Esterhuyse LT transparency

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The document explores the relationship between shareholder familiarity and voluntary disclosure practices among companies listed on the Johannesburg Stock Exchange. It highlights the agency problem and information asymmetry that companies face, noting that investor relations can enhance transparency and reduce costs of equity. A hypothesis is tested through OLS regression, revealing that long-term investors influence the demand for voluntary disclosure, with findings indicating a significant relationship between investor stability and disclosure quality.

Economy & Finance

Shareholder familiarity and companies’ voluntary disclosure
information environment
Leana Esterhuyse
1. Publicly traded companies: Shareholder vs management → agency problem,
information asymmetry
2. Voluntary disclosure to reduce information asymmetry (increase transparency)
between buyers and sellers (Akerlof, 1970) and to signal quality (Spence, 1973)
3. Channel → Investor relations (IR) → observed via company’s website
‘sell’ the company’s value creation process, differentiate it from competitors & optimize share
price (UK IRS, 2013)
– Quality IR leads to reduction in cost of equity, analyst forecast dispersion, bid-
ask spread, increase in institutional investors and improved share trading
(Farragher, Kleiman & Bazaz, 1994; Brennan & Tamarowski, 2000; Chang, D’Anna, Watson & Wee,
2008; Bushee & Miller, 2012; Agarwal, Taffler, Belloti & Nash, 2016; Nel, Smit & Brummer, 2018)
Background

Research Problem
Given the benefits of an IR programme, why is there such a divergence in online IR
practices amongst Johannesburg Stock Exchange-listed companies?
JSE has low liquidity and high block holdings
Investors’ investment horizon influences management’s behaviour. Predominantly
short-term investors are associated with:
– Lack of investment in infrastructure and R&D (Porter, 1992; Bushee, 1998; Souder et al., 2016)
– Increased return volatility (Bushee & Noe, 2000)
– 3% lower control premiums accepted by target co’s in M&As (Gaspar et al, 2005)
– Shortened strategic planning horizon, pressure to meet targets (Bailey et al., 2014)
Long-horizon investors have long-term relationship and therefore are FAMILIARFAMILIAR with:
– Quality of management (ability to deliver long-term sustainable returns)
– Risks and rewards of investee company
→ Lower demand for voluntary information disclosures → catering
Hypothesis: higher (lower) proportions of long-horizon investors are associated with
lower (higher) quality voluntary disclosures/transparency
Literature review and hypothesis

Methodology
Test hypothesis with OLS regression → DSt = α + β1STABt-1 + CONTROLS + ε
Proxies:
– Voluntary disclosure information environment – Online Investor Relations Disclosure Scores (DS)
– Shareholder familiarity – shareholder stability (average of 9 years’ inverse share turnover); lagged
Data sources:
– Primary data – hand collected → DS; 205 JSE companies (main board), various industries
and sizes, content analyses of websites: July – mid-Sept 2012
– Secondary data – Industry and company data – from IRESS database
? Average DS 39.8%; std dev 13.5%
? ↑ stability (familiarity); ↓DS; p < .000; Accept hypothesis
Voluntary information demand (transparency) is bounded by investors’ investment
horizon; developing market; Sub-Saharan country
→ Determine shareholders’ investment horizon BEFORE spending on increasing IR
Results
Contribution

The document discusses the agency problem arising from the asymmetry of information between management and shareholders in publicly traded companies, emphasizing the importance of voluntary disclosure through investor relations (IR) webpages to enhance transparency. It investigates the factors influencing the quality of voluntary information and the disparity in IR practices among companies listed on the Johannesburg Stock Exchange (JSE), particularly focusing on the impact of investment horizons of shareholders. The study employs OLS regression analysis on data collected from 205 JSE companies to explore the relationship between shareholder stability and the quality of online IR disclosure.

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Business sentiment stabilized in May, but exporters’ anxiety and labor shorta...?нститут економ?чних досл?джень та пол?тичних консультац?й

