|Journal of Contemporary Issues in Business Research ISSN 2305-8277|
Author(s): Driss Rahma1 and Jarboui Anis2
Abstract: This research paper is an attempt to analyze the quality of social disclosure in the annual reports of companies. Firstly, we tried to introduce the concept of the quality of disclosure. Thereafter, we presented a literature review specialized in processing, measuring and analyzing disclosure quality. On methodology, we developed a descriptive and explanatory study to assess the quality of social disclosure in the annual reports of three Tunisian companies using a word processing qualitative data called QSR NUD * IST. As results, we found that the most of social information published have an historical and quantitative character. In fact, the sections reserved for social information are concerned with past information that enhance stakeholder confidence. Past character information is already more appreciated than forward-looking information which may remain as goals. The orientation towards quantitative information is deemed relevant due to the use of real information based on accurate and precise data.
Keywords: Social disclosure; Disclosure quality; Historical information; Forward-looking information; Qualitative research; Descriptive study; Annual reports.
- Department of Financial and Accounting Higher Institute of Business Administration (ISAAS), Tunisia1&2
Author(s): Siddhartha Sankar Saha1 and Mitrendu Narayan Roy2
Abstract: Corporate finance is raised from the primary capital market through public offers, rights issues and private placement, etc. Public offer is the largest sources of funds from the primary capital market to the company. The initial and subsequent capital issue of securities like equity shares, preference shares, debentures or bonds can be made in the primary market through public issues as well as rights issues. This study analyses the growth and trend of capital generation in the market during 1993-94 to 2013-14 and establishes a relationship between growth of capital generation in this market and Gross Capital Formation (GCF) of the economy. Capital generation in the market is analysed based on 4 dimensions namely, total capital generation, capital generation based on type of issue and issuer and finally sector wise capital generation. Growth is calculated in simple percentage. A Linear Regression Analysis is performed on Log transformed values of capital generation under all select dimensions to analyse the trend. Finally, Pearson’s correlation is used to analyse the relationship between growth of capital generation in this market and growth of GCF. The study finds that capital generation in this market suffers from a volatile growth. However, their trend is positive during the period of study. Finally, growth of capital generation in this market is found to moderately influence overall capital generation in the economy.
Keywords: Primary Market; Capital Generation; Public Issue; Rights Issue; Listed Issuer; Unlisted Issuer; Gross Capital Formation.
- Department of Commerce, University Of Calcutta1&2