Purpose In recent years, firms tend to direct their attention in communicating their environmental actions with their stakeholders. However, the level of environmental disclosers varies significantly among firms. This paper aims to explain the variation in environmental disclosure of firms based on their ownership type, namely – state ownership and institutional ownership. The study further aims to understand whether and how the relationship between ownership structure and environmental disclosure changes regarding countries’ development levels. Design/methodology/approach This paper uses a sample of 27,847 firm-year observations from 72 countries/economic districts between the years 2002 and 2017 and regression analysis to test how the relationship between different ownership structures and environmental disclosure and whether this relation is conditional on countries’ development levels. Findings This study finds that firms with higher state ownership have higher environmental disclosures and higher institutional ownership has a negative effect on environmental disclosures. Furthermore, this paper also documents that firms with higher state ownership and operating in developed countries have incrementally higher environmental disclosure, relative to firms operating in developing countries. Research limitations/implications The study has limitations that would provide possible starting points for further research. The first limitation is related to the environmental disclosure measure, which reflects the level of environmental disclosure of firms based on their disclosure information given in the Thomson Reuters, Asset4 database. A more refined measure can be constructed using hand-collected data based on linguistic analysis, which may reflect not only the level of the disclosure but also the quality of the environmental disclosure. The second limitation is the limited focus of the study toward state and institutional shareholding. Therefore, future research may consider examining the different types of ownership such as family ownership. Practical implications The findings of the study may help policymakers and regulators to consider the potential impact of various ownership types on environmental disclosures. Also, given the impact of countries’ development levels, regulators should consider that a one-size-fits-all is not applicable in environmental disclosures. Therefore, each country should consider the institutional dynamics of their operating environment to set appropriate regulations to enhance environmental disclosures. Social implications From a social perspective, the findings indicate that firms’ stakeholder engagement via environmental disclosures depends on the type of the controlling shareholders. Originality/value This study contributes to the literature by developing a new construct for environmental disclosure based on Biodiversity, Climate Change, Environmental Investments and Spill Impact Reduction performance measures. Further, grounding on legitimacy and stakeholder theories, this study shows the influence of ownership type on environmental disclosures and how this effect changes in accordance with the countries’ development.
Purpose The purpose of this paper is to illustrate the extent of disclosure of provisions reported under IAS 37 provisions, contingent liabilities and contingent assets and explore the relation between provisions and corporate governance. Design/methodology/approach The current research utilizes a panel data analysis using a sample of 1,078 firm-year observations from Borsa Istanbul between the years 2005 and 2010. Findings Overall findings indicate that 62 percent of 1,078 firm-year observations recognize provisions, and among those, only 32 percent provide IAS 37’s full disclosure requirements. Firms that recognize provisions have larger board of directors and are more likely to be characterized with concentrated ownership and institutional owners. Also, firms with larger board of directors, greater independence and concentrated ownership have higher total provision/total debt ratios. Finally, firms that make full disclosure of provisions are more likely to have larger boards, higher ownership concentration and institutional owners and less likely to have CEO duality. Research limitations/implications As with all research, there are several limitations of this study. The study suffers from a lack of literature about provisions under IAS 37. The lack of literature directly focusing on provisions or IAS 37 appears to be one of the main limitations as well as one of the main contributions. Since this study focuses on one country, the comparison is not possible. Further research may contribute to literature by the use of other emerging economy’s capital market data. Moreover, further research can cover any other mandatory disclosure information specified in IASs/IFRSs and can provide comparative results about the compliance and strictness of the mandatory disclosure regime. Practical implications This study can be of interest to government, investors, business management, regulatory bodies, educators, researchers, accountants, auditors and scholars particularly in the field of accounting by seeking to make theoretical and practical contributions in the area of accounting disclosures and also serves as benchmark for future researches on corporate disclosures. Also this study provides significant insights to accounting regulators who set disclosure requirements. Originality/value Accurate corporate reporting is a necessary tool for the short- and long-term survival of the firms, hence the capital markets. Studying the level of disclosure will enable us to have additional insights about corporate reporting and will enhance the understanding of the nature of corporate reporting in developing countries. Disclosure practices by developing countries were empirically investigated in the past; however, the relation between provisions under IAS 37 and corporate governance has been unexplored in the literature. Thus, to the best of the authors’ knowledge, this is a pioneering research on provisions and corporate governance structure.
This chapter aims to examine the existence of dynamic linkages among the major emerging stock markets, namely Brazil, Hungary, China, Taiwan, Poland, and Turkey, as well as developed markets, particularly the US, the UK, and Germany during the period 2004-2013. Potential dynamic long-run interdependencies are investigated using Johansen and Juselius (1990) multivariate cointegration test and causal relationship through the Vector Error Correction Model (VECM). Moreover, to capture the impact of the recent global crisis on the cointegrating relationship among the developed and emerging markets, the sample period is divided into pre- and post-crisis sub periods. The empirical findings show that, after the crisis period, the direction of the long-run relationship varies, and furthermore, the stock market interdependence increases, supporting herding behavior of investors during the stock market crash period. Therefore, the increasing dynamic co-movements in the period after the crisis provide direct implications for the international investors due to potential limitation in the international risk diversification and the achievement of greater portfolio returns through global investment.
