Regulatory Interventions in Response to Non-Compliance with Mandatory Derivatives Disclosure Rules

SYNOPSIS Mandatory existence disclosure rules require an organization to disclose a policy's existence, but not its content. We examine policy adoption frequencies in the year immediately after the IRS required mandatory existence disclosure by nonprofits of various governance policies. We also examine adoption frequencies in the year of the subsequent change from mandatory existence disclosure to a disclose-and-explain regime that required supplemental disclosures about the content and implementation of conflict of interest policies. Our results suggest that in areas where there is unclear regulatory authority, mandatory existence disclosure is an effective and low cost regulatory device for encouraging the adoption of policies desired by regulators, provided those policies are cost-effective for regulated firms to implement. In addition, we find that disclose-and-explain regulatory regimes provide stronger incentives for policy adoption than do mandatory existence disclosure regimes and also discourage “check the box” behavior. Future research should examine the impact of mandatory existence disclosure rules in the year that the regulation is implemented. Data Availability: Data are available from sources cited in the text.

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Factors Associated with the Early Adoption of the SEC's Revised Auditor Fee Disclosure Rules

Auditing A Journal of Practice & Theory ◽

10.2308/aud.2006.25.2.41 ◽

2006 ◽

Vol 25 (2) ◽

pp. 41-51 ◽

Cited By ~ 12

Author(s):

Sharad Asthana ◽

Jayanthi Krishnan

Keyword(s):

Audit Fees ◽

Auditor Independence ◽

Securities And Exchange Commission ◽

Factors Associated ◽

Disclosure Requirements ◽

Early Adoption ◽

Disclosure Rules ◽

Definition Of ◽

Auditor Fees ◽

Considerable Concern

Corporate disclosures of auditor fees (beginning in February 2001) caused considerable concern among regulators and investors about auditor independence because they revealed that nonaudit fees were a substantial proportion of total auditor fees. However, in 2003 the Securities and Exchange Commission (SEC) introduced revised disclosure requirements, specifying a broader definition of audit fees, and additional fee categories (SEC 2003). About 31 percent of our sample firms adopted the new rules in advance of the required date. We investigate the pattern of early adoption of the new fee disclosure rules by companies. Our results indicate that companies with greater nonaudit fee ratios during the prior year, companies that could show a greater decline in nonaudit fee ratios due to reclassification under SEC (2003), and companies that had greater audit-related fees after the reclassification were likely to adopt the new rules early. We conjecture that companies that had the most to gain from reclassifying fees—possibly by reducing negative investor perceptions about nonaudit services—adopted the new rules earlier than required.

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The Roles of Government in Protecting and Promoting Occupational and Environmental Health

10.1093/oso/9780190662677.003.0003 ◽

2017 ◽

Cited By ~ 1

Author(s):

Gregory R. Wagner ◽

Emily A. Spieler

Keyword(s):

Environmental Health ◽

Environmental Protection Agency ◽

Occupational Safety ◽

Mine Safety ◽

Health Administration ◽

Safety And Health ◽

Standards And Regulations ◽

Regulatory Interventions ◽

The Government ◽

The U.S

This chapter discusses the roles of government in promoting occupational and environmental health, with a focus on the U.S. federal government. Governmental interventions, as described here, can range from non-regulatory interventions, such as dissemination of information or generation and communication of information, to establishing regulatory requirements through the promulgation and enforcement of standards and regulations. The chapter describes the U.S. laws and roles of the administrative agencies responsible for occupational and environmental health, including the Occupational Safety and Health Administration, the Mine Safety and Health Administration, and the Environmental Protection Agency. Noting the budgetary and political constraints on these federal agencies, the chapter goes on to discuss briefly the role of the public and the states. The government also plays a role when preventive efforts fail, and the chapter provides a brief summary of programs designed to provide compensation to injured workers.

