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This study aims to investigate the extent and trends of voluntary corporate social responsibility (CSR) disclosure and to analyze the determinants of the listed banks’ annual reports and websites in an emergent capital market, namely, Tunisia.

The authors examine the level of CSR disclosure by means of a manual content analysis where the sentence is used as the unit of the analysis. They use Branco and Rodrigues’ (2006 and 2008) index which includes 23 items. They focus on the annual reports of 11 Tunisian listed banks during the period from 2007 to 2012 and the information presented on their websites in December 2013. They use, also, regression analysis to identify the determinants of CSR disclosure used by Tunisian listed banks.

The results of the investigation show that Tunisian listed banks disclose CSR information primarily in a narrative form. Human resources are the main focus in the annual reports, whereas, on the websites, community involvement is the most widespread theme. With regard to the determinants, it appears that bank age, financial performance and state shareholding are the main factors that impact CSR disclosure in the Tunisian listed banks’ annual reports. Furthermore, this study finds a positive (negative) relationship between leverage (financial performance) and CSR disclosure in the banks’ websites. In this regard, the results show different determinants of CSR disclosure for the two supports. Moreover, bank size, foreign shareholding and the type of auditor are unrelated to the listed banks’ CSR disclosure either in their annual reports or on their websites.

The sample size is small; however, it consists of all the relevant Tunisian banks. Also, this study is subject to the limitations of using manual content analysis.

This study enables highlights the importance of CSR disclosure and its determinants for the Tunisian banks’ stakeholders (such as regulators, investors and managers).

The authors contribute to the scarce literature on CSR disclosure in financial institutions. It is the first study to investigate Tunisian listed banks’ CSR disclosure. It is a first attempt to show, also, how banks’ characteristics and banks’ ownership structures impact on their CSR disclosure in their annual reports and on their websites.

The purpose of this study is to examine the effectiveness of financial market rules in protecting minorities.

The study compares two alternative disclosure rules on insider trading, namely, the market abuse directive (Directive 2004/72/EC), inspired from the United State (US) insider trading regulation enacted by the Sarbanes–Oxley act and the transparency directive enacted by the European (Directive 2004/109/EC) dealing with the crossing of the shareholding threshold. To investigate which one is more effective in signaling reserved information, and thus in reducing information asymmetry, the authors run an event study on the French context, where both regulations are adopted. The data were hand collected from the French stock exchange securities commissions during the two years following the implementation of the two regulations in 2004. The final sample consists of 363 insiders trading and 35 crossing shareholding thresholds for 10 top French firms during the period 2006-2007.

The results show that the French market reacts significantly to insider trading, but poorly to the crossing shareholding thresholds. Abnormal returns are greater after insider purchases than after crossing up thresholds. These findings support the superiority of the insider disclosure regulation, as it has better information content and provides better protection to minorities.

The study contributes to the corporate governance literature by comparing two disclosure-trading policies. The authors conclude that regulation of disclosure of insider trading along the lines of US disclosure rules is more informative to the market and thus more relevant and important than disclosure of cross-threshold trades.

The study contributes to the corporate governance literature by comparing two disclosure-trading policies. The authors conclude that regulation of disclosure of insider trading along the lines of US disclosure rules is more informative to the market and thus more relevant and important than disclosure of cross-threshold trades. This finding can be helpful for the securities lawmakers and regulators in the process of insider trading law enforcement.

Previous researchers approached the question of insider trading focusing on the identity of insiders. In the research, the authors address the question from another perspective, namely, the crossing of thresholds. Another methodological contribution of the study is the use of a market model that incorporates GARCH (generalized autoregressive conditional heteroskedastic) effect and time-varying systematic risk parameter (β), which is recommended to tackle the classical event study problem of detecting the exact timing of the event.

In response to recent financial corporate scandals, this study aims to provide a helpful understanding for investors and accounting regulators on how firms manage their reported earnings. This leads to a better firm valuation by financial intermediaries and more useful accounting standards.

Estimating discretionary accruals and opportunistic special purpose entities and using a simultaneous equation approach, the aim is to check how managers trade off between such tools of earnings management. Based on real earnings manipulation and accruals management of earnings, the goal is to understand if such tools are used simultaneously or as substitute by firms.

