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Purpose: Studies on transfers to a more regulated section show an increase in information disclosure and stocks' liquidity levels. Classical theories suggest that volatility should also be reduced. This study aims to analyse the long-term effects of a section transfer to a more regulated section (TSE 1/TSE 2) on stock return volatility. Design/methodology/approach: This study uses an empirical framework relying on two-sample t-tests and panel regressions. These use robust standard errors and control for fixed effects, day effects and macroeconomic factors. The return variance of comparable stocks' benchmark sample, instead of market variance, is used as a control variable. Comparable stocks operate within the same industry and do not transfer during the sample period. The authors test our results' robustness using generalized autoregressive conditional heteroskedasticity estimates. Findings: The study's main findings show that pre-transferred stocks are more volatile than the stocks' benchmark sample. The transfer to a more regulated section leads to a gradual decrease in the total daily stock return volatility, intraday return volatility and overnight return volatility. Originality/value: To the best of my knowledge, this study is the first to empirically address the volatility change caused by the stocks' transfer to a more regulated section. This study highlights the benefits of choosing section transfers to reduce volatility. [ABSTRACT FROM AUTHOR]

Purpose More and more disputes have quickly emerged and accumulated, hence generating uncertainties and doubts among consumers regarding the online group-buying. In order to decrease such uncertainties, the purpose of this paper is to explore the relationships among information disclosure, trust, reducing search cost, and online group-buying intention, as well as proposing concrete suggestions for enhancing online group-buying intention.Design/methodology/approach In order to explore the relationships among information disclosure, trust, reducing search cost, and online group-buying intention, the questionnaire and statistical analytical techniques were used. Moreover, as this study was an early attempt to develop a model for information disclosure, trust, reducing search cost, and online group-buying intention, partial least square therefore was appropriately to analyze data.Findings The results showed that the level of information disclosure and trust on a group-buying website have positive influence on reducing search costs, while reducing search costs and trust have positive influences on online group-buying intention.Research limitations/implications This research applied a purposive sampling method and obtained a slightly inadequate number of respondents. Therefore, it is suggested that future research should apply a random sampling method to collect more responses and increase the generalizability of the findings.Practical implications By more actively disclosing information it is possible for group-buying websites to increase consumer trust and decrease search costs, thus enhancing their group-buying intentions.Originality/value There are few studies on the relationships among reducing search cost, trust, and group-buying intention from the perspective of information disclosure. This study thus applies a questionnaire survey method to explore the relationships among them. This study also offers concrete suggestions to enhance group-buying intentions, and provides marketing strategies that can be used by online group-buying websites to raise their sales. [ABSTRACT FROM AUTHOR]

Purpose As social network sites (SNS) have increasingly become one of the most important channels for communication, the related privacy issues gain more and more attention in both industry and academic research fields. This study aims to connect the antecedents of information privacy disclosure on SNS.Design/methodology/approach Based on exchange theory, this study tries to investigate the decision-making process for information privacy disclosure on SNS. Factors from both user’s and website’s perspectives are taken into account in the proposed model.Findings The results suggest that an individual’s perceived benefits will increase their willingness to disclose information privacy on SNS, but perceived risks decrease this kind of willingness. The authors also find social network size, personal innovativeness and incentive provision positively affect people’s perceived benefits.Originality/value Moreover, privacy invasion experience enhances perceived personal risks, but website reputation helps to reduce perceived risks. [ABSTRACT FROM AUTHOR]

Purpose How to free the potential power of the capital market while simultaneously protecting the investors is critical in equity-based crowdfunding. To realize these goals, the purpose of this study was to investigate the value of information disclosure and leader-follower mechanism which have been widely adopted by crowdfunding platforms.Design/methodology/approach Based on the Elaboration Likelihood Model (ELM), a research framework was developed. Then, the authors conducted an in-depth exploratory empirical study of Dajiatou (www.dajiatou.com) which is a typical equity-based crowdfunding service provider in China. Independent-samples t-test and linear regression were used to uncover the value of project information disclosure and the lead investor in terms of fundraising performance improvement.Findings First, the quality of entrepreneurial team information, especially the ratio of full-time staff, staff number and enterprise business age, significantly improve fundraising performance. Second, entrepreneurs’ behaviors, including project updates and project video, play important roles in crowdfunding. Third, whether or not the project has a lead investor, leader’s credibility information and his/her advocacy behaviors – percentage of their investment, identity certification, investment experience and comments for projects – are important factors affecting fundraising performance.Research limitations/implications The authors are one of the firsts to apply ELM to investigate the effects of diverse information on fundraising performance in equity-based crowdfunding. The value of lead investor which has been ignored in prior research was studied through second-hand data.Practical implications First, an equity-based crowdfunding platform should request the entrepreneur to disclose project quality-related information with more details. Second, crowdfunding platforms should set a high qualifications level for lead investor, and limit the lead investor’s committed percentage in a specific project.Originality/value This paper extended the research in crowdfunding by uncovering the value of information disclosure and lead investor based on ELM theory. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to analyze the voluntary disclosure of corporate social responsibility (CSR) in companies of different countries. Design/methodology/approach – Based on a sample of 110 companies for the year 2014, a total of 79 indicators were analyzed, nine of which correspond to economic aspects of the company, 30 to environmental aspects and 40 to social aspects, according to the Global Reporting Initiative (GRI G3.1). Moreover, a dependence model was set up to see which variables may affect the disclosure of economic, social and environmental information, both separately and as a whole. Findings – The companies in the sample showed an average of six economic indicators, 20 environmental indicators and 27 social indicators. Regarding the explanatory variables tested, the results obtained showed that company SIZE, LEVERAGE, DJSI and CIVILLAW were the most significant variables, most affecting a company’s decision to make voluntary disclosure in relation to CSR issues. Practical implications – The disclosure of more information about economic, environmental and social aspects can be used by the firm as a mechanism to reduce social and governmental pressure. It is important to point out that the information provided by companies in their CSR reports is essential in corroborating the legitimacy of their activity. Social implications – Improving a company’s image in society is one of the reasons why firms disclose CSR information and Internet and online tools are appropriate means of dissemination in an age of increasing speed of knowledge. Originality/value – Previous studies have provided scores to reflect whether or not companies disclosed CSR, whereas the present study goes deeper by making a detailed analysis of the type of economic, environmental and social information presented by companies analyzed. [ABSTRACT FROM AUTHOR]

