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This study examines issues relating to the mandatory adoption of International Financial Reporting Standards (IFRS) by Greek listed companies. Initially, the impact of transition, as a result of differences between IFRS and Greek GAAP, on the first IFRS financial statements in 2005 is assessed. Then, a disclosure index is constructed, containing all the disclosure items mandated by the IFRS extant at the end of April 2006. Based on this research instrument, and two disclosure index methods, compliance with IFRS mandatory disclosures in their first year of implementation is examined. A review of disclosure theories, the features of the Greek financial reporting system, and considerations regarding the timing of the research are used as a basis for establishing a priori expectations and testing the potential factors explaining compliance with IFRS mandatory disclosures. Subsequently, any change in the value relevance of accounting information before and immediately after IFRS mandatory implementation is examined. Whether the reconciliation statements required by IFRS 1 provided value relevant information to investors is also explored. Finally, the valuation implications of IFRS mandatory disclosures are explored. The above analyses indicate the following. Greek listed companies’ financial statements were affected significantly by the adoption of IFRS. The average level of compliance with IFRS mandatory disclosures approximates to 80%. The impact on net income and shareholders’ equity, as a result of the transition to IFRS, as well as audit firm size, are significantly associated with the extent to which companies comply. No change in the value relevance of accounting information between 2004 and 2005 is identified. Reconciliation adjustments are incrementally value relevant and levels of mandatory disclosures do have valuation effects. Based on the findings of the above analyses, the study contributes to the relevant literature and discusses policy implications. It also concludes with suggestions for further research and recommendations on the methods for measuring compliance with IFRS mandatory disclosures.

The global move towards sustainability and sustainability reporting, the rise and influence of the Global Reporting Initiative (GRI) and triple bottom line reporting, together with the launch of the King III Report, and revision of the Johannesburg Stock Exchange (JSE) listing requirements in South Africa, both requiring the preparation of an integrated report, have resulted in a uniquely altered information environment, in which investors are required to make investment decisions. The value-relevance of this new sustainability information is however to date untested in a South African context. The introduction of the Social Responsible Investment (SRI) Index in South Africa provides a unique opportunity to evaluate the value-relevance of such new reporting. This research report tests the GRI, using the SRI Index as a proxy, to determine whether this accepted reporting standard is recognized as being valuerelevant, from both a short term and long term perspective, on the JSE over the period 2004 to 2012. The short term value-relevance is tested using cumulative average abnormal returns in an event study methodology, while the long term effect was investigated using a 4-tiered portfolio construction technique, which uses the SRI Index category rankings to define the portfolios. The results indicate that true to the long term nature of sustainability information, in the short term the quality of sustainability and sustainability reporting has no effect on the market value of a company. However, in the long term, a positive effect was found where the SRI listed portfolio, and the SRI best performer portfolio, significantly outperformed the non-listed portfolio on a consistent basis as measured using relative performance. The SRI persistent best performer portfolio however underperformed all other portfolios. This is however due to an overwhelming lack of diversification due to a low number of shares in the portfolio, as well as the portfolio being severely overweight in resource shares, which tend to be the best reporters, due to their large environmental impact. The research report therefore concludes that investing in a higher quality SRI/GRI sustainability portfolio, as opposed to a lower quality portfolio, resulted in excess returns to the investors over the period 2004-2012.

