• The Journal of Industrial Distribution & Business
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• v.10 no.6
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• pp.51-58
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• 2019

Purpose - Prior studies reported that the opacity of information caused stock price crash. If managers fail to disclose unfavorable information about the firm over a long period of time, the stock price is overvalued compared to its original value. If the accumulated information reaches a critical point and spreads quickly to the market, the stock price plunges. Information management by management's disclosure policy can cause information uncertainty, which will lead to a plunge in stock prices in the future. Thus, this study aims at examining the impact of disclosure quality on crash risk by focusing on the unfaithful disclosure firms. Research design, data, and methodology - This study covers firms listed on KOSPI and KOSDAQ from 2004 to 2013. Firms excluded from the sample are non-December firms, capital-eroding firms, and financial firms. The financial data used in the research was extracted from the KIS-Value and TS2000 database. Unfaithful disclosure firm designation data was collected from the Korea Exchange's electronic disclosure system (kind.krx.co.kr). Stock crash is measured as a dummy variable that equals one if a firm experiences at least one crash week over the fiscal year, and zero otherwise. Results - Empirical results as to the relation between unfaithful disclosure corporation designation and stock price crashes are as follows: There was a significant positive association between unfaithful disclosure corporation designation and stock price crash. This result supports the hypothesis that firms that have previously exhibited unfaithful disclosure behavior are more likely to suffer stock price plunges due to information asymmetry. Second, stock price crashes due to unfaithful disclosures are more likely to occur in Chaebol firms. Conclusions - While previous studies used estimates as a proxy for information opacity, this study used an objective measure such as unfaithful disclosure corporation designation. The designation by Korea Exchange is an objective evidence that the firm attempted to conceal and distort information in the previous year. The results of this study suggest that capital market investors need to investigate firms' disclosure behaviors.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.1185-1194
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• 2020

This study aims to test Voluntary Disclosure, Quality of Financial Reporting and Information Asymmetry as Moderation Variables. The Voluntary Disclosure variable is calculated using the Index Disclosure. This research uses quantitative methods and uses partial least square with EViews data analysis. The research sample consisted of 225 manufacturing companies listed on the Indonesian stock exchange for the period 2016-2018. The results of the study state that voluntary disclosure has a positive and significant effect on the quality of financial reporting through asymmetric information. The relationship between voluntary disclosure and asymmetric information has a negative effect on the quality of financial reporting, states that the disclosure of voluntary reports to companies can prevent information asymmetry, as well as the relationship of voluntary disclosure to information asymmetry states that companies that make voluntary disclosure will increase the interest of investors and other stakeholders. The quality of financial reporting states that if there is information asymmetry, the quality of financial reporting will also decline. The low value of relevance will affect the level of large or small information gaps between management and investors. The quality of financial reporting with increased relevance means that asymmetric information will have a negative impact on financial reporting.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.4
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• pp.27-35
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• 2019

The paper examines the level of disclosure on Islamic banks' performance in the United Arab Emirates (UAE). The data was collected through content analysis of annual reports and financial statements of all fully-fledged Islamic banks working in the UAE over the period 2009 to 2013. Return on Assets is used as a proxy for the performance of Islamic banks while disclosure index is used as a proxy for Islamic banks' disclosure. Also, predetermined variables are used in the study like Size, Deposits, Non-Performing Investments and Capital to Risk Weighted Assets Ratio. Two-Stage Least-Square regression method is used to check the interdependence relationships between disclosure and performance of Islamic banks in the UAE. The results show a significant relationship between performance and disclosure in the UAE Islamic banks. Our regression results show that Islamic banks with higher levels of disclosure lead to higher operating performance. Furthermore, the performance has a great impact on the level of disclosure which means Islamic banks with high performance measures will disclose more information for investors and other institutions in order to reduce the cost of equity and increase their values in the market. This study is considered as a battery for further studies in the relationship between disclosure and financial performance of Islamic banks at a global level.

