig? Hoewel daar gekyk word na die verskillende vorms wat onthulling kan aanneem is die fokus op die korporatiewe wêreld, of nieregeringsonthulling. Onthulling het in die korporatiewe wêreld 'n morele en strategiese besprekingspunt geword, met die strydvraag hoe dit as 'n meganisme teen korrupsie en ander skadelike praktyke aangewend kan word op 'n manier wat billik teenoor werknemers, werkgewers en die publiek is. Die projek fokus op die morele regverdiging van onthulling en die etiese raamwerk waarbinne dit moet funksioneer. Die metodologie behels 'n omvattende literatuurstudie. Die sienings van navorsers van verskillende lande word bespreek en ontleed, en die deontologiese en utilitaristiese benaderings tot etiese besluitneming word gebruik om deduktiewe afleidings te maak. Die gevolgtrekking is dat uit 'n etiese oogpunt, werknemers moreel verplig is om as onthulIers op te tree om potensiële skade vir bv. die publiek of die omgewing te voorkom. Daar moet egter aan spesifieke voorwaardes voldoen word voordat onthulling wat 'n korporasie of werkgewer benadeel, as moreel geregverdig beskou kan word. Met verwysing na die sienings van navorsers en 'n Suid-Afrikaanse gevallestudie word vasgestel dat onthulIers beskerm moet word teen wraakneming van werkgewers en dat wetgewing in hierdie verband ontbreek het. 'n Belangrike meganisme om onthulIers te beskerm sou wees die instelling van wette om beskerming te bied teen vergeldingsaksies van werkgewers soos ontslag of demosie. Een van die oogmerke van Suid-Afrika se Wet op Beskermde Bekendmakings (Wet. No. 26, 2000) is om werknemers te beskerm teen enige beroepsverwante nadeel as gevolg van 'n bekendmaking wat voldoen aan die voorwaardes wat in die Wet gestipuleer word. Die gevolgtrekking word gemaak dat dit tot werkgewers se voordeel is om 'n kultuur te bevorder waar geregverdigde en verantvlloordelike onthulling aangemoedig en beskerm word. Voorgestelde wyses waarop dit gedoen kan word, sluit in die ontwikkeling van 'n onthullingsetiek, om vakbonde te betrek, die instelling van belonings, die aanneem van etiese kodes en om spesifieke klagte-ontvangers binne organisasies te vestig. Na aanleiding van 'n VSA-gevallestudie en 'n studie van tersaaklike literatuur word die gevolgtrekking gemaak dat werkgewers en korporasies ook teen onetiese onthulling beskerm moet word. Die Wet op Beskermde Bekendmakings (Wet No. 26, 2000) bied beskerming in hierdie verband deur voorwaardes te stipuleer waaraan 'n bekendmaking moet voldoen voordat dit geregverdig is. Die studie word afgesluit met 'n kritiese evaluasie van die positiewe sowel as die negatiewe aspekte van die Wet op Beskermde Bekendmakings. Die Wet stel die nodige wetlike raamwerk en riglyne vir billike en verantwoordelike onthulling daar met beskerming vir werknemers sowel as werkgewers, en as sulks kan dit help om misdaad en korrupsie in beide die openbare en die private sektor te laat afneem. In die Suid- Afrikaanse konteks van hoë vlakke van armoede, ongeletterdheid en werkloosheid word daar egter bepaalde gebreke geïdentifiseer wat die potensiële waarde van die Wet mag verminder.