L’objet de la thèse est de présenter la conception de la performance défendue par les IMF au Bénin sur la base d’une définition large de la performance et de ses moyens de suivi, au-delà d’une approche uniquement duale économique et sociale prédominante dans la littérature en microfinance. Notre modèle de recherche se base sur une analyse multivariée de la performance des IMF d’une part, et sur la question de son degré de pertinence dans l’analyse de la performance de ces institutions en contexte béninois d’autre part. Le travail empirique effectué se base sur une étude qualitative du sujet au travers d’entretiens semi-directifs auprès de 14 institutions de microfinance (IMF) béninoises. Il nous a permis de confirmer que l’approche de la performance de ces institutions répond à des objectifs multiples, et les systèmes de contrôle et de pilotage retenus par ces organisations se fondent sur trois leviers imbriqués. Le contrôle par les valeurs dites fondamentales, le contrôle par la fixation d’objectifs et de limites amont et en aval de l’action des IMF par ses propriétaires-dirigeants, et le contrôle par le reporting reposant sur une approche multidimensionnelle de la performance. Au niveau des axes composant le levier reporting, en plus des axes financier, processus interne, apprentissage organisationnel et clients, nous verrons que l’environnement et les contraintes règlementaires sont également des variables retenues par nombre d’IMF dans l’analyse et la consolidation de leur performance. Notre travail, en plus d’analyser la conception de la performance des IMF, introduit des recommandations dans un but d’amélioration. / The purpose of the thesis is to present the conception of the performance defended by MFI in Benin on the basis of a broad definition of performance and its means of monitoring, beyond a purely dual economic and social approach predominant in the microfinance literature. Our research model is based on a multi a varied analysis of the performance of MFI on one hand, and on the question of its degree of relevance in the analysis of the performance of these institutions in the Beninese context on the other hand. The empirical work carried out is based on a qualitative study of the subject through semi-structured interviews with 14 microfinance institutions (MFI) in Benin. It allowed us to confirm that the approach of the performance of these institutions meets multiple objectives, and the leading control systems retained by these organizations are based on three interlocking levers. Control by so-called fundamental values, control by setting objectives and limits upstream and downstream of the action of MFI by its owner-managers, and control by reporting based on a multidimensional approach to performance. At the level of the axes composing the reporting lever, in addition to financial, internal process, organizational learning and customers, we will see that the environment and the regulatory constraints are also variables retained by many MFI in the analysis and the consolidation of their performance. Our work, in addition to analyzing the design of MFI performance, introduces recommendations for improvement.

Miljö- och hållbarhetsredovisning har blivit en viktig del för företag att använda i syfte att legitimera sin verksamhet. Inom miljö- och hållbarhetsredovisning finns ett ramverk som är upprättat av Global Reporting Initiative. Detta ramverk är idag det mest fullständiga och används av företag som vill förmedla sin miljö- och hållbarhetsinformation på ett seriöst sätt. Idag finns inga krav i form av lagstiftning för företag att använda något ramverk för miljö- och hållbarhetsrapportering. Detta medför att företag fritt kan välja om de vill följa något ramverk eller inte. De företag som inte väljer att följa något ramverk kan alltså fritt välja på vilket sätt och hur de ska rapportera sin miljö- och hållbarhetsinformation.I denna undersökning har jag valt ut åtta företag fördelat på två olika branscher som inte följer ramverket från Global Reporting Initiative. Detta urval har gjorts för att kunna se hur och vad företag rapporterar när det själva kan välja fritt. De frågeställningar som tas upp i uppsatsen är om det går att se dominans av kvalitativ eller kvantitativ information, om det går att se om företagens miljö- och hållbarhetsredovisningar kan vara missvisande och vilka skillnader som finns mellan branscherna jag valt. Syftet med uppsatsen är att få en förståelse för hur företag väljer att redovisa sin miljö- och hållbarhetsinformation och vilka skillnader som går att hitta.Resultatet av undersökningen visar att företagen inom oljeindustrin var mer benägna att rapportera miljö- och hållbarhetsinformation. Den mest sannolika förklaringen till detta resultat är att deras legitimitetsbehov kan anses tyngre än för företagen inom industribranschen. Resultatet visar också att det var stark dominans av kvalitativ information i rapporterna. Det framgick även att miljö- och hållbarhetsredovisningarna i vissa fall kan vara missvisande.Det som är viktigt är att miljö- och hållbarhetsredovisningar alltid granskas av en revisor för att intressenter ska kunna vara säkra på att informationen är användbar i beslutssituationer. Jag anser att det är viktigt att forskare fortsätter att granska hur och på vilket sätt företag redovisar sin miljö- och hållbarhetsinformation.

