A roadmap for triggering the convergence of global ESG disclosure standards: lessons from the IFRS foundation and stakeholder engagement

PurposeMotivated by the growing and urgent demands for a unified set of internationally accepted, and high-quality environmental, social and governance (hereafter ESG) disclosure standards, this exploratory study aims to propose a roadmap for setting out the proper technical groundwork for global ESG disclosure standards. Design/methodology/approachAn exploratory study is conducted to gain initial understanding and insights into establishing a worldwide set of standards for reporting on sustainability, as this topic has not been extensively studied. This study examines the viewpoints of various stakeholders, including sustainability practitioners, academics and organizations focused on ESG issues, to generate knowledge that is more solid than knowledge produced when one group of stakeholders work alone. FindingsThe results revealed that there is an ongoing and incompatible debate regarding several conceptual and practical challenges for setting a unified set of ESG disclosure standards. Practical implicationsThe study results provide multidimensional insights for regulatory parties and standard-setters to develop a high-quality package of global ESG reporting standards. This, in turn, enables different groups of stakeholders to understand the firm's impact on the environment, society and economy. Originality/valueResearch into this timely and relevant global issue is considered an appealing area of study and deserves significant attention. Thereby, working on this topic merits remarkable attention. Furthermore, this exploratory article provides valuable and informative suggestions for creating a unified and high-quality set of internationally accepted sustainability reporting standards.

Social media use, psychological well-being and physical health during lockdown

In efforts to curb the spread of COVID-19, many countries have implemented a variety of lockdown and quarantine measures. With substantially reduced face-to-face interactions, many people may have relied heavily on social media for connection, information, and entertainment. However, little is known about the psychological and physical health implications of social media use during strict lockdown. The current study investigates the associations of social media use with psychological well-being and physical health among Wuhan residents (N = 1214). Our findings showed that non-COVID related self-disclosure was positively associated with psychological well-being, while COVID related information consumption and sharing were negatively associated with psychological well-being. Further, more generic use of social media was associated with lower psychological well-being, which in turn related to more somatic symptoms. Quarantined people used social media more frequently than non-quarantined people. Importantly, the negative association between social media use and psychological well-being was significantly stronger for quarantined people than unquarantined people. [ FROM AUTHOR] Copyright of Information, Communication & Society is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

Does ESG Disclosure Transparency Mitigate the COVID-19 Pandemic Shock? An Empirical Analysis of Listed Firms in the UK

This paper examines whether the ESG reporting transparency of listed firms in the UK can play a role in mitigating the impact of the COVID-19 pandemic. We investigate 350 UK firms in the FTSE350 index from 2016 to 2021 with daily data on stock performance and annual data on financial performance. The empirical results show that firms with a high ESG disclosure score have a lower volatility of stock performance during the COVID-19 pandemic. For these firms, the negative relationship between stock performance, as well as financial performance, and their main driving factors, is lower during the COVID-19 pandemic. Among these factors, we identify the lockdown announcement, quantitative easing announcement, and the intensity of news media coverage of the company. These results tend to indicate that the quantity of ESG data reported by firms can contribute to mitigating the impact of the COVID-19 pandemic on stock performance volatility and financial performance. © 2023 Journal of Innovation Economics and Management. All rights reserved.

ITALY: NO COUNTRY FOR ARBITRATORS?

This essay offers a few remarks on arbitration in Italy where arbitration is still a niche alternative to traditional litigation before the courts. The initiatives taken by arbitral institutions in the face of the challenges to the proper functioning of the courts brought about by the Covid-19 pandemic have kindled new interest in arbitration, and further reforms of the Code of Civil Procedure (expected by the end of 2022) could increase the appeal of arbitration in Italy. The research methodology applied to this essay is the traditional doctrinal methodology aimed at identifying the relevant legal rules, discussing their meanings and the principles supporting them, without overlooking their ambiguities and flaws. Special attention is paid to a few new trends emerged during the Covid-19 pandemic, as well as to a set of forthcoming reforms that should improve the quality of Italian civil justice.In conclusion, some proposals are presented to make arbitration more attractive in Italy. Firstly, the time has come to get rid of the distinction that is only known in Italy and that causes a lot of confusion, between true arbitration (arbitrato rituale), governed by the Code of Civil Procedure, and so-called "free arbitration" (arbitrato irrituale). Then, it is suggested the adoption of a fast-track arbitration, especially for the resolution of disputes in which the value at stake is modest and the legal issues in dispute are not highly complex. © 2022, Universidade do Estado do Rio de Janeiro. All rights reserved.

