The purpose of this paper is to examine the relationship between the nature of controlling shareholders and corporate anti-corruption practice disclosure (ACPD) as well as the mediating role of political background of the chairman or CEO of the firm on the relationship between the two. The content analysis was conducted to extract ACPD from standalone corporate social responsibility reports (CSRR) of 703 China’s A-share listed companies. A dummy variable was constructed according to whether a firm disclosed ACPD or not. Logistic regression analysis was used then. Results show that the nature of controlling shareholders has a significant impact on corporate ACPD, with central enterprises disclosing the most frequently, local state-owned enterprises the second and private enterprises the least. Political background of the chairman or CEO has a negative impact on corporate ACPD of state-owned enterprises. These findings have some useful insights in understanding the rent-seeking behavior and information disclosure behavior of corporates in emerging markets. In order to curb the serious corruption problem which is commonplace in developing countries like China, the government should exert certain pressure to strengthen the supervision of information disclosure of listed firms and improve information transparency.

Purpose - The purpose of this paper is to investigate the relationship between corporate social responsibility disclosure (CSRD) and investment-cash flow sensitivity, which is a surrogate for financing constraints. Research design, data, and methodology – Taking China’s A-share listed companies between 2009 and 2016 as a sample, this paper empirically tests the relationship between CSRD and investment-cash flow sensitivity by Panel VAR model. By introducing the orthogonal impulse response function, this paper distinguishes the fundamental factors and financial ones that affect corporate investment behavior. Results – Findings indicate that: (1) investment-cash flow sensitivity of firms with low level of CSRD is significantly lower than that of firms with high level of CSRD; (2) the orthogonal impulse response of corporate investment to cash flow in firms with high level of CSRD is significantly different from zero, but it is not significant in firms with low level of CSRD; (3) for firms with low level of CSRD, 0.7% of corporate investment volatility can be explained by the change in cash flow, which is lower than that of firms with high level of CSRD (1.1%). Conclusions - Corporations disclosing more and higher quality CSRD are often those faced with financing constraints. Voluntary disclosure can help them alleviate information asymmetry and financing constraints.

The purpose of this study is to investigate the effect of quality of management discussion and analysis (MD&A) disclosure on stock price crash risk. The MD&A can be seen to reflect the management's intention on public announcement and reveals directly what the management says to communicate with outside investors. A firm's high-quality MD&A implies the management's commitment to communicating with the market, not allowing the managers to have incentives to hoard unfavorable news, which if revealed to the public, may lead to downward stock price corrections, damaging corporate values. The high-quality MD&A is, thus, likely to reduce the stock price crash risk. We use a logistic regression to test whether MD&A influences crash risk using listed companies in the Korean Stock Exchange (KSE) stock market between 2010 and 2013. Findings of the empirical test show that the higher the quality of MD&A, the less likely crash risk appears, implying that the MD&A disclosed adequately can be one of the factors mitigating firm's stock price crash risk. This study has implications as it presents the MD&A disclosure as a factor influencing stock price crash risk and suggests voluntary disclosure as well as mandatory disclosure acts as a variable that explains the risk of stock price crash.

Few prior studies investigated the correlation between corporate ownership structure and environmental information disclosure. Using environmental index disclosure in GRI (Global Reporting Initiative) reports of the Korean companies, the study examines the effects of ownership structure on the magnitude of environmental information disclosure. A total of 220 firm-years during 2013-2016 period are analyzed. The empirical results of the study indicate that the institutional and foreign investors’ ownership have positive correlations with environmental information disclosure, while the executives' within board of directors has a negative correlation. The ownership by largest shareholders including those with special interests shows no significant relationship with the environmental information disclosure.

This study extends research into whether disclosure of corporate and financial information is associated with firms’ costs of equity capital. This study sets out to examine empirically the determinants of corporate disclosure in the annual reports of 37 largest and most liquid firms listed on Kazakhstan Stock Exchange (KASE) in Kazakhstan. It also reports the results of the association between company-specific characteristics and disclosure of the sample companies. Based on the analysis of existing empirical research, the disclosure index has been constructed and regression analysis of the influence of the disclosure index on the cost of equity capital has been conducted. The obtained results show that the received findings correlate with foreign empirical studies, and the disclosure index in this sample has a negative impact on the cost of equity capital. Using cost of equity capital estimates derived from capital asset pricing model, we find that firms with higher levels of financial transparency are associated with significantly lower costs of equity capital. Economic theory assumes that by increasing the level of corporate reporting, firms not only increase their stock market liquidity, but also decrease the investors’ estimation risk, arising from uncertainty about future returns and payout distributions. The results show that firms on the Kazakhstan market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures.

urposeThisresearchinvestigatestheeffectofdisclosure–qualitywithtwomaincomponents,reliabilityandtimeliness,oneconomicvalueaddedinIran. cludes170TehranStockExchangelistedcompaniesfrom2008-12.Multipleregressionanalysiswasappliedtotestthehy-pothesesandestimatesofthecoefficients.Firmsizeandreturnonassetswerethecontrolvariables. ResultsTheresultsshowthattimelinessofinformationhas–apositiveimpactoneconomicvalueadded.Wedidnotfindanysignificantrelationshipbetweendisclosurequalityandreli-abilityofinformationandeconomicvalueadded.Theregressedmodelshowsthatthereisnosignificantassociationbetweenfirmsizeandeconomicvalueadded.Theresultsalsoshowthatthereisapositiveassociationbetweenreturnonassetsandeconomicvalueadded. Conclusions–Theoretically,timelyinformationiseffectiveindecision-making.Thisstudyshowsthattimelinessofinformationhaspositiveeffectonthecreationofeconomicvalueadded.However,disclosurequality,reliability,andfirmsizedonotef-fectoneconomicvalueadded.Companieswithgreaterreturnonassetsproducegreatereconomicvalueadded.

The present paper explores how “written emotional disclosure”, in particular writing about personal feelings and thoughts concerning discriminatory events, can represent an important opportunity for children to engage in the transformation of categorical boundaries through complex cognitive and emotional processes. In particular, the paper explores from a comparative perspective: 1) how minority and migrant children express their opinions about personal and vicarious experiences of discrimination in different cultural and social contexts; 2) how, through these writings, children develop some cognitive and emotional coping strategies to handle external categorization. At the educational level, children’s expressive writings can represent relevant material for educators in order to understand meanings that pupils bring with them into their classroom, as well as educational tools for children in multicultural contexts. I draw on some extracts from open-ended essays written by minority and migrant children aged 9-10 attending elementary schools in Japan and in Italy.