• 아태비즈니스연구
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• 제11권4호
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• pp.271-289
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• 2020

Purpose - This paper examined the relation between Correction of Annual Reports and Earnings management. The annual reports are used as key reports for critical decision making by providing useful information to various stakeholders across the firm. Design/methodology/approach - The sequence of this study is analysed that each of the following two cases affects the earning management: 1. that corrections have been made; 2. Where financial information have been modified or non-financial information have been modified during the correction of the annual report. We draw an initial sample of firms listed on the Korea Stock Exchange from 2014 to 2017. Among these, we excluded firms that were not able to obtain the variables needed to measure the correction of Annual Reports and the earnings management. Finally, we use the 7,035 firm-year observations. Findings - Our empirical results of this study are as follows; First, it turned out that the earnings management of companies that report business reports on corrections is larger than those that do not. Second, among the types of annual report corrections, the correction of non-financial information is significantly larger on earnings management than the correction of financial information. Research implications or Originality - The correction disclosure of business reports is a very important issue in terms of accounting information accuracy and reliability. The results of this study will provide policy implications for correction disclosures and regulations due to an important issue as accounting information. An entity that initially prepares accounting information should advanced in such a way that it provides high quality accounting information and then complements and accepts it by various stakeholders.

• The Journal of Asian Finance, Economics and Business
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• 제3권3호
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• pp.67-77
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• 2016

Shareholders solely depend on annual reports to make investment, credit and other decisions. Investors expect that information should be reliable, relevant, comparable, consistent and thus easy to use for decision making. But whether the importance of annual reports to all shareholders is equally significant is a question of research. Thus, this research study tries to find out the importance of reading annual reports to the investors. A questionnaire survey is conducted on investors considering thirty one general shareholders and six brokers. This research based survey finds that most of the shareholders have no knowledge about accounting or finance and they have little knowledge about capital markets due to lack of training. This study also finds that general shareholders read an annual report at least moderately except value added statement, chairman's review, director's report and rumor. This study recommends human resource should be developed through adequate training, and annual reports should provide transparent and quality information which will ultimately increase the confidence of investors.

• The Journal of Asian Finance, Economics and Business
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• 제7권3호
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• pp.53-62
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• 2020

The study aims to provide some plausible explanation for why Vietnamese listed companies only stop at the level of truthful presentation of information related to accounting data through the opinion of independent auditors. The information is only at the level of compliance with the requirements of Circular 155/2015/TT-BTC in form, but in essence is sketchy. What factors affect the level of voluntary disclosure of listed companies in Vietnam? In order to identify the factors affecting voluntary information disclosure on annual reports of listed companies, the study collected data on annual reports of 122 companies listed on the stock market in Ho Chi Minh City in the period 2015-2018 and uses regression analysis methods. The research presents 8 factors affecting the level of voluntary information disclosure including: Firm size, Listed time, Profitability, Solvency, Separation of board of directors and executive director, Board size, Organizational ownership and Foreign ownership. Next, the study conducted descriptive statistical analysis correlation coefficient analysis to examine the correlation and relevance of independent variables measured by the scale ratio, testing multiple linear regression model. The results of the study show that factors listed time, profitability and organizational ownership affecting voluntary information disclosure on annual reports of listed companies in Vietnam.

• 대한간호
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• 제7권3호통권35호
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• pp.16-47
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• 1968

• 동아시아경상학회지
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• 제5권1호
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• pp.10-26
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• 2017

This paper explains the concept of Economic Value Added (EVA) that is gaining popularity in India. We also examine whether EVA is a superior performance measure, both for corporate disclosure and for internal governance. Of late, companies in India have started focusing on shareholders wealth creation by adopting value-based models for measuring shareholder value that helps to align managerial decision-making with the firm preferences. In recent years, the EVA framework is gradually replacing the 'traditional' measures of financial performance on account of its robustness and its immunity from 'creative' accounting. Even though some leading Indian companies have already joined the band wagon of their American counterparts in adapting the EVA-based corporate performance systems, many other are hesitating as there is no strong evidence that the EVA system works in India. Till now, EVA disclosures are "not mandatory for the Indian companies." Also, we examine the value-creation strategies of selected Indian companies by analyzing whether EVA better represents the market-value of these companies in comparison to conventional performance measures. The study indicates that "there is no strong evidence to support Stern Stewart's claim that EVA is superior to the traditional performance measures in its association with MVA." As part of this study, we have also extensively surveyed the EVA disclosures in the Annual Reports made by the same sample group of 500 corporations from India.

• The Journal of Asian Finance, Economics and Business
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• 제7권8호
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• pp.289-296
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• 2020

The study investigates the association between the effectiveness of the board of directors and the likelihood that a company receives a modified audit opinion (as a measure of the quality of companies' external financial reporting) in Malaysia. The sample companies were extracted from the population of publicly-available information mainly the annual reports of publicly-listed companies on the Bursa Malaysia. 136 firm-year observations listed on Bursa Malaysia were identified to examine the relationship between the effectiveness of the board of directors and a modified audit opinion. Data used in this study are collected from two separate sources - annual reports and Datastream. Any missing financial figure from Datastream was acquired from the annual reports. To test the study's hypotheses, we use the pooled cross-sectional logistic regression analysis for 136 firm-year observations listed on Bursa Malaysia over the period 2009-2011. The evidence we have uncovered is consistent with the hypothesis that companies with large score of the board of directors' effectiveness are less possible to receive a modified audit opinion. Therefore, the result confirms that the combined effect of the board of directors' characteristics has a significant negative association with the likelihood of the companies receiving a modified audit opinion.