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The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis

10.1093/oso/9780198813088.003.0001 ◽

2018 ◽

Cited By ~ 16

Author(s):

Ben Clift

Keyword(s):

Global Financial Crisis ◽

Full Employment ◽

Real Economy ◽

Economic Stability ◽

Public Power ◽

The Great Recession ◽

Regulatory Interventions ◽

The Stability ◽

The Global Financial Crisis ◽

The Imf

The IMF uses crisis-defining economic ideas, and crisis legacy-defining ideas, to construct interpretations of economic crises in ways which prioritize particular policy or institutional responses, and rule out or marginalize others. The post-crash IMF enjoyed scope to shift the boundaries of ‘legitimate’ policy, involving heightened appreciation of ‘non-linear’ threats from losses of confidence, prolonged weak demand, and financial system fragilities and contagion. The policy corollaries of this Fund rethink were that economic stability has to be actively pursued through a wider range of policy and regulatory interventions by governments, central banks, the IMF, and other forms of authority and public power. In the context of the Great Recession, the Fund no longer considered it safe to assume an inherent tendency on the part of unfettered market forces in finance and the real economy to deliver the stability and full employment at the heart of its mandate.

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Informed Consent and the Elusive Dichotomy Between Standard and Experimental Therapy

American Journal of Law & Medicine ◽

10.1017/s0098858800002690 ◽

2002 ◽

Vol 28 (4) ◽

pp. 361-408

Author(s):

Lars Noah

Keyword(s):

Clinical Trials ◽

Informed Consent ◽

Patient Autonomy ◽

College Campuses ◽

Human Experimentation ◽

Experimental Therapy ◽

Academic Literature ◽

Medical Experimentation ◽

Disclosure Rules ◽

Near Unanimity

A rich academic literature exists about issues of informed consent in medical care, and, to a lesser extent, about a variety of issues posed by human experimentation. Most commentators regard patient autonomy as a desirable— though in practice often unattainable—goal, and near unanimity exists about the necessity for even fuller disclosure before experimenting on subjects. Although this Article intentionally side-steps the broader debate about informed consent, it challenges the conventional wisdom that special disclosure rules should apply in the experimental context.Clinical trials have become big business. Estimates suggest that as many as twenty million Americans have enrolled in formal biomedical studies, though, as a measure of the full scope of medical experimentation on humans, that figure may represent only the proverbial tip of the iceberg. Historically, sponsors of clinical trials recruited subjects informally, counting on word of mouth among physicians and also perhaps posting flyers around college campuses.

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The Dimension of Sustainability: A Comparative Analysis of Broadness of Information in Italian Companies

Sustainability ◽

10.3390/su13031457 ◽

2021 ◽

Vol 13 (3) ◽

pp. 1457 ◽

Cited By ~ 1

Author(s):

Sabrina Spallini ◽

Virginia Milone ◽

Antonio Nisio ◽

Patrizia Romanazzi

Keyword(s):

Business Performance ◽

Univariate Analysis ◽

Multivariate Regression Analysis ◽

Global Reporting Initiative ◽

Policy Makers ◽

Mean Values ◽

Regulatory Interventions ◽

Development Goals ◽

Key Dimensions ◽

Positive Correlations

In recent years, sustainability has become one of the key dimensions of business performance. The results obtained in terms of sustainability must be adequately communicated in suitable reports, the quality of which is determined by several factors. One of these, the breadth of information provided, plays a significant role. The aim of this paper is to measure the broadness of non-financial information in sustainability reports and correlate this to some selected variables that refer to corporate governance, i.e., the presence of an internal sustainability committee and of female directors; the characteristics of the report e.g., Sustainable Development Goals (SDG) citation; company features, number of employees, revenues, and Return On Assets ROA. For this purpose, 134 Italian companies were studied and a score based on the conformity of the NFD (non-financial disclosure) with the GRI (Global Reporting Initiative) standards was created. To test the research hypotheses, univariate analysis and multivariate regression analysis were performed. The results showed different behaviors by the companies in terms of sustainability policies. The GRISC (Global Reporting Initiative Score) has a greater concentration on mean values. Positive correlations were found between GRISC and the presence of an internal sustainability committee, SDG citation in the NFD and company size. This study offers support for policy makers and practitioners as it provides a measure of the breadth of sustainability information and relates this to the variables analyzed. The latter depend on regulatory interventions or company policies which are implemented, or could be implemented, to improve the extent of the NFD.

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