Purpose-The paper seeks to assess the risk reporting practices across two European Latin countries (Portugal and Spain). Moreover, drawn on elements of agency, legitimacy, resources-based perspectives, and institutional theory this study also intends to assess if the influence of corporate governance mechanisms on risk reporting is mediated by strategic/institutional legitimacy interests. Design/methodology/approach-From a sample of 60 non-finance Portuguese and Spanish companies with securities traded on the Euronext Lisbon stock exchange market and on the Madrid stock exchange market, respectively, at December, 2011, the Corporate Governance reports and the "risk/risk management" sections of the Management reports included on consolidated annual reports for 2011 were manually content analyzed, according to prior literature. Further, multiple linear regressions were used to assess the potential relationships between corporate governance mechanisms and risk reporting. Findings-Results indicate that visible companies, operating in a country with a weaker legal environment, and during periods of financial distress disclose more discretionary RRD, basically to contextualize their negative outcomes. Some corporate governance mechanisms were crucial to improve risk information. Originality-The paper goes beyond prior literature work and assesses if the theoretical framework grounded on agency, legitimacy, resources-based perspective, and institutional theory is suitable in explaining RRD in an under-researched setting (European Latin countries, such as Portugal and Spain with low agency costs and different corporate governance models). Moreover, the analysis embraces a wider and homogeneous range of internal and external corporate governance mechanisms and uses a period in which both countries were severely affected by a sovereign debt crisis with negative impacts on company's liquidity and financial risks. A research setting like this has not been studied hitherto.
<p class="Default">Fast changing environments, globalization, coupled with financial scandals, and the advance of information technologies made corporate risk a very central issue in management and accounting. Current governance codes require that management disclose in annual reports its responsibility for the adequacy of risk management and internal control systems and the disclosure of risk and uncertainties faced by companies are required by both governance codes and corporate reporting. This study seeks to capture risk disclosure patterns adopted by public Portuguese companies in interim reports and to investigate whether the audit quality may explain the observed risk disclosures practices. Manual content analysis has been carried out in the interim reports of 35 non-financial Portuguese firms ranked by decreasing market capitalization to create indexes of corporate risk disclosure, which have been used for observing the tone of disclosure and for testing an explanatory model with proxies of audit quality together with other explanatory variables widely used in disclosure research. Results point out that quantified risk disclosure prevails in interim reports and that firm’s risk disclosure policies are not influenced by auditor’s quality. This work contributes to academic and regulatory environments, filling the gap about risk disclosure in the interim report, identifying the nature of corporate risk disclosures, assessing the quality of risk information and updating research about determinants of risk disclosure in interim reports.</p>
La influencia de la cultura y transparencia en la intensidad global de investigación y desarrollo: una visión general en EuropaAbstract Culture and transparency can be described as a set of beliefs, norms, and actions, which drive the human action into innovativeness. Over the centuries, those pillars have driven individuals, groups, organizations, and nations, into the most complex networking schemes. It seems now unquestionable that those beliefs and policies, affect both private and public organizations, driving them across innovation wages in a more incremental or radical way. The dependent variable in this research (R&D) embodies the disbursements in research and development, carried out by business enterprise and public sector, and by education institutions. Thus, this research aims to mainly explore the effect of culture and transparency, as drivers of business attractiveness, on global R&D intensity. Using information from 31 European countries over the period 2010-2014, total R&D expenditures were regressed against several variables such as the Hofstede's cultural dimensions, the public sector transparency index, and other aggregated variables. Most of the theoretical assumptions are now supported by our empirical outcomes. Culture and transparency can act as attractiveness drivers,
Background: Frailty is a state of increased vulnerability with multisystem loss of physiologic reserves and decreased response to stressors, predicting adverse health outcomes. The phenotype of frailty is characterized by: Unintentional weight loss, selfreported exhaustion, weakness (low grip strength), slow walking speed, and low physical activity. This study aimed at assessing the prevalence and characteristics of frailty in a sample of institutionalized older people in order to identify a target intervention group.Methods: This is a descriptive cross sectional and correlational study. Participants were 226 men and women living in nursing home facilities. Frailty was assessed using the phenotype of frailty. Socio-demographic, health status, physical and cognitive function and depression data was collected. Relations between variables were analyzed using parametric (T-test, Pearson coefficient) and non-parametric (Chi-square and Spearman's coefficient) tests. A multiple linear regression model was applied to assess the relationship between the frailty criteria and a set of predictor variables. Results: Assessment of frailty was possible in 35.3% of the subjects and 41.5% were found frail, 52.1% pre-frail and 6.4% non-frail. Three frailty criteria had higher prevalence: Weakness (76.6%), low physical activity (61.7%) and low walking speed (52.1%). The number of frailty criteria per subject was significantly correlated with cognitive status and depressive symptoms and there was weak, though significant, correlation with the Barthel Index. Participants in frailty tests had a better functional and cognitive state than those unable to participate.No significant difference in depressive symptoms was found between these two groups.The multiple regression model explained only 21.6% of the variation of frailty.Conclusions: Subjects revealed low social status, advanced age comorbidity and multifactorial incapacity. Frail and pre-frail elderly stand out like a "stronger" subset in the sample, as opposed to the usual findings in community dwelling older adults. These 3 facts should help to recognize them as a target intervention group, as frail elderly are vulnerable and their needs might be underestimated and underrecognized. . Targeted interventions may improve their condition and prevent adverse health events.
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