• International Journal of Air-Conditioning and Refrigeration
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• 제6권
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• pp.1-13
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• 1998

The basic heat transfer process that occurs in a building can best be illustrated by an electrical circuit network. Present paper reports the dynamic simulation of annual energy consumption in an office building by the thermal resistance capacitance network method. Unsteady thermal behaviors and annual energy consumption in an office building were examined in detail by solving the simultaneous circuit equations of thermal network. The results are used to evaluate the accuracy of the modified BIN method for the energy consumption analysis of a large building. Present thermal resistance-capacitance method predicts annual energy consumption of an office building with the same accuracy as that of response factor method. However, the modified BIN method gives 15% lower annual heating load and 25% lower cooling load than those from the present method. Equipment annual energy consumptions for fan, boiler and chiller in the HVAC system are also calculated for various control systems as CAV, VAV, FCU+VAV and FCU+CAV. FCU+CAV system appears to consume minimum annual energy among them.

• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.61-71
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• 2020

The study examines the impact of corporate governance mechanisms, such as board characteristics on corporate social responsibility disclosure (CSRD). The data on CSRD items and board characteristics have been collected by content analysis of the annual reports of 30 publicly-listed banks in Bangladesh covering six years, from 2013 to 2018. More specifically, the directors' report, the chairman's statement, notes to the financial statement and CSR disclosure reports included in annual reports were used to collect the CSRD data. The empirical analysis applies the ordinary least square and the generalized method of moments. The results of the study have revealed that board size, board independence, female board member, and foreign directors have a significant positive impact on CSRD. By contrast, political directors and audit committee size have a negative impact on CSRD. Interestingly, accounting experts on boards ensure more CSRD as they curb the influence of politicians on the board. Thus, it is better to increase accounting experts and decrease politicians on the board. These findings provide valuable insights into the process of forming a suitable CSR policy by connecting the efforts of the board, government, and regulatory bodies to enhance the performance of banks to CSR as well as to CSRD.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.841-848
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• 2021

This study seeks to investigate Key Audit Matters (KAMs) reporting of Thai listed companies in Thailand, and examines the influence of KAMs reporting on corporate financial performance. Data were collected from 180 companies listed in Thailand during 2016 to 2018, which accounted to 540 annual reports. KAMs reporting was quantified by content analysis from the audit reports, while financial performance and corporate characteristics were collected from the corporate annual reports. Descriptive analysis and multiple regressions were performed to analyze the data. The study results reveal that there was an increasing of KAMs reporting in audit report of listed companies in Thailand in terms of both number of issues and number of words across the observed period. The regression analysis indicates that was a significant and negative influence of words counted as KAMs reporting on financial performance, while there was no influence of KAMs reporting issue on the performance. Moreover, there was a negative relationship between corporate complexity and financial performance, while audit type had a positive correlation with financial performance. This study shows significant contribution on the implication of KAMs in an emerging economy and the role of KAMs as a communication device between auditor and stakeholders.

• 감성과학
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• 제19권1호
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• pp.39-48
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• 2016

본 연구는 혁신적 기업에서 감성에 대한 인식 및 활용에 대해 기업의 연차보고서의 내용분석을 통해 밝히고자 하였다. 연차보고서는 현재 기업이 제공하는 상품(제품 및 서비스)에 대한 설명과 기업의 성과 및 방향에 대해 기술하였기 때문에 기업의 감성에 대한 관심 및 활용을 파악하기 위한 내용분석에 적합한 데이터이다. 감성에 대해서는 그 용어가 국내외에서 혼재되어 사용되고 있어, 연관 단어인 '감각', '감성', '정서'와 해당 영단어인 'sensibility'와 'sense', 'emotion', 'feeling', 'affection'의 사전적 정의를 분석하여 서로의 관계를 분석하였고, 본 용어들을 모두 내용분석에 포함하였다. 혁신적 기업을 선정을 위해 경제 학술지 Fast company에서 발표하는 2009년과 2014년의 'The world's 50 most innovative companies'의 리스트에 포함된 기업으로 추출하였다. 그 기업의 연차보고서를 바탕으로 상호 비교하여 2009년과 2014년 사이의 감성의 인식 및 활용에 대한 기업의 변화를 추적하였다. 내용분석의 정량적인 결과에서는 혁신성과 감성의 관련성이 강하지 않다고 판단되나, 정성적인 결과에는 5년 사이에 '감각(sense)'과 '감정(feeling)'에 대한 관심이 증대되고 있음을 확인하였다. 결론적으로, 기업에서 전략적으로 추구하는 혁신성의 방향이 기술 선도 및 차별화에서 사용자 경험 만족으로 옮겨지고 있으며, 사용자의 감각 및 감정을 측정, 평가, 표현하고자 하는 기업의 수가 증대되고 있음을 밝혔다.