After controlling for each cost determinants of such earnings management tool, firms use discretionary accruals and financial engineering with special purpose entities as substitutes. Additional analyses show that managers use such tools in a sequential process. Indeed, they first use special purpose entities during the course of the year but they manipulate discretionary accruals especially at the end of the year.

Despite sensitivity checks, measurement error in discretionary accruals proxy and opportunistic SPE estimation model remains an alternative explanation for the results. The sample size and the lack of accurate information about the size of special purpose entities may limit the extent of the findings.

It is a very useful tool for regulators when they plan to disclose new accounting standards. For investors, this study can help them in assessing the firm's value more accurately for investing and financing purposes.

Providing a new methodology and new models to detect pervasive earnings management strategies adopted by firms.

This paper aims to understand the current governance practices and governance structure of Islamic banks (IBs) in Gulf Cooperation Council (GCC) and Southeast Asia countries with the purpose of providing relevant information in guiding the future development of the governance system for IBs. As well, the paper discusses and compares the state of the governance system in GCC countries (Kuwait, Bahrain, United Arab Emirates, Qatar and Saudi Arabia) and Southeast Asia countries (Malaysia and Indonesia).

The study utilizes descriptive analysis approach in extracting and analyzing data collected for 83 IBs observed for the period 2002-2011. The authors test for differences in means and medians of corporate governance attributes between a sample of IBs in GCC countries and another one for Southeast Asia countries. They use selected variables of corporate governance of different governance structures, namely, the ownership structure, the board of directors, the Shariah board and the CEO attributes.

The paper findings argue that there are significant differences and divergence of corporate governance structure of IBs in GCC countries and those in Southeast Asia countries. This position acknowledges that there are shortcomings to the existing governance framework for IBs which needs further improvement and standardization.

The paper is a very useful source of information that may provide relevant guidelines in guiding the future development of corporate governance of IBs. As well, the paper provides relevant guidelines for improving regulations and laws covering the governance of IBs.

This paper provides fresh data and recent information on the actual corporate governance system in IBs in GCC and Southeast Asia countries. As well, the paper discusses a significant shortage in corporate governance literature of Islamic finance.

Purpose – As corporations and capital markets become more global, it is increasingly important to understand the differences in corporate governance practices.

Approach – This chapter provides a framework for the implementation of corporate governance that can be used globally for study and adaptation. It also describes three corporate governance systems (Anglo-American, Communitarian, and Emerging Markets) and provides an analysis and comparison of how the framework for corporate governance is applied differently, and how success should be evaluated differently, in these three systems. Lastly, it considers the possibility of convergence toward a global system of corporate governance.

Practical implications – There is significant heterogeneity in corporate governance worldwide but there are universal aspects, such as roles, responsibilities, inputs, and processes, which result in effective corporate governance. Understanding the similarities and differences enables researchers and managers to work with multiple systems in different countries where corporations and stakeholders have varying objectives, structures, and internal and external determinants.

Value of chapter – This chapter presents a comparison of the three systems that is critical for further study of global practices. Additionally, the internal and external determinants that impact the varying corporate governance systems are analyzed to more carefully consider the performance measures that account for differences in objectives, motivations, and performance.

The disclosures in banks have become a matter of grave concern, especially post 2008 world financial crisis. The issue further gets exacerbated because disclosers in banks are part of the III pillar of BASEL-II floated in 1999, and despite that, banks face challenges in this regard. Ownership concentration (OC) is a point of discussion because it may affect banks’ corporate governance and transparency and disclosures (T&D) issues. This study aims to determine how OC affects the transparency in the banks.

A T&D index is built into the study covering all the relevant contemporary issues regarding disclosures in banks. The panel data specification is used to find out the association of components of the OC on the T&D practices in the banks. Bank data of 34 banks are gathered for four years for the study.

It is found that except for retail investors, other classes of OC are not concerned with the disclosures in the banks even though substantial financial and non-financial interests are at stake concerning them. The study’s findings suggest framing policies and regulations considering the accountability of promoters and institutional investors for ensuring disclosures in banks.

A few proxies to measure T&D found in the literature have not been used in the study. Similarly, the definition of promoter’s class of investors can be improved.

To the best of the authors’ knowledge, no other study builds T&D for banks and examines their impact because of the ownership classes (as used by the current study). This study is unique in this aspect.