Determinants of Corporate Disclosure : A Multicountry, Multilevel Model

Abstract The complexity of the current business world is making corporate disclosure more and more important for information users. These users, including investors, financial analysts, and government authorities rely on the disclosed information to make their investment decisions, analyze and recommend shares, and to draft regulation policies. Moreover, the globalization of capital markets has raised difficulties for information users in understanding the differences incorporate disclosure across countries and across firms. Using a sample of 797 firms from 34 countries, this thesis advances the literature on disclosure by illustrating comprehensively the disclosure determinants originating at firm systems and national systems based on the multilevel latent variable approach. Under this approach, the overall variation associated with the firm-specific variables is decomposed into two parts, the within-country and the between-country part. Accordingly, the model estimates the latent association between corporate disclosure and information demand at two levels, the within-country and the between-country level. The results indicate that the variables originating from corporate systems are hierarchically correlated with those from the country environment. The information demand factor indicated by the number of exchanges listed and the number of analyst recommendations can significantly explain the variation of corporate disclosure for both "within" and "between" countries. The exogenous influences of firm fundamentals-firm size and performance-are exerted indirectly through the information demand factor. Specifically, if the between-country variation in firm variables is taken into account, only the variables of legal systems and economic growth keep significance in explaining the disclosure differences across countries. These findings strongly support the hypothesis that disclosure is a response to both corporate systems and national systems, but the influence of the latter on disclosure reflected significantly through that of the former. In addition, the results based on ADR (American Depositary Receipt) firms suggest that the globalization of capital markets is harmonizing the disclosure behavior of cross-boundary listed firms, but it cannot entirely eliminate the national features in disclosure and other firm-specific characteristics.

Corporate governance and corporate social performance

By integrating the agency and stakeholder perspectives, this study aims to provide a systematic understanding of the firm- and institutional-level corporate governance factors that affect corporate social performance (CSP). We analyze a large global panel dataset and reveal that CSP is positively associated with board independence, but negatively with ownership concentration. These results underscore the idea that the benefits of CSP do not flow to shareholders to the same extent as the costs and that the allocation of resources to CSP is lower when shareholders are powerful. Furthermore, these findings indicate that independent directors should be understood as agents in their own right, not only focused on defending shareholder interests. We also find that CSP is negatively related to investor protection and shareholder-oriented environments, while it is positively related to egalitarian environments. Finally, we jointly analyze firm-level drivers and institutional contexts.

Small Cities, Neoliberal Governance and Sustainable Development in the Global South : A Conceptual Framework and Research Agenda

Development and environmental issues of small cities in developing countries have largely been overlooked although these settlements are of global demographic importance and often face a "triple challenge"; that is, they have limited financial and human resources to address growing environmental problems that are related to both development (e.g., pollution) and under-development (e.g., inadequate water supply). Neoliberal policy has arguably aggravated this challenge as public investments in infrastructure generally declined while the focus shifted to the metropolitan "economic growth machines". This paper develops a conceptual framework and agenda for the study of small cities in the global south, their environmental dynamics, governance and politics in the current neoliberal context. While small cities are governed in a neoliberal policy context, they are not central to neoliberalism, and their (environmental) governance therefore seems to differ from that of global cities. Furthermore, "actually existing" neoliberal governance of small cities is shaped by the interplay of regional and local politics and environmental situations. The approach of urban political ecology and the concept of rural-urban linkages are used to consider these socio-ecological processes. The conceptual framework and research agenda are illustrated in the case of India, where the agency of small cities in regard to environmental governance seems to remain limited despite formal political decentralization.

Iowa Technology Governance Board Annual Report, January 12, 2009

This Technology Governance Board Annual Report provides information on the FY06 – FY10 Information Technology Personnel Spending; FY06 – FY10 Technology Equipment and Services Spending; and FY06 – FY10 Internal IT Expenditures with the Iowa Communications Network and Department of Administrative Services - Information Technology Enterprise. The report also contains a projection of technology cost savings. This report was produced in compliance with Iowa Code §8A.204(3a) and was submitted to the Governor, the Department of Management, and the General Assembly on January 12, 2009.

Iowa Technology Governance Board Annual Report, January 11, 2010

This Technology Governance Board Annual Report provides information on the FY07 – FY11 Information Technology Personnel Spending; FY07 – FY11 Technology Equipment and Services Spending; and FY07 – FY11 Internal IT Expenditures with the Iowa Communications Network and Department of Administrative Services - Information Technology Enterprise. The report also contains a projection of technology cost savings. This report was produced in compliance with Iowa Code §8A.204(3a) and was submitted to the Governor, the Department of Management, and the General Assembly on January 11, 2010.

