Reporting regarding issues that are related to Corporate Social Responsibility have come into more and more focus lately. Most countries currently have a limited or no mandatory regulations regarding what should be included in either an annual report or in a stand-alone report in terms of CSR. However Denmark is one of the pioneers regarding mandatory CSR regulations and as such has certain rules and regulations that their companies have to follow. Even if today’s regulations are heavily focused on financial information that companies have to disclose there also exists regulations regarding non-financial information. As with the financial crisis that occurred in the early 21st century that led to stricter disclosures requirements for financial information we see a need for regulating non-financial information and especially CSR information. We have been able to see that some companies have been able to manipulate their CSR report so as to put themselves in a good light. Therefore the question arises if mandatory CSR disclosure will have any influence on the stock market.The purpose of this study was to examine if Swedish companies and the Swedish stock market could benefit from having mandatory CSR regulations, similar to those that exist in Denmark. We sought to examine if fulfilling certain amount of CSR criteria would reduce the volatility of a company’s stock price.In order for us to achieve the purpose of our research we had to conduct an experiment on the Swedish companies. In order for us to conduct the experiment we firstly had to select what type of research we would conduct and what type of research was most suitable for our research. In order for us to achieve an answer to our research question and to be able to fulfill the purpose of our research we decided to conduct a quantitative research. We have chosen to utilize the quantitative research approach as this would allow gathering sufficient data from existing databases and reports. The database that we chose to utilize in order for us to find our sample population was NASDAQ OMX Nordic where the companies had be listed as of 2015-03-31 as well as having financial data for the entire year of 2014, meaning between 2014-01-01 and 2014-12-31. NASDAQ OMX Nordic was also used in order for us to find market indexes. In order for us to able to answer our research question we developed three different hypotheses based on our theoretical framework that would later be tested.From the testing of our hypotheses we could determine that there is a relationship between the amount of CSR that a company reports, in terms of how many of our CSR criteria they fulfill, and the historical volatility of the company’s stock price. We were also able to determine that there exists a relationship between the amount of CSR that a company reports and the level of Beta that a company has. This implied that the Swedish stock market could benefit from mandatory CSR regulation as it would reduce the volatility which would also be beneficial for the company’s different stakeholders.

Yes / The purpose of this paper is to investigate the effect of corporate board attributes, ownership structure and firm-level characteristics on both corporate mandatory and voluntary disclosure behaviour. Multivariate regression techniques are used to estimate the effect of corporate board and ownership structures on mandatory and voluntary disclosures of a sample of Libyan listed and non-listed firms between 2006 and 2010. First, the authors find that board size, board composition, the frequency of board meetings and the presence of an audit committee have an impact on the level of corporate disclosure. Second, results indicate that ownership structures have a non-linear effect on the level of corporate disclosure. Finally, the authors document that firm age, liquidity, listing status, industry type and auditor type are positively associated with the level of corporate disclosure. Future research could investigate disclosure practices using other channels of corporate disclosure media, such as corporate websites. Useful insights may be offered also by future studies by conducting in-depth interviews with corporate managers, directors and owners regarding these issues. The evidence relating to the important role that corporate governance mechanisms play in shaping the expectations relating to the level of corporate voluntary and/or mandatory disclosures may be useful in informing investor decisions, as well as future policy and regulatory initiatives. This paper contributes to the existing literature by examining the governance-disclosure nexus relating to both mandatory and voluntary disclosures in both listed and non-listed firms operating in a developing country setting.