Financial information disclosure in times of uncertainty: an exploratory study of the effects of COVID-19 on Colombian companies

This paper assesses the extension and timeliness of disclosures of COVID-19 impacts on the financial condition and performance of Colombian companies. A disclosure index was designed based on the Technical Council of Public Accounting guidelines. An exploratory exercise and content analysis were conducted on the notes to the financial statements for the years 2019 and 2020 of twelve companies listed on the Colombian Stock Exchange, which are representative of the primary, secondary, and tertiary sectors of the economy. Although it was identified that the information disclosed has increased with time, the findings show limitations in the extension and timeliness of the information disclosed. It is concluded that the companies studied only disclose the effect of the uncertainty situation when the risk is likely to materialize and not when it is potential, thus reducing the relevance of the information included in the financial statements and affecting the stakeholder decision-making process.

Do free-floated shares and board characteristics influence corporate risk disclosure? An empirical analysis on conventional banks in a developing country

PurposeThis study aims to explore the status and drivers (including free-floated shares, board size, rule duality and board independence) of corporate risk disclosure (CRD) for the conventional listed banks in the Egyptian stock market from 2010 to 2021, which include the country's major political upheavals and the COVID-19 pandemic. Design/methodology/approachThis study based on a sample of 117 annual reports of sampled banks from 2010 to 2021. RD index of Al-Maghzom (2016) was developed and adopted to quantify CRD using an unweighted scoring system. The multiple linear regression model was used to validate the hypotheses. FindingsThe analysis shows that the COVID-19 pandemic increased insignificantly disclosure of all risks except for segment risks. In addition, findings reveal that all sampled banks adhere highly to the requirements of mandatory RD, with a low level of adherence to voluntary RD. Moreover, the analysis concluded that the board size and free-floating shares positively affect the disclosure of financial, operational, general information. Research limitations/implicationsThe study's limitations include the content analysis methodology, reliance on annual reports, emphasis on financial and non-financial risks, focus on listed conventional banks in Egypt. Practical implicationsCurrent study's findings are more likely to be useful for many parties. It informs investors about the characteristics of the boards' directors of Egyptian listed banks that disclosed risk information. Banks should disclose more comprehensive risk information. For academics, the current study's limitations can be considered in their future research. Originality/valueThis work fills a new research area in which there is relatively little research in emerging financial markets that adds new evidence to the relationship between RD and both free-floating shares and board characteristics, particularly in Egypt.

A phronetic iterative analysis of decisions to disclose negative feelings about others' (non)compliance with recommended covid precaution behaviors

The current study analyzed 212 college students' decisions to express or suppress negative feelings about the extent to which others enact recommended COVID-19 precaution behaviors. Using a phronetic iterative analysis, participant experiences were examined in terms of (a) choices to express or suppress their negative feelings and (b) the reasons underlying their disclosure decisions. Significant themes emerged with both response categories. The themes and study findings are discussed in relation to privacy management, subjective norms, and bystander intervention work. Further implications of these findings are also discussed in their extension of and relevance to existing work on compliance-centered interventions and disclosure decisions in health-related contexts. (PsycInfo Database Record (c) 2023 APA, all rights reserved)

Role of corporate sustainability disclosures in moderating the impact of country-level uncertainties on tourism sector firms' risk

