The Museum Of All: Institutional Communication Practices in a Participatory Networked World

The Museum Of All: Institutional Communication Practices in a Participatory Networked World

The determinants of international equity investment: Do they differ between institutional and noninstitutional investors?

In this paper we investigate whether the determinants of international equity investment differ between investors with different degrees of sophistication. For this purpose, we analyse and compare the determinants of international equity investment of institutional and noninstitutional investors from 20 OECD countries (US not included) in the period 2001-2009. The results show that there are significant differences in the determinants of international equity investment between institutional and noninstitutional investors. In particular, noninstitutional investors tend to exhibit a more pronounced preference for equities of geographical nearby, contiguous and more transparent countries than institutional investors. The preference for more developed equity markets and the contrarian behaviour are also significantly more pronounced for noninstitutional than for institutional investors. These results support the argument that international equity investment of less sophisticated investors is more affected by information costs and familiarity than that of more sophisticated investors. Moreover, business cycles exert an influence on international equity investment decisions of both institutional and noninstitutional investors.

Determinants of Sustainability e-reporting in Portuguese municipalities: an institutional and legitimacy theoretical framewor

This study aims to analyse the extent of online social responsibility (SR) information disclosure by Portuguese municipalities and to identify related determinant factors, based on Institutional Theory and Legitimacy Theories. A content analysis was performed on webpages from 60 sampled municipalities, and an information disclosure index was created.Descriptive statistics obtained indicate the Total Disclosure Index (TDI) value was 0.46. The Economic Information sub-category exhibits the highest value (0.66), followed by the Social and Environmental Information categories (0.61 and 0.36, respectively). The multivariate analysis results indicate that LA21 implementation the existence of tax burdens, the characterisation of a municipality as urban and environmental/SR certification application positively influence SR information disclosure. TDI is negatively affected by the existence of an inactive population (i.e. by the percentage of individuals ≤19 and ≥65 years of age).