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Article
Publication date: 1 December 1998

A. Fanni, M. Marchesi, F. Pilo and A. Serri

This paper deals with the application of a Tabu Search (TS) metaheuristic to the design of digital filters, with coefficient values expressed as the sum of power of two. The…

333

Abstract

This paper deals with the application of a Tabu Search (TS) metaheuristic to the design of digital filters, with coefficient values expressed as the sum of power of two. The performances of the algorithm are heavily affected by the choice of its parameters, which in turn are related to different implemented strategies. The tuning of these parameters has been performed after many tests. The results of the proposed technique are compared to those obtained by simply rounding the optimal values of coefficients obtained by means of Remetz algorithm, and to those obtained using a simulated annealing algorithm.

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COMPEL - The international journal for computation and mathematics in electrical and electronic engineering, vol. 17 no. 6
Type: Research Article
ISSN: 0332-1649

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Publication date: 1 October 2002

Patricia Stanton and John Stanton

Corporate annual reports are viewed through the lens of researchers of these documents. The aims are to obtain insight into how researchers view annual reports; to ascertain how…

15516

Abstract

Corporate annual reports are viewed through the lens of researchers of these documents. The aims are to obtain insight into how researchers view annual reports; to ascertain how the different ways of seeing the annual report relate to each other; and to draw out the gaps in this diverse research in a continuing attempt to understand its role and purpose. Selective examination of a decade of corporate annual report research (1990‐2000) reveals how researchers have sought to find visibility and meaning. Few studies address the document as a whole, in terms of the integration of the messages between the various parts of the report. Explanation of the changing structure and content of annual reports remains divided, largely because of the differing perspectives of researchers. They have revealed diversity in the ways of seeing the annual report and a tension in understanding its overall purpose and role.

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Accounting, Auditing & Accountability Journal, vol. 15 no. 4
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 1 March 2000

Paul Mather, Alan Ramsay and Adam Steen

This paper investigates the use of graphs, selection of variables to graph and construction of graphs in prospectuses issued by Australian companies making their initial public…

2115

Abstract

This paper investigates the use of graphs, selection of variables to graph and construction of graphs in prospectuses issued by Australian companies making their initial public offering (IPO) of shares to the Australian capital market. The paper formulates and tests hypotheses concerning selectivity in the use of graphs and distortion in the construction of graphs presented in IPO prospectuses, as well as providing descriptive evidence about the use of graphs in such prospectuses. Results show that firms enjoying improving profit performance are significantly more likely to include graphs of key financial variables in their prospectuses than firms suffering deteriorating profit performance. Thus, similar to studies of graphs in annual reports, evidence of selectivity in the inclusion of graphs is found. No significant relationship is found between performance on the variable being graphed and distortion in the construction of the graph. When the graphs are split between those covering key financial variables and other variables, a significant relationship is found in both categories. For graphs of other variables, a significant positive association is found between performance and distortion. However, the relationship for key financial variables is in the opposite direction to that suggested by impression management. Further analysis identifies significant sub‐period differences in selectivity and distortion which are consistent with the view that the major regulatory and institutional changes outlined in the paper, reduced the extent of selectivity and graphical distortion in the post‐1991 period. As far as we are aware, this is the first study reported in the literature to investigate the use of graphs in prospectuses. The results also have policy implications for the regulatory authority in Australia.

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Accounting, Auditing & Accountability Journal, vol. 13 no. 1
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 12 February 2018

Michael Jones, Andrea Melis, Silvia Gaia and Simone Aresu

The purpose of this paper is to examine the voluntary disclosure of risk-related issues, with a focus on credit risk, in graphical reporting for listed banks in the major European…

1149

Abstract

Purpose

The purpose of this paper is to examine the voluntary disclosure of risk-related issues, with a focus on credit risk, in graphical reporting for listed banks in the major European economies. It aims to understand if banks portray credit risk-related information in graphs accurately and whether these graphs provide incremental, rather than replicative, information. It also investigates whether credit risk-related graphs provide a fair representation of risk performance or a more favourable impression than is warranted.

Design/methodology/approach

A graphical accuracy index was constructed. Incremental information was measured. A multi-level linear model investigated whether credit risk affects the quantity and quality of graphical credit risk disclosure.

Findings

Banks used credit risk graphs to provide incremental information. They were also selective, with riskier banks less likely to use risk graphs. Banks were accurate in their graphical reporting, particularly those with high levels of credit risk. These findings can be explained within an impression management perspective taking human cognitive biases into account. Preparers of risk graphs seem to prefer selective omission over obfuscation via inaccuracy. This probably reflects the fact that individuals, and by implication annual report’s users, generally judge the provision of inaccurate information more harshly than the omission of unfavourable information.

