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The purpose of this study is to see if market timing predicts the first reporting of earnings performance after the issue, i.e. the issue-year earnings performance. Furthermore, this study examines the behaviour of financial and non-financial issuers’ performance in the light of varied market timings.

This study focuses on 785 NSE-listed initial public offerings that took place between April 2010 and December 2021. This study evaluates market timing by using moving averages. Using multiple regression analysis, the research further investigates the impact of market timing on issue-year earnings performance for financial and non-financial issuers on the basis of an interaction (moderation) effect.

This study finds that there is a significant presence of market timing in India, which predicts issue-year earnings performance. This study also demonstrates that hot market issuers’ performance is heavily influenced by market timing for non-financial issuers only. However, financial companies are not influenced by market timing.

The findings of this study will assist the potential investors, analysts and stakeholders about performance of public issuers in India. Lower earnings performance for hot market non-financial issuers implies that the issuers’ market performance may not be supported by earnings figures. A market performance that is not synchronous with earnings will not last long. The findings of this study hold implications to the regulators as well to keep an eye on issuers’ earnings performance alongside the stock performance. Apart from that, the observations in context of financial and non-financial issuers provide insight about the variation in performance of public issues on the basis of background.

To the best of the authors’ knowledge, this is the only study to examine earnings performance in the context of market timing in India. This study holds significance in terms of methodology for anticipating the presence of market timing and the study of interaction effects. Moreover, it is one of the few studies that has focused on comparing financial and non-financial issuers around the world.

This paper aims to provide evidence to suggest that private social and environmental reporting (i.e. one-on-one meetings between institutional investors and investees on social and environmental issues) is beginning to merge with private financial reporting and that, as a result, integrated private reporting is emerging.

In this paper, 19 FTSE100 companies and 20 UK institutional investors were interviewed to discover trends in private integrated reporting and to gauge whether private reporting is genuinely becoming integrated. The emergence of integrated private reporting through the lens of institutional logics was interpreted. The emergence of integrated private reporting as a merging of two hitherto separate and possibly rival institutional logics was framed.

It was found that specialist socially responsible investment managers are starting to attend private financial reporting meetings, while mainstream fund managers are starting to attend private meetings on environmental, social and governance (ESG) issues. Further, senior company directors are becoming increasingly conversant with ESG issues.

The findings were interpreted as two possible scenarios: there is a genuine hybridisation occurring in the UK institutional investment such that integrated private reporting is emerging or the financial logic is absorbing and effectively neutralising the responsible investment logic.

These findings provide evidence of emergent integrated private reporting which are useful to both the corporate and institutional investment communities as they plan their engagement meetings.

No study has hitherto examined private social and environmental reporting through interview research from the perspective of emergent integrated private reporting. This is the first paper to discuss integrated reporting in the private reporting context.

Small and rural communities face severe fiscal constraints. Many factors affect governance in these localities. Because of this, a vital concern are the relationships between “Fiscal Stress” and other factors. Multivariate analysis techniques are utilized to examine these relationships based on data collected from a survey of West Virginia local public officials. The analysis showed that “Public Finance” and “Financial Management” factors affect Fiscal Stress while external factors, such as professionalism, population, and metropolitan status, have little to no impact on Fiscal Stress. Additionally, Public Finance and Financial Management issues are critical to explaining Fiscal Stress in small and rural governments and Fiscal Stress is critical in explaining Public Finance and Financial Management issues. However, the relationships are not of equal strength; Fiscal Stress and Public Finance influence each other more strongly than Financial Management factors.

The purpose of this paper is to examine the certification and monitoring motivations of third-party underwriting and its effects on credit spreads and earnings management of bank issuers.

Ordinary least squares is used to examine the certification and monitoring effects of third-party underwriting. Furthermore, the Heckman two-stage estimation method is used in controlling the endogeneity of sample selection.

The authors find that financial bonds underwritten by third-party underwriters bear lower credit spreads due to their credibly ex ante certification and effectively ex post monitoring compared with self-underwriting. Moreover, the certification of third-party underwriters can help to select good quality bond issuers with lower earnings management, and the monitoring function also plays an essential role in constraining the behavior of earnings management after the bond issues.

The findings in this study suggest that underwriting types (third-party underwriting) will affect financial bond yields and bank issuers’ earnings management.

On the one hand, the authors should encourage third-party underwriters to actively promote the certification and monitoring functions. For example, given commercial banks the chance to be underwriters when the bond issuers are investment banks, which is not allowed now in China’s financial bond market. On the other hand, the authors should cut off the quid pro quo relations within third-party underwriting because such relations will reduce the certification and monitoring effects of third-party underwriters.

This is the first study to distinguish the certification and monitoring effects by using unique data from China’s financial bond market. And the authors further investigate the adverse effects of quid pro quo relations (hiring each other as lead underwriters) on the certification and monitoring effects of third-party underwriters.

Using a unique sample of about 563,000 competitively bid municipal revenue bonds with financial advisors issued during the period 1998–2012, the purpose of this paper is to examine the role and influence of financial advisor quality in the municipal bond market.

The authors use a sample of about 563,000 competitively bid municipal revenue bonds with financial advisors issued during the period 1998–2012. The authors estimate a selection model where the authors identify the factors leading to the selection of a high-quality financial advisor. The authors then, using the inverse mills ratio from the first regression, estimate the association of high-quality advisor (and other factors) with the cost of borrowing.

