数字化迎合与股东行为

… change in their inertial assessment behavior. In this vein, the … that the time is coming when investors will begin to look past … behavioral shift in analysts’ reactions on firms’ digitalization …

Purpose This study aims to examine investors' reactions to bad financial news (IRBFN) based on complex financial accounting disclosures (CFAD) as well as how investors' herding behavior influences investor reactions in United Arab Emirates (UAE) project-based organizations (PBOs). Design/methodology/approach The primary data collection was furnished via online questionnaires, and 310 completed questionnaires were analyzed using structural equation modelling (SEM), moderation analysis, multiple regression simulations and path analysis. Findings The study shows that four out of the five CFAD dimensions observed – investors’ relations (IR), board and management structure, transparency disclosure and other disclosure channels – have a direct influence on investor's reactions to bad financial news, with the exception of “external auditing and audit service”. In addition, investor herding has a moderation impact on the relationship between CFAD and IRBFN. Research limitations/implications There is a possibility that the broad view of the results may be limited by the size of the research sample. The paper's findings should therefore be authenticated at an intercontinental level with the same conceptual framework in other nations. Practical implications The purpose of modeling stakeholders' decision-making process is to improve their decisions and to control their reactions that may negatively affect PBOs in the UAE. Originality/value This research contributes to planned behavior theory and agency theory in the UAE context, both of which are empirically tested.

… This study compares conjectures from classic finance theories assuming rational investor behaviour focused on market fundamentals, against actual behaviour which is affected by …

This study presents a systematic literature review of 65 peer-reviewed publications from 2015 to 2025 examining investor financial behavior within the framework of behavioral finance. The review identifies key determinants such as cognitive and emotional biases (overconfidence, loss aversion, herding), socio-demographic factors (age, gender, education, and income), and the growing impact of digitalization and FinTech on investment decisions. Findings reveal that investors often deviate from rational models, with decision-making heavily influenced by psychology, information overload, and social pressure. In addition, the integration of Islamic ethical values provides a stabilizing moral framework that promotes responsible and sustainable investment. The study concludes that investor behavior is multidimensional shaped by the interaction between human cognition, culture, and moral principles. The review recommends enhancing financial literacy, developing ethical digital investment platforms, and incorporating behavioral insights into financial education and policy design to foster rational and value-driven financial ecosystems.

This study investigates the impact of digital information overload and market sentiment on investment decision-making in the digital era, with investor confidence examined as a mediating variable. Using a quantitative research design and data collected from active retail investors through an online survey, the analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS. The results reveal that digital information overload negatively influences both investor confidence and investment decisions, while market sentiment exerts a positive effect on both. Furthermore, investor confidence significantly mediates the relationship between the independent variables and investment decision-making, highlighting its central psychological role in the digital investment environment. These findings enrich the behavioral finance literature by incorporating digital-era constructs and provide actionable insights for financial platforms, educators, and regulators to foster more confident and rational investment behavior in volatile markets.

The study aimed to understand how social media, digitalization, and financial literacy influence Sharia stock investment decisions among Generation Z. As Gen Z becomes more predominant, it presents both opportunities and challenges for transforming the digital landscape, particularly in terms of financial literacy and the distribution of products and services in the Sharia stock market. Data was collected through questionnaires distributed to 100 selected respondents using purposive sampling. A quantitative method was employed, utilizing the Structural Equation Model (SEM) with the Smart PLS application for analysis. The findings revealed that social media and digitalization significantly and positively influenced Sharia stock investment decisions among Generation Z. However, the financial literacy did not show a significant impact. Public interest statements The positive impact of social media and digitalization on investment decisions indicates that financial institutions and Sharia-compliant stock market participants should leverage these platforms to connect with Generation Z. Note:  Early Version articles are published as standalone pieces and will later be compiled into issues prior to print publication. These Early Version articles will not appear in journal keyword searches, will not be included in article searches, and will not receive a DOI (Digital Object Identifier) until they are officially published in an issue.

… mitigates corporate inefficient investment behaviors by establishing big data … digitization degree all exhibiting significant positive effects on investment efficiency. Furthermore, investor …

PurposeUsing social network theory (SNT), this study empirically examines the impact of digital supply chain announcements disclosing corporate social responsibility (CSR) information on stock market value.Design/methodology/approachBased on 172 digital supply chain announcements disclosing CSR information from Chinese A-share listed companies, this study uses event study method to test the hypotheses.FindingsFirst, digital supply chain announcements disclosing CSR information generate positive and significant market reactions, which is timely. Second, strategic CSR and value-based CSR disclosed in digital supply chain announcements have a more positive impact on stock market, however there is no significant difference when the CSR orientation is either towards internal or external stakeholders. Third, in terms of digital supply chain network characteristics, announcements reflecting higher relationship embeddedness and higher digital breadth and depth lead to more positive increases of stock value.Originality/valueFirst, the authors consider the value of CSR information in digital supply chain announcements, using an event study approach to fill the gap in the related area. This study is the first examination of the joint impact of digital supply chain and CSR on market reactions. Second, compared to the previous studies on the single dimension of digital supply chain technology application, the authors innovatively consider supply chain network relationship and network structure based on social network theory and integrate several factors that may affect the market reaction. This study improves the understanding of the mechanism between digital supply chain announcements disclosing CSR information and stock market, and informs future research.