The study investigates the role of corporate sustainability disclosures in moderating the link between country-level uncertainties (economic policy uncertainty, political uncertainty and uncertainty due to climate change) and firms' risks (total risk, market risk, and default risk) in the worldwide tourism firms. We consider the volume of ESG (environmental, social and governance) activities disclosures by the firms as a proxy of corporate sustainability disclosures. The study also explores the link between sustainability disclosures and firms' risks to validate the risk-reduction hypothesis. The study further highlights the relevance of country-level uncertainties in increasing firms' risks. The findings indicate that corporate sustainability disclosures can assist in mitigating tourism firms' risks during periods of heightened country-level uncertainties. The study also documents the significance of sustainability disclosures in reducing the effect of uncertainties on tourism firms' risks during the COVID-19 period. The results validate the risk-reduction hypothesis indicating that firms' engagement in corporate sustainability practices facilitates risk mitigation efforts during periods of escalated external uncertainties. By demonstrating that firms that engage in sustainability practices and provide required disclosures are better equipped to manage risks during periods of increased uncertainty, the study provides valuable insights for industry stakeholders, including investors, policymakers, and firms themselves. [ FROM AUTHOR] Copyright of Journal of Sustainable Tourism is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

Hedging Covid-19 risk with ESG disclosure

Covid-19 has led to major changes worldwide and has had a significant impact on market risk. We characterize this uncertainty as innovations extracted from the Covid Risk Index on the Wall Street Journal through a textual analysis of high-dimensional data. We hedge the risk with mimicking portfolios constructed using the ESG (environmental, social, and governance) disclosure score as a measure of firm-level exposure to Covid-19 risk. The hedge portfolios perform well both in and out of sample. We also test the role of ESG in hedging and discover that during the Covid-19 pandemic firms with greater ESG disclosure generate higher returns as well as experience lower downside risk. The further analysis suggests that the portfolio returns can be explained by Covid risk shock and investment inflow, and the hedge effect mainly comes from the social part of ESG.

The Moderating Effects of Corporate Social Responsibility on Corporate Financial Performance: Evidence from OECD Countries

This study aims to investigate the nature and intensity of the changes in corporate financial performance due to the corporate social responsibility (CSR) disclosures as a result of certain relationships between corporate governance and company performance in the non-financial sector. This study selected 625 non-financial companies across six organizations for economic cooperations (OECD) countries' stock markets for the period of 10 years (2012–2021). For this qualitative study, corporate governance, financial performance, and corporate social responsibility score data were collected from the DataStream, a reliable database for examining the research on OECD countries' listed companies. For the data analysis we applied various statistical tools such as regression analysis and moderation analysis. The findings of the study show that all attributes of the corporate governance mechanism, except for audit board attendance, have significant positive impacts on financial performance indicators for all the selected OECD economies except the country France. France's code of corporate governance has a significant negative impact on return on asset (ROA) and return on equity (ROE) due to differences in cultural and operational norms of the country. The audit board attendance has no significant impact on ROA. Moreover, all the attributes except board size (BSIZ) have significant positive impacts on the earnings per share (EPS) in Spain, The United Kingdom (UK) and Belgium. The values obtained from the moderation effect show that Corporate social responsibility is the key factor in motivating corporate governance practices which eventually improves corporate financial performance. However, this study advocated the implications, Investors and stakeholders should consider both corporate governance and CSR disclosures when making investment decisions. Companies that prioritize both governance and CSR tend to have better financial performance and are more likely to mitigate risks. Moreover, the policy makers can improve the code of corporate governance in order to attain sustainable development in the stock market.