• Asian Journal of Business Environment
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• v.10 no.1
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• pp.45-50
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• 2020

Purpose: This paper examines the theoretical grounds for the disclosure of the Korea Fair Trade Commission. Three central measures of the disclosure are scrutinized: The interconnected status of affiliate companies, the important matters of private affiliates, and the large internal transactions. Contemplating on three measures, respectively, we review the rationale and derive policy implications. Research design, data, and methodology: Collecting the data of violation rates and remedial measures, we analyze the intensity of the disclosure enforcement. These statistics are critically reviewed by the economic literature of mandatory disclosure. Results: Statistics evince that the Korea Fair Trade Commission has enforced the regulatory disclosure quite successfully. Violation rates of the disclosure has declined from the outset. It demonstrates that the Korea Fair Trade Commission has enforced those measures satisfactorily for about a decade. But we cannot ascertain empirically whether the regulatory disclosures are socially and economically beneficial. To evaluate the effect of the regulatory disclosures precisely, we need a further empirical investigation. Conclusions: Despite the lack of policy evaluation, this study suggests complementary measures for current disclosures. First, disclosure of executive compensation in privately held subsidiaries must be introduced. Second, the controlling shareholder/manager should be responsible for information disclosure on foreign subsidiaries.

• Journal of Korean Academy of Nursing
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• v.15 no.3
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• pp.31-38
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• 1985

This study attempted to measure self-disclosure changes of nurses a result of human relations training. The study population consisted of 49 nurses in Seoul. The instrument used in this study was the Self-disclosure questionnaire developed by Jourard in 1958, was designed to measure verbalized aspects of self-disclosure defined as a voluntary act of revealing personal data about oneself including beliefs, values, feelings and perceptions to another person. The SDG instrument is devided into six areas: attitude, taste and interest, personality, money, work and body. The main findings were summarized as follows: 1. After training, the subjects disclosed more than before. 2. Subjects tended to very the amount of self-disclosure with respect to the category of information to which an item about the self belonged. Two clusters of aspects emerged, a high disclosure cluster including Attitude, Tastes and Interests, Personality and Work, and a low disclosure cluster comprised of Money and Body. 3. Before and after training, there was significant difference in the self-disclosure to the peer nurses. Subjects showed the highest self-disclosure to friend, with lesser amounts to patient. 4. Charge and head nurses showed the highest differences in self-disclosure resulting from human relations training.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.4
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• pp.751-762
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• 2021

This study aims to examine whether an increased disclosure has a positive impact on firm performance and whether the opposite impact of increased disclosure on firm performance can occur in certain conditions - high proprietary information and competition. The sample for this study consists of Indonesian firms listed on the Indonesia Stock Exchange (IDX). The data were selected based on purposive sampling and panel data spanned eleven years (2006-2016). A panel GLS regression using moderated regression analysis (MRA) was adopted. The results of this study reveal that an increased disclosure has a positive effect on firm performance, but an increased disclosure has a negative impact on firm performance when proprietary information is high, and vice versa. Also, if the disclosure is increased, the negative impact of proprietary information on firm performance will get exacerbated in conditions where the competition level is high. The findings of this study suggest that, since the positive effect of continuously-increased disclosure on firm performance leads to the reversal (negative) impact when certain conditions occur (high proprietary information and competition), the level of disclosure quality is most likely to tap an 'optimal' point. In this regard, however, a broader investigation of all firms across countries still needs to be conducted.

• Asia-Pacific Journal of Business
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• v.10 no.4
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• pp.1-30
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• 2019

The involuntary delisting of public companies has a detrimental effect on economies caused by the loss of stock value and confidence in the capital market. Previous studies have focused on prediction or prevention models for firm delisting events using various financial and accounting information. However, the timely disclosure of companies, another important indicator, has not been investigated before in connection with companies that have been delisted. To address this gap, this study investigates the timely disclosure behavior of companies prior to delisting using sample firms listed on the Korean stock market between 2000 and 2014. The results show a significant correlation between the frequency of timely disclosure and delisted firms prior to their delisting on the Korean stock market. The delisted companies appear to increase their timely disclosure to deliver specific information to the public. Furthermore, these companies are likely to increase the frequency of timely disclosure as they get closer to their delisting. Notably, the timely disclosure of delisted firms has a capital market effect; namely, timely disclosure increases trading volume while decreasing the market value of the shares, reflecting price efficiency. This study appears to be the first that considers timely disclosure in the involuntary delisting literature.

