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Article
Publication date: 21 January 2022

Mubashir Ali Khan, Josephine Tan Hwang Yau, Asri Marsidi and Zeeshan Ahmed

This study aims to examine the effect of corporate risk disclosure on investment efficiency. This study also seeks to contribute to existing literature of corporate risk

Abstract

Purpose

This study aims to examine the effect of corporate risk disclosure on investment efficiency. This study also seeks to contribute to existing literature of corporate risk disclosure by investigating voluntary and mandatory risk disclosure and its effect on the investment efficiency.

Design/methodology/approach

This study used two measures of corporate risk disclosure, level and quantity of corporate risk disclosure. A content analysis approach is adopted for non-financial Malaysian firms over the period 2010–2018.

Findings

The empirical results show that level of corporate risk disclosure leads toward efficient investment, whereas quantity of corporate risk disclosure causes inefficient investment when firms disclose more voluntary risks. Further, categorizing corporate risk disclosure into mandatory and voluntary risk disclosure, this study finds that voluntary risk disclosure tends to have higher investment inefficiency, while no evidence was found for mandatory risk disclosure.

Originality/value

This paper contributes to narrow stream of research investigating corporate risk disclosure through level and quantity contributing to the understanding of the level and quantity of risk disclosure in determining organizational investment efficiency.

Details

Journal of Financial Reporting and Accounting, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1985-2517

Keywords

Book part
Publication date: 2 March 2011

Douglas Sikorski

This chapter analyses the causes and effects of the financial crisis that commenced in 2008, and it examines the dramatic government rescues and reforms. The outcomes of…

Abstract

This chapter analyses the causes and effects of the financial crisis that commenced in 2008, and it examines the dramatic government rescues and reforms. The outcomes of this, the most severe collapse to befall the United States and the global economy for three-quarters of a century, are still unfolding. Banks, homeowners and industries stood to benefit from government intervention, particularly the huge infusion of taxpayer funds, but their future is uncertain. Instead of extending vital credit, banks simply kept the capital to cover other firm needs (including bonuses for executives). Industry in the prevailing slack economy was not actively seeking investment opportunities and credit expansion. The property and job markets languished behind securities market recovery. It all has been disheartening and scary – rage against those in charge fuelled gloom and cynicism. Immense private debt was a precursor, but public debt is the legacy we must resolve in the future.

Details

The Impact of the Global Financial Crisis on Emerging Financial Markets
Type: Book
ISBN: 978-0-85724-754-4

Keywords

Article
Publication date: 25 October 2011

Patty McNicholas and Carolyn Windsor

This paper aims to carry out a critical analysis of the proposed Australian emissions trading scheme (ETS) as a complex market solution to reduce greenhouse gases (GHGs)…

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Abstract

Purpose

This paper aims to carry out a critical analysis of the proposed Australian emissions trading scheme (ETS) as a complex market solution to reduce greenhouse gases (GHGs). Specifically it seeks to examine the financial regulatory infrastructure that will more than likely oversee the Australian ETS, the same regulatory infrastructure which failed to prevent the global financial crisis.

Design/methodology/approach

A critical examination of the financialisation of the atmosphere that follows the growth of the financialisation of capitalism when economic activity shifted from production and service sectors to finance. Financialisation of capitalism is supported by capitalist regulation influenced by neo‐liberal doctrines of free markets and small government.

Findings

Trillions of dollars of taxpayer funds bailed out large financial institutions that nearly collapsed after unregulated trading in complex financial products that were supposed to hedge future risk. Corporate emissions trading will involve similar financial products. The measurement and reporting of actual emissions to support the Australian ETS also creates challenges for the accountancy profession to provide a workable conceptual framework.

Practical implications

If the currently flawed financial infrastructure required for the GHG emissions trading scheme, no amount of taxpayer funded bailouts will reverse the extreme climate change associated with an environmental catastrophe.

Originality/value

The application of financialisation of monopoly capitalism and capitalist regulation theories to the critical analysis of commoditised GHGs traded as financial products in the proposed Australian ETS.

