This thesis focuses on compliance with IFRS disclosure requirements in Malaysia. There are four objectives that this study attempts to achieve, namely: (1) to ascertain whether present regulatory enforcement is effective in curbing non-compliance with IFRS in Malaysia; (2) to determine whether corporate ownership structure, culture and corporate governance attributes have a significant influence on the extent of compliance with IFRS disclosure requirements; (3) to identify the factors of (non-) compliance with IFRS from the perceptions of preparers and auditors; and (4) to explore the reasons why an unqualified audit report was issued despite non-compliance with IFRS disclosure requirements. This study employs a mixed methods approach to achieve the stated objectives, where annual reports of 225 Malaysian listed companies are examined and interviews with regulators, preparers and auditors are conducted. The following findings are documented in this study. Although compliance with accounting standards is mandated by law, this study demonstrates that no Malaysian company has fully complied with IFRS disclosure requirements. Similarly, the companies examined still receive unqualified audit reports despite significant non-compliance with IFRS disclosure requirements. This study argues that merely mandating compliance with accounting standards by law does not result in full compliance with accounting standards if sufficient or stringent enforcement is not in place. The Malaysian economy is dominated by family-owned companies and government-owned companies; however, this study finds that there was not enough evidence to support the influence of these ownership types on the extent of compliance with mandatory disclosure requirements. Despite the importance of corporate governance mechanisms in enhancing financial reporting quality, this study finds that only board meeting, audit committee size and audit committee expertise are significantly associated with the extent of compliance with IFRS disclosure requirements. However, the association direction for audit committee expertise is puzzling, because the negative coefficient suggests that mandatory disclosure decreases with the presence of audit committee experts. This study also provides evidence that culture (ethnicity) has a significant influence on the extent of compliance with IFRS disclosure requirements. This study also contributes to the extant literature by documenting the factors of (non-) compliance with IFRS from the perceptions of preparers and auditors. These factors are the attitude of top management, problems with accounting standards, lack of enforcement, passive investors, materiality, accountants’ attitude, undeveloped capital markets and political excuse. These (non-)compliance factors in fact cannot be revealed by statistical analysis. This study finds that materiality and true and fair view are the two reasons suggested by interviewees that can explain why unqualified audit opinion was expressed despite non-compliance with IFRS. Nevertheless, this study argues that materiality and true and fair view override might also be used (or misused) as an excuse by auditors for not qualifying audit reports in the case of significant non-compliance with IFRS disclosure requirements, given the subjective and vague concept of both materiality and true and fair view.

This thesis explores causal attribution statements on performance outcomes given in annual reports of UK listed rms. The objectives are three-fold. First, it analyses the nature and extent of attribution statements provided. Second, it explores corporate governance factors and rm-speci c characteristics that are related to the provision of attribution statements. Finally, it investigates the economic consequences of providing attribution statements by examining their association with the rm's cost of equity capital. Using data drawn from a sample of 142 UK rms listed on the London Stock Exchange, content analysis was used to measure the extent of attributions in the annual reports for the year 2006. The results show that the volume of attribution statement provision is generally low and variation across rms is low. Firms also show a strong tendency to explain performance with internal rather than with external reasons. The results from regression analysis show that the volume of attribution statements and the space given to internal and external attribution statements is associated with the proportion of non-executive directors, director share ownership, audit committee size, market value, gearing, pro tability and new share issues. With respect to the relationship between the attribution statements and the cost of capital, the PEG model was employed to estimate the cost of equity capital. The ndings indicate an association between attribution statement provision and the cost of equity capital, but only for rms with low analyst following. For these rms, more extensive performance explanations and more extensive internal explanations are associated with a higher cost of equity capital. However, attribution statements are unrelated to the cost of equity capital for rms with high analyst following. The thesis makes two contributions in the area of attribution determinants. First, it measures attribution provision with a measure that has not been previously applied in the literature to measure attribution statements. Second, it provides evidence on how rm-speci c characteristics and the rm's corporate governance mechanisms in uence the extent and the type of performance explanations provided by rms. The thesis makes four contributions regarding the e ect of attribution statements on the cost of capital. First, it uses a quantitative approach to directly estimate the cost of capital e ects of attribution statements. Second, it provides evidence that the association between attribution statements and the cost of equity capital is in uenced by an interaction between attribution statements and analyst following. Third, the thesis provides the rst evidence of the relationship between attribution statements and the cost of equity capital in a UK setting. Fourth, it provides evidence that the relationship between disclosure and the cost of equity capital is complex and is in uenced by interactions between disclosure and information intermediaries.