The results suggest that high-quality financial advisors provide a credible signal to market participants about issue and issuer quality. This signal translates to a greater number of bids for issues that use high-quality financial advisors, resulting in improved liquidity and lower borrowing costs for these issues. The results also show that the beneficial effects obtained by using higher quality financial advisors are prevalent across all categories of issues such as for refunding and non-refunding issues, and for both insured and non-insured issues. The benefits are also generally observed for issues of most size categories. The results also suggest that the passage of the Dodd–Frank Act requiring mandatory registration of financial advisors and enhanced scrutiny has only increased the benefits to issuers from using higher quality financial advisors.

This paper differs from previous research in several important ways. First, the study is, to the authors’ knowledge, the first study that explores the relationship between financial advisor quality and liquidity in the municipal sector. The authors show using higher quality financial advisors enhances liquidity for the issues by attracting a significantly large number of bids. Second, the sample is exclusively comprised of competitively bid revenue issues all of which rely on financial advisors. This enables us to examine more unambiguously the influence of financial advisor quality, without the confounding effects of issues without financial advisors. Third, time coverage (1998–2012) and size of the sample (roughly 563,000 bond issues) enables us to conduct varied sub-sample analyses with greater power since the resulting sub-sample partitions themselves are of very large size. This provides better and additional insights into the role of financial advisor quality. The more current data when compared to prior research enables us to examine the impact of financial advisor quality inter-temporally with special attention devoted to the period after passage of the Dodd–Frank Act.

The essential investments in new product development (NPD) made by industrial companies entail effective management of NPD activities. In this context, performance measurement is one of the means that can be employed in the pursuit of effectiveness.

The global financial crisis has magnified the role of Financial Sector Surveillance (FSS) in the International Monetary Fund's activities. This chapter surveys the various steps and initiatives through which the Fund has increasingly deepened its involvement in FSS. Overall, this process can be characterised by a preliminary stage and two main phases. The preliminary stage dates back to the 1980s and early 1990s, and was mainly related to the Fund's research and technical assistance activities within the process of monetary and financial deregulation embraced by several member countries. The first ‘official’ phase of the Fund's involvement in FSS started in the aftermath of the Mexican crisis, and relates to the international call to include financial sector issues among the core areas of Fund surveillance. The second phase focuses on the objectives of bringing the coverage of financial sector issues ‘up-to-par’ with the coverage of other traditional core areas of surveillance, and of integrating financial analysis into the Fund's analytical macroeconomic framework. By urging the Fund to give greater attention to its member countries' financial systems, the international community's response to the global crisis may mark the beginning of a new phase of FSS. The Fund's financial sector surveillance, particularly on advanced economies, is of paramount importance for emerging market and developing countries, as they are vulnerable to spillover effects from crises originated in advanced economies. Emerging market and developing economies, which constitute the majority of the Fund's 187 members, are currently the recipients of over 50 programmes of financial support from the Fund (including those of a precautionary nature), totalling over $250 billion.

This paper aims to introduce the special issue on “sustainability and accounting for non-financial matters: qualitative and quantitative research approaches”. This special issue was organised at the time when the entire globe was affected by the Coronavirus and accordingly, this paper has taken this opportunity to discuss the implications of this pandemic on accounting for non-financial issues, especially in relation to sustainability accounting research and practice.

An analysis of public documents and limited academic research on the Coronavirus was undertaken in this paper to highlight how life as it existed has fundamentally changed. The authors also review the papers published in this special issue and identifies research opportunities arising from the current environment.

The onslaught of the Coronavirus provides both challenges and opportunities for the practice of, and research into, accounting for non-financial matters, such as sustainability. The papers published in this special issue promote understanding and linking of sustainability reporting practices, to creating firm values, as well as identifying current and emerging challenges. The special issue explores criteria for the construction of accounting technology that is consistent with agnostic-based critical accounting and accountability, a business case for managers and practitioners to formulate strategic and management control systems in response to climate change issues, legitimacy and the use of photographs in sustainability reporting to create value, effective disclosures of business and sustainability ethics practiced by the firm for reputation building and value creation, indigenous accounting in mining companies, public sector policy framing of non-financial value, the barriers to sustainability reporting because of lack of awareness and knowledge and inadequate regulatory support in developing countries and the significance of sustainability accounting education to improve sustainability reporting practices in developing countries.

Future research opportunities in relation to the impact of the Coronavirus on accounting for non-financial value are identified. Given that COVID-19 is a societal matter, the practical implications of the Coronavirus in accounting for non-financial value creation are highlighted. The Coronavirus has challenged the existing economic paradigm and non-financial issues will capture the attention of corporations, other institutions, civil society and governments.

The Coronavirus has challenged the existing economic paradigm and non-financial issues will capture the attention of corporations, other institutions, civil society and governments.

Given that COVID-19 is a societal matter, the practical implications of the Coronavirus in accounting for non-financial value creation are highlighted.

This study, to the knowledge, is one of the pioneer academic studies that has explored the implications of the Coronavirus on accounting for non-financial value. In addition, this special issue includes papers that highlight how non-financial reporting matters are increasingly being given attention by companies to enhance business practices on sustainability through different perspectives.