Promotion and protection of foreign investment in Indonesia In last few decades Indonesia became an important player on a field of international investment. Since the early Soeharto years Indonesia has enjoyed impressive economic growth and became an attraction for the foreign investors. Foreign investors are mainly attracted by the natural resources, law-cost labor market and large Indonesia's domestic market. The goal of my thesis is to analyze the security of the foreign investment in Indonesia and in case of the dispute the protection of foreign investment. The introductory chapter deals briefly with the basic information about Indonesia and its history which influenced Indonesian law system during the past century. First chapter analyze the main issues which can be for foreign investors discouraging such as the legal uncertainty, corruption and untransparency of the law. The second chapter compares the interpretation of the 'investment' term from the viewpoint of the economic science reading and the legal view. Furthermore, it analyzes the term in case law of ICSID, in Indonesia law system and in the bilateral investment treaty between Indonesia and Czech Republic. The third chapter analyzes the multilateral and bilateral investment treaties by which Indonesia is bound and the Indonesian...

[Truncated abstract] Investor relations (IR) management encompasses a broad range of activities including voluntary disclosure, attracting analyst coverage, targeting investors, and providing feedback to corporate managers (Byrd, Goulet, Johnson and Johnson 1993; Brennan and Tamarowski 2000; Bushee and Miller 2005). In recent years, a number of high profile corporate collapses and concerns about selective disclosure have contributed to an increased awareness of the importance of effective IR practices in promoting investor confidence. To this end, Australian market regulators and industry bodies have developed a number of best practice guidelines relating to disclosure and corporate governance. The current study undertakes a comprehensive investigation of corporate approaches to IR in the Australian context, and seeks to explain cross-sectional variation in these. The sample utilised in this study comprises 129 All Ordinaries Index (AOI) constituent companies that responded to a mail survey conducted in 2006 regarding their IR practices. The survey of all AOI companies constitutes the first Australian academic survey of IR practices, and the views of the individuals responsible for the function. Self-reported data are combined with data collected from the sample entities' websites to provide a detailed overview of corporate IR programs. The results of the survey suggest that there is widespread recognition, within the sample, of the importance of devoting organisational resources to IR. ... Several proxies for the extent of investment in IR are developed in this study. Two proxies capture organisational arrangements for managing IR, one proxy captures the frequency of one-to-one meetings with analysts and investors, and one proxy captures the quality of IR websites. Multivariate analyses relate cross-sectional variation in these to a number of firm-specific variables. Consistent with findings presented in the empirical voluntary disclosure literature, this study shows that the extent of investment in IR is positively associated with firm size, a finding that is common across all IR proxies. Ownership characteristics play an important role in explaining different types of investment in IR, as captured by the four proxies. Ownership concentration is negatively associated with the likelihood of employing an external IR consultant and positively associated with the frequency with which one-to-one meetings are held with analysts and investors. Firms with a foreign stock exchange listing, a proxy for the importance of foreign investors, achieve higher scores for the quality of their IR websites. Adverse selection models of voluntary disclosure predict that firms with good news are likely to disclose more. In contrast, the results of this study show that less profitable firms and firms with lower price-to-book ratios are more likely to have an IR department/officer, and they achieve higher scores for the quality of their IR websites. Finally, the nature of the investment in IR appears to differ with sector membership. Firms in the Materials and Energy sectors held more one-to-one meetings than firms in other sectors, while firms in the Information Technology sector are more likely to have an IR department or IR officer, and have higher quality IR websites than firms in other sectors.

Diss. Wirtschaftswiss. Zürich, 2004. / Im Buchh.: Zürich : Versus-Verlag. Register. Literaturverz.

The Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB) have proposed standards that could alter the judgments of users of financial statements. This study examines how certain regulations including revenue measurement choices made by management combined with risk disclosure as proposed by the PCAOB could interact with the propensity of the user to rely on financial information to affect how a class of private company financial statement users - seed equity investors - value a private company. Through experimental methods manipulating revenue measurement choice and risk disclosure, I find that seed equity investor value judgments of early stage companies are significantly influenced by accounting disclosures. Specifically, accounting disclosures regarding level of risk and revenue measurement that accompany financial models in the valuation process significantly alter a seed equity investor's value judgment of early stage companies. This segment of financial statement users tends to place the majority of their reliance on non-financial, subjective factors as predictors of future success of early stage companies. Further, their judgments are swayed by wholly different financial disclosures than their "Wall Street" investor counterparts in that conservative and low risk information creates large revisions in value judgment. The implication of this study is to suggest that "Main Street" investors consume financial information and their related disclosures differently than "Wall Street" investors - an inference important for standards setters to understand as they craft regulations that govern private companies.