Fragmented Transparency: The Visibility of Agency Science in European Union Risk Regulation

Responding to mistrust in the European agencies' risk assessments in politically salient cases, the European Union (EU) legislator, the European Food Safety Authority and the European Medicines Agency alike have accelerated their efforts to foster EU regulatory science transparency. These simultaneous endeavours have, however, taken place in a fragmented legislative and administrative context, with each agency operating under a different legal framework. By focusing on authorisation procedures, from registration of studies to authorisation of novel foods, pesticides and human medicines, this article examines the resulting regimes governing the disclosure of scientific data by EU agencies to identify common trends and sectoral specificities. Against the background of an overall shift towards enhanced transparency, we shed light on, first, the circulation of institutional arrangements and practices among agencies and, second, the new dimensions of transparency emerging from these developments. We also highlight the remaining sectoral differences and argue that they could have potentially large impacts on the amount and type of information disclosed and on the level of transparency perceived by stakeholders and citizens. We argue that more coherence across the sectoral transparency regimes is needed, in particular in light of the agencies' contested legitimacy and of their increasing cooperation on cross-cutting issues like antimicrobial resistance and medicine and pesticide residues in food.

A Study of Reasons for Self-Disclosure on Social Media among Chinese COVID-19 Patients: Based on the Theory of Planned Behavior Model.

BACKGROUND: With a massive population of internet users, China has witnessed a shift in the behavior of social media users towards the COVID-19 pandemic, transitioning from reticence to frequent sharing of information in response to changing circumstances and policy adjustments of the disease. This study aims to explore how perceived benefits, perceived risks, subjective norms, and self-efficacy influence the intentions of Chinese COVID-19 patients to disclose their medical history on social media, and thus to examine their actual disclosure behaviors. METHODS: Based on the Theory of Planned Behavior (TPB) and Privacy Calculus Theory (PCT), a structural equation model was constructed to analyze the influence paths among perceived benefits, perceived risks, subjective norms, self-efficacy, and behavioral intentions to disclose medical history on social media among Chinese COVID-19 patients. A total of 593 valid surveys were collected via a randomized internet-based survey, which constituted a representative sample. Firstly, we used SPSS 26.0 to conduct reliability and validity analyses of the questionnaire, as well as the tests of demographic differences and correlations between variables. Next, Amos 26.0 was employed to construct and test the model fit degree, identify the relationships among latent variables, and conduct path tests. RESULTS: Our findings revealed the following: (1) There were significant gender differences in the self-disclosure behaviors of medical history on social media among Chinese COVID-19 patients. (2) Perceived benefits had a positive effect on self-disclosure behavioral intentions (ß = 0.412, p < 0.001); perceived risks had a positive effect on self-disclosure behavioral intentions (ß = 0.097, p < 0.05); subjective norms had a positive effect on self-disclosure behavioral intentions (ß = 0.218, p < 0.001); self-efficacy had a positive effect on self-disclosure behavioral intentions (ß = 0.136, p < 0.001). (3) Self-disclosure behavioral intentions had a positive effect on disclosure behaviors (ß = 0.356, p < 0.001). CONCLUSIONS: Our study, by integrating TPB and PCT to examine the influencing factors of the self-disclosure behaviors among Chinese COVID-19 patients on social media, found that perceived risks, perceived benefits, subjective norms, and self-efficacy had a positive influence on the self-disclosure intentions of Chinese COVID-19 patients. We also found that self-disclosure intentions, in turn, positively influenced disclosure behaviors. However, we did not observe a direct influence of self-efficacy on disclosure behaviors. Our study provides a sample of the application of TPB in the context of social media self-disclosure behavior among patients. It also introduces a novel perspective and potential approach for individuals to address the feelings of fear and shame related to illness, particularly within the context of collectivist cultural values.

Characteristics of mental health interventions in a cohort of Italian PLWH over the last five years: impact of HIV disease and outbreak of COVID-19 pandemic.