This chapter aims to examine the existence of dynamic linkages among the major emerging stock markets, namely Brazil, Hungary, China, Taiwan, Poland, and Turkey, as well as developed markets, particularly the US, the UK, and Germany during the period 2004-2013. Potential dynamic long-run interdependencies are investigated using Johansen and Juselius (1990) multivariate cointegration test and causal relationship through the Vector Error Correction Model (VECM). Moreover, to capture the impact of the recent global crisis on the cointegrating relationship among the developed and emerging markets, the sample period is divided into pre- and post-crisis sub periods. The empirical findings show that, after the crisis period, the direction of the long-run relationship varies, and furthermore, the stock market interdependence increases, supporting herding behavior of investors during the stock market crash period. Therefore, the increasing dynamic co-movements in the period after the crisis provide direct implications for the international investors due to potential limitation in the international risk diversification and the achievement of greater portfolio returns through global investment.
Giriş: Günlük yaşam sırasında ağırlık kaldırmak sıklıkla kullanılmakta olup, omuz eklemi de üst ekstremitenin hareket serbestliğinin çoğundan sorumludur. Amaç: Bu çalışmada, sağlıklı bireylerde omuz ekleminin fleksiyon ve abdüksiyon hareketleri sırasında ağırlık kaldırmanın kas aktivasyonlarına farklı açı değerlerindeki etkisinin belirlenmesi amaçlanmıştır. Yöntem: Çalışma, yaş ortalaması 22.60 ± 0.44 olan 28 sağlıklı erkek bireyin katılımı ile gerçekleştirilmiştir. Bireyler ağırlıksız ve 3 kilogramlık bir ağırlık ile omuz fleksiyon ve abdüksiyon hareketi yaptığı sırada kas aktivasyonları trapezius kası üst orta ve alt parçaları ile deltoid kasının ön ve orta parçalarından yüzeyel elektromiyografi cihazı ile kaydedilmiştir. Hareketler 0-30, 0-60, 0-90, 0-120, 0-150 ve 0-180 dereceler arasında ve metronom eşliğinde yapılmıştır. Bulgular: Ağırlıksız olarak gerçekleştirilen fleksiyon ölçümlerinde tüm hareket açıklıklarında aktivitesi en fazla olan kas ön deltoid kası iken ağırlık ile gerçekleştirilen fleksiyon ölçümlerinde ise hareketin erken açılarında en aktif kasın üst trapezius, diğer açılarda ise ön deltoid kası olduğu görülmüştür. Ağırlıksız olarak gerçekleştirilen abdüksiyon ölçümlerinde ise yine erken derecelerde en aktif kas ön deltoid iken ağırlık ile gerçekleştirilen ölçümlerde ise üst trapezius kasının aktif olduğu belirlenmiştir. Sonuç ve Öneriler: Ağırlık ile veya ağırlıksız yapılan fleksiyon ve abdüksiyon hareketlerinde çalışma grubumuzda yer alan bireylerde en fazla aktivasyon gösteren kaslar, üst trapezius ve ön deltoid kasları olmaktadır. Bu kasların aktivasyonunu düzenlemeyi hedefleyen tedavilerde omuzun dirençli fleksiyon veya abdüksiyon hareketlerinin kullanımı göz önünde bulundurulabilir.
Environmental concerns play a crucial role in sustainability and public opinion on supply chains. This is why, how, and to what extent the firms experience environmental-related actions and inform their stakeholders, which is under discussion by most researchers. This paper aims to leverage data mining and its capabilities by applying association rule mining to the environmental disclosure context. With the aim of extracting hidden relationships between environmental disclosure themes for BIST 100 firms serving the Turkish supply chain, this research implements a novel association rule mining approach and uses the Apriori algorithm. With this purpose, the environmental information of BIST 100 firms was collected manually from sustainability reports; the raw data were processed; and the following seven themes identified the representing firms’ disclosure items: environmental management, climate change, energy management, emissions management, water management, waste management, and biodiversity management. The results indicate various hidden relations between the sector and disclosures, allowing us to generate sector-based rules between environmental disclosure themes.
Finansal performans, şirketlerin hem finansal hem de finansal olmayan politikalarının sonuçlarını yansıtarak kaynakların etkin kullanımını ve riskliliklerini değerlendirir. Bu nedenle, rekabetçi iş dünyasında finansal performans değerlendirmesi çok önemlidir. Çelik ve demir endüstrisi hem makine hem de emek yoğun bir endüstridir ve buna bağlı olarak bu endüstri firmaları oldukça rekabetçi bir ortamda faaliyet göstermektedir. Dolayısıyla bu çalışmanın amacı, Türk demir-çelik sektörünün finansal performansını değerlendirmektir. Bu amaç doğrultusunda, Borsa İstanbul'da 2017 yılı içinde işlem gören 17 ana metal sanayi firmasının finansal oranları hesaplanmaktadır. Çalışmada likidite, verimlilik, kârlılık ve sermaye yapısı oranları finansal performansın ana ölçütü olarak kabul edilmiştir. Analitik Hiyerarşik Süreç (AHP) kullanılarak, bu kriterler ve her birinin ilgili alt kriterleri değerlendirmiş ve ağırlıklandırılmıştır. Ardından TOPSIS aracılığı ile bu ağırlıklar 17 firmayı sıralamak için kullanılmıştır. Elde edilen sıralama, 2017 yılında şirketlerin kapanış fiyatlarına göre sıralama ile karşılaştırılmış ve 15 şirkette (%88.235) iki sıralamanın çok yakın sonuçlar verdiği görülmüştür. Bu nedenle, AHP ve TOPSIS'in birleştirilmesinin finansal performans değerlendirmesinde kullanılabileceği sonucuna varılmıştır.
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