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Master’s thesis is devoted to information transparency of the municipal authorities. The main idea of this paper – to investigate information work of the self-governing authorities as an activity which is aimed at the creation of the open communication between the municipal authorities and population. The author has developed recommendations for implementation of the information work in the Municipal Administration in accordance with the Federal Law. This research has realized in the urban district Reftinsky (Sverdlovsk region). / В магистерской диссертации рассматривается концепт информационной открытости муниципальной власти. Цель исследования – изучить информационную работу органов местного самоуправления как процесс, направленный на формирование поля информационного взаимодействия муниципальной власти с населением. Автор разработал рекомендации по организации информационной работы в Администрации муниципалитета в соответствии с требованиями федерального законодательства. Исследование реализовано в городском округе Рефтинский Свердловской области.

過去文獻指出，當企業之資訊透明度越高時，追隨企業的財務分析師越多，盈餘的預測偏誤、預測離散度越小；另外，當企業資訊透明度較高時，其管理階層也會因為外部人的監督而減少過度投資與投資不足等逆選擇的發生機會。故本研究欲探討分析師對於企業投資總額之關聯性，並且進一步探討分析師與企業過度投資及投資不足之關聯性。以2010年到2013年之台灣上市櫃公司做為樣本。實證結果發現，分析師是否追隨與企業投資總額沒有顯著之關聯性，而過度投資之公司其投資總額與分析師之預測錯誤率與離散度呈現正相關。

近年來國際間財報不實的醜聞時有所聞，使得投資人及社會大眾對公開資訊的正確性高度缺乏信任。無獨有偶，台灣地區的企業也因資訊不透明而使得投資人對企業財務報表之數字能否代表實際經營成果也產生懷疑，某些企業甚至隱瞞財報問題而導致投資人虧損，因此各界要求企業真實揭露經營狀況之呼籲不絶於耳，對公司治理及會計規範的探究也日益熱烈，資訊透明度的議題於是在國內、外均成為眾人高度關注的焦點。 眾所週知，金融機構在一國經濟發展中扮演至為關鍵的角色，也因其性質之特殊性，一旦發生問題，容易發生系統性之危機。因此，為避免金融機構經營資訊不透明而使投資人受到損失，各國監理機關均制定與資訊揭露相關之法規，期望金融機構在資訊充分揭露之情況之下經營，以達到金融穩定的目的。 然而回顧過往的相關文獻，有關資訊透明度的議題多數聚焦於上市公司之資訊揭露對經營績效或公司價值之影響層面來作探究，針對金融機構中之金融控股公司年報資訊透明度決定因素之研究，則較少受到關注。因此，本文以年報揭露之內容作為衡量資訊透明度之標的，採用2002年至2006年台灣14家金融控股公司之追蹤資料並搭配固定效果模型探討以下問題：（1）分析與了解金融控股公司資訊揭露之情形（2）以實證模型探討金融控股公司年報資訊透明度之決定因素。（3）提供監理機關修改「金融控股公司年報應行記載事項準則」揭露事項之參考及提出相關之政策建議，以利金融監理之需要。 本文以證基會之評鑑指標為基礎，對金融控股公司年報資訊揭露評鑑結果發現，金融控股公司之年報資訊揭露平均而言尚具改進空間，且各公司間存在極大差異；而實證結果顯示（1）在內部股權因素方面，經理人持股比例與年報資訊透明度呈現顯著之正相關。（2）在公司特性因素方面，本文發現公司規模係數為顯著負值，顯示金融控股公司之規模較小者，年報資訊透明度較佳。（3）在外部人持股因素方面，本國投信基金持股比例與年報資訊透明度呈現顯著之負向關聯。（4）在時間變數上，年報之資訊揭露隨著時間之遞移而逐步改善，二者呈現顯著的正相關。 / Financial reporting and information disclosure are important means for financial institutions to communicate their performances to investors. However, a series of accounting frauds shook public confidence in the reliability of financial statements. In response, people began to ask enterprises to disclose information truly and to enhance corporate governance and accounting controls. Everyone knows financial institutions play key roles in economic activities. Once failure, financial institutions will tend to cause system crisis easily. To prevent such failure from occurring and to disclose information of financial institutions to public are the responsibilities of supervisory authority. The purpose of this study are as follows:（1）to understand the status quo of annual reporting transparency in Taiwanese Financial Holding Companies.（2）to investigate the decisive factors that influence the annual reporting transparency.（3）to provide policy implications to the Financial Supervisory Commission on the amendments in Company Act and Corporate Governance Best-Practice Principles for Financial Holding Companies. This study uses the fixed-effect model with a panel data of Taiwanese Financial Holding Companies for the period of 2002-2006.Using Securities and Futures Institute’s “Information Disclosure and Transparency Ranking System’s Index” as a measure of transparency, we find that the information transparency across firms varies significantly and that the financial holding companies that have higher ranking in disclosure tend to be smaller in terms of total assets, have lower institutional ownership and higher managerial ownership. This study also shows that the transparency in Taiwanese financial holding companies disclosure has gradually improved in recent years.