PurposeConsidering rapid digitalization development, this study examines the impacts of digital technology innovation on social responsibility in platform enterprises.Design/methodology/approachThe study applies the event study method and cross-sectional regression analysis, taking 168 digital technology innovations for social responsibility issued by 88 listed platform enterprises from 2011 to 2022 to study the impact of digital technology innovations for social responsibility announcements of different announcement content and platform attributes on the stock market value of platform enterprises.FindingsThe results show that, first, the positive stock market reaction is produced on the same day as the digital technology innovation announcement. Second, the announcement of the platform’s public social responsibility and the announcement of co-innovation and radical innovation bring more positive stock market reactions. In addition, the announcements mentioned above issued by trading platforms bring more positive stock market reactions. Finally, the social responsibility attribution characteristics of the announcement did not have a significant differentiated impact on the stock market reaction.Originality/valueMost scholars have studied digital technology innovation for social responsibility through modeling rather than second-hand data to empirically examine. This study uses second-hand data with the instrumental stakeholder theory to provide a new research perspective on platform social responsibility. In addition, in order to explore the different impacts of digital technology innovation on social responsibility, this study has classified digital technology innovation for social responsibility according to its social responsibility and digital technology innovation characteristics.

Corporate digital transformation (CDT) is an inevitable choice for stimulating business vitality and cultivating market competitiveness. This paper focuses on the impact of controlling …

… disclosure of digital transformation in performance presentations. These include the level of digital disclosure … examine the market response to the disclosure of digital transformation in …

… digital age and social media, we re-examine retail investors’ attention and participation during the shareholder … ) on firms that receive a shareholder proposal increase during the 3-week …

Data breach disclosure laws are state-level disclosure mandates intended to protect individuals from the consequences of identity theft. However, we argue that the laws help reduce shareholder risk by encouraging managers to take real actions to reduce firms’ exposure to cyber risk. Consistent with this argument, we find an on-average decrease in shareholder risk, proxied by cost of equity, after the staggered passage of these laws. We also find the effect is attenuated for firms that already took real actions to manage cyber risk before the laws. Further, after these laws, firms are more likely to increase cybersecurity investments and have a cybersecurity officer. Finally, we observe positive abnormal returns on key dates related to the passage of these laws. Our collective evidence suggests that consumer protection disclosure mandates can benefit shareholders and, specifically, that regulators can use disclosure mandates to incentivize managers to reduce firms’ exposure to cyber risk.

Abstract The rise of online voicing and campaigns empowered by digital technologies and online social media is rejuvenating retail investor activism that has been mostly ignored in the traditional offline setting. This article argues that online activism that is initiated by retail investors will affect managerial attention intensity and attention priority on environmental issues, thus promoting green innovation. Using a Chinese-listed companies database with 13,795 firm-year observations over the period from 2011 to 2018, our results confirm that online environmental activism induces corporate green innovation. Online activism is more effective when the retail investor base holds larger shares in total and presents questions with a more intensely negative tone. Additionally, the above-mentioned moderating effects are stronger in digital firms. Our study offers insights into the online patterns of shareholder activism in the digital era and highlights the role of minority voicing in promoting corporate sustainable transformation.

As digitalization increases firms’ exposure to cyber risks, corporate disclosures about how these risks are managed are becoming more common and influential. This study examines 1,912 breach incidents affecting public companies to understand how shareholder reactions differ depending on the type of cyber risk strategies disclosed. We find that, although breaches generally lead to stock price declines, firms that previously disclosed preventive strategies, such as efforts to avoid breaches, experience significantly smaller losses in market value. Conversely, disclosing mitigative strategies, focused on damage control after a breach, amplifies the negative impact. These effects arise from shareholders’ loss aversion: They respond more favorably to firms perceived as trying to prevent harm rather than simply reacting to it. These findings suggest that managers should focus cyber risk disclosures on credible, prevention-oriented strategies to build investor confidence and minimize financial fallout after a breach. Additionally, our findings advise against using cyber risk disclosures as tools for impression management. Managers should ensure these disclosures accurately reflect the firm’s cyber risk management practices, as failing to do so can undermine the economic benefits of emphasizing preventive strategies.

We examine determinants and consequences of virtual shareholder meetings (VSMs) using a sample of voluntary (precoronavirus disease 2019) and forced (i.e., because of coronavirus disease 2019) VSM adopters. Voluntary adopters are tech firms and firms traditionally more engaged with shareholders, consistent with the stated objective to increase shareholder participation. In contrast, we do not find that firms choose the virtual format to avoid shareholders’ scrutiny. Textual analysis of transcripts suggests that in VSMs, business presentations by management are less frequent, shorter, and more generic but only among voluntary adopters, suggesting that these properties reflect a firm’s choice rather than are a by-product of the virtual format per se. VSMs are more likely to exhibit no questions during the question and answer period, but conditioned upon having one question, they exhibit the same number of questions; such questions are more negative in tone, inconsistent with managers using the virtual format to filter out hostile questions. Finally, there is some evidence of greater abnormal absolute returns around VSMs, supporting the notion that greater attendance translates into greater information content. Overall, VSMs exhibit less activity on average, consistent with critics’ concerns, but such reduced activity does not appear to cause a loss in information content nor does it appear to reflect an attempt to avoid scrutiny. This paper was accepted by Suraj Srinivasan, accounting. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.4946 .

