PurposeThe purpose of this study is to investigate the association between environmental performance of firms and the level of voluntary environmental disclosure in emerging markets.Design/methodology/approachWe used tobit regression OLS and t-test methods to reveal the association between environmental performance and the level of voluntary environmental disclosure.FindingsWe find a significant positive association between the level of discretionary environmental disclosures and corporate environmental performance. The result is in line with the arguments of economics disclosure theory that argues environmentally good performers disclose more.Practical implicationsMany of the environmentally good firms in Turkey are also listed in the “BIST Sustainability Index,” and this situation can be the result of the relative power of external regulations. Accordingly, it can be suggested to increase the community and governmental pressures for environmental reporting but also gives importance to increase intrinsic motivations for companies to engage in disclosure practices.Originality/valueThis study shed light on relation between environmental performance and environmental disclosure in an emerging market context. Also, it is revisited that the relation between environmental performance and the level of environmental disclosure by testing two different predictions on the level of environmental disclosures.
This study investigates the firms' CSR disclosure by considering the joint effects of board gender diversity and secrecy culture in an international setting. Building on a sample of 14,185 firm‐year observations from 43 countries during 2010–2019, this study shows that while board gender diversity and CSR disclosure are positively associated, countries' secrecy levels negatively affect CSR disclosure. However, we provide evidence that the higher female representation on the board of directors significantly attenuates the restrictive role of secrecy culture on the CSR disclosure level. In other words, the suppressive effect of national secrecy on CSR disclosure weakens firms with higher gender diversity on the board of directors. Our results are robust to several sensitivity checks and endogeneity problems. This study suggests that the reducing effects of national secrecy culture on firms' CSR disclosure level can be attenuated by utilizing internal governance mechanisms such as board gender diversity.
Based on the ongoing claims that comprehensive income measures financial performance better than net income, thus enhance the transparency and usefulness of financial statements, International Accounting Standard No.1 (IAS 1) allows reporting comprehensive income in a primary and separate financial statement. From this point forth, we compare the usefulness of comprehensive income with net income in terms of financial performance proxied by stock price, stock returns and operating cash flows. Using a sample of listed companies in Turkey, we find some evidence that comprehensive income is a better measurement than net income, especially explaining stock price and market returns. However, the association between comprehensive income and stock price is negative. In that sense, our findings are consistent with previous researches arguing that investors find the financial information in comprehensive income is more volatile, risky, transitory and incomplete than net income, resulting in decreased stock price.
Bu çalışmada, Borsa İstanbul (BIST) Sigorta Endeksi'nde işlem gören sigorta şirketlerinin finansal performansları 2008-2017 dönemi çerçevesinde TOPSİS Çok Kriterli Karar Verme Yöntemi ile ölçülmüş ve performans sıralaması yapılmıştır. Finansal performans göstergesi olarak seçilen 18 oran örneklem dönemi için ayrı ayrı hesaplanmış ve hesaplanan performans puanları kapsamında şirketlerin her bir yıl için performans sıralaması yapılmıştır. Sonrasında TOPSİS sıralamasına göre oluşturulan iki portföyün hisse senedi getirileri kıyaslanmıştır. Yapılan analizler sonucunda sigorta şirketlerinin performans sıralamaları yıllar bazında değişmekle beraber, en iyi performansa sahip ilk üç şirket sıralaması genellikle aynı olmaktadır. Hisse senedi getirileri açısından ise TOPSİS yöntemine göre en iyi performans gösteren şirketlerden oluşan portföyün getirisi diğer portföyden yüksek çıkmıştır.
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