In recent years, the impact of the permanently reinvested earnings (PRE) assertion on the financial reporting environment has grown tremendously. Under Accounting Standards Codification (ASC) 740, a firm making the PRE assertion is able to avoid recognizing residual U.S. taxes on earnings of its foreign subsidiaries so long as it reinvests those earnings outside of the U.S. Suboptimal reinvestment is a potential consequence for PRE-asserting firms due to limited reinvestment opportunities abroad. Suboptimal foreign reinvestment, typically high amounts of reinvestment in financial assets, may be viewed negatively by financial statement users, particularly those users concerned with the default risk of a firm. The disclosure of PRE-related information varies substantially and the actual degree of compliance with this accounting standard has been questioned by the Securities and Exchange Commission (SEC). While firms may believe it is advantageous to obscure their PRE-related activity due to media or political concerns, recent academic literature has highlighted a negative relation between disclosure quality in financial statements and credit risk. The purpose of this study is to examine the relations among foreign reinvestment strategy, PRE disclosure, and long-term credit ratings. First, I examine the direct effect of a firm's reinvestment strategy on its long-term credit rating. Second, I investigate the relation between a firm's reinvestment strategy and its choice to disclose PRE-related information. Third, I study the relation between a firm's choice to disclose PRE-related information and its long-term credit rating. Finally, I examine the potential attenuating effect of the PRE disclosure on the negative relation between financial reinvestment and credit ratings. Using hand collected PRE data for Fortune 500 firms from 1997-2010, I find a negative relation between the intensity of a firm's reinvestment in financial assets and its (1) long-term credit rating and (2) choice to disclose PRE-related information. Furthermore, I find a positive relation between a firm's choice to disclose PRE and its credit rating. / Ph. D. / In recent years, U.S. multinational companies (MNCs) have been criticized by politicians and media members for using accounting and tax rules to avoid recognizing and paying substantial amounts of tax. Under U.S. accounting rules, U.S. MNCs include the earnings of both domestic and foreign subsidiaries in their net income for financial statement reporting purposes. Furthermore, companies are required to recognize income tax expense on the earnings from both domestic and foreign subsidiaries; this income tax expense recognition lowers companies’ net income. However, companies may make the permanently reinvested earnings (PRE) assertion, allowing them to avoid recognizing income tax expense on the income earned from foreign subsidiaries so long as they reinvest those earnings outside the U.S. Therefore, companies making the PRE assertion capture the income earned from foreign subsidiaries without the penalty of recognizing income tax expense. In order to make the PRE assertion, companies must (1) have a foreign reinvestment plan or strategy and (2) disclose required PRErelated information in the footnotes to their financial statements. One consequence of making the PRE assertion is suboptimal foreign reinvestment in financial assets (cash hoarding, financial investments with low returns, etc.). This may be viewed negatively by financial statement users, particularly those users concerned with the credit risk of a company. I investigate the relations among the effects of making the PRE assertion, (1) company reinvestment strategy and (2) financial statement disclosure quality, and the perception of a company’s credit risk. First, I find that companies more heavily reinvested in financial assets than operating assets (buildings, equipment, etc.) are (1) viewed negatively by credit rating analysts and (2) less likely to disclose PRE-related information. Second, I find that companies disclosing PRE-related information are viewed more favorably by credit rating analysts. Collectively, the results of this study indicate that (1) a company’s reinvestment strategy and its PRE disclosure quality are viewed as risk relevant by credit rating analysts and (2) a company with a reinvestment strategy focused on financial assets is less likely to disclose PRE-related information.