Purpose This study aims to investigate the effects of firm- and governance-specific characteristics on digital trust (DT) and firm value. Firm-specific factors include return on assets (ROA), market-to-book ratio (M/B ratio), size and leverage, whilst governance-related factors comprise board size, percentage of female board members, board independence and institutional ownership. All listed US firms over the period of 2011–2016 were analysed in this study. Design/methodology/approach This study provides a novel method to empirically measure DT by combining multiple variables to create a combined DT score. The variables include security and privacy scores, security rankings and data breaches, amongst others. Subsequently, a linear regression was performed to evaluate the effect of firm- and governance-specific characteristics on DT, as well as the effect of DT on firm value. Findings By using signalling theory, this study finds significant evidence that a firm’s profitability (ROA) decreases whilst its size increases DT. This could be due to the fact that firms with lower DT monetise data more actively, decrease DT and increase short-term profitability. Significant evidence also shows that increasing DT leads to an increase in firm value. Originality/value Although numerous studies have been conducted on developing customers’ trust by incorporating corporate social responsibility to improve firm value, the literature remains still on its digital analogue. Therefore, this study extends the knowledge of corporate digital responsibility (CDR) by providing a novel method for calculating DT across industries as an antecedent of CDR. Specifically, it sheds light on how firms can enhance DT by utilising firm- and governance-level factors. This enhanced DT can subsequently increase firm value. The study provides important managerial implications by providing empirical evidence that cybersecurity investments increase firm value. This value increase is related to the rise in shareholder value amongst investors and the increase in the organisation’s consumer perceptions as the latter’s interests are better managed.

Purpose This paper aims to examine the potential liability of companies and their board members arising from the use of digital technology and social media as communication and engagement tools with investors and shareholders. Design/methodology/approach The research relies on a qualitative study using legal analysis of corporate and capital market laws as well as the outcome of legal proceedings and regulatory actions to ascertain conduct that could expose companies and boards to liability risks. Findings Social media characteristics expose unwary directors and companies to potential liability for oppressive conduct, selective disclosure or misleading statements. Research limitations/implications This paper informs boards and companies of the types of conduct that could expose companies and boards to liability when social media is relied on to communicate with shareholders and investors. Originality/value The paper contributes to the literature on social media, capital market and corporate communication by presenting the legal perspective concerning reliance on social media as shareholders’ engagement and corporate communication tool.

… insights into how market participants respond to the accounting of data assets and digital resources… of the interplay between regulation and market behavior in the context of data assets. …

The development of computer technology, such as data mining, has made data a productive resource. However, there are currently no relevant codes or guidelines in countries around the world that stipulate or recommend whether information on corporate data assets needs to be disclosed. This article organized a questionnaire experiment through an Internet questionnaire platform. This article finds that the disclosure of corporate data assets can significantly improve the evaluation judgment of nonprofessional investors on corporate nonfinancial performance and investment value, which is mediated by the product development ability and user stickiness of the company, by controlling the experimental variable of whether corporate data assets are disclosed or not. Therefore, this article suggests that enterprises should further improve the level of information disclosure and increase the disclosure of information related to data assets to show their investment value. It is also necessary for regulators to consider increasing the mandatory disclosure of data assets when adjusting policies and regulations in the future to reduce the level of information asymmetry in the capital market and protect the interests of nonprofessional investors.

This paper investigates investor reactions to corporate disclosures of crypto assets. We find that investor reactions are negative and insignificant in the 3‐day event window, while the reactions become positive afterward in the 5‐day event window. This suggests V‐shaped reverse reactions to the disclosures. We further investigate investor reactions to the different types and information quality of disclosures. The V‐shaped reverse‐reactions are statistically significant in 8‐K, 10‐Q, and 10‐K filings. In addition, investors are likely to react to Form 8‐K disclosures and disclosures with greater information quality. Our results have important implications for regulators and managerial practices regarding the disclosure of corporate investment decisions.

ABSTRACT Although data asset disclosure signals firms’ competitive resource advantages, whether and how data asset disclosure influences investors’ perceptions remains unclear. Using a unique dataset comprising A-share listed firms in China from 2008 to 2023, this study finds that data asset disclosure mitigates stock mispricing. Such the effect is stronger for self-use data asset disclosure than transactional ones, and for firms with higher internal control quality, media attention, and institutional ownership. Further analysis reveals that Only routine and truthful disclosure is effective, while exaggerated disclosure backfires. These findings yield important theoretical and managerial implications for firms formulating data asset disclosure strategies.

In the digital economy, data assets have become key drivers of firm competitiveness and market stability. This study examines the association between data asset information disclosure and stock price crash risk. Using annual reports of Chinese A-share listed firms from 2010 to 2023, we construct a Data Asset Information Disclosure Index through textual analysis. A double machine learning framework is employed to flexibly control for high-dimensional confounders, and the results indicate that greater disclosure is associated with lower crash risk across multiple specifications. Generalized random forest analysis further highlights heterogeneous relationships, with disclosures on both internally used and transactional data assets showing stronger negative associations with crash risk. Mechanism evidence suggests that disclosure may facilitate information dissemination, strengthen investor confidence, and improve analyst forecast accuracy. The association is more pronounced in firms with weaker corporate governance, higher reporting transparency, more competitive industries, and in regions with less developed digital economies. An industry spillover pattern is also observed, whereby one firm’s disclosure is linked to reduced crash risk among peers. Overall, this study contributes to the literature on data asset disclosure and corporate risk management by providing empirical evidence from a major emerging market and by highlighting the potential relevance of enhanced transparency for digital governance and capital market resilience.