Iowa Technology Governance Board Annual Report, January 10, 2011

This Technology Governance Board Annual Report provides information on the FY08 – FY12 Information Technology Personnel Spending; FY08 – FY12 Technology Equipment and Services Spending; and FY08 – FY12 Internal IT Expenditures with the Iowa Communications Network and Department of Administrative Services - Information Technology Enterprise. The report also contains a projection of technology cost savings. This report was produced in compliance with Iowa Code §8A.204(3a) and was submitted to the Governor, the Department of Management, and the General Assembly on January 10, 2011.

Rahmenmodell vs. Geschäftsmodelle. Werkstattbericht zur Governance und zur Profilierung von aFuE an den schweizerischen Fachhochschulen

Die in den 1990er Jahren geschaffenen Fachhochschulen der Schweiz sind verpflichtet, in allen angebotenen Fachbereichen "anwendungsorientierte Forschung und Entwicklung" (aFuE) zu betreiben. Sowohl die Fachhochschulen wie auch die Fachbereiche sind allerdings sehr heterogen. Dieser Werkstattbericht zeigt auf, wie die Fachhochschulen das gesetzlich für alle gültige Rahmenmodell in zwei typologisch unterschiedlichen Geschäftsmodellen umsetzen: In einem am ökonomischen Markt ausgerichteten Modell A und in einem am Wissenschaftssystem und an ,,gesellschaftlichen Problemfeldern" ausgerichteten Modell B. Die beiden Typen stehen in einem Spannungsverhältnis zueinander, sind aber zugleich auch mit ähnlichen Problemen konfrontiert.

Recherche-action et gouvernance clinique: l'exemple du projet "psychiatrie et migrants" du CHUV [Action research and clinical governance: the example of the project "psychiatry and migrants" at the Centre hospitalier universitaire vaudois]

Action research is a useful instrument for the organization health care and the clinical governance of psychiatric institutions. What this type of research offers can be illustrated by the cohort study of migrant patients without health insurance who consulted the Department of Psychiatry of the Vaudois university medical center (CHUV) in 2008. While giving greater visibilty to the psychological suffering and social distress of these patients, the study also enabled the authors to determine which clinical procedures were actually offered to these patients and the amount these procedures cost the department. The small number of cases that were identified as well as their uneven distribution amongst the different services of the department suggest that considerable efforts must still be made to improve access for this population to public psychiatric services.

Do PES Improve the Governance of Forest Restoration?

Payments for Environmental Services (PES) are praised as innovative policy instruments and they influence the governance of forest restoration efforts in two major ways. The first is the establishment of multi-stakeholder agencies as intermediary bodies between funders and planters to manage the funds and to distribute incentives to planters. The second implication is that specific contracts assign objectives to land users in the form of conditions for payments that are believed to increase the chances for sustained impacts on the ground. These implications are important in the assessment of the potential of PES to operate as new and effective funding schemes for forest restoration. They are analyzed by looking at two prominent payments for watershed service programs in Indonesia-Cidanau (Banten province in Java) and West Lombok (Eastern Indonesia)-with combined economic and political science approaches. We derive lessons for the governance of funding efforts (e.g., multi-stakeholder agencies are not a guarantee of success; mixed results are obtained from a reliance on mandatory funding with ad hoc regulations, as opposed to voluntary contributions by the service beneficiary) and for the governance of financial expenditure (e.g., absolute need for evaluation procedures for the internal governance of farmer groups). Furthermore, we observe that these governance features provide no guarantee that restoration plots with the highest relevance for ecosystem services are targeted by the PES

Social Capital and Sport Governance in Europe

Although there is significant interest in the social role of sport in fostering civil society from both policymakers and academics, there is a lack of evidence of the specific role of sport federations in this system. This book critically presents the mechanisms and structures in a selection of sport federations within a variety of European countries that illuminate the varied relationships between not-for-profit sport federations, their members, governments and the citizens they represent. The contributors explore the contrasts and synergies between core social capital theoretical perspectives, and how these may be informed by and/or shape the realities of governance from different perspectives within the sport system.

Life-course socioeconomic environment and health risk behaviours: a multilevel small-area analysis of young-old persons in an urban neighbourhood in Lausanne, Switzerland

With a life expectancy at the age of 65 of around 20 years, damaging health risk behaviours of young-old adults have become a target for preventive actions. Such risk factors necessitate an accurate understanding of the present and past socioeconomic conditions associated with health risk behaviours. The aim of our study is to assess the impact of certain life events as well as economic and environmental factors on health risk behaviours. We included 1309 participants of the Lausanne Cohort Lc65+ aged 65-70 years and employed logistic regression analyses, with individuals nested within areas. The results illustrate the influences of socioeconomic factors from childhood to young-old age. Life experiences in adulthood and economic resources in young-old age are both associated with unfavourable health behaviours. Neighbourhood is a modest determinant as well, particularly regarding alcohol consumption. Therefore, prevention against health risk behaviours should focus on population subgroups defined on the basis of their socioeconomic and living contexts.