This dissertation investigates the immediate effects of securities analysts' statements on shareholders. Two of the most important questions posed in research on capital markets are when and how analysts matter. A time at which analysts might matter is when they make pronouncements regarding a firm or industry; ways in which they might matter is through their word choices and the context of their words in these pronouncements. The question, "Do analysts matter?," has been explored before and has been answered in terms of the securities analysts' quantitative earnings forecasts and their effects on the capital markets. I investigated the discourse used in these earnings forecasts and other statements regarding the focal firm or industry in analyst reports. Therefore, I answered the question, "Do analysts matter, as defined by their words used, and do they change investors' judgments about a firm's future prospects?" The study employed content analysis of analysts' language to determine whether the words they use in their statements cause a response in the market. The study also investigated how the analysts' language differs based on their affiliations. To examine this question, I drew on the efficient markets theory from finance. Data sources included the Chicago Centre for Research on Security Prices (CRSP) tapes and First Call analyst reports. The research applied quantitative computer text analysis, the event study methodology, and regression to test the hypotheses. By studying statements from the All-American Team analysts, the present work shows that investors do consider the pronouncement of analyst statements significant. The results demonstrate support for the idea that analyst statements have an impact on the stock market. Moreover, the statement characteristics have an incremental effect on the market response. The key findings illustrate that words in the analysts' report matter. The analyst characteristics were instrumental in deciding the words that the analysts use in their reports. Finally, analysts use words to signal information to investors when they are pressured from investment banking relationships. / text

Darbe tyrinėti sakytiniu būdu ir populiarių leidinėlių pavidalu plintantys sapnų aiškinimai, teiginiai apie sapnų pildymąsi ir individualūs pasakojimai apie sapnus. Analizuoti sapnai, kurių vaizdai suprantami perkeltine prasme ir reikalauja aiškinimo. Išsikeltas tikslas – remiantis archyviniais, paskelbtais spaudoje ir autorės surinktais duomenimis ištirti tekstų apie sapnus savitumus bei atskleisti žmonių požiūrį į sapnus ir jų interpretavimą. Buvo nustatyta, kad sapnų aiškinimai priskirtini tikėjimų kategorijai. Sapno vaizdas su konkrečiomis reikšmėmis siejamas analogijos, priešpriešos, tapatumo, žodžių panašumo principais. Žmonės išskiria konkrečius regėtus objektus iš viso sapno ir juos aiškina: 1) atpažįsta tam tikroje kultūros aplinkoje pripažintus sapnų vaizdus, kuriems yra priskirti konkretūs mitiniai įprasminimai, 2) regėtus vaizdus susieja su kokiu nors numatomu arba jau buvusiu įvykiu remdamiesi intuicija ir / ar asmeniniu patyrimu. Sapnų aiškinimuose ir pasakojimuose apie sapnus nusakomas sapno vaizdas ir jo reikšmė. Tarp aiškinimo ir pasakojimo dalių egzistuoja „ženklo – įvykio / numanomo įvykio“ ryšys. Susapnuotas reginys nesukelia tam tikros pasekmės, bet žmogų apie ją informuoja. Požiūris į sapnus nevienodas. Dalis žmonių juos vertina racionalistiškai, o dalis tiki prognozine galia. Kai kurie sapnai paveikia sapnuotoją: jis siekia išvengti negatyvaus įvykio ir atidžiau kontroliuoja savo poelgius, laukia pozityvių permainų ar skuba įsitikinti sapne regėtų... [toliau žr. visą tekstą] / In this work estimation and interpretation of dreams in traditional Lithuanian culture were investigated. The object of the work is dream interpretations, statements on the fulfilment of dreams and individual narrations about them, spreading orally and with the help of popular publications. In the work, dreams are investigated images of which are understood in the figurative sense and need some explanation. It was set out that dream interpretations can be ascribed to category of beliefs. A dream image is related to specific meanings according to the principles of analogy, antithesis, identity and similarity of words. People single out concrete objects from the whole dream and interpret them: 1) identify dream images recognized in certain cultural environment, with specific mythical implications ascribed; 2) link images to some event supposed or already happened on the ground of intuition and /or personal experience. In dream interpretations and narratives on dreams, a dream image and its meaning are defined. Between the parts of interpretation and narration there exists a connection “sign - event / implied event”. An image seen in a dream does not cause a certain result but only inform a person about it. There is no one-sided approach to dreams. Some people estimate them rationally and some do belief in their prognostic power. Certain dreams have an effect on a dreamer: a person seeks to avoid a negative event and is more attentive while controlling his behaviour, looks for... [to full text]