No description available.

Zugl.: München, Univ., Diss., 2009

This dissertation consists of two essays in the area of corporate voluntary disclosure of predecision information. The first essay entitled, "Disclosure Choice in a Duopoly", focusses on the phenomenon of partial disclosure, where the manager of the firm discloses selected signals and withholds the rest. The manager may or may not receive private information which is related to both firm-specific and industry-wide common factors. The motivation for disclosure (non-disclosure) is derived from the proprietary nature of the manager's private information. The cost (benefit) of disclosure is modelled in an imperfectly competitive product market, where an uninformed opponent’s reaction to a disclosure affects the manager's expected profit. Our results indicate that the nature of the manager's optimal disclosure policy is crucially dependent on whether the signal is more informative about firm-specific or industry-wide common factors. Unfavourable news is disclosed and favourable news withheld if the signal is more informative about common factors. On the other hand, favourable news is disclosed and unfavourable news is withheld if the signal is more informative about firm-specific factors. Comparative statics show that the sensitivity of the optimal disclosure policy and the probability of disclosure to some key parameters are also dependent on this characteristic of a signal. The empirical implications of our results suggest that when testing hypotheses involving voluntary disclosures, failure to take the above characteristic into account may confound the results. The second essay entitled, "Disclosure and Reputation in Credit Markets", deals with a different aspect of voluntary disclosures. A reputation game is modelled in the absence of credible disclosure. The manager's ability with respect to obtaining predecision information is of interest to the firm's creditors. The manager's future nominal interest charges depend on the creditors' belief about the manager's ability, i.e., on his reputation. Hence, the manager attempts to communicate this ability through sub-optimal production choice and creditors learn about the manager by observing the end of period revenue realization. If credible disclosures are possible the manager may make direct disclosures to communicate his information gathering ability to the creditors. This alternative mechanism avoids the cost of reputation building incurred by selecting a suboptimal project. However, it is shown that if these two mechanisms for reputation acquisition are not "independent", then the possibility of disclosure increases the manager's incentive to select a sub-optimal action.

This thesis presents an historical analysis of the role of financial accounting in the emerging conceptions of corporate governance during the Progressive era in the United States. Specifically, this thesis advances an approach to the governance and control of corporations in terms of historically-situated subjects who are acted upon by various forms of power leading them to assume specific roles in relation to corporations and their governance. The focus of this study is a broad archival analysis of the emergence of the large industrial corporation during the late nineteenth and into the beginning of the twentieth century. In particular, in this thesis I analyze the importance of financial accounting and reporting discourses, as forms of expertise, to the historical emergence of the corporation’s external relationships with broader government bodies and authorities and a broad range of individuals within the public domain. I employ a Foucauldian theoretical and methodological lens to highlight the importance of disclosure and reporting at the macro level of a public economic discourse regarding the corporation. This discourse illustrates how governance focused less on prohibitory laws regarding corporate actions and more on normalizing forms of power in terms measuring and disclosure. I also analyze at the micro level the role of accounting expertise and how it leads to the understanding within the public domain of corporations as norms of business organization. Specifically, accounting expertise provides a means by which the corporation is seen as not only controllable, but also productive and utility maximizing. Taken together, this analysis highlights how financial accounting and reporting comprise forms of normalizing power which shape and define individuals as various types of corporate subjects, such as investors. / Thesis (Ph.D, Management) -- Queen's University, 2011-04-29 15:47:15.015

Zugl.: Lüneburg, Univ., Diss. u.d.T.: Müller, Harald: Der Einfluss des Vertrauens von Investoren auf den Wert börsennotierter Unternehmen

Zugl.: Münster (Westfalen), University, Diss., 2006.