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Author: Bruce K. Behn Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This study examines why some nonprofit organizations are willing to voluntarily provide their audited financial statements for review and others are not. While we are not stakeholders in these enterprises, we believe this study provides some descriptive evidence and insights on the nature of voluntary financial disclosure in the nonprofit sector. The ability of outside individuals (whether current stakeholders or not) to review firm-specific relevant and reliable information concerning the finances and operations of an exempt organization is important for the efficient flow of capital and potential donation decisions. In this study, we examine this voluntary disclosure issue by requesting audited financial statements (currently these are not required disclosures) from the 300 largest nonprofits in the U.S., as of 2001. Since this decision is voluntary and many of our sample firms choose not to disclose this information, we investigate whether there are factors associated with this choice. We find that a nonprofit is more likely to allow us access to its audited financial statements if it has more debt, has a larger contribution ratio, is a larger organization, has a NTEE classification of Higher Education, and has a higher compensation expense ratio. By contrast, it appears that a nonprofit with lobbying expenses is less likely to disseminate its audited financial statements. Many interested parties, including the Senate, donors, other stakeholders and researchers, are concerned about transparency in the nonprofit sector. This study can add to their debate by demonstrating which factors are associated with transparency in the nonprofit sector.
Author: Bruce K. Behn Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
This study examines why some nonprofit organizations are willing to voluntarily provide their audited financial statements for review and others are not. While we are not stakeholders in these enterprises, we believe this study provides some descriptive evidence and insights on the nature of voluntary financial disclosure in the nonprofit sector. The ability of outside individuals (whether current stakeholders or not) to review firm-specific relevant and reliable information concerning the finances and operations of an exempt organization is important for the efficient flow of capital and potential donation decisions. In this study, we examine this voluntary disclosure issue by requesting audited financial statements (currently these are not required disclosures) from the 300 largest nonprofits in the U.S., as of 2001. Since this decision is voluntary and many of our sample firms choose not to disclose this information, we investigate whether there are factors associated with this choice. We find that a nonprofit is more likely to allow us access to its audited financial statements if it has more debt, has a larger contribution ratio, is a larger organization, has a NTEE classification of Higher Education, and has a higher compensation expense ratio. By contrast, it appears that a nonprofit with lobbying expenses is less likely to disseminate its audited financial statements. Many interested parties, including the Senate, donors, other stakeholders and researchers, are concerned about transparency in the nonprofit sector. This study can add to their debate by demonstrating which factors are associated with transparency in the nonprofit sector.
Author: Patrick Roy Publisher: diplom.de ISBN: 3832448292 Category : Business & Economics Languages : en Pages : 141
Book Description
Abstract: In a first step, this ERP derives the theoretical necessity to provide voluntary strategic and non-financial Information. It is argued that companies are an integral part of a common environment and society, acting in a framework of interdependent relationships. A company is more and more seen as a community of interests of different groups, and it can only act in an optimal way if the demands of all groups are taken into account and its behaviour is adjusted accordingly. In this context, interest groups' demands for company Information depend an the possibilities of improvements in decision making or monitoring that arise with its use, which in turn is mainly determined by the potential of Information to reduce uncertainty in the areas of interest. For external decision-makers, uncertainty often arises from sources about which conservative company statements provide little insight. Due to the traditional, finance-oriented concept of disclosure, this is particularly true for strategic and non-financial aspects. Related additional Information that is voluntarily provided can considerably reduce uncertainty, even more so as part of audited statements. Conventional financial reporting and existing disclosure requirements will generally not nearly satisfy those information needs of user groups. Any economic action, though, should only be taken if related benefits are exceeding related costs. This priority of economicalness also holds for companies' production, processing and disclosure of Information. Therefore, it is necessary to consider as detailed as possible potential opportunities and disadvantages for voluntarily disclosing company Information both an and outside capital markets. This is done in a second major part of the present work. First, voluntary disclosure can potentially affect share prices and thereby the market value of the firm, markets not being strong-form efficient. So, by giving company Information, a higher market value can directly be induced, thereby potentially lowering the cost of capital which, for example, improves the company's competitive position in the battle for cheap additional financing. [...]
Author: Zabihollah Rezaee Publisher: ISBN: Category : Languages : en Pages :
Book Description
This paper investigates management incentives for disclosing voluntary non-financial information and whether such disclosure is associated with firms' environmental, social, and governance (ESG) sustainability performance. We hand-collect 580 sample firms' voluntary non-financial disclosure on product, competition, industry, customers, trends, and technology data from their annual reports in 2010. We find that information contents and managerial motivations play an important role in assessing the antecedents and consequences of non-financial disclosure. Specifically, we find that earnings quality is a more pronounced factor in influencing forward-looking non-financial disclosures whereas proprietary cost is a more pronounced factor in influencing historical nonfinancial disclosures. Using the ratings from the KLD database to construct ESG sustainability performance, we find a two-directional association between non-financial disclosures and sustainability performance. Specifically, forward-looking non-financial disclosures are associated with a one year lead in sustainability performance, whereas current year sustainability performance is linked to more disclosures of historical non-financial information in the year-end annual filings.
Author: Lucrezia Songini Publisher: Emerald Group Publishing ISBN: 1838679650 Category : Business & Economics Languages : en Pages : 240
Book Description
For researchers and managers interested in performance measurement, this volume includes innovative research that sheds light on topics such as the determinants of disclosure quality, the identification of appropriate metrics, the relationship among the different disclosure mechanisms and between voluntary and mandatory disclosure, and many more.
Author: Antonio Chirico Publisher: LAP Lambert Academic Publishing ISBN: 9783659442803 Category : Languages : en Pages : 172
Book Description
The objective of our work is to examine the relationship between the level of forward-looking disclosure and firm characteristics (structured-related variables, performance-related variables, and market-related variables)for the period 2008-2010. The results show that firm size and audit firm size were significantly (in all the three years) with the level of forward-looking disclosure. Firm age was also significantly only in the year 2008 and with insignificant in years 2009 and 2010. While, profitability (measured by earning per share) and liquidity ratio were significantly in the years 2009 and 2010, and insignificantly only in the year 2008 with the level of forward-looking disclosure. However, leverage, ownership dispersion, profitability (measured by return equity ratio) and industry type variables were found insignificantly associated with the level of forward-looking information disclosed in the annual reports for all the three years.
Author: Lino Cinquini Publisher: Springer Nature ISBN: 3030903559 Category : Business & Economics Languages : en Pages : 477
Book Description
The increasingly crucial role of companies’ non-financial disclosure (NFD) and integrated reporting (IR) has led to a lively debate among academics, practitioners, and regulators on the approaches, framework, contents, principles, and standards that should oversee these forms of reporting. Through several expert contributions, conducted both with qualitative and quantitative methodologies, this book provides an up-to-date portrait of the debate by exploring corporate NFD either in its mandated contents or voluntary information. Contributing authors provide studies that encompass the different lines of NFD, namely non-financial risk reporting, sustainability reporting, and intellectual capital reporting, as well as the integration of financial and non-financial information through IR, the assurance of the NFD and IR through auditing activities, and the role of management and CFOs in NFD and IR.
Author: Bruce K. Behn
Author: Bruce K. Behn
Author: Heidemarie Lundblad
Author: Heidemarie Lundblad
Author: Patrick Roy
Author: Frank Barry Gigler
Author: Zabihollah Rezaee
Author: Lucrezia Songini
Author: Anat R. Admati
Author: Antonio Chirico
Author: Lino Cinquini