… This study examines whether and how data asset disclosure … that greater disclosure of data assets significantly enhances … and offer important implications for regulators, investors, and …

… ③ Their studies all indicate that corporate data asset information disclosure levels have … market response of data asset disclosure: when all listed companies disclose data asset …

The innovation in technology and economic growth, which are brought about by digital transformation in enterprises, will inevitably impact their performance in the capital market. Using a sample of Chinese A-share listed companies from 2012 to 2021, this study extensively examines the impact, mechanism, and economic consequences of enterprises digital transformation on stock liquidity. The research reveals that enterprises digital transformation can significantly improve stock liquidity. From the perspective of corporate governance, a further analysis indicates that the digital transformation of enterprises can improve stock liquidity by three mechanisms: easing financing constraints, improving the quality of internal control, and enhancing information disclosure. The results of the heterogeneity analysis indicate that the digital transformation of enterprises, combined with a high level of financial technology, developed financial markets, and policy guidance, has a significantly more significant effect on improving stock liquidity. The analysis of economic consequences reveals that the digital transformation of enterprises can lower the risk of a stock price crash and enhance the accuracy of analysts’ forecasts, primarily by improving stock liquidity. This study offers empirical evidence from a micro-mechanism perspective that elucidates the spillover effect of enterprise digital transformation on the capital market. It provides insight into the impact of enterprise digital transformation on stock liquidity and offers theoretical guidance to promote the adoption of enterprise digital transformation across different countries and enhance stock liquidity in the capital market.

… mechanisms strengthen the relationship between digital transformation … digital transformation and risk management, which gives some insight into corporate governance in the digital …

ABSTRACT With the rapid development of digital economy and technology in China, we research on whether corporate digital transformation in traditional industries can improve accounting quality as well as corporate governance. Our findings suggest that, firms proceeding more digital transformation have lower degree of earnings management and higher degree of accounting qualities. Digital transformation can improve accounting quality by reducing three types of agency costs. Specifically, digital transformation can improve corporate internal control, as well as attract more analyst tracking, to improve accounting qualities. Additional analysis suggests that, the governance effects of corporate digital transformation are more prevails in non-state firms, or weak information quality firms, as well as in long-term oriented firms. Corporate digital transformation can decrease real earnings management and stock price synchrony, increase accounting quality, reveals a positive governance effect.

Corporate digital transformation, primarily driven by data and leveraging digital technologies and mathematical algorithms such as Internet+, big data, cloud computing, artificial intelligence, and blockchain, is a crucial enabler of sustainable development. This transformation integrates various aspects of corporate production and operations, enhancing the level of digital operations and ultimately contributing to high-quality and sustainable development. This paper, based on data from listed companies in China’s A-shares from 2007 to 2021, theoretically articulates the intrinsic mechanism between corporate digital transformation and corporate governance level, with a focus on sustainability. It empirically finds that a higher degree of digital transformation correlates with an improved level of corporate governance, fostering sustainable practices. Further investigation reveals that digital transformation elevates corporate governance by enhancing innovation capabilities, reducing information asymmetry, and promoting sustainable strategies. This paper provides policy insights for promoting corporate digital transformation as a means to achieve sustainability goals and optimizing management’s corporate governance level for long-term sustainable success.

Purpose The purpose of this paper is to study the impact of enterprises’ digital transformation on the risk of stock price crashes, but also to study the mediating role of enterprises’ financialization and accounting conservatism in the enterprises’ digital transformation on stock price crash risk. Design/methodology/approach Based on the data of 2,599 listed companies in China from 2010 to 2019, this paper constructs indicators of enterprise digital transformation through word frequency analysis method, and uses fixed-effects model and mediated-effects model to explore the impact and mechanism of enterprise digital transformation on the stock price crash risk. Findings This study shows that firms’ digital transformation reduces the risk of stock price crashes and that financialization of firms and accounting conservatism play a significant mediating effect between enterprises’ digital transformation and the risk of stock price crashes. Originality/value This study enriches the study of stock price crash risk by including digital transformation in the field of stock price crash research, and it examines the mediating roles of financialization of enterprises and accounting conservatism, which provides a new explanatory mechanism to the study of the correlation between digital transformation of enterprises and the risk of stock price crash.