Typescript. / Digitized by Kansas Correctional Industries

The International Accounting Standards Board (IASB) issued International Financial Reporting Standard No. 8 (IFRS 8) “Operating Segments” in November 2006 as a part of its convergence programme with the Financial Accounting Standards Board (FASB); the new standard became effective for periods beginning on or after 1/January/2009 (IASB, 2006a). IFRS 8 supersedes the previous international accounting standard (IAS): IAS 14 Revised (IAS 14R) “Segment Reporting” (IASC, 1997). IFRS 8 requires segments to be identified in accordance with the management approach. In particular, operating segments are to be identified on the basis of internal reports that are “regularly reviewed by the Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance” (IASB, 2006a, para 5). There are two main objectives to this study: (i) to assess the impact of IFRS 8 on the segmental disclosures of Jordanian listed firms in their annual reports for 2009 when the standard became effective; and (ii) to explore the perceptions of external auditors, preparers and users (investors and analysts) of financial statements about this new segmental reporting standard. A decision usefulness theoretical framework underpins the research; the research was carried out by using a disclosure index analysis and semi-structured interviews. The two objectives of this thesis were investigated by employing these two methods; a disclosure index and semi-structured interviews. The research is located in Burrell and Morgan’s (1979) functionalist paradigm using a decision usefulness theory lens. The findings suggest that IFRS 8 has had a significant and sizeable impact on the segmental disclosure practices of Jordanian companies in 2009 compared to disclosure practices in annual reports for 2008 based on IAS 14R; a sample of reports for 109 first market Jordanian listed companies were investigated. The disclosure index findings indicate that the Jordanian listed companies provided more disaggregated segmental information, published data on additional segmental items and supplied new Entity-Wide Disclosures (EWDs) in accordance with IFRS 8’s management approach. For example, 10% of the sample companies provided segmental information for the first time in 2009. The Jordanian listed companies provided details about more disaggregated business segments (where the mean number of segments rose from 2.4 to 2.7) and geographic segments / EWDs (where xii the mean number of segments increased from 1.5 to 1.8). The average disclosure index score rose from 18.6% in 2008 to 30.6% in 2009. In addition, 27% of the sample companies went beyond the requirements of IFRS 8 by identifying the CODM in their annual reports for 2009. With regards to the semi-structured interviews, 31 participants agreed to provide their views on IFRS 8. The respondents indicated that the quantity and quality of segmental information provided under IFRS 8 in annual reports for 2009 was “better” than that disclosed in 2008; it was more understandable, relevant, reliable and comparable than the segmental information which had previously been reported. Their responses also indicated that the implementation of IFRS 8 did not appear to cause any difficulties for external auditors, preparers and users during 2009; most interviewees reported that IFRS 8 was not a problematic standard. They believed that the disclosure of segmental information increased, published segmental information became more organised and better explained and the segmental information disclosed was more transparent. The current study is the first of its kind in Jordan, and adds to the growing literature on financial disclosure; it therefore fills a gap about segmental disclosure in developing countries. It is also exploratory in nature, since very little is known about segmental reporting practices in Jordan. Thus, this study’s findings represent a significant contribution to knowledge.

This study examined the potential significant differences in the distribution of adverse drug reactions (ADRs) by reporter (consumer versus physician) and patient outcome at case and event level. This study also contains exploratory questions to evaluate reporting of ADRs by consumers versus physician by system organ class (SOC) and reporter demographics within the United States Food & Drug Administration Adverse Event Reporting System (FAERS). The theoretical foundation applied in this quantitative study was the social amplification of risk framework. Data from the second quarter of 2016 were obtained from FAERS, and a total of 87,807 ADR reports corresponding to 143,399 ADRs were analyzed by utilizing the chi-square test, the odds ratio, and logistic regression. Cross-sectional design was employed to compare reporting of ADRs at the case and event level (case-based and event-based analyses, respectively) between reporters (consumer versus physician), specifically, for patient outcome, as well as SOC and reporter demographics. For both the case-based and event-based analyses, findings revealed that consumers reported more serious ADRs in comparison to physicians. Furthermore, findings confirmed a difference in ADR reporting between consumers and physicians depending on SOC groups. Additionally, consumers reported more nonserious ADRs in comparison to physicians. The results from this study may have implications for positive social change by augmenting pharmacovigilance systems at a national and international level to identify risks and risk factors spontaneously reported after drugs have been on the market.

