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Previous literature on performance attributions has focused exclusively on annual report narratives. The objective of this article is to determine whether graphs in annual reports could be used for making performance attributions. The analysis focuses on annual reports of 33 commercial banks from 7 Central and Eastern European countries during 2006 to 2013. In line with expectations and results of previous research, there is strong support for the presence of negative performance attributions and attributional enhancements. A decrease in a bank's profitability is associated with an increase in the use of external indicator graphs. If a bank's profitability increases simultaneously with deterioration in a graphed external indicator, the use of such external indicator graphs increases compared with when profitability increase occurs simultaneously with an improvement in a graphed external indicator. There also exist signs that negative performance attributions are intentional and potentially driven by impression management motives.

ABSTRACTManuscript Type: EmpiricalResearch Question/Issue: The impact of ownership structure on annual report disclosures and overall disclosure quality has received some attention in previous literature, but no study has examined it in the context of public announcements. This paper investigates the issue by using a disclosure score based on six disclosure quality attributes and by employing two quantitative disclosure measures in the context of three European emerging capital markets in the Baltics – the Tallinn, Riga, and Vilnius Stock Exchanges.Research Findings/Results: In line with expectations, public announcement disclosure quality had a negative association with ownership concentration and foreign ownership and a positive association with institutional ownership. In terms of other company characteristics, sales growth and size of entry barriers exhibited positive associations with disclosure as expected. Unlike in previous research, statistically significant negative associations between size and announcement length were supported. This is due to the sample used, which included several firms from the Vilnius Stock Exchange with short announcements for the pre‐2003 period.Theoretical Implications: This paper presents possibilities for employing information theory in the context of finance for determining possible disclosure quality attributes that could be used in the creation of a disclosure quality score.Practical Implications: Empirical tests reveal the importance of ownership structure in determining the disclosure choice of companies that, in turn, may provide information about the types of companies that need more effective regulative enforcement.

Crowdfunding improves access to financing, yet cases of crowdfunding's importance, besides traditional financing, are rare and notably localized. In explaining why global crowdfunding volumes are so heterogeneous, previous academic research has focused mainly on the existence of a legal system that is supportive of crowdfunding, but with conflicting results. We argue that a broader range of institutions must be considered to describe the spread of crowdfunding at its current early stage of development, and provide first empirical evidence on the matter. Using a dataset covering crowdfunding volumes of 122 countries over the years 2015-2016, we confirm that the existence of crowdfunding-specific regulations has a positive association with total crowdfunding volumes per capita. We also find that regulation targeted at a specific type of crowdfunding has an economically stronger association with corresponding transaction volumes. In line with our argument, we find that a significantly broader range of less crowdfunding-specific institutions exhibit strong ties to crowdfunding volumes, with strong e-service culture emerging as an especially robust determinant of all types of crowdfunding volumes. Stronger legal rights, greater financial freedom, and higher democracy levels are also associated with greater total crowdfunding volumes, but exhibit varying relevance across different types of crowdfunding.

PurposeThis paper aims to determine the association between corporate social responsibility (CSR) reporting of listed banks and female representation on boards while controlling for the impact of gender quotas.Design/methodology/approachLogistic regressions are used with bank fixed effects on a global sample of 285 commercial banks from 2005 to 2017.FindingsThere exists a positive association between the proportion of women on board and banks' CSR disclosure. Positive association remains also after quota corrections for banks with either below- or above-quota female representation. Further, adding more women to boards than required by quota could affect boards' CSR reporting in masculine countries but not in feminine countries.Research limitations/implicationsThe results are not generalizable to smaller listed banks and the used estimation approach does not enable to detect causality.Practical implicationsPolicymakers interested in improving banks' CSR reporting could introduce gender quotas.Social implicationsGender quotas can enforce banks' sustainable behaviour.Originality/valueFirst, it is the first study to thoroughly control for gender quotas while investigating the association between female representation on boards and CSR disclosure. Second, this paper moves forward from the so-far predominant concentration on single-country studies on banks' CSR reporting. Third, this paper covers the aspect of a country's masculinity-femininity as a factor that could influence the association between CSR disclosure and female representation.