The Sarbanes-Oxley Act mandates public companies to establish internal control systems and assess their effectiveness. Quarterly reports by all companies and annual reports by companies with less than $75 million public float (non-accelerated filers) do not require auditor’s attestation while annual reports by companies with $75 million or more public float (accelerated filers) do require such auditor attestations. Quarterly reports should provide early warning of any impending material weakness (MW) to be disclosed in subsequent annual filings. This dissertation explores three types of “surprise” MW disclosures—positive, negative and no surprise—and consequences of such surprise disclosures. In part one, I document the frequency of surprise MW disclosures and internal control factors that are associated with each surprise type by filer status. Results show that 78 (77) percent of accelerated (non-accelerated) MW disclosures are negative surprise MW disclosures during 2004-2016. Entity level MWs are more associated with no-surprise rather than negative or positive surprise MW disclosures. In part two, I examine some consequences of surprise MW disclosures. The results show that companies with MW disclosures are more likely to dismiss their auditors and CFOs, and experience more shareholder voting against auditor ratification, compared to companies that issue clean reports. Auditor dismissal and CFO turnover are equally likely at negative and no-surprise MW disclosure companies. However, negative surprise accelerated filer companies’ shareholders are more likely to vote against auditor ratification than no-surprise accelerated filer companies. The third essay investigates the association between MW disclosures and audit fees. The results indicate that there is a significant positive association between audit fees and MW disclosures. Further, the results show that audit fees are higher at no-surprise companies than at negative surprise companies. The fourth essay focuses on audit report lag. The results indicate that MWs are associated with increased audit report lags, for both accelerated and non-accelerated filers. Further, surprise MW firms are more likely to experience increased audit report lag than no-surprise MW firms. Overall the results suggest that adverse internal control reports have consequences, and that the consequences vary between surprise and no-surprise MW firms. The results provide relevant empirical evidence to the ongoing debate on the necessity and efficacy of SOX Section 404 requirements.

Bakgrund: Krav på ökad information och transparens i årsredovisningar har varit ett debatterat ämne de senaste åren. International Financial Reporting Standard (IFRS) har uppmärksammats med anledning av de ökad krav på upplysningar som standarden ställer däribland genom reglerna i IFRS 7 Finansiella Instrument: Upplysningar. Användandet av IFRS 7 blev lag år 2007 och gäller vid upprättande av en koncernredovisning. Kraven i IFRS 7 syftar till att visa företags hantering av finansiella instrument och därmed öka redovisningens transparens. Med anledning av de ökade krav som ställs på företag vill denna studie se hur noterade bolag har anpassat och förändrat sin redovisning enligt standarden.    Syfte: Studiens syfte är att analysera bolag noterade på OMX Nordic Exchange Stockholm Large Cap och deras redovisning enligt IFRS 7 för att se om någon förändring skett i mängden upplysningar som lämnats i årsredovisningar för år 2010 jämfört med år 2007. Metod: Den kvantitativa metoden har använts för att genomföra undersökningen. Den positivistiska inriktningen har varit i fokus då antaganden som gjorts på förhand blivit erkända eller förkastade genom en objektiv granskning av de kvantitativa data som samlats in. I undersökningen ingår 37 bolag och totalt har 74 årsredovisningar granskats. Följande punkter valdes ut och undersöktes sedan i de aktuella årsredovisningarna: Punkt 8 Rapport över finansiell ställning, Punkt 20 Rapport över totalresultat, Punkt 33 Kvalitativa upplysningar, Punkt 36-37 Kreditrisk, Punkt 39 Likviditetsrisk och Punkt 40-42 Marknadsrisk. Materialet som samlats in har förts in i kodningstabeller skapade i SPSS för att sedan analyseras. Slutsats: Det har sedan införandet av IFRS 7 år 2007 skett en förändring i redovisningen enligt de undersökta punkterna. Mängden ord som redovisas i samband med de undersökta punkterna har i årsredovisningarna för år 2010 ökat jämfört med mängden ord som redovisades år 2007. En ökning har också skett med avseende på antalet punkter som följs fullt ut. Flera av bolagen har också gjort någon typ av ändring beträffande placering, framställning, rubrik, borttagning eller tillägg av information vid redovisning enligt IFRS 7 år 2010. / Background: Requirements for increased information and transparency in annual reports has in recent years been a debated topic. International Financial Reporting Standards (IFRS) has been a discussed standard in response to the amount of disclosure requirements it contains. IFRS 7 Financial Instruments: Disclosures is one standard included in IFRS which since year 2007 requires listed companies to report their management of financial instruments and thereby increase the transparency. IFRS 7 was standardized in the year 2007 for companies that prepare consolidated financial statements. Due to the increased demands placed on listed companies this study wants to see how the companies have adapted and changed their accounting in