Regulatory Public Disclosure

Public information disclosure is a key factor in building public trust and establishing good governance to ensure transparent and accountable management. This study aims to analyze the implementation of public information disclosure at PT Pelindo Regional 1 in accordance with Law No. 14 of 2008 on Public Information Disclosure, applicable board regulations, and established public information service guidelines. This research employs a normative legal method, focusing on analyzing relevant legislation, complemented by an empirical approach to collect and examine data related to the implementation of public information disclosure at PT Pelindo Regional 1. Data collection techniques include interviews with relevant stakeholders within the company to gain insights into the practical implementation of public information disclosure. The findings reveal that although PT Pelindo Regional 1 has made efforts to fulfill its public information disclosure obligations, challenges remain in delivering information to the public, particularly in terms of public awareness regarding their rights to access information. The study also identifies the categories of information disclosed to the public and information exempted from public disclosure, highlighting the limitations imposed on public access to certain information. Based on these findings, the study provides recommendations to enhance the effectiveness of public information disclosure at PT Pelindo, including increasing public awareness campaigns and strengthening existing public information systems.

The disclosure of absences from professional sporting activities to the media is a routine and generally unproblematic part of a sporting career. However, when the reason for the absence relates to mental health concerns, players can encounter difficulties in trying to define, describe and conceptualise their own issues while attempting to maintain privacy as they undergo assessment and treatment. Drawing on ethnomethodology and conversation analysis principles and methods, this paper explores first/initial public mental health disclosure narratives produced by players and sporting organizations across several professional sports via media interviews, press statements, and social media posts. The analysis focuses on (in)voluntary accounts produced by teams or players themselves during their careers and examines the different communication strategies they employ to categorise and explain their predicament. The analysis reveals how some players provide partial or proxy public disclosure announcements (due to a desire to mask issues or delayed help-seeking and assessment), whereas others prefer fuller disclosure of the problems experienced, including diagnoses and on-going treatment and therapy regimes. The paper outlines the consequences of these disclosure strategies and considers the implications they can have for a player’s wellbeing in these stressful circumstances.

This paper describes how 33 large UK companies communicated with their core shareholders, the large UK financial institutions. It focuses on the private voluntary information flows from the investee company to the financial institution (FI) and their eventual release into the public domain. The case is put for the development of a combined theory, which would link, inter alia, private and public disclosure, financial intermediation, informed trading, and market efficiency. This theory development would provide a more coherent framework for understanding the role of financial reports and other public corporate disclosure behaviour in user decisions. It would also play an important role in developing corporate finance theory and its prescriptions for corporate management.

A consistent mitigation strategy used in sponsored research to manage a financial conflict of interest (FCOI) is disclosure in publications. While federal funding regulations require mitigation strategies to be monitored through the end of the project’s term, manuscripts are often published after the project term has ended. We examined whether it would be valuable to extend monitoring of publications for compliance with requirements for disclosure beyond the end date of a project’s term and, if so, for how long after the term has ended. Using publicly available databases, we identified FCOI reports from public universities and analyzed disclosure completion in the years before and after the end of the project’s term. We found that 80.2% of FCOI reports in our sample had a publication in which a conflicted Investigator served as an author, yet less than half (43.6%) of these publications contained disclosure statements acknowledging the known FCOI. We also found that publication most commonly occurred one year after the end of the project’s term. These findings indicate that an effective way to support accountability and accuracy of the scientific record would be to extend monitoring of disclosure in publications through one year following the end of the project’s term.

Both private information production by market traders and public disclosure by firms contribute to dissemination of financial information in the capital market. However, the motives and economic consequences of the two are quite different. In general, private information production is intended by investors to increase their trading profit, which has the effect of widening the information gap between informed and uninformed investors and increasing the firm's cost of capital. On the other hand, public disclosure can be used to narrow this information gap and to lower the cost of capital. This paper provides a theoretical model to examine the economic incentives behind these two forms of information dissemination and their consequences on the cost of capital. By simultaneously considering the firm's and the information traders' decisions, the paper derives an equilibrium in which the amount of private information production, the level of public disclosure, and the cost of capital are all linked to specific characteristics of the firm, of information traders, and of the market. In contrast to conventional beliefs, the paper predicts that, across firms, the cost of capital can be either positively or negatively related to the firm's disclosure level, depending on the specific factors that cause the variation within a particular sample. Similarly, the extent to which investors follow a firm and the firm's disclosure level can be either positively or negatively related to each other. Implications for empirical research are discussed.