This study examines voluntary intellectual capital reporting (ICR) in New Zealand firms' annual reports, with a view to contributing to understanding ICR practice. This study also reflects on content analysis with a view to refining the methodology when applied to investigating ICR.The literature includes widespread claims that intellectual capital (IC) resources are important value drivers and assets, and that IC information should be reported externally. However, complexities relating to identifying IC prevent it from being recognised as an asset under current accounting regulations. Consequently, the traditional financial reporting system is being criticised as out-of-date, giving deficient and irrelevant information, and having lost its value relevance. Numerous scholars have investigated voluntary ICR in several countries, but have presented different results and findings. The literature argues that the results of many ICR studies cannot be meaningfully compared because inconsistent data collection instruments have been applied. To advance ICR research, further refining and developing of the methodology is advocated; problems relating to applying methodological issues need to be resolved. Moreover, to establish consensus about ICR, more research and evidence is needed concerning exactly what and how IC is reported.The 2004 annual reports of the 30 largest (by market capitalisation) New Zealand firms listed on the New Zealand Stock Exchange were analysed. Content analysis was applied to determine what and how IC is reported. Inferences about what IC is communicated were made based on an analysis of the content of texts and visual representations. To determine how IC is reported, voluntary reporting was categorised according to the form, nature and location of the disclosure. Frequencies of mention were recorded. Hence, each incidence of occurrence was coded and counted.This study reflected on content analysis methodology by searching the literature for guidance on how to apply this approach and how to deal with the challenges and problems it poses. The thesis discusses methodological issues that could be applied differently, and hence hinder the replicability and comparability of ICR studies. Moreover, the ICR literature provided limited guidance about how to deal with methodological challenges and problems, and revealed an absence of explicit recording instructions. Therefore, explicating this study's recording instructions should enhance replicability and comparability of future ICR research and hence further refine the methodology.Some results of this content analysis study disconfirm those of prior research: New Zealand firms show high levels of ICR, the most reported IC category is human capital, and the most reported IC item is employees. In line with prior research, this study showed that most ICR is presented in declarative terms. Moreover, more than one-third of New Zealand firms' ICR is disclosed as pictures. This indicates the importance of pictorial information as a means of reporting IC and the need to include graphics when conducting ICR research. This study's findings also indicate a narrative approach, similar to the European notion of story telling, to voluntarily report IC information. This approach suggests that narratives have possible potential for voluntary ICR, as an approach that departs from a measurement and quantification approach.

Sustainability reporting has emerged as an outcome of corporate social responsibility, giving companies an opportunity to show transparency towards their stakeholders. The Global Reporting Initiative, a largely voluntary sustainability reporting standard, has become increasingly popular, providing a framework making reports consistent and comparable. However, Holmen, SAS, SKF, Vattenfall and Vin & Sprit were the only Swedish companies complying with application level A, the highest level of compliance, of the GRI framework in their 2007 sustainability reports. The purpose of this thesis is therefore to analyze why these five Swedish companies are sustainability reporting and why they are doing so according to the GRI standard. A theoretical background regarding CSR, sustainability and GRI is provided in order to get a basic understanding of the context of the thesis. The theoretical framework for the study is based on the stakeholder concept and the legitimacy theory, utilizing the internal marketing and brand identity theories for the analysis. Semi-structured interviews were conducted with the five managers of the companies in order to gather the relevant data. The study showed that the five companies investigated are sustainability and GRI reporting as a result of their company size, industry type, reporting tradition, ownership structure and various stakeholder-driven motives. The motives were found to be specific to either sustainability or GRI reporting, where the majority were linked to the practice of sustainability reporting.