|
Dòng
|
Nội dung
|
|
1
|
|
|
2
|
|
|
3
|
The environmental disclosures of the electricity generation industry: a global perspective / Bakhtiar Alrazi, Charl de Villiers & Chris J. Van Staden
// Acounting and business research 2016, Vol46, N.6 p665-p701 The electricity generation industry has been under close regulatory and public scrutiny for decades for the significant impacts its activities have on the environment. The industry is responsible for a large proportion of greenhouse gas (GHG) emissions, which has intensified public and regulatory scrutiny of late. Therefore, electricity generation firms face immense pressure to show environmental responsibility. Firms respond with environmental disclosures in their annual reports, in stand-alone-reports, and on websites. In this study, we use comprehensive disclosure indices to measure the quality (or comprehensiveness) of the CO2 emissions related disclosure and the overall environmental disclosure of 205 electricity generation firms in 35 countries. We find that firms in countries with a high commitment towards the environment and a carbon emissions trading scheme (measures of social concern for environmental protection and emissions), are likely to disclose more comprehensive environmental information. In addition, we find that firm size, age of the assets, listing status, and media exposure influence disclosure. Environmental performance, measured by CO2 emissions, is not significantly related to environmental disclosure among our sample firms. The theoretical implication of these findings is that social beliefs (that are different in different countries) prompt a legitimating disclosure response from firms that is not significantly affected by their performance against that social belief
|
|
4
|
The impact of analyst sentiment on UK stock recommendations and target prices / Osman Yukselturka & Jon Tucker.
// Accounting and Business Research. Volume 45, N6-7, 2015. London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : Routledge, Taylor & Francis , 2015.pages 869-904. The aim of this paper is to investigate the relationship between narrative sentiment in analysts company reports and their recommendation and target price outputs. We study an industry-balanced sample of 275 UK quoted company sell-side analyst reports over the period 2006–2010 using a content analysis methodology to measure net sentiment for a range of themes. We then model analysts outputs against themed sentiment scores to analyse the impact of the Global Financial Crisis. We find that themed sentiments impact upon analysts outputs, but their magnitude and direction vary over the pre-crisis, crisis and post-crisis periods. In particular, before the crisis we find a strong negative relationship between the macroeconomic and regulatory environment and report outputs, though this effect diminishes somewhat with the onset of the crisis, to be restored thereafter. Growth sentiment exerts a weak positive impact before the crisis which disappears thereafter. Financial performance sentiment becomes a significant positive driver of outputs following the crisis. There is evidently a “back to basics” approach following the crisis which restores financial fundamentals to the heart of stock analysis. Our findings provide some insight into the thought processes of analysts by identifying the dynamic relation between analysts outputs and themed sentiments.
|
|
|
|
|