ABSTRACTThis study examines the association between customer base concentration and corporate public disclosure policy. When the customer base is more concentrated, large customers face lower costs of accessing the supplier firm's private information, reducing customers' overall demand for the supplier's public information, suggesting a negative association between customer concentration and the amount of public disclosure. Alternatively, large customers have greater bargaining power and may demand that the supplier firm provide more public disclosures. Consistent with customer concentration facilitating private information flow from the supplier to customers, we find that the frequencies of management earnings and sales forecasts are negatively associated with customer concentration among firms with major corporate customers. These associations are stronger when the supplier and customers are engaged in more relationship‐specific investments, when customers' private information acquisition costs are lower, and when it is less costly for customers to find another supplier.

At present, the Chinese capital market is generally in the emerging and transitional stage, and the problem of information asymmetry between accounting information providers and general users is still widespread, leading to the inefficiency and systemic risks of capital market resource allocation. Private communication and public disclosure, as the main methods for market participants to obtain company information, have received widespread attention for their role in reducing information asymmetry in the capital market. The academic community has also conducted rich and detailed discussions on this. They find that private communication is a powerful supplement to public disclosure and the two are playing active roles together in strengthening the normal information transmission mechanism of the market, reducing the company’s systemic financial risks, and helping market participants make correct investment judgments and decisions. However, there is still a lack of research on the impact of private communication on public disclosure. The discussion of this issue can not only enrich the related research on private communication and information disclosure, but also analyze the motivation of the information disclosure behavior of listed companies, and provide new ideas for alleviating the information asymmetry of the capital market.This paper uses 2007-2019 listed companies in China as a research sample to examine the impact of field investigation, a private communication method, on company information disclosure. The research finds that:（1）Field investigations will lead to selective information disclosure by companies, that is, upward performance adjustments and reduction of risk information disclosure in annual report.（2）The mechanism research finds that field investigation can increase the market pressure faced by listed companies by increasing analyst attention and media attention, thus leading to the selective information disclosure.（3）Executives play important roles in the selective disclosure. When they have higher salary, they are more motivated to conduct trench defense and their selective information disclosure behaviors are also more obvious.（4）Further research shows that field investigations will affect the company’s accounting conservatism and the comparability of accounting information, leading to an increase in the level of information asymmetry between the company and the market.On the basis of existing research, the possible contributions of this paper are mainly reflected in the following aspects. First of all, it enriches the economic consequences of field investigation literature. Existing research has verified the governance effect of field research mainly from the perspectives of market reaction and analyst forecasts, while this paper innovatively discusses the topic from the perspective of company selective disclosure. The results show that field research will lead to selective information disclosure by companies, that is, upward performance adjustments and reduction of risk information disclosure in annual report, thus confirming the pressure effect of field research. Secondly, from the perspectives of accounting information comparability and accounting information conservatism, it shows that this “blind-eye” type of information whitewashing behavior will not only disturb the audiovisual, but also distort the normal information transmission mechanism of the market and aggravate the company’s information asymmetry. Finally, it confirms that executives may make discretionary choices regarding the public disclosure of information driven by market pressure. This helps to deepen the understanding of investors on company information disclosure, and provides a new perspective for government functional departments to strengthen the supervision of selective disclosure of accounting digital information and text information.

The Effectiveness of Fracking Disclosure Regimes in Canada

PurposeThis study seeks to measure the level of responsible investment (RI) disclosure of the world's largest pension funds.Design/methodology/approachThe public disclosure of environmental, social and governance factors by the world's largest pension funds reflect their genuine commitment to this new investment paradigm. The UNPRI criterion is employed to measure the level of public disclosure. One hour was allocated to every asset owner's web site to search and collect public information.FindingsOverall, the level of public disclosure of RI activities is not prolific. The study is negatively influenced by North American pension funds who dominate this sample. Public disclosure practices are positive for European funds. The size of funds under management positively influences the public disclosure and reflects their leadership role in the industry.Research limitations/implicationsLimitations include: the largest pension funds are dominated by North American funds and reflect the impact of fund size. The results are from the largest pension funds and may not be representative of the entire industry; the positive findings from European funds reflect a material subset of the global asset owners; and, we do not engage directly with the funds in question. Measurements are sourced from public disclosure.Originality/valueThe lack of public disclosure of RI by North American funds suggests that these institutions do not believe that it is important to investors. It suggests that these asset owners have not yet been exposed to the same influences as European funds. Given that North American funds together own substantial interests in listed corporations, they are much more important to influence than corporations.