Evidence accumulated during past years confirm that people living with HIV (PLWH) still have to deal with comorbidities and chronic complications that can increase physical and psychological issues and can affect daily functioning, quality of life and mental health. Moreover, during the COVID-19 pandemic PLWH proved to be a population at increased risk of psychological distress. We explored the ongoing issues and the characteristics of the mental health interventions for which a cohort of Italian PLWH interacted with a psychologist over the past five years. We analysed a dataset that included 61 PLWH who underwent a psychological intervention between 2018 and 2022. We compared different frequencies in characteristics of mental health interventions according to different demographic and clinical variables, psychopathological symptoms and time of the request for intervention. We showed that psychopathological symptoms most frequently reported by patients were anxiety (55.7%), and depression (49.2%). Furthermore, we reported that most our patients undertook occasional psychological support meetings (31%), sought an intervention after the outbreak of the COVID-19 pandemic (62.3%) and complained about disclosure issues (48.5%). Disclosure issues were mainly reported by younger PLWH (p = 0.002) with a shorter disease (p = 0.031) and treatment history (p = 0.032), and higher interpersonal sensitivity (p = 0.042). It seems fundamental to integrate psychological interventions into the care of PLWH, to give particular attention to PLWH with risky demographic, clinical and mental health factors and to pay special attention to emergency conditions (such as the COVID-19 pandemic) and the most widespread issues to create ad hoc interventions.

The Design of Macroprudential Stress Tests

We study the design of stress tests that provide information about aggregate and idiosyncratic risk in banks' portfolios and impose contingent capital requirements. In the optimal static test, an adverse scenario fails all weak and some strong banks, limiting the stigma of failure. Sequential tests outperform static tests. Under natural conditions, the optimal sequential test consists of a precautionary recapitalization, followed by a scenario that fails only weak banks, similar to TARP in 2008, followed by SCAP in 2009. Our results also shed light on the Federal Reserve's decision to test the banks twice in 2020 during the COVID-19 pandemic. Authors have furnished an , which is available on the Oxford University Press Web site next to the link to the final published paper online.

The impact of student self-disclosure on the stress and wellbeing of tertiary educators during the COVID-19 pandemic

Workplace stress, burnout, and fatigue are commonplace amongst tertiary educators, and are compounded by the ongoing challenges of teaching and learning during a global pandemic. Amid efforts to identify and understand contributors to educator stress, student-teacher interactions have received relatively little attention. However, educators are often expected to engage in pastoral care when students disclose academic and personal problems. Receiving and responding to self-disclosure can be emotionally taxing, particularly in professional contexts of care, and therefore contribute to educator experiences of stress and burnout. In this study, we examined the relations between student self-disclosure and educator stress and wellbeing during the COVID-19 pandemic in New Zealand. Almost all of the 318 tertiary educators received COVID-19 related disclosures from students. Findings show that educators whose students had shared personal problems during COVID-19 were more likely to report high stress and poor wellbeing.Such communication was also associated with higher rates of workplace presenteeism, suggesting that these teachers were likely to push themselves to a level that risks illness. Fortunately, these negative impacts were ameliorated when educators also reported a sense of support in the workplace. The implications for educators and tertiary institutions are discussed, including the provision of educator training and well-resourced student support services.

Homefluencers' endorsement of millennial consumers' purchase intention in new normal

PurposeThe purpose of this study is to examine how "homefluencers" sponsored posts on millennial consumers' purchase intention in the international marketing sphere can be impacted in the new normal by drawing on source credibility, parasocial interaction (PSI) and persuasion knowledge model (PKM) theory.Design/methodology/approachThis research applies structural equation modeling (SEM) and mediation analysis as the data analysis method using non-probability purposive sampling of a total of 217 local millennial Instagram and Facebook users, who have followed homefluencers sponsored posts in fashion-beauty, yoga-fitness and food sectors.FindingsBased on hypothesis testing, advertising recognition strongly mediates purchase intention with the indirect effects of expertise and trustworthiness than attractiveness.Research limitations/implicationsThis research extends the international marketing literature on source credibility, PSI, PKM and purchase intention theory in the new normal by proposing "Homefluencer's Endorsement Model for Purchase Intention" (HEMPI). Specifically, the mediating role of ad recognition of homefluencers sponsorship disclosure (#paidad, #sponsored), positively affects "change-of-persuasion meaning" on Instagram and Facebook, where research is rare.Practical implicationsThis research provides valuable suggestions for global brand owners, consumers and authorities of Instagram and Facebook to consider post-COVID consumer behavior highlighting homefluencers sponsored collaboration.Originality/valueThe authors have contributed to the use of the source credibility model and PSI to identify the antecedents in determining how the homefluencer's effective sponsorship disclosure can positively activate ad recognition on millennial consumers' purchase intention in a crisis period from an international standpoint with the practical implications in post-COVID.