Details

Accounting, Auditing & Accountability Journal, vol. 24 no. 8
Type: Research Article
ISSN: 0951-3574

Keywords

Article
Publication date: 11 May 2015

Susanna Alexius and Jenny Cisneros Örnberg

The purpose of this paper is to contribute to theory of hybrid organizations, with particular regard to state-owned enterprises (SOEs) and their ability to contribute to…

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Abstract

Purpose

The purpose of this paper is to contribute to theory of hybrid organizations, with particular regard to state-owned enterprises (SOEs) and their ability to contribute to sustaining value pluralism in the public sector.

Design/methodology/approach

The paper offers a qualitative case concerning ongoing performance management reforms in the corporate governance of SOEs in Sweden, which is analyzed using theory on valuation and evaluation.

Findings

It is found that the number of non-financial values is reduced with reference to categorization. Attempts are made to change the perception of the potential value conflict at hand between financial and non-financial missions by adding a number of neutralizing “meta values” such as transparency and efficiency to the performance language in use. There is a risk of mission drift as a clear hierarchization of values, prioritizing financial values, is created and sustained in “investment teams.” Processes, standards and dialogues are all dominated by an economic logic despite formal aspirations to balance the values at stake. The few remaining non-financial values are translated into economic language aiming for a commensuration of the performance of the different missions. In addition, the ambition of the public policy assignment may be further reduced by de-coupling.

Originality/value

The paper suggests a novel approach to hybrid organizations in general and SOEs in particular when exploring how the values underlying complex missions are configured in “value work” performed by government officials in Swedish government offices. Such analyses of value work in the micro-practice of hybrids offer a more fine-grained understanding of organizational dilemmas that are commonly acknowledged, but more seldom explained in empirical detail.

Details

International Journal of Public Sector Management, vol. 28 no. 4/5
Type: Research Article
ISSN: 0951-3558

Keywords

Abstract

Details

Count Down
Type: Book
ISBN: 978-1-78714-700-3

Book part
Publication date: 4 October 2018

Soumya Bhadury and Bhanu Pratap

In the economic literature, a crisis has been thematically defined around bank runs, failure of large financial corporations, and financial distress. Section 1 summarizes…

Abstract

In the economic literature, a crisis has been thematically defined around bank runs, failure of large financial corporations, and financial distress. Section 1 summarizes our learnings about international banking crisis, in terms of the origin and impact of such crises. This provides us an international benchmark before we delve deeper into India's banking distress, its size and trends. Section 2 focuses on the twin-balance-sheet crisis in India. On one side, corporate firms recklessly overleveraged, resulting in excess capacities and business diversification. On the other side, banks, both private and public, fell prey to excessive and procyclical credit lending and improper monitoring. Overall, too many projects were left too weakly monitored. Separately, we have focused on two subsections, first, how the financial institutions in India have overstretched their credit-disposal limit during market upturns. Second, we found absence of any theoretically grounded approaches to determine the capital-adequacy ratios (CARs) for the banks. In Section 3, we have identified the steps taken so far by the Banking regulator and the Government to resolve the crisis. Further, we critically examine the role of Korea Asset Management Corporation (KAMCO) towards a successful non-performing assets (NPAs) resolution in South Korea. Few key takeaways include, (1) establishing a public asset-management company (AMC) focused on maximization of recoveries and resolution of stressed assets, (2) well-defined governance structure for the AMC ensuring it works on market principles, shielded from political interferences, and (3) realistic asset valuation and transfer price that ensures limited downside risks for the public AMC.

Details

Banking and Finance Issues in Emerging Markets
Type: Book
ISBN: 978-1-78756-453-4

Keywords

Book part
Publication date: 9 November 2004

Thomas P Murtha

The increasing pace of global competition has recast the balance between multinational corporations’ (MNCs’) needs to protect the knowledge that underlies their…

Abstract

The increasing pace of global competition has recast the balance between multinational corporations’ (MNCs’) needs to protect the knowledge that underlies their competitive advantages and their needs to continually create new knowledge. This essay will discuss MNCs’ knowledge-seeking strategies as industry-level phenomena. I will argue that knowledge-seeking strategies demand a concept of industries both as arenas for competition and as global knowledge networks within which firms collaborate to innovate. Contemporary MNCs face challenges to function not only as self-contained production systems that internationalize in the search for efficiency and markets, but also as open systems globally seeking knowledge and innovations. Metanational strategies and organizations represent a new response to these challenges. I present empirical evidence of distinctive metanational industry opportunities and organizational responses from the emergence of the global flat panel display industry. The essay concludes with a framework that outlines the characteristics of a global knowledge-driven generic strategy as an alternative and synthesis of generic product-driven strategies of cost-leadership and differentiation.