accordance with the standard. Purpose: The purpose of this study is to analyze public companies listed on OMX Nordic Exchange Stockholm Large Cap and their accounting in accordance with IFRS 7 in order to see if any changes are made in the amount of information provided in the financial statements for the year 2010 compared to 2007. Methodology: The quantitative method has been used to conduct this study and the positivistic objective has been in focus. The study sample included 37 companies and a total of 74 annual reports. The following parts were selected from IFRS 7 and examined in the annual reports: Paragraph 8 Balance sheet, Paragraph 20 Income statement and equity, Paragraph 33 Qualitative disclosures, Paragraph 36-37 Credit risk, Paragraph 39 Liquidity risk and Paragraph 40-42 Market risk. The information collected from the annual reports have been put in to a coding system created in SPSS and then analyzed.       Conclusion: Since the standardization of IFRS 7 in year 2007 there has been a change in the way listed companies account in accordance with the examined parts. The amount of words related to the examined parts in the annual reports of year 2010 has increased compared to the amount of words disclosed in year 2007. The study also shows that more of the examined parts are accounted for. Several of the investigated companies have also made changes regarding the placement and the presentation of the information. Change of headline and removal of information also occurred. Additionally some companies added new information

<p>Background:</p><p>Recent business paper articles observe that stocks soar when there is a change in ownership. The clothing company JC climbed 26% when it was announced Torsten Jansson had increased his holdings. Daydream, a computer game developer, followed this trend increasing its market value by 17% on the news that TA Capital had increased its hold-ings. In these examples, the market learned of the changes in ownership through a press release created by the acquiring entity. These pieces of news, also known as ownership disclosures, is the target of this thesis.</p><p>Purpose:</p><p>The purpose of this thesis is to investigate whether ownership disclosures result in abnormal stock price changes. Furthermore, the aim is to find out if there are any differ-ences in returns depending on who announced the ownership disclosure. In order to fulfil this purpose, a quantitative approach was used.</p><p>Method:</p><p>A random sample of 160 ownership disclosures is gathered. 77 of these are classified as passive- and 83 as active investors. For each of these pieces of news, 183 days of historical stock price data is retrieved. This data is then parsed through the market model event-study framework.</p><p>Findings:</p><p>Graphically analyzing the whole sample indicates that the market is not efficient in its strong form. The same is true when dividing the sample into passive- and active investors. Statistically, an abnormal return is confirmed for the active investors, but not for the whole sample or the passive investors.</p><p>Conclusion:</p><p>By looking at the price change effects of ownership disclosures, the Stockholm Stock Exchange O-list is determined to be efficient at the semi-strong level. The anomaly caused by active investors leads to the possibility of making a profit of 2.70% between day -1 and day +1 relative to the day of the ownership disclosure being sent out. It should be noted, though, that transaction costs and taxes are not taken into consideration.</p>

Background: Recent business paper articles observe that stocks soar when there is a change in ownership. The clothing company JC climbed 26% when it was announced Torsten Jansson had increased his holdings. Daydream, a computer game developer, followed this trend increasing its market value by 17% on the news that TA Capital had increased its hold-ings. In these examples, the market learned of the changes in ownership through a press release created by the acquiring entity. These pieces of news, also known as ownership disclosures, is the target of this thesis. Purpose: The purpose of this thesis is to investigate whether ownership disclosures result in abnormal stock price changes. Furthermore, the aim is to find out if there are any differ-ences in returns depending on who announced the ownership disclosure. In order to fulfil this purpose, a quantitative approach was used. Method: A random sample of 160 ownership disclosures is gathered. 77 of these are classified as passive- and 83 as active investors. For each of these pieces of news, 183 days of historical stock price data is retrieved. This data is then parsed through the market model event-study framework. Findings: Graphically analyzing the whole sample indicates that the market is not efficient in its strong form. The same is true when dividing the sample into passive- and active investors. Statistically, an abnormal return is confirmed for the active investors, but not for the whole sample or the passive investors. Conclusion: By looking at the price change effects of ownership disclosures, the Stockholm Stock Exchange O-list is determined to be efficient at the semi-strong level. The anomaly caused by active investors leads to the possibility of making a profit of 2.70% between day -1 and day +1 relative to the day of the ownership disclosure being sent out. It should be noted, though, that transaction costs and taxes are not taken into consideration.