Digital technologies can be used to provide consumers in the clothing industry with information in a transparent way that supports sustainable consumer behaviour. Consumers expect more information that can support their sustainable behaviour but have little trust in the information, thus introducing the consumer need for more information transparency in the clothing industry which is the subject of this research study. A qualitative interview study is used to explore consumer informational needs and sustainable consumer behaviour in the clothing industry by purchasing second-hand clothing or adopting a digital clothing sharing service. The theory of planned behaviour was applied in the construction of the study and in the thematic analysis to understand consumer behaviour. Findings show that information transparency can be designed to provide subjective relevance, social -, financial-, and temporal transparency and information accessibility to support sustainable consumer behaviour in the clothing industry because it increases trust, understandability and accessibility. The study contributes with knowledge of additional dimensions for information transparency and particularly to service research by showing that consumers need information transparency to promote a collaborative relation between consumers and companies.

This research (the first long-term ethnographic study of FOI in Britain) investigates concepts at the heart of FOI - transparency, trust, secrecy, truth, private, public, power and agency. Eighteen months participant observation fieldwork, alongside policy-makers, practitioners, and end-users facilitated in depth, study of the radical subject-object transformations that FOI requires, and the aesthetics that underpin it. The introduction of FOI entailed a 'culture change' - from a culture of secrecy to one of disclosure - driven, in Scotland, by the Scottish Information Commissioner through conferences. These were an opportunity for practitioners to come into new knowledge about the Act, their shared knowledge dissolving the divisions between them. But new divisions then opened between practitioners and colleagues; culture change being in the replication of a form of a relationship that previously lay between government and citizens. In their replicated form, individual practitioners disappeared - were made 'transparent' - only to reappear on being differentiated, leaving them acutely aware of the personal relations this fissure disclosed, and throwing into sharp question a theory of people's division as indicative of their 'secrecy'. Transparency, here, depended on whether people were divided or combined - acting in their own capacity, or that of the organization. While making personal relations absent from new disclosures was necessary for FOI compliance, this concealment hid a complex network of relations, and turned knowledge into 'information'. Yet the division between information and knowledge was not crisp: end-users continued to read practitioners' personal relations in disclosed information, thus relations were both absent from and implied in the information released. Whether information was public (and accessible) depended on the undifferentiated status of those who created, handled, or were the subjects of, information. As people came into new knowledge, invoking their divided or common footing, they alternated between appearing 'private' or 'public' - person or thing - a division between individuals reflecting a division within each of them.

本論文以國內1997-2006年之上市櫃集團為研究對象，探討集團企業內相互轉投資所造成的市值高估現象及其對公司價值的影響，並深入各集團分子企業探討不同轉投資標的對公司價值之影響。實證結果顯示集團企業內各分子企業相互轉投資的確造成集團市值高估之現象，而投資人對於該現象，給予集團企業整體負向評價。此外，就集團內各分子企業而言，轉投資於上市櫃公司由於資訊透明度相較於轉投資於非上市櫃公司為佳，故對於公司價值負面影響較不嚴重；而轉投資於集團內其他分子企業相較於投資集團外企業，由於關係企業間之交易揭露仍不透明，操縱可能性較高，故對於公司價值呈負面影響，後兩者實證研究都再次證明資訊透明度與公司價值間之正向關係。 / This study explores the double counting effect and the relationship between that effect and the corporate value resulting from cross-holding among firms in a conglomerate, and also explores the relationship between different type of investing objects and the corporate value by using a sample of companies listed in Taiwan Stock Exchange and Over the Counter during 1997-2006. Our empirical analysis indicates that cross-holdings among firms in a conglomerate resulted in overvaluation of the group, and investors responded to them negatively. In addition, member companies in the conglomerate investing in companies listed in Taiwan Stock Exchange or Over the Counter did not so negatively influence the corporate value as compared to investing in companies not listed in Taiwan Stock Exchange and Over the Counter mainly because of the information transparency. Furthermore, the information among conglomerate trading is still opaque and the possibility of manipulation is higher, so investment within the conglomerate as compared to outside companies has negative impact on corporate value. The above findings both proved a positive relationship between information transparency and corporate value.