• Journal of the Korean Home Economics Association
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• v.26 no.3
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• pp.209-224
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• 1988

The purpose of this study is to investigate the relations between spouse's self-disclosure and marital adjustment. A measurement tools used for this study are self-disclosure scale, which was adapted and reproducted from Jourard's Self-Disclosure! Questionnaire(JSDQ), and marital adjustment scale, which was modified and supplemented form Dyadic Adjustment Scale (D.A.S). developed by Spanier. The subjects were 154 married couples dwelling in Seoul and questionnaires are recorded separately by both spouses. Statistical methods such as frequency, percentage, mean, standard deviation, one way ANOVA and pearson correlation were used for data analysis. The results of this study are as follows; 1) For husband, self-disclosure degree was significant difference according to level of education. That is, the more husband was higher level of education, the more husband tended to disclose to wife. 2) Among the variables to have influence on the marital adjustment, level of education and marriage pattern had influence on wive's martial adjustment and family income and marriage pattern had influence on husbands' marital adjustment. 3) Wives were higher disclosed than husbands and wives were more disclosed than perceived husbands' disclosure. 4) There were positive correlation between the self-disclosure of husbands and the marital adjustment of wives. (r+.3872, p<.005) And there were positive correlation between the self-disclosure of wives and the marital adjustment of husbands. (r=.4997, p<.005) 5) For wives, the perception of husbands' disclosure correlates with wives' marital adjustment. (r=.4592, p<.005) For husbands, the perception of wives' disclosure correlates with husbands' marital adjustment.(r=.5610, p<.005) From this results, full and honest self-disclosure is needed for high marital adjustment of a married couple. In the future, a study on the relationship between self-disclosure and marital adjustment is need to various measure of many subject.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.223-231
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• 2020

This research aims to examine (1) the effect of carbon emission disclosure on firm value, (2) the effect of good corporate governance on firm value, (3) the mediating role of financial performance between carbon emission disclosure and firm value, and (4) the mediating role of financial performance between good corporate governance and firm value. The research sample includes 43 mining, agro, and manufacturing firms listed in the Indonesian Stock Exchange over the 2015-2017 period. Carbon emission disclosure is measured by an indicator of the Global Reporting Initiative Series of Environmental Aspect. Good corporate governance is measured by the corporate governance score of shareholder rights, boards of directors, outside directors, audit committee and internal auditor, and disclosure to investors. Financial performance is measured by return on assets, while firm value is measured by Tobin's Q. Data analysis uses the structural equation modeling. The result shows carbon emission disclosure and good corporate governance have no direct effect on firm value. On the other hand, financial performance mediates the effect of carbon emission disclosure and good corporate governance on firm value. It shows that higher carbon emission disclosure and good corporate governance are meaningless for the investor if they do not give any financial performance improvement.

• The Journal of Information Systems
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• v.25 no.4
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• pp.1-21
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• 2016

Purpose The study analyzed the factors affecting continuance use and self-disclosure in the SNS(social networking service) context based on a dual-factor model. As SNS users have concerned privacy for a long time, privacy concern affects continuous use and self-disclosure. In details, concern over privacy may have a stronger effect on self-disclosure than on continuance use as users' personal information can be more exposed during posting their dailies and photos. Design/Methodology/Approach SNS benefits, trust in SNS providers, and social influence are served as the key enablers and privacy concern as the inhibitor. Moreover, the relative impacts of SNS benefits and privacy concern on continuance use and self-disclosure were analysed in this study. From the data of 327 Facebook users, the researchers tested proposed theoretical model by using PLS. Findings Users' continuance intention and self-disclosure behavior are differently affected by different antecedents. Trust in SNS provider had a significant effect on self-disclosure intention, while it has no significant effect on continuance intention. Concern over privacy was negatively related to self-disclosure intention, while it was positively associated with continuance intention.