In this work estimation and interpretation of dreams in traditional Lithuanian culture were investigated. The object of the work is dream interpretations, statements on the fulfilment of dreams and individual narrations about them, spreading orally and with the help of popular publications. In the work, dreams are investigated images of which are understood in the figurative sense and need some explanation. It was set out that dream interpretations can be ascribed to category of beliefs. A dream image is related to specific meanings according to the principles of analogy, antithesis, identity and similarity of words. People single out concrete objects from the whole dream and interpret them: 1) identify dream images recognized in certain cultural environment, with specific mythical implications ascribed; 2) link images to some event supposed or already happened on the ground of intuition and /or personal experience. In dream interpretations and narratives on dreams, a dream image and its meaning are defined. Between the parts of interpretation and narration there exists a connection “sign - event / implied event”. An image seen in a dream does not cause a certain result but only inform a person about it. There is no one-sided approach to dreams. Some people estimate them rationally and some do belief in their prognostic power. Certain dreams have an effect on a dreamer: a person seeks to avoid a negative event and is more attentive while controlling his behaviour, looks for... [to full text] / Darbe tyrinėti sakytiniu būdu ir populiarių leidinėlių pavidalu plintantys sapnų aiškinimai, teiginiai apie sapnų pildymąsi ir individualūs pasakojimai apie sapnus. Analizuoti sapnai, kurių vaizdai suprantami perkeltine prasme ir reikalauja aiškinimo. Išsikeltas tikslas – remiantis archyviniais, paskelbtais spaudoje ir autorės surinktais duomenimis ištirti tekstų apie sapnus savitumus bei atskleisti žmonių požiūrį į sapnus ir jų interpretavimą. Buvo nustatyta, kad sapnų aiškinimai priskirtini tikėjimų kategorijai. Sapno vaizdas su konkrečiomis reikšmėmis siejamas analogijos, priešpriešos, tapatumo, žodžių panašumo principais. Žmonės išskiria konkrečius regėtus objektus iš viso sapno ir juos aiškina: 1) atpažįsta tam tikroje kultūros aplinkoje pripažintus sapnų vaizdus, kuriems yra priskirti konkretūs mitiniai įprasminimai, 2) regėtus vaizdus susieja su kokiu nors numatomu arba jau buvusiu įvykiu remdamiesi intuicija ir / ar asmeniniu patyrimu. Sapnų aiškinimuose ir pasakojimuose apie sapnus nusakomas sapno vaizdas ir jo reikšmė. Tarp aiškinimo ir pasakojimo dalių egzistuoja „ženklo – įvykio / numanomo įvykio“ ryšys. Susapnuotas reginys nesukelia tam tikros pasekmės, bet žmogų apie ją informuoja. Požiūris į sapnus nevienodas. Dalis žmonių juos vertina racionalistiškai, o dalis tiki prognozine galia. Kai kurie sapnai paveikia sapnuotoją: jis siekia išvengti negatyvaus įvykio ir atidžiau kontroliuoja savo poelgius, laukia pozityvių permainų ar skuba įsitikinti sapne regėtų... [toliau žr. visą tekstą]