自去年金融海嘯爆發，許多公司雖然經營績效不佳，其管理階層卻坐領高薪，經過媒體的大幅報導，使社會大眾開始關注企業肥貓與黃金降落傘之現象。針對上述不合理的現象，投資大眾期能藉由公司所揭露的訊息，瞭解其經營績效與經理人薪酬之間是否具有合理的關係，並進行必要之監督。此外，股東行動主義逐漸抬頭，投資大眾可利用企業所揭露之資訊判斷公司大小情事，其中包括是否存在著公司經營不善，董監事卻溢領高薪的情況。另一方面，坐領高薪之管理階層為避免引起眾怒，可能會減少資訊之數量及降低資訊之品質，以減低其領取不合理之酬勞而引發社會譁然之機率。因此，本研究之目的在於探討公司董監酬勞與資訊揭露透明度之關聯性，並藉由實證資料驗證我國企業是否存在著此種規避資訊揭露之現象。 本研究實證結果顯示，董監事為了確保其本身之利益，而維持高額之董監酬勞時，可能增加董監事與管理階層合謀之機會，而共同隱藏不利之訊息，降低其資訊揭露透明度。此外，董監酬勞占公司淨利之比例增加時，董監事個人利益與公司營運成敗的關係愈密切，而影響董監事之獨立性。換言之，董監酬勞占淨利比較高之公司較會隱藏對其不利之訊息，使得該公司資訊揭露透明度降低。再者，公司董監酬勞異常高於同業平均值時，會促使董監事隱藏與董監酬勞相關之資訊，減少其資訊揭露之數量與品質，而降低其資訊揭露透明度。 / Since the global financial tsunami broke out in 2008, many corporations have performed poorly, but their top management still receives high compensations. Through the reports in news media, people become more concerned with the unreasonable phenomenon of corporate “Fat Cat” and “Golden Parachute”. Investors are paying more attention to determine whether there is a reasonable relationship between corporate performance and directors’ compensations and to perform necessary monitoring. On the other hand, directors who receive high salaries may reduce the quantity and quality of information disclosed to avoid public scrutiny and criticism. Therefore, the purpose of this study is to investigate the relationship between directors’ compensations and corporate information transparency. The empirical results show that for the directors and supervisors to maintain their high compensation, they may collude with the management in hiding negative information and reducing corporate information transparency. In addition, when directors’ compensations were abnormally higher than the industry average, they had a tendency to hide the compensation information or reduce the quantity and quality of information disclosed. Consequently, these corporations had lower information transparency.