Made available in DSpace on 2016-04-25T18:39:41Z (GMT). No. of bitstreams: 1 Alexandre Franco de Godoy.pdf: 1608626 bytes, checksum: d368775242196d25aaaacc580c7b23df (MD5) Previous issue date: 2011-10-10 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Environmental Accounting aims to provide adequate information of the measurement of economic events related to the environment by contributing to the disclosure of the decision making process of internal and external users. The search for greater disclosure and accountability of environmental issues has led companies to promote the dissemination of information in its financial statements, although not complying with any specific regulations. In Brazil, the environmental disclosure is not required by law or regulation, there are only guidelines that encourage their development. This research aims to analyze the characteristics of environmental disclosure in financial statements of a sample of companies of the Corporate Sustainability Index (CSI) Stock Exchange São Paulo (BOVESPA) and belonging to the economic sectors of high environmental impact. To achieve the goal we carried out a descriptive survey, relying on the theoretical foundation for literature and content analysis to analyze the environmental disclosure in the Financial Statements (DFP's) for the fiscal year 2009. The results indicate that because there is no legal requirement in Brazil companies opt to make the voluntary disclosure, with the features for this type of disclosure the predominance of environmental declarative sentences and good information for the image or some kind of credit for the company, are using the Management Report as the primary means for communication, which is not subject to verification by an auditor may be questioned about the credibility of the information it disclosed / A Contabilidade Ambiental tem por objetivo fornecer informações adequadas sobre a mensuração dos eventos econômicos relacionados ao meio ambiente, contribuindo por meio de seu disclosure, para o processo decisório dos usuários internos e externos. A busca por um maior disclosure e accountability das questões ambientais tem levado as empresas a promover a divulgação de informações em suas demonstrações financeiras, muito embora sem estar em conformidade com alguma regulamentação específica. No Brasil o disclosure ambiental não é exigido por leis ou regulamentos, havendo apenas orientações incentivando sua elaboração. Esta pesquisa tem o objetivo de analisar as características do disclosure ambiental nas demonstrações financeiras de uma amostra de empresas integrantes do Índice de Sustentabilidade Empresarial (ISE) da Bolsa de Valores do Estado de São Paulo (BOVESPA) e pertencentes aos setores econômicos de alto impacto ambiental. Para atingir o objetivo foi realizada uma pesquisa descritiva, apoiando-se na pesquisa bibliográfica para fundamentação teórica e na análise de conteúdo para analisar o disclosure ambiental nas Demonstrações Financeiras Padronizadas (DFP s), referentes ao exercício social de 2009. Os resultados indicam que, por não haver exigência legal no Brasil, as empresas optam pela realização do disclosure voluntário, tendo como características para este tipo de disclosure a predominância de sentenças ambientais declarativas e de informações boas para a imagem ou algum tipo de crédito para a empresa, sendo utilizado o Relatório da Administração como o principal meio para sua comunicação, o qual por não ser submetido a uma verificação pela Auditoria Independente pode vir a ser questionado sobre a credibilidade das informações nele divulgadas

Thesis (M.P.H.)--University of Texas Health Science Center at Houston, School of Public Health, 2008. / Source: Masters Abstracts International, Volume: 46-05, page: 2672. Adviser: Margaret Caughy. Includes bibliographical references.

Thesis (doctoral)--Universiẗat Hamburg, 2005. / Includes bibliographical references (p. 270-290).

Submitted by Nadir Basilio (nadirsb@uninove.br) on 2016-05-17T16:00:45Z No. of bitstreams: 1 Erivaldo da Silva Carneiro Junior.pdf: 2187858 bytes, checksum: 2375d7752e23682b42e4612c32d63b21 (MD5) / Made available in DSpace on 2016-05-17T16:00:45Z (GMT). No. of bitstreams: 1 Erivaldo da Silva Carneiro Junior.pdf: 2187858 bytes, checksum: 2375d7752e23682b42e4612c32d63b21 (MD5) Previous issue date: 2015-01-27 / This study aimed to investigate the relationship between the level of voluntary disclosure and the cost of debt of soccer clubs in Brazil. As theoretical basis, we used the Theory of Disclosure studied by Verrechia (2001), in the case of the present study Efficiency-based research, as well as being shown the calculations of capital costs, such as presentation of national and international research the subject. Regarding the methodology, the sample was formed by convenience, totaling 20 clubs studied during 2008-2012, to the level of disclosure and the control variables, and from 2009 to 2013, for the cost of debt. The analysis of disclosure and the calculations of the cost of debt, liquidity, obtaining gross revenue and auditing information were obtained from the DFP (Financial Statements) and when possible extrapolated to other statements published by the clubs. Was made an adaptation to the metric of voluntary disclosure of Murcia (2009), which originally had 93 items and in the end, for adaptation to the reality of sport were 73, divided into three groups: economic (33), social (14) and environmental (34). Analysis was made of the disclosure by the club, which gave the overall ranking and group. Calculating the cost of capital was carried out by club and then was made a general ranking of clubs with this variable. The statistical tool used was the panel data analysis, which according tests indicated the regression in fixed effects in cross-section, with an explanatory power of the variables of 16.62%. The research hypothesis can not be proven because of the statistical insignificance of the variables, while indicating that there is an inverse relationship to the cost of capital. As study limitation, the lack of standardization was checked in DFP by the clubs, often making it difficult to obtain the data for analysis and panel data technique is indicated for longer time series and is indicated to be made new studies with larger series. / Este trabalho teve como objetivo investigar a relação entre o nível de disclosure voluntário e o custo de capital de terceiros dos clubes de futebol no Brasil. Como fundamentação teórica, foi utilizada a Teoria da Divulgação estudada por Verrechia (2001), tratando-se o presente estudo de uma pesquisa baseada em Eficiência, além de serem demonstrados os cálculos dos custos de capital, como a apresentação de pesquisas nacionais e internacionais sobre o assunto. Com relação à metodologia, a amostra foi formada por conveniência, totalizando 20 clubes estudados no decorrer de 2008 a 2012, para o nível de disclosure e as variáveis de controle, e de 2009 a 2013, para o custo de capital de terceiros. A análise do disclosure bem como os cálculos do custo de capital de terceiros, liquidez, obtenção da receita bruta e informações sobre auditoria foram obtidas a partir das DFPs (Demonstrações Financeiras Padronizadas) e quando possível extrapolada para outras demonstrações publicadas pelos clubes. Foi feita uma adaptação à métrica de disclosure voluntário de Murcia (2009), que originalmente possuía 93 itens e no final, para adequação à realidade do esporte ficaram 73, divididos em três grupos: econômico (33), social (14) e ambiental (34). Foi realizada análise do disclosure por clube, que originou o ranking geral e por grupo. O cálculo do custo de capital foi realizada por clube e em seguida foi feito um ranking geral dos clubes com esta variável. A ferramenta estatística utilizada foi a análise de dados em painel, que de acordo testes realizados, indicou a regressão nos efeitos fixos na cross-section, com um poder de explicação das variáveis de 16,62%. A hipótese de pesquisa não pode ser comprovada por conta da insignificância estatística das variáveis, embora indicando que existe uma relação inversa com o custo de capital. Como limitação do estudo, foi verificada a falta de padronização nas DFPs por parte dos clubes, dificultando muitas vezes a obtenção dos dados para análise e a técnica de dados em painel é indicada para séries de tempo mais longas, sendo indicado que sejam feitos novos estudos com séries maiores.