ONS and Intellectual Property

Public companies in the capacity of capital market participants have the obligation to inform the public on their legal and financial status, their general business operations, as well as on the issuance of securities and other financial instruments. Such obligations may be divided into two groups: The first group consists of regular periodical public disclosures, such as the publication of financial reports (annual, semi-annual and quarterly), and the management's reports on the public company's business operations. The second group comprises the obligation of occasional (ad hoc) public disclosure. The thesis analyses the obligation of public companies to inform the public in course of their regular reporting. The new Capital Market Law based on two EU Directives (the Transparency Directive and the Directive on Public Disclosure of Inside Information and the Definition of Market Manipulation) regulates such obligation of public companies in substantially more detail than the prior Law on the Market of Securities and Other Financial Instruments (hereinafter: ZTHV). Due to the above the ZTHV's provisions are compared to the new solutions within the domain of regular periodical disclosure of the Capital Market Law.

Research documents that managers, on average, withhold bad news and emphasize good news in their public disclosures. We ask whether the same is true in their private communications with credit rating agencies. We study how rating agencies anticipate and react to public information events as a function of their access to rated firms’ private information. We show that, in terms of ratings downgrades, rating agencies exhibit relatively more anticipation and less reaction to negative (compared to positive) public information events when they have more access to private information. Our results are strongest when firms are most optimistic in their public disclosures and are not due to rating agencies focusing their efforts on downside risk. Overall, we find consistent evidence that rated firms provide less optimistic information to rating agencies in their private communications and that this information is reflected in credit ratings.

Public Disclosure and Bank Failures

This paper describes a new incentive-based pollution control program in China in which the environmental performance of firms is rated and reported to the public. Firms are rated from best to worst using five colors - green, blue, yellow, red, and black - and the ratings are disseminated to the public through the media. The impact has been substantial, suggesting that public disclosure provides a significant incentive for firms to improve their environmental performance. The paper focuses on the experience of the first two disclosure programs, in Zhenjiang, Jiangsu Province and Hohhot, Inner Mongolia. Successful implementation of these programs at two very different levels of economic and institutional development suggests that public disclosure should be feasible in most of China. The Zhenjiang and Hohhot experiences have also shown that performance disclosure can significantly reduce pollution, even in settings where environmental nongovernmental organizations are not very active and there is no formal channel for public participation in environmental regulation. This paper - a product of Infrastructure and Environment, Development Research Group - is part of a larger effort in the group to develop more cost-effective approaches to the regulation of externalities.

The field of emergency research has come a long way. Once stymied by the difficulties in obtaining informed consent from patients with catastrophic injury or illness, the Food and Drug Administration (FDA) and the Department of Health and Human Services published regulations 21 CFR 50.24 in 1996 to guide the ethical and legal conduct of emergency research using exception from informed consent.1 For studies to qualify, subjects must have a life-threatening condition, available treatments are unproven or unsatisfactory, valid scientific evidence is needed to determine the safety and efficacy of the intervention, and obtaining informed consent is not feasible.2 Because these critically ill patients are quintessentially vulnerable subjects, 21 CFR 50.24 incurred extra responsibilities for parties involved in such research including consultation with communities from which subjects would be drawn and public disclosure of information before study commencement and after study completion (Table).1 These guidelines are used in studies evaluating FDA-approved therapies and devices and other interventions not under the direct purview of FDA, as well. Local institutional review boards (IRBs) have the responsibility to review a study’s plans for community consultation and public disclosure (CC/PD) and to ensure their adequacy. The FDA recommends that IRB members attend community consultation activities to hear community views and inform their decision as to a study’s disposition.2 View this table: Table. Key Elements of the Community Consultation and Public Disclosure Process Article see p 267 Traditional approaches to CC/PD have not been particularly successful in eliciting community attitudes toward research or informing communities of planned research. Commonly used methods include community meetings (town halls), random-digit telephone dialing, traditional media (print, television, radio), and Web sites. Among emergency department patients, awareness of an ongoing study involving the exception from informed consent that had used 5 community meetings, local newspaper, television, and radio spots, …