내부통제장치의 효과에 대해 기존 연구들은 상반된 결과를 보고하고 있다. 내부통제장치가 기업에서 발생하는 대리인 문제를 줄이는데 효과가 있음을 주장하는 연구가 존재하는 반면, 유의할만한 효과를 나 타내지 못하며 기업의 자원 및 비용을 소모한다는 연구도 존재한다. 본 연구는 내부통제장치의 효과가 경영활동의 특성에 따라 다르게 나타나기 때문에, 내부통제장치의 효과를 명확히 살펴보기 위해서는 경영성과가 아닌 각 경영활동에 미치는 영향을 구분하여 살펴봐야 함을 제시한다. 경영자들은 공시 활동과 같이 평가 가능하고 명확한 경영 활동에 있어서는 내부통제장치에 순응하는 모습을 보일 것이다. 이러한 특성의 경영활동에서는 경영자의 행동이 쉽게 관찰되고 평가될 수 있기 때문이다. 반면, 모호하고 평가가 어려운 경영 활동에 있어서는 경영자의 행동을 평가하기가 어렵기 때문에, 경영자는 자신의 지위나 특권을 지키기 위해 내부통제장치에 순응하지 않을 것이다. 따라서 내부통제장치는 모호하고 평가가 어려운 경영활동보다는 명확하고 평가하기 쉬운 경영활동에 있어서 더욱 효과적일 것으로 예상 된다. 본 연구에서는 내부통제장치가 기업의 자발적 공시 활동에 미치는 영향을 살펴봄으로써, 내부통제장치가 명확하고 평가 가능한 경영활동에 어떤 영향을 미치는가를 실증분석하였다. 실증분석은 2017년 기준 331개의 한국 제조업 기업을 대상으로 실시되었다. 분석 결과, 사외이사 및 스톡옵션과 같은 내부통제장치의 강도가 높아질수록, 경영자가 자율공시 항목에 속하는 예상 실적에 대한 공시를 하는 경향이 높아짐을 확인할 수 있었다.

While there a growing interest in Voluntary Carbon Disclosure (VCD), comparatively little is discussed whether the improved quality of voluntary carbon disclosure can lead to subsequent changes in a company’s carbon reduction performance. Drawing on companies under the Korean Emission Trading Scheme (ETS) with the contents analysis of their sustainable reports, the present research seeks to address the existing knowledge gaps in the current literature on environmental disclosure. Findings empirically show that an increase in the voluntary carbon disclosure score is positively transformed into changes in carbon performance and further develop that the effect of voluntary carbon disclosure on carbon performance varies depending on changes in management capability with the moderation effect.

This study aims to test Voluntary Disclosure, Quality of Financial Reporting and Information Asymmetry as Moderation Variables. The Voluntary Disclosure variable is calculated using the Index Disclosure. This research uses quantitative methods and uses partial least square with EViews data analysis. The research sample consisted of 225 manufacturing companies listed on the Indonesian stock exchange for the period 2016- 2018. The results of the study state that voluntary disclosure has a positive and significant effect on the quality of financial reporting through asymmetric information. The relationship between voluntary disclosure and asymmetric information has a negative effect on the quality of financial reporting, states that the disclosure of voluntary reports to companies can prevent information asymmetry, as well as the relationship of voluntary disclosure to information asymmetry states that companies that make voluntary disclosure will increase the interest of investors and other stakeholders. The quality of financial reporting states that if there is information asymmetry, the quality of financial reporting will also decline. The low value of relevance will affect the level of large or small information gaps between management and investors. The quality of financial reporting with increased relevance means that asymmetric information will have a negative impact on financial reporting.

The study aims to provide some plausible explanation for why Vietnamese listed companies only stop at the level of truthful presentation of information related to accounting data through the opinion of independent auditors. The information is only at the level of compliance with the requirements of Circular 155/2015/TT-BTC in form, but in essence is sketchy. What factors affect the level of voluntary disclosure of listed companies in Vietnam? In order to identify the factors affecting voluntary information disclosure on annual reports of listed companies, the study collected data on annual reports of 122 companies listed on the stock market in Ho Chi Minh City in the period 2015-2018 and uses regression analysis methods. The research presents 8 factors affecting the level of voluntary information disclosure including: Firm size, Listed time, Profitability, Solvency, Separation of board of directors and executive director, Board size, Organizational ownership and Foreign ownership. Next, the study conducted descriptive statistical analysis correlation coefficient analysis to examine the correlation and relevance of independent variables measured by the scale ratio, testing multiple linear regression model. The results of the study show that factors listed time, profitability and organizational ownership affecting voluntary information disclosure on annual reports of listed companies in Vietnam.