近年來國內外許多企業層出不窮的發生管理階層舞弊案，使得投資人以及債權人對於企業公開發佈財務資訊之信心大受影響，公司若能開誠佈公告知利害關係人其相關之資訊，不僅能提升公司之資訊透明度，亦能重拾投資人的信心，故公司資訊透明度為廣受重視之議題。分析師擁有專業知識分析公司的財務報表且能提供額外的資訊給投資大眾，並扮演了公司重要的外部監督機制。 本研究旨在探討公司資訊透明度、分析師跟隨與公司績效之關聯性。採用台灣證券暨期貨發展基金會所公布的資訊揭露評鑑系統結果作為資訊透明度的替代變數，來探討當公司資訊透明度揭露程度較低時，分析師跟隨人數愈多是否愈能增加公司之績效。此外，本研究採用標準普爾之評等分數作為穩健性測試，來驗證結果是否相ㄧ致。研究結果顯示：公司資訊透明度較佳的公司相較於揭露程度較差之公司，其績效愈高。公司績效愈好，分析師跟隨人數愈多。資訊透明度揭露程度較差的公司，分析師的跟隨人數會愈少。無論公司資訊透明度好或壞時，分析師跟隨人數愈多，均能增加公司之績效，且資訊透明度揭露程度較差的公司相較於資訊透明度揭露程度較好的公司，分析師跟隨人數愈多，愈能增加公司之績效。穩健性測試之結果亦有相ㄧ致的發現。 / In recent years there were lots of frauds by managers in domestic and international enterprises, causing investors and creditors lose confidence on financial reporting. It is believed that if the company management can frankly and earnestly disclose related information to the stakeholders, the company’s transparency and thus the investors’ trust will be promoted. Corporate information transparency has become an important issue. Analysts have professional skills to analysis financial statements and disclose additional information to investors and also play an important role in supervising corporation’s operating condition. The purpose of this study is to discuss the association among corporate information transparency, analysts following and firms performance. The research uses the evaluated result of The Information Disclosure and Transparency Ranking System as the disclosure transparency proxy variable to examine whether the companies with lower disclosure level have higher firms performance if more analysts follow these enterprises. In addition, this paper uses Standard and Poor’s rating scores to do robust check. The empirical results indicate follows: 1.The higher information disclosure level companies have higher firms performance than the lower information disclosure level companies. 2.Enterprises with better firm performance have a larger analyst following. 3.Analysts are less likely to follow firms with lower corporate information transparency. 4.Corporate information transparency plays an important role in analysts’ willingness to follow firms and that increased analyst following is associated with higher firm performance, particularly for firms with lower corporate information transparency. 5.The result of robust check reaches a consistent conclusion.

Šiame magistro baigiamajame darbe autorė analizuoja informacijos apie aplinką viešumo bei prieinamumo teisinius, praktinius bei etinius aspektus. Šio darbo tikslas yra atskleisti visuomenės narių nuomonę apie gerai reglamentuotą informacijos apie aplinką skleidimą bei gavimą. Tyrimas pradedamas teisiniu aspektu. Pabrėžiamos įstatymais reglamentuojamos teisės į informaciją apie aplinką. Atskleidžiami visuomenės narių ypatumai dėl teisės kreiptis į valstybės institucijas gauti informaciją bei valstybės institucijų pareigas skleisti ir viešinti informaciją, ne tik kurios reikalauja visuomenė, bet ir iniciatyviai. Antrajame skyriuje nagrinėjamas informacijos apie aplinką viešumo bei prieinamumo aspektas. Atskleidžiama viešumo bei prieinamumo turinių (esmių) problematika, analizuojamos prieinamiausios visuomenei informacijos priemonės. Trečias šio magistro baigiamojo darbo skyrius yra skirtas ekologinei etikai. Supažindinama su pagrindinėmis dabartinės ekologinės etikos vertybėmis, atskleidžiamos šių vertybių esminis indėlis žmogaus pasąmonei. Ketvirtasis skyrius skirtas visuomenės narių nuomonės apie informacijos apie aplinką viešumą bei prieinamumą analizei: atskleidžiamos pagrindinės problemos dėl informacijos apie aplinką, pateikiamos prieinamiausios žmonėms informavimo priemonės, įvertinamas informacijos viešumas, remiantis respondentų pasisakymais, analizuojamos aplinkosauginės vertybės bei pabrėžiamos pagrindinės problemos, lemiančios tų vertybių užmiršimą... [toliau žr. visą tekstą] / In this master thesis the author analysis the environmental information publicity and accessibility by legal, practical and ethical aspects. The aim is to reveal the members of the public opinions about the well – regulated environmental information dissemination and acquisition. Initiations legal aspect. Emphasis is placed on the law governed the right to information about the environment. Members of the public disclosure of the characteristics of access to public authorities access to information and obligations of public authorities to disseminate and publicize information that is not only required by the public, but also proactively. The second chapter examines the information about the environment publicity and accessibility. Disclosed in publicity and availability of content (substantially) the problem, analyze the most affordable media to the public. The third master's final work of this section is intended for environmental ethics. Introducing the major current environmental ethical values. These values are revealed substantial contribution to the human subconscious. The fourth section is dedicated to members of the public opinion on environmental information transparency and accessibility analysis: there are the key problems of environmental information, the most affordable media for people, and public access to information based on the views expressed by respondents, analysis of environmental values and focused on the main issues determining the values of... [to full text]