Key points: ? The highest uncertainty in the 3-month perspective was recorded among exporters, 20.7% ? The share of enterprises planning to scale down operations over a 2-year horizon rose to 5%, but 95% do not expect a decline or foresee growth ? Labor shortages remain the main obstacle — 63% of businesses noted this issue ? The second most common obstacles were safety risks and rising prices ? Power outages remain a relatively minor issue — only 7% mentioned it Most key indicators of business sentiment remained stable in May. The Business Activity Recovery Index remained unchanged from April at 0.13. The aggregated indicator of industrial prospects, which reflects short-term expectations, slightly declined to 0.11 from 0.12 in March–April. These are the findings of the 37th monthly survey conducted by the IER among 474 industrial enterprises. Uncertainty in the three-month outlook remained unchanged primarily for key production indicators. “However, we recorded the highest level of three-month uncertainty among exporters. Every fifth exporter — 20.7% — currently does not know what their export dynamics will be over the next 3–4 months,” said IER Executive Director Oksana Kuziakiv. Uncertainty decreased over longer horizons — 6-month and 2-year periods. Currently, only 28.7% of respondents find it difficult to predict their activities two years in advance. This is the lowest share since at least October 2022, when 42.3% of businesses reported uncertainty. “In May, the share of those planning to reduce their enterprise’s activity over two years increased to 5%. This is still a small number, though higher than April’s 1.4%. Nearly 80% don’t foresee major changes. In fact, 95% of respondents indicate that they will either remain unchanged or experience slight growth. Considering the instability, security, and economic challenges Ukraine faces, this is a very good result,” said Oksana Kuziakiv. The share of enterprises that increased production in May fell from 26.2% to 19.5%, while the share of those that reduced output grew from 10% to 13.5%. The share of businesses planning to increase production in the next 3–4 months slightly declined, from 40.8% to 39.9%. The total share of enterprises operating at full or near-full production capacity slightly increased in May, from 62% to 63%. “In January this year, the share of those operating at over 75% of capacity rose significantly. Since then, it has remained relatively unchanged. For example, in May, 53% of companies were in this category,” noted Oksana Kuziakiv. Expectations for new orders remain cautious: the share of companies with order portfolios longer than a year slightly decreased, from 16% to 15%. On average, the duration of new orders increased from 4.9 to 5 months. “This happened because the share of those with orders for just one to two months declined from 33% to 24%. Likely, these orders were redistributed: some now work ‘on the fly,’ others shifted into the three-to-five month category,

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Chapter 1 Introduction Human resources.pptxdatafgt

原版西班牙维克大学-加泰罗尼亚中央大学毕业证(鲍痴滨颁毕业证书)如何办理taqyed

Business sentiment stabilized in May, but exporters’ anxiety and labor shorta...?нститут економ?чних досл?джень та пол?тичних консультац?й

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Esterhuyse LT transparency

1. Shareholder familiarity and companies’ voluntary disclosure information environment Leana Esterhuyse 1. Publicly traded companies: Shareholder vs management → agency problem, information asymmetry 2. Voluntary disclosure to reduce information asymmetry (increase transparency) between buyers and sellers (Akerlof, 1970) and to signal quality (Spence, 1973) 3. Channel → Investor relations (IR) → observed via company’s website ‘sell’ the company’s value creation process, differentiate it from competitors & optimize share price (UK IRS, 2013) – Quality IR leads to reduction in cost of equity, analyst forecast dispersion, bid- ask spread, increase in institutional investors and improved share trading (Farragher, Kleiman & Bazaz, 1994; Brennan & Tamarowski, 2000; Chang, D’Anna, Watson & Wee, 2008; Bushee & Miller, 2012; Agarwal, Taffler, Belloti & Nash, 2016; Nel, Smit & Brummer, 2018) Background

2. Research Problem Given the benefits of an IR programme, why is there such a divergence in online IR practices amongst Johannesburg Stock Exchange-listed companies? JSE has low liquidity and high block holdings Investors’ investment horizon influences management’s behaviour. Predominantly short-term investors are associated with: – Lack of investment in infrastructure and R&D (Porter, 1992; Bushee, 1998; Souder et al., 2016) – Increased return volatility (Bushee & Noe, 2000) – 3% lower control premiums accepted by target co’s in M&As (Gaspar et al, 2005) – Shortened strategic planning horizon, pressure to meet targets (Bailey et al., 2014) Long-horizon investors have long-term relationship and therefore are FAMILIARFAMILIAR with: – Quality of management (ability to deliver long-term sustainable returns) – Risks and rewards of investee company → Lower demand for voluntary information disclosures → catering Hypothesis: higher (lower) proportions of long-horizon investors are associated with lower (higher) quality voluntary disclosures/transparency Literature review and hypothesis

3. Methodology Test hypothesis with OLS regression → DSt = α + β1STABt-1 + CONTROLS + ε Proxies: – Voluntary disclosure information environment – Online Investor Relations Disclosure Scores (DS) – Shareholder familiarity – shareholder stability (average of 9 years’ inverse share turnover); lagged Data sources: – Primary data – hand collected → DS; 205 JSE companies (main board), various industries and sizes, content analyses of websites: July – mid-Sept 2012 – Secondary data – Industry and company data – from IRESS database ? Average DS 39.8%; std dev 13.5% ? ↑ stability (familiarity); ↓DS; p < .000; Accept hypothesis Voluntary information demand (transparency) is bounded by investors’ investment horizon; developing market; Sub-Saharan country → Determine shareholders’ investment horizon BEFORE spending on increasing IR Results Contribution

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Esterhuyse LT transparency

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