As a crucial external capital force of enterprises, common institutional ownership plays an essential role in enterprise innovation and development. However, few studies have focused on the impact and underlying impact mechanisms of common institutional ownership on the digital transformation of enterprises. Hence, this study uses Python to analyse the annual reports of listed companies from 2007 to 2021 and constructs measures of enterprise digital transformation. Then, based on panel fixed effects Poisson regression, this study examines the influence of common institutional ownership on enterprise digital transformation by using theoretical logic and empirical evidence. The results reveal that common institutional ownership significantly inhibits enterprise digital transformation; this result remains valid after a series of endogeneity and robustness tests, thereby indicating that common institutional ownership exerts a collusion fraud effect. The mechanism analysis shows that common institutional ownership hampers enterprise digital transformation mainly by increasing monopoly power within the market, aggravating information asymmetry between enterprise insiders and outsiders, and intensifying executive self-dealing. Further analysis reveals that the inhibitory effect of common institutional ownership on digital transformation is more significantly negative in the case of non-state-owned enterprises versus state-owned enterprises. This study expands the research on the factors influencing enterprise digital transformation. The results provide a helpful reference for further improving institutional investors’ ownership structures and promoting high-quality enterprise development.

… (2024a, 2024b) advocate for a strategic approach to digital governance and technological … irregularities and irrational investor behavior as factors that might trigger stock market …

Purpose The main purpose of this study is to determine the antecedent factors of digital financial disclosure language adoption and its impact on decreasing financial information asymmetry and increasing its quality. Design/methodology/approach The data was obtained from 116 financial managers, who are working and responsible for preparing and filing financial statements reports in listed Jordanian firms in the Amman Stock Exchange. The partial least squares structural equation modeling approach is used for data analysis. Findings The empirical results revealed that the adoption of digital financial reporting is positively influenced by perceived usefulness and perceived ease of use. Besides, the outcomes also confirm that the adoption of digital financial reporting positively influences accounting information quality, and hence hypotheses H1, H2 and H3 were accepted. Originality/value This study varies from previous studies because it is considered among the first empirical studies that determine the antecedent factors of digital financial reporting adoption and its impact on improving accounting information quality and sustainability in an empirical setting from a developing country perspective such as Jordan.

This research investigates how digital financial reporting timeliness (e-reporting) influences market reactions in the Indonesia Stock Exchange through reduced information asymmetry mechanisms. Drawing upon signaling theory, market efficiency theory, and information asymmetry theory, this study examines how timely electronic disclosure practices create value through improved market responsiveness and reduced uncertainty among investors. Using Structural Equation Modeling with Partial Least Squares (PLS-SEM) analysis on 145 publicly listed companies in Indonesia (725 firm-year observations, 2019-2023), the research demonstrates that e-reporting timeliness significantly reduces information asymmetry (β = -0.683, p < 0.001) and positively influences market reactions (β = 0.534, p < 0.001). Information asymmetry substantially mediates the relationship between e-reporting timeliness and market reactions (indirect effect = 0.421, p < 0.001, VAF = 44.1%). The model explains 62.8% of information asymmetry variance and 58.3% of market reaction variance. This study provides comprehensive empirical evidence of how digital reporting infrastructure transforms capital market efficiency and investor decision-making processes in emerging market contexts

Purpose This paper aims to examine the effect of Web-based financial reporting and social media platforms on the proxies of information asymmetry in the Saudi Stock Exchange. Design/methodology/approach The sample of this paper consists of 133 Saudi listed non-financial companies for the year 2019. Web-based disclosure level was measured using 25 items, and the social media platforms examined in this study are Facebook, Twitter and LinkedIn. The information asymmetry proxies are measured using the relative spread and the time-weighted average bid-ask spread. Findings The empirical results have shown that there is a negative and significant relation between Web-based financial reporting and the adoption of social media platforms and the proxies of information asymmetry. Indeed, the relative spread and the time-weighted average bid-ask spread decreased with increased Web-based reporting levels. Among three platforms (Facebook, Twitter and LinkedIn), the results show that only the use of Twitter as a channel for information disclosure has a negative and significant effect on information asymmetry proxies. Consequently, in the Saudi context, the authors demonstrate that the assumptions of the agency, stewardship and signaling theories are supported. Also, results reveal that the effect of information disclosure through websites and social media on reducing information asymmetry is stronger for large companies than small companies. Practical implications The paper provides new insights into the role played by websites and social media platforms in the reduction of the information asymmetry in the stock market. Consequently, investors and regulatory authorities in the Saudi financial market must give great importance to online information disclosure and its implications for lowering information asymmetry. This empirical study informs regulators in Saudi Arabia to conduct the better practice of Web-based and social media financial reporting and to regulate the current practice of information disclosure. Besides, the obtained results have the potential to convince firms’ managers to improve online information disclosure to benefit from the reduction in information asymmetry. Originality/value Unlike previous studies, this study investigates, simultaneously, the effect of Web-based and social media information disclosure on the proxies of information asymmetry in a developing economy. In addition, the hypotheses of this study are developed based on a set of theories (the agency, signaling and stewardship theories), to verify the applicability of these three theories in the Saudi context.

… information is disclosed, released, and disseminated by mitigating information asymmetry between corporate insiders and outsiders and facilitates the processing of such information. …

… between the information currently supplied by the companies of Eastern Europe that have recently joined the EU or are now in the process of joining and the information required …

One pivotal driver of corporate financial fraud is the information asymmetry between cooperative executives and external stakeholders. We propose that city‐level digitalization can mitigate such information asymmetry and deter financial fraud of local firms. Using panel data from listed firms and archival data in China, we find that city digitalization is negatively associated with the incidence of corporate financial fraud. However, this association is weaker in regions with high bureaucratic corruption but is stronger for firms with low corporate social responsibility scores. Further mediating analyses show that city digitalization reduces information asymmetry between local firms and the market and in turn decreases financial fraud incidence. Overall, our research sheds novel light on the governance role of city digitalization and highlights the significance of complementarity between various governance components.