No / Manuscript Type: Empirical Research Question/Issue: This paper examines the influence of corporate governance on risk disclosure practices in the UK and Italy and also studies the impact of those practices on market liquidity. Research Findings/Insights: We find that governance factors principally influence the decisions of UK (Italian) firms over whether to exhibit risk information voluntarily (mandatorily) in their annual report narratives. When we distinguish between firms with strong and weak governance (in terms of board efficiency) in each country, we find that the factors that affect mandatory and voluntary risk disclosure appear to be driven more by strongly governed firms in both countries. Furthermore, strongly governed firms in the UK tend to provide more meaningful risk information to their investors than weakly governed firms. In Italy, however, we find that strongly rather than weakly governed firms exhibiting risk information voluntarily rather than mandatorily improves market liquidity significantly. Theoretical/Academic Implications: This paper emphasizes the importance of distinguishing between mandatory and voluntary risk disclosure when studying the impact of corporate governance. Our findings differ across strongly and weakly governed firms, in terms of both the factors that influence risk disclosure practices and the exact informativeness of those practices. Practitioner/Policy Implications: The results support the current regulatory trend in risk reporting within the UK that emphasizes the importance of directors and encourages rather than mandates risk disclosure. However, the results generally signal a need for further improvements in the Italian context. Our evidence also supports the value of the confidence in the UK governance system, compared to that in Italy, which motivates British firms to provide highly informative risk information more often than Italian firms.