The earnings per share ratio is often quoted in financial publications as an indictor of how well a company has performed financially. However, there is much controversy over the usefulness of earnings per share information, especially in respect of its potential for manipulation by the preparers of financial information. Recent changes to South African accounting standards through the International Harmonisation Project resulted in a revision of the Statement of Generally Accepted Accounting Practice 104: Earnings per Share (AC104). Significant changes to the method of calculation and disclosure of both basic and diluted earnings per share were implemented. Unit trusts have gained popularity in South Africa over the past decade. Members of the public prefer to invest on the Johannesburg .Stock Exchange through intermediaries such as unit trusts rather than undertake investment decisions personally. Unit trust portfolio managers are in an important and a responsible position: they wield significant power on the stock exchange with their daily dealings in shares but they also carry the responsibility of making sound investment decisions. Research has tended to focus more on earnings than earnings per share. A review of literature and prior research revealed several controversial issues: the usefulness of earnings in making investment decisions, the susceptibility of both earnings and earnings per share to manipulation, the predictive value of earnings, the use of earnings in the valuation of securities and the use of earnings and earnings per share in performance measurement. The research problem was thus developed as follows: are the earnings per share disclosures of South African listed companies sufficient to meet the needs of equity unit trust portfolio managers in South Africa as a performance indicator, and if not, what additional information do they require? In addressing the research problem, the following four objectives were formulated: (i) to determine what changes have been made to earnings per share calculation and disclosure by the issue of the new ACI04, (ii) to determine what characteristics South African equity unit trust portfolio managers regard as indicative of a good financial performance indicator, (iii) to determine what impact the changes made to the earnings per share calculation and disclosure by the new AC104 has had on the use of earnings per share information by South African unit trust portfolio managers as a performance indicator, and (iv) to determine the extent of use of other similar performance indicators, such as headline earnings per share and cash flows per share, as compared to earnings per share. In order to meet these objectives, it was necessary to conduct a survey of South African equity unit trust portfolio managers. The descriptive survey method was identified as being appropriate and a mailed survey was undertaken. The main conclusions to this research were that: (i) the characteristics of a useful performance indicator are related to reliability, consistency, comparability, adequate disclosure and ease of computation and understanding, (ii) equity unit trust portfolio managers regard the changes to the calculation and disclosure of basic earnings per share to be improvements to the standard but their use of basic earnings per share as a performance indicator has remained unchanged, (iii) equity unit trust portfolio managers regard the changes to the calculation and disclosure of diluted earnings per share to be improvements to the standard and their use of diluted earnings per share as a performance indicator has, as a result, increased, (iv) headline earnings per share and diluted earnings per share are considered to be better performance indicators and are used more frequently as performance indicators than basic earnings per share. Thus the research project achieved its objectives. In addition, interesting findings in respect of other issues were identified. Further areas for research were also identified. / Thesis (M.Acc.)-University of Natal, Durban, 2000.

Sustainable development requires the integration of ecological and social concerns into economic activities. Recent trends in environmental impact assessment (EIA) suggest the eventual use of the EIA process to link socio-environmental attributes with economic decision-making thus allowing for the transition towards a sustainable future. / This thesis is an examination of the proposed Federal Environmental Impact Assessment Act of Canada and the extent to which its provisions seek to ensure a move towards sustainable development.