Details

"Theories of the Multinational Enterprise: Diversity, Complexity and Relevance"
Type: Book
ISBN: 978-1-84950-285-6

Book part
Publication date: 16 September 2017

Kevin J. Boudreau

Rather than organize as traditional firms, many of today’s companies organize as platforms that sit at the nexus of multiple exchange and production relationships. This…

Abstract

Rather than organize as traditional firms, many of today’s companies organize as platforms that sit at the nexus of multiple exchange and production relationships. This chapter considers a most basic question of organization in platform contexts: the choice of boundaries. Herein, I investigate how classical economic theories of firm boundaries apply to platform-based organization and empirically study how executives made boundary choices in response to changing market and technical challenges in the early mobile computing industry (the predecessor to today’s smartphones). Rather than a strict or unavoidable tradeoff between “openness-versus-control,” most successful platform owners chose their boundaries in a way to simultaneously open-up to outside developers while maintaining coordination across the entire system.

Details

Entrepreneurship, Innovation, and Platforms
Type: Book
ISBN: 978-1-78743-080-8

Keywords

Article
Publication date: 18 September 2020

Ann Martin-Sardesai, James Guthrie AM and Lee Parker

As accounting academics, the authors know that performance measurement is well-trodden ground in the literature. Yet rarely have they turned their gaze inwards to examine…

Abstract

Purpose

As accounting academics, the authors know that performance measurement is well-trodden ground in the literature. Yet rarely have they turned their gaze inwards to examine the performance controls which they are subject to in the own everyday working life. Over the past 40 years, the rise of the New Public Management paradigm and neoliberalism has intensified changes in the way universities, disciplines and individual academics justify the quality of their work. This paper aims to explore the impact of accountingisation on the field and the Australian public sector higher education sector.

Design/methodology/approach

The perceptions of accounting academics in Australia’s 37 business faculties and schools were collected via an online survey. Additionally, a document analysis of annual reports, internal reports, strategy documents and other confidential material were also used.

Findings

The changes have included the use of corporate and individual research metrics aimed at increasing institutional status, brand reputation and revenue generation. These changes have transformed business schools and universities into commercial enterprises and commoditised education. What this analysis demonstrates is the apparent relationship between various government agendas, the commercialisation of universities and the distortion of the research activities by individual academics. For increased profits and efficiencies, individual scholars have paid the highest price.

Practical implications

If the accounting discipline is to be sustainable in the long term, business schools in Australia must reconfigure their performance measurement systems.

Originality/value

To date, research on “accountingisation” has previously been primarily conducted in the health and social services sectors. This research raises rarely heard voices to expose the actual social and human costs of accountingisation in Australia’s higher education sector.

Book part
Publication date: 27 October 2020

Cheryl R. Lehman

This paper is intended as an overview and think piece, contributing to literature identifying accounting’s impact in making things knowable. Critical accounting research…

Abstract

This paper is intended as an overview and think piece, contributing to literature identifying accounting’s impact in making things knowable. Critical accounting research has always sought alternative ways of understanding the discipline and the legacy is extended here by considering pathways forward. Accounting continually impacts public policy in what it privileges for selecting and in what it silences and neglects. Given that humans are meaning-making we have choices, and this essay interrogates accounting techniques operating as façades while disguising social impacts. Promoting qualitative accounting research that reimagines these complexities and considers moral contexts is the substance of this essay, for advancing the public interest in accounting.

Details

Resistance and Accountability
Type: Book
ISBN: 978-1-83867-993-4

Keywords

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