Regret, Delete, (Do Not) Repeat: An Analysis of Self-Cleaning Practices on Twitter After the Outbreak of the COVID-19 Pandemic

During the outbreak of the COVID-19 pandemic, many people shared their symptoms across Online Social Networks (OSNs) like Twitter, hoping for others' advice or moral support. Prior studies have shown that those who disclose health-related information across OSNs often tend to regret it and delete their publications afterwards. Hence, deleted posts containing sensitive data can be seen as manifestations of online regrets. In this work, we present an analysis of deleted content on Twitter during the outbreak of the COVID-19 pandemic. For this, we collected more than 3.67 million tweets describing COVID-19 symptoms (e.g., fever, cough, and fatigue) posted between January and April 2020. We observed that around 24% of the tweets containing personal pronouns were deleted either by their authors or by the platform after one year. As a practical application of the resulting dataset, we explored its suitability for the automatic classification of regrettable content on Twitter. © 2023 Owner/Author.

Sustainability Reporting Ecosystem: A Once-in-a-Lifetime Overhaul during the COVID-19 Pandemic

The preparation of sustainability reports, which a negligible number of organisations had been doing until recently, will soon be the new reality for many more organisations. This research aims to present changes during the COVID-19 pandemic in the ecosystem of sustainability reporting pronouncements, especially those used by organisations. In our research, we compare important information about two different periods and the content demands in reporting on sustainability. Changes in the ecosystem are fundamental and unique. Based on the analysis of events and documents, the current research shows the changes in the ecosystem and the future dynamics in the ecosystem, including the principle standard setters (i.e., International Sustainability Standards Board and European Financial Reporting Advisory Group, EFRAG). The research shows that although the changes occurred during the COVID-19 pandemic, they did not significantly impact the ecosystem's development or slow down or stop their development. The COVID-19 pandemic did not affect the speed or dynamics of changes. In the last few years, EFRAG and the European Union established their position and gained a significant influence in sustainability reporting, with EFRAG at the forefront. The European Sustainability Reporting Standards will be mandatory for organisations doing business in the European Union. At the same time, we do not expect that the IFRS Sustainability Disclosure Standards will be directly endorsed for use in the European Union. The paper presents a new perspective on examining sustainability via developing organisations' reporting demands within the framework of the uncertain environment caused by COVID-19. In this context, our research also contributes to the literature. The study also has a potential practical impact on organisations and management since it illuminates a wide range of selected sustainability viewpoints and their reporting.

Board gender diversity, firm performance and corporate financial distress risk: international evidence from tourism industry

PurposeThis paper examines contextual factors that affect the association between board gender diversity and firm performance.Design/methodology/approachThe authors use a global sample of listed firms in the tourism industry in 30 countries from 2015 to 2020.FindingsFirst, firm performance is positively associated with the proportion of female directors on a board. Second, the positive association between firm performance and the proportion of female directors on the board is higher in (1) countries with stronger shareholder rights, (2) countries with stronger securities law regulation stipulating disclosure of board diversity, (3) countries with stronger economic empowerment of women, and (4) during the COVID-19 crisis. Third, corporate financial distress risk is lower in firms with higher proportion of female directors on the board. Fourth, the negative association between corporate financial distress risk and the proportion of female directors on the board is more pronounced in (1) countries with stronger securities law regulations stipulating disclosure of board gender diversity, (2) countries with stronger economic empowerment of women, and (3) during the COVID-19 crisis.Originality/valueThe results indicate that contextual factors (comprising country-level corporate governance structures, economic empowerment of women and economic crisis) can affect the association between board gender diversity and firm performance.