The financial crisis of 2007-2009 had divesting effects around the globe. Many financial institutions and government officials failed to see the build up of problems predicting the crisis and hence failed to take actions to keep the crisis from breaking out. Thus, it is important to see if the emerging problems could have been identified in advance in order to develop types of analysis that could help us avoid future crises. A full investigation of such possibilities will require many different studies taking different approaches. This dissertation contributes to that collective effort by investigating the extent to which balance sheet information could have been used to identify the emerging problems. We implement our research strategy by analyzing what types of balance sheet information did the best job of explaining how hard different major financial institutions were hit during the crisis. We constructed a large data set of financial variables from the financial reports of financial institutions over the years 2002 to 2011. We used this data to developed models to predict the damage to an individual firm when a systemic crisis occurred based on its financial position and performance over varying time periods and relative to other institutions’ characteristics. We used changes in stock market prices as our measure of performance. We found that the financial leverage ratio and the mismatch between current assets and current liabilities are the most significant ratios to predict the degree of stock market declines each institution would face if a systemic crisis occurred. We quantified the degree of the financial leverage and current ratios in two different ways, an average level and accumulated time-weighted rate of change over different lags of periods using two different estimation techniques. We found that the financial leverage and current ratios can be used as early warning signals based on both the multivariable fractional polynomials estimation technique and structural equation modeling. However, the out-of-sample tests showed that the imbalance between current assets and current liability would be the only significant predictor of the changes in stock market prices. The test confirmed that the changes in pre-crisis stock prices are less sensitive to the leverage ratio but more sensitive during crisis.

国立情報学研究所で電子化したコンテンツを使用している。

After more than a decade of environmental impact assessment ( EIA ) provisions within South Australian Planning Act, 1982 it is appropriate to examine the role of the environmental impact statement ( EIS ) as a major element of EIA and an important decision making tool for major projects over this period. The thesis first provides a review of EIA from its overseas origins to its development at the Commonwealth level in Australia. This provides the context within which to examine the system of EIA for major developments or projects in South Australia, which are dealt with largely through the EIS process. The thesis examines the type of projects which, according to the discretionary criteria in the Planning Act, have attracted EIS requirements between 1982 - 1993 and uses this to determine generic groupings of projects. It is noted that marinas represent the largest group of projects with EIS requirements, although EISs have been called for power generation related projects, electricity transmission line projects, tourist related projects, industrial projects, mining projects, water management projects, transport projects and a number of other projects. The thesis examines the number of EISs that have been completed, whether or not the projects have been approved or rejected and to what extent any patterns have emerged. The thesis then focuses on all the completed EISs in terms of their content, timing of preparation, public involvement and response, associated legislative requirements, type and role of developer, type and role of EIS consultant, the assessment of the EIS, and the decision making process. The thesis notes the high approval rate for projects with completed EISs suggesting most of the environmental problems have been resolved or are capable of being resolved. It is also noted that a number of projects are abandoned before the EIS is ever completed and that the few rejected EIS proposals are associated with high numbers of public submissions. Although each of the rejected proposals has a complex history of project development, environmental assessment and negotiations, it is noted that the decision to reject the proposals was ultimately a political decision. The thesis comments on the limited role of the South Australian Planning Commission ( SAPC ) in EIS project decision making in South Australia and the increasing use of the Governor as a decision maker. Although the SAPC is the statutory planning authority it is constrained by having to have regard to the principles in the Development Plan which is geared toward development control rather than for the extraordinary major projects which become subject to EIS requirements. The thesis then examines proposed changes to EIA in the context of early attempts to initiate EIA reform in South Australia through to the current Development Bill. These proposals are placed in context with changes to EIA procedures that have taken place at the Commonwealth level, the proposed development of a national agreement on EIA, and also the implications for EIA which are likely to flow from recent Commonwealth initiatives on ecologically sustainable development strategies. In addition the implications of recently developed environment protection agencies and associated legislation are examined at both the State and Commonwealth levels. Collectively these reviews and analyses provide the context of current thinking on EIA as it is likely to affect South Australian EIA processes in the future. Finally the thesis discusses the evolving role of the South Australian EIS in the context of its evolutionary process and the proposed legislative changes in South Australia, together with other related initiatives. This discussion touches on a number of issues such as public administration, the actual practice of the EIA process as opposed to the theory of EIA and what is written into the EIA legislation. In conclusion an overview is given of the current role of the EIS with some predictions for the future of EIA in South Australia. / Thesis (M.Plan.)--Department of Architecture, 1993.