Purpose This paper aims to provide a systematic literature review (SLR) of the relationship between smart and digital technologies and organisations’ reporting processes, proposing a future research agenda. The paper examines the effects of data and digital technology on the corporate reporting process by analysing the various kinds of reports by organisations. Design/methodology/approach A two-decade assessment of studies was analysed to answer research questions. A SLR explored the role of digital and smart technologies for corporate reporting processes. The Scopus database was used as a leading source for access to the articles. Initially, 163 items were collected. After reading the abstract and several refinements, 43 prioritised publications were analysed and categorised to derive significant results. Findings Results of the analysis highlight the following emerging research streams about the digital transformation of corporate reporting: digital technology for corporate information management and decision-making processes; digital technologies as a tool of stakeholder engagement and sustainable reporting practices; and finally, digital technologies as a way to address earning management, corporate social responsibility, accountability and transparency. Research limitations/implications How digital technology and data analytics may potentially transform the corporate reporting process to make it more effective, resulting in greater transparency for shareholders and all stakeholders. Originality/value The originality of this paper derives from connecting, for the first time, smart and digital technologies and corporate reporting processes, drafting the state of the art of this research topic for future research.

This study investigates the impact of economic uncertainty on information asymmetry and ESG (Environmental, Social, and Governance) controversies within companies, while exploring the moderating role of digital integration. By analyzing a panel of 1303 companies across 20 European countries from 2016 to 2023, and employing the two‐stage generalized method of moments (GMM) and two‐stage least squares (2SLS) for robustness tests, the research reveals that economic uncertainty, as measured by the Economic Policy Uncertainty (EPU) index, exacerbates information asymmetry and heightens ESG controversies. However, the adoption of digital technologies mitigates these adverse effects by enhancing transparency and reducing the likelihood of opportunistic behavior. Theoretically, this research contributes to the understanding of how digitalization can reinforce corporate governance and sustainability in uncertain times. Practically, the findings suggest that companies should accelerate their digitalization efforts to safeguard against the destabilizing effects of economic uncertainty, while bolstering their governance and social responsibility performance.

… information asymmetry between acquirers and target firms is the primary channel through which digital … Further analysis reveals that the positive impact of digital transformation is more …

… By holding shares of listed companies, institutional investors … can send positive signals to investors in the market, which … , institutional investors’ shareholding can promote the digital …

… competitive digital … institutional investors' influence on corporate digital technology innovation. The findings indicate that stable institutional investors can effectively stimulate corporate …

Serving as a pivotal avenue for fostering seamless integration between the digital economy and the real economy, enterprise digital transformation assumes a pivotal role in shaping a novel development paradigm and advancing the economy towards high-quality growth and as an important part of China's stock market, it is vital to develop the power of institutional investors and guide them to make rational decisions. Considering the characteristics of enterprise digital transformation comprehensively, using the method of financial report mining to measure enterprise digital transformation, and taking A-share listed companies from 2008 to 2021 as sample data, the impact of enterprise digital transformation on the investment behavior of institutional investors is examined by using a multi-temporal DID model. It is found that corporate digital transformation can increase the shareholding ratio of institutional investors.

… Interactive platforms hold unique value for retail investor groups … attitude toward retail investors’ demands, signaling a stronger … rule out the presence of institutional investors; therefore, …

… Institutional investor holdings and firm‑level financial indicators are chiefly extracted from the China Stock Market & Accounting Research (CSMAR) and Wind databases. …

… signal transmission theory implies that investors exhibit a herd effect. Coinstitutional investors have a stronger signal … whether there are institutional investors co-holding the listed …

A crucial issue in financial economics pertains to enhancing the transparency of accounting and financial reporting within companies. This paper focuses on China, aiming to quantify …

… financial firms increases financial information transparency in the digital disclosure environment which leads to more relevant, reliable, and transparent financial statements disclosure. …

… through the official financial statements and their respective attachments, in a manner that achieves transparency and trust between the institution and the users of the information [19]. …

… Furthermore, the increasing complexity of financial transactions in the digital economy has amplified the risk of data manipulation, leading to corporate scandals and declining investor …

Voluntary disclosure is an essential aspect for companies to measure sustainability and corporate responsibility for the environment. This study aims to examine whether there is an influence between firm value and the availability of the company's website on voluntary disclosure. The population in this study are all companies listed on the Indonesia Stock Exchange (IDX) in 2024 with purposive sampling. Observation data amounted to 92 non-financial companies. Data were collected from the company's financial statements and annual reports. Multiple regression tests were used to analyze this research. The results showed that the presence of firm value and company website has a significant effect on voluntary disclosure. This finding indicates that firm values and company websites influence voluntary disclosure. Digital transparency has a significant role in encouraging voluntary disclosure by firms in Indonesia; increased digital transparency not only strengthens stakeholder trust but also positively contributes to increased firm value. In conclusion, digital transparency significantly increases firm value through a positive influence on the level of voluntary disclosure. The findings suggest that companies in Indonesia that effectively implement digital transparency tend to be more open in disclosing information, thereby strengthening investor confidence and improving corporate reputation. The implication is that increased digital transparency may encourage companies in Indonesia to make more extensive and accurate voluntary disclosures. This ultimately contributes to increased firm value through the creation of investor confidence and information efficiency in the market.