本研究探討國際財務報導準則採用後對英國上市公司財務報告揭露品質之影響，選取高科技產業公司於國際財務報導準則轉換年度、轉換年度前後兩年之年報，並根據IAS 38, Edvinsson and Malone (1997), Lev (2001), and Sveiby (1997)編纂智慧資本字典，與先前研究之差異處在於本研究採用文字探勘技術之分類演算法以探討智慧資本揭露品質是否和國際財務報導準則之採用有關，結果顯示智慧資本揭露品質和國際財務報導準則之採用有關，接著本研究運用迴歸分析，進一步了解那些智慧資本項目之揭露於採用前後有顯著差異，結果顯示在國際財務報導準則採用後，高科技公司增加智慧資本項目之揭露，符合本研究之預期，有顯著差異之智慧資本項目如:電腦軟體、顧客名單、顧客忠誠度、顧客關係和專利，研究結果也指出在國際財務報導準則採用後，高科技公司增加智慧資本項目之揭露之現象較常發生在上市時間較早之公司、總資產較大之公司。 / This study investigates the impact of the quality of disclosures of financial reports of the listed companies in the U.K. with International Financial Reporting Standards (IFRS) adoption. I select the annual reports of companies in the high-tech industry sectors in the IFRS transition year and two years before and after the transition year. The dictionary for intellectual capital according to four sources, IAS 38, Edvinsson and Malone (1997), Lev (2001), and Sveiby (1997) is compiled. In contrast to prior studies, I use classification algorithm of text mining techniques to explore whether the quality of intellectual capital disclosures is related with the adoption of IFRS. Results show that the disclosures of intellectual capital items are related with the adoption of IFRS. To further realize which intellectual capital item disclosures are significantly different between pre-adoption and post-adoption, the regression analysis is applied. Evidence is promising, in the post-IFRS period, high-tech firms may increase the intellectual capital item disclosures, such as computer software, customer list, customer loyalty, customer relationships and patents. Evidence also indicates that, the evidence that high-tech firms may increase the intellectual capital item disclosures in the post-IFRS period is more pronounced in older and larger companies.

本研究使用TFIDF文字探勘技術分析樣本公司年度財務報告裡面的重要非量化資訊，與三項量化財務比率比較，欲探討公司年報在不同市場裡文字敘述與財務表現之一致性。研究結果顯示，根據從2003年至2010年上市半導體公司之年度報告，美國公司的年報較會對財務表現做出誇大的文字敘述，本研究亦發現在文字敘述上，市場較不成熟的中國公司所發布之年報較偏向低估他們的財務表現。 / This study presented a way to extract useful information out of unstructured qualitative textual data with the use of the TFIDF text mining technique, which was used to help us explore for consistencies between financial performance in the form of quantitative financial ratios and qualitative narrative disclosures in the annual report between countries with different levels of market development. The results show that, based on listed semiconductor companies' annual reports between 2003 to 2010, companies in the United States have a high tendency to exaggerate and overstate about their performance in the MD&A, while less developed markets such as China turned out to have the lowest tendency to exaggerate and was more likely to understate about its performance in their Director's Report.