The research of transparency and the market value of companies on market capitalisation. Transparency index and descriptive statistics. Integrated report methodology index. Management strategy and it is implementation and business model and risks.
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This is why companies should not exaggerate the positive effect of it. Revealed information can be used by competitors or by the government. KPMG (1994) reports the possible cost which may arise from disclosing information: information disclosed by the company to gain lower cost of capital can harm company if the market does not appreciate the information. In addition, there is a risk of arising of the litigation costs, information collection and disclosure costs. Scholars propose companies to choose the optimal level of disclosure, analyzing the costs and benefits. Especially it is vital in countries with low security of private property, where even government can violate the law. In our research, we have defined transparency as the availability of information and relating to specific companies for people outside the company(Bushman 2003). The transparency analysis is not only an opportunity for investors to get financial information, but also a chance to get to know the non-financial parts of the companies. As in all other studies of this topic, we are going to use a transparency index to determine the level of corporate transparency, which include financial and non-financial information disclosure by the firm. Claire Marston (2010) analyzes variety of transparency measures and information disclosure data collection methods, transparency index valuably differentiated.
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