Working with sexually abused children and conducting forensic assessments is a difficult task for many professionals working in the field of child sexual abuse. In this specialised field, it is imperative that professionals are aware of the disclosure process, as well as what contributes to, or hampers the disclosure of sexual abuse. The aim of this study was to explore and describe the disclosure of sexual abuse during middle childhood years from a forensic social work perspective. Research indicates that there are numerous factors that can play a role in the disclosure of sexual abuse, but that there are still shortcomings about disclosure in literature. The researcher adopted a qualitative approach to explore the disclosure patterns of sexual abuse during middle childhood with professionals working in the field of forensic social work. Eight semi-structured interviews were conducted with professionals who have experience in forensic social work. The interviews focused on the disclosure patterns of children during middle childhood, as well as the relationship with the perpetrator, the responses of the caregiver that is characterised by shock and denial, how long children take to disclose sexual abuse, the relationship between the caregiver and the child concerned, as well as recommendations in the context of forensic social work and the disclosure of sexual abuse. The data from the semi-structured interviews was analysed and divided into themes and subthemes, which were further described and linked with the relevant literature. It became clear that the disclosure of child sexual abuse is a complex phenomenon, which is valuable when working in the forensic context. The disclosure process was explored, and certain factors were highlighted that contribute to the disclosure of sexual abuse, as well as factors that hamper disclosure. Some of these factors include intra- and extra-familial abuse, the developmental stage of the child concerned, negative responses from the caregiver, the presence of threats and grooming as characteristics of the relationship between the child and the perpetrator, positive attachment with a caregiver that contributes to disclosure and the highly individualised cases of child sexual abuse. The respondents also made practical recommendations regarding disclosure and indicated how important it is to have the necessary training in order to handle the disclosure of sexual abuse in the correct manner. / MSW (Forensic Practice), North-West University, Potchefstroom Campus, 2015

Most children born with HIV are maturing into adolescence due to the accessibility of medical support, specifically the availability of antiretroviral drugs. During adolescence, children are faced with critical adolescent developmental tasks in that they develop physically, cognitively and psychosocially, including assuming independence. As the adolescents living with perinatally acquired HIV mature, their care-givers start disclosing the adolescents’ HIV status to them. Attaining the knowledge of living with HIV is encompassed with worries of how to manage the illness as well as other social ills such as taking care of sick loved ones and dealing with losses of loved ones. It is also during this stage of development that adolescents living with HIV begin to form intimate relationships, thus issues of self-disclosing their status become a concern. The aim of this study was to explore and describe the perceptions of adolescents perinatally infected with HIV regarding the self-disclosure of their status to others. Following this, it was hoped that the study would come to conclusions and make recommendations regarding the wellness of and support for adolescents living with perinatally acquired HIV. A qualitative descriptive research approach with an interpretive paradigm was used to explore and describe the perceptions of the adolescents. A multiple case study design was suitable to explore and describe the perceptions of participants as they see it. Ethical approval for the study was obtained from the relevant body. A sample of 10 adolescents perinatally infected with HIV, whose status had been disclosed to them and were receiving clinical care and psychosocial support at a local clinic in Port Elizabeth, were selected through purposive sampling. Consent to undertake the study was provided by the head of the clinic in Port Elizabeth as well as by the adolescents’ caregivers. Assent to partake in the study was also provided by the participants. A deeper understanding of participants perceptions was explored through utilising multiple sources of data collection methods which included reflective journals and semi-structured interviews. Multiple data collection methods were used in order to collect rich data and for crystallisation of the data to take place. After the data was analysed themes were identified and described leading to the findings of the study. The findings of the study confirmed the perceptions of adolescents living with perinatally acquired HIV regarding the self-disclosure of their status. Adolescents perinatally infected with HIV perceive certain conditions as conducive to self-disclose their status against other conditions that were perceived to be unfavourable for the self-disclosure of their HIV status. Conditions permitting self-disclosure included the availability of trusting relationships with people who understand them as well as the need for support which subsequently highlights the benefits of self-disclosure. Benefits included and are not limited to clinical support from healthcare professionals and an understanding from teachers when they are absent from school during their monthly clinical visits. Although adolescents see the benefits of selfdisclosing their status they are however aware of the possible negative effects to self-disclose their status such as stigmatisation and discrimination manifested through isolation from peers and through moral judgement and rejection from the community. Peers living with HIV are perceived to be the closest people providing them with trusting and open relationships that foster self-disclosure. Adolescents also perceived adulthood as a phase were self-disclosing their HIV status could be possible with the belief that they would be more mature when they are adults. Recommendations are made for healthcare professionals and policy makers to formulate and implement guidelines on supporting adolescents living with perinatally acquired HIV regarding the self-disclosure of their status. Providing measures of support for adolescents living with perinatally acquired HIV in their different ecological systems could widen the choice of to whom and when to self-disclose their HIV status. / M (Social Work), North-West University, Potchefstroom Campus, 2015