This study examines the role of green accounting, Environmental, Social, and Governance (ESG) disclosure, and digital transparency in enhancing firm value within the sustainability economy. The research aims to move beyond traditional financial perspectives by exploring how sustainability-oriented accounting and reporting practices contribute to corporate value creation. Adopting a qualitative research approach grounded in a comprehensive literature review, this research systematically analyzes and synthesizes prior empirical and theoretical studies published in reputable international journals. The method emphasizes qualitative content analysis to identify dominant themes, patterns, and conceptual linkages among green accounting practices, ESG disclosure mechanisms, digital transparency, and firm value. The findings reveal that green accounting enables firms to internalize environmental impacts and strengthen long-term performance legitimacy. At the same time, ESG disclosure functions as a strategic signaling mechanism that reduces information asymmetry and enhances stakeholder trust. Furthermore, digital transparency is found to amplify the value relevance of sustainability disclosures by improving the accessibility, timeliness, and credibility of non-financial information. The study also identifies that the effectiveness of these practices is highly context-dependent, influenced by institutional environments, reporting quality, and digital maturity. Overall, the study concludes that integrating green accounting, ESG disclosure, and digital transparency is essential for firms seeking to enhance sustainable firm value beyond financial numbers. These findings provide important theoretical insights and managerial implications for advancing sustainability-oriented corporate reporting.

Purpose Digitalization is an element capable of improving companies’ financial performance. Despite the relevance of the topic, the financial effects associated with extensive transparency in digitalization choices have rarely been explored in extant literature. This study aims to close this important gap by examining the effect of digitalization-related information on the cost of equity capital. Design/methodology/approach This study uses manual content analysis on a sample of 122 international listed firms to measure the level of transparency in digitalization choices and a regression model to test the effect of this transparency on the cost of equity capital. Findings The results show that broad transparency allows firms to benefit from a lower cost of equity capital. From this perspective, disseminating information about digitalization choices in a signaling theory key represents the signal that companies send to investors. Originality/value This study extends the knowledge about the potential of transparency to facilitate access to finance by examining the effect of another type of information, namely, those relating to digitalization choices, on the cost of equity capital.

In the fierce competition of the capital market, one of the crucial elements for enterprises to achieve sustainable growth lies in ensuring the reliability and stability of funding supply, which constitutes an indispensable foundation.This paper empirically examines the relationship between corporate information transparency and financial flexibility using a sample of listed A-share companies in Shenzhen and Shanghai Stock Exchanges from 2009 to 2023.The study finds that information transparency reduces firms' financial flexibility reserves and its mechanism of action is to alleviate financing constraints.By focusing on information transparency as a corporate governance indicator, this paper offers a fresh perspective on the research of corporate financial flexibility and broadens the scope of studies on information transparency in terms of corporate behaviors and other aspects.

PurposeSocial economy organizations (SEOs) are a hybrid model where relations with stakeholders are managed using transparency mechanisms. The purpose of this paper is to analyze the role that online accessibility (which is understood to be a tool to implement transparency) has in raising financial resources and to assess its impact on economic and social achievements. Moreover, the authors study the interaction between online accessibility and external verification.Design/methodology/approachThis study analyzes the behavior of 1,400 SEOs between 2009 and 2012 using a structural equation model and the MPLUS 7.4 software, which is based on covariance analysis.FindingsThe results show that transparency, which is understood as online accessibility, assists in raising financial resources and enhances SEO economic and social achievements. The authors also note that external verifications favor the economic achievements of SEOs but do not improve their social achievements.Research limitations/implicationsThis research has two limitations: this study refers only to Spanish SEOs and no consensus exists on how to measure economic and social performance. Therefore, the conclusions should be considered with caution in other regulatory and cultural fields. The main implications of this work are the criteria the authors provide to help decision makers decide on the transparency model that SEOs should develop according to their management needs.Originality/valueThis study bridges a gap in the current research by increasing understanding of the role of accessibility as being the most important tool for an organization that strives to embody transparent behavior.

This paper examines the relationship between the information articulated in sustainability and/or integrated reports and the external information propagated through digital tools. We aim to assess whether organizations incorporate all the information involuntarily disclosed through their institutional websites, social media, encyclopedic sources, and other relevant tools in their non‐financial reports. We employed a quantitative methodology, specifically conducting a Pearson correlation analysis. Our sample consisted of Italian public companies selected from the ESG Perception Index ranking. Results indicate a moderate alignment between voluntarily disclosed ESG issues and those disclosed involuntarily. This contribution has implications for both research and practice directed at academics, practitioners, and policymakers. Theoretically, it contributes to the current body of literature on public corporate non‐financial disclosure, specifically by highlighting a comparison between stakeholders' ESG perceptions and the information effectively disclosed by companies. Practically, this analysis provides valuable insights for practitioners preparing sustainability reports and/or integrated reports and policymakers, emphasizing the importance of focusing on social and governance issues.