Purpose – The paper aims to investigate the relationship between social responsibility and equity in China. In the process, the authors utilize data on corporate social responsibility (CSR) reports (in particular, information disclosure) and equity capital (focusing on cost). The overarching hypothesis may be phrased simply as: is CSR reporting rewarded by the capital market in China? Design/methodology/approach – The data of 3,012 list corporations in China securities are used and 1,015 CSR report quality scores (Rankins CSR Ratings) are hand-gathered from HEXUN (Web site) and utilized in the process of developing the model; financial and stock market information is obtained from the Wind database and the China Stock Market and Accounting Research database. Findings – The authors’ results suggest that overall the quality of CSR report is strongly, negatively related with the cost of capital: the higher the quality of social responsibility information disclosure, the lower the cost of equity capital. Most intriguingly, the authors find a sharp contrast between the government-owned corporations (state-owned enterprises) and privately owned, listed corporations. The quality of CSR reporting has a much higher impact in lowering the cost of equity capital for privately owned corporations. In contrasting the results for mandatory versus voluntary CSR disclosure, the quality of CSR reporting for the latter does not have any higher impact in lowering the cost of equity. Practical implications – Good social responsibility behavior by corporations and their subsequent information disclosure has beneficial financial impacts. In the authors’ research, the authors showed its immediate impact to be in the lowering of the overall corporate cost of equity. In this regard, the authors would recommend that chief executive officers pay more attention to CSR practice and its disclosure. Private firms issuing CSR reports will benefit from much lower financing costs through the capital market. Originality/value – Due to the structure of capital markets in China, the authors are able to show that CSR reporting of privately owned, listed corporations have much more effective signaling power. On the basis of the authors’ empirical findings in relation to the quality of CSR reporting and its impact on cost of capital, the authors suggest there is greater scope for research which takes a “finance and society” perspective. Based on more extensive research, such a perspective may enable scholars to orientate finance and finance research toward a model of “socio-capitalism”. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to present an overview of the concepts of corporate social responsibility (CSR) in banks and integrated reporting, a review of the literature on the subject and the author’s own research results. The author’s research was designed to identify information on CSR included in the management commentaries of selected banks operating in Poland and to evaluate the disclosures with regard to their quality, diversity and the ways they change over time. Design/methodology/approach – The author formulates three hypotheses relating to the social and environmental disclosures and verifies them using a disclosure index approach based on the analysis of 84 management commentaries of 12 banks operating in Poland in 2005-2011. Findings – Banks tend to include CSR disclosures in the management commentary. They present CSR information in a diverse manner, focusing mainly on community involvement. The quality of CSR disclosures in 2011 was higher as compared with 2005. None of the banks in the sample produced integrated reports. Research limitations/implications – The study concentrates on CSR disclosures only in management commentaries and relies on the review of information presented by a limited number of banks. Originality/value – The study contributes to the scarce literature on social responsibility disclosures by financial institutions in Central and Eastern Europe; it also discusses a new integrated reporting model. [ABSTRACT FROM AUTHOR]

Purpose - Websites have become an important channel for firms to communicate with their stakeholders. Higher web site traffic could represent effective information disclosure and higher investor recognition. Both may reduce the risk of firm by reducing the level of information asymmetry and facilitating a more complete market by reaching to more potential investors. The purpose of this paper is to investigate the impact of firm web site traffic to the risk of firm. Design/methodology/approach - The authors conducted a cross-sectional study on the risk and firm web site traffic data of 4,122 US public firms. Findings - After controlling for confounding factors, web site traffic is significantly negatively associated with three firm risk measures: cost of equity, return volatility, and analyst forecast dispersion. Originality/value - The results provide new insights to the economic impact of web site traffic. Compared with previous studies that mostly investigated the relationships between web site traffic and firm performance measured by stock returns or company profitability, the authors documented empirical evidence that web site traffic influences the risk of firm through the level of information asymmetry and investor recognition. This paper suggests that when valuing a firm, investors would take web site traffic into consideration. Firm managers could use firm Websites as a channel to reduce information asymmetry, and increase investor recognition that can contribute to the firm's value through reduced risk. [ABSTRACT FROM AUTHOR]