Companies are increasingly using social media to communicate with consumers, and the content of those media affects consumer decision making. We investigate the adoption of new …

Information security is a fundamental concern for corporations operating in today’s digital economy. The number of firms disclosing items concerning their information security on reports filed with the U.S. Securities and Exchange Commission (SEC) has increased in recent years. A question then arises as to whether or not there is value to the voluntary disclosures concerning information security. Thus, the primary objective of this paper is to assess empirically the market value of voluntary disclosures of items pertaining to information security. Based on a sample of 1,641 disclosing and 19,266 non-disclosing firm-years in a cross-sectional pooled model, our primary findings provide strong evidence that voluntarily disclosing items concerning information security is associated positively with the market value of a firm. These findings are based on the use of a market-value relevance model, as well as a bid-ask spread analysis. The study’s findings are robust to alternative statistical analyses. The findings also provide support for the signaling argument, which states that managers disclose information in a manner consistent with increased firm value. Finally, the study findings provide some insight into the strategic choice that firms make regarding voluntary disclosures about information security.

PurposeThe present study seeks to paint the current state of voluntary disclosure of internet financial reporting (IFR) in Bangladesh as an example of an emerging economy and to investigate empirically some company characteristics as determinants of such practice.Design/methodology/approachUsing a sample of 83 listed companies in Bangladesh in the year 2009 and the disclosure index of Deller et al., Marston, Xiao et al. and Marston and Polei and comments from the users and investors of Bangladesh, the study employs statistical analysis to investigate the association between a number of company characteristics and the extent of voluntary disclosure of IFR.FindingsThe findings revealed that only 29.12 percent (83) companies had web sites out of the 285 listed companies and only 33.34 percent (28) companies' provided financial information. Out of seven variables, only big audit firms and non‐family ownership variables were significantly associated with the levels of voluntary disclosure. Another important result revealed that despite the mandatory requirements of having audit committee in Bangladesh, the companies without the audit committee were disclosing voluntary information more and it raised the question on the lack of regulatory enforcement in Bangladesh.Research limitations/implicationsThe scope of this study is limited to a single country; it would be interesting to replicate this study to a group of emerging countries which have many similarities to the Bangladesh environment.Originality/valueTo the best of the authors' knowledge, no studies have been conducted on IFR in a South Asian emerging country, in particular Bangladesh. The study also is the first of its kind to examine the whole population of a period in any country which enhances contribution to IFR literature. Unlike the prior studies conducted in emerging countries, the study contributes not only to the present state of IFR by the listed companies in Bangladesh but also the connectivity problem between the dream and reality of the digital Bangladesh concept. The study also finds that the companies' IFR practices are not influenced by “Digital Bangladesh” concept.

Using an international sample of 2,113 initial coin offerings (ICOs), we explore the role of disclosure and information intermediaries in the unregulated crypto-tokens market. First, we document substantial cross-sectional variation in the voluntary disclosure practices of ventures seeking to raise capital through ICOs, such as the extent of information released in a prospectus-type document called a white paper; releasing the technical source code; and communicating through social media platforms. Second, we find that, even with limited disclosure verifiability, ventures with higher levels of disclosure have a greater ability to raise capital. Finally, we find that this association is stronger in the presence of mechanisms that lend credibility to ventures’ voluntary disclosures, such as internal governance practices or external scrutiny from information intermediaries. Overall, our results suggest that voluntary disclosure and information intermediaries facilitate the functioning of ICOs as an alternative capital market.

… firm market value, thus … of voluntary disclosure through social media platforms influences the relation between current returns and future earnings. We find that more voluntary disclosure …

PurposeThis research aims to contribute to the current discussion led by international accounting bodies on intellectual capital narratives. Before setting a standard, a preliminary step is to highlight intellectual capital components' sources of value. The objective of this exploratory paper is to contribute to the discussion by proposing a detailed description and taxonomy of intellectual capital based on an analysis of discretionary accounting narrative disclosures in CEO letters.Design/methodology/approachTo answer the research question, a computerised lexical content analysis was done of 241 letters from the CEOs of S&P Euro 350 companies addressed to shareholders.FindingsBeyond the required disclosures about balance sheet intangibles, this study brings to light discretionary narratives about human, digital, customer and environmental capital and their interactions. In particular, CEOs are promoting two new themes, environmental capital and digital capital, as major contributors to value creation.Research limitations/implicationsThe limitations of this study are inherent in the media studied, namely the CEOs' letters to shareholders, which were written as part of the firms' official communication.Practical implicationsThe main contribution of the research is a detailed description of the intellectual capital components that CEOs consider to be at the heart of their companies' models to create value. Human and customer capital were already familiar under the previous classification, but CEOs present digital and environmental capital as areas of opportunity or risk in their discretionary narratives.Originality/valueThe article contributes to the current international discussions on intellectual capital by focusing on discretionary accounting narratives. It seeks to provide guidelines concerning future standards in the current stage of intellectual capital research.

… should take into account voluntary disclosure. It is also suggested that Tehran Stock Market devises incentives for smaller companies to encourage voluntary disclosure further. …

… digital activities has an 8%–26% higher market-to-book than its peers. (That is, a firm in the top tercile of digital disclosure exhibits a market-… that R&D disclosure is affected by voluntary …