Research limitations/implications

This study provides theoretical insights by pointing out the limitations of a purely economics-based agency theory approach to impression management.

Practical implications

The study suggests annual reports’ readers need to be careful about subtle forms of impression management, such as those exploiting their cognitive bias. Regulatory and professional bodies should develop guidelines to ensure neutral and comparable graphical disclosure.

Originality/value

This study provides a substantive alternative to the predominant economic perspective on impression management in corporate reporting, by incorporating a psychological perspective taking human cognitive biases into account.

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Journal of Applied Accounting Research, vol. 19 no. 1
Type: Research Article
ISSN: 0967-5426

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Article
Publication date: 9 November 2015

Lisa Maria Falschlunger, Christoph Eisl, Heimo Losbichler and Andreas Michael Greil

Graphs are powerful tools which affect a reader’s impression and decision making. However, graphs in annual reports have a long tradition of being designed in order to give a more…

2222

Abstract

Purpose

Graphs are powerful tools which affect a reader’s impression and decision making. However, graphs in annual reports have a long tradition of being designed in order to give a more favourable impression of the company’s performance. The purpose of this paper is to add to the understanding of how large listed companies in Europe choose to use and misuse graphical representation.

Design/methodology/approach

This comprehensive study investigates annual reports of the top 50 European companies listed in the fortune 500 index. Company reports are analysed over a period of seven years resulting in 4,683 graphs. The authors investigate the development of the three major areas of impression management – selectivity, graphical measurement distortion and presentational enhancement – individually by company as well as collectively for the entire sample.

Findings

The main findings are that topics displayed, and how they are presented, significantly change over time and that graphs are much more likely to exaggerate positive trends than to understate them. Additionally, it can be found that longer time sequences (greater than five years) almost exclusively depict favourable trends (86 per cent) and graphical measurement distortions are applied on purpose for both key financial variables (KFV) as well as for non-KFV (around 30 per cent in all years).

Research limitations/implications

The sample for this study are the biggest 50 companies in Europe. It is not clear, if these companies are a representative sample for all publicly traded companies in Europe. Further research is needed regarding small and medium size companies.

Practical implications

The findings show that companies primarily produce graphs in order to influence the perception of their stakeholders rather than to display the topics in accordance with the “true and fair view” principle that is requested by the IASB. However, standard setters like the IASB or the FASB have not yet released any particular information on how to use graphs correctly and avoid misleading information. This study should provide a solid base for further discussions in this regard as companies still use graphs to give a favourable impression of the company and deliberately misuse them in order to achieve this aim.

Originality/value

This study contributes to the research field of impression management by answering the quest for more longitudinal studies and offers an extended focus while examining not only KFV but all variables depicted in annual reports.

Details

Journal of Applied Accounting Research, vol. 16 no. 3
Type: Research Article
ISSN: 0967-5426

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Article
Publication date: 1 October 2002

Robin Sydserff and Pauline Weetman

This paper responds to a call in the literature for methodological and empirical studies to advance research into accounting narratives, in the light of acknowledged areas of…

5021

Abstract

This paper responds to a call in the literature for methodological and empirical studies to advance research into accounting narratives, in the light of acknowledged areas of weakness and gaps in the accounting literature and with a view to investigating impression management. A general line of critique in the accounting literature points to a need to expand both the syntactic and thematic dimensions, with a particular focus on developing objective methods of analysis that allow computer‐based measurement. The paper draws on the literature of managerial business communications, supported by that of applied linguistics, in bringing to accounting research a transitivity index and the application of DICTION analysis. Both have the potential to extend computer‐based analysis of accounting narratives, subject to careful initial research design and specification. The potential for a richer empirical analysis is demonstrated through an illustrative empirical application.

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Accounting, Auditing & Accountability Journal, vol. 15 no. 4
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 31 July 2009

David Campbell, Ken McPhail and Richard Slack

Annual reporting has moved from the conveyance of “simple” accounting numbers and more towards narrative, graphical, pictorial and broader aesthetic content conveyance. At the…

3123

Abstract

Purpose

Annual reporting has moved from the conveyance of “simple” accounting numbers and more towards narrative, graphical, pictorial and broader aesthetic content conveyance. At the same time, there has been a small but growing discussion of the work of Emmanuel Levinas and Zygmunt Bauman and in particular the ethic of the Other. The aim of this paper is to explore the presence of faces in annual reports.

Design/methodology/approach

Based on initial observations from the analysis of human representations in the annual reports of 14 companies for all years 1989 to 2003 (210 annual reports), the paper interprets the increase from a Levinasian perspective, drawing substantially from Bauman's articulation of Levinas' ethic of the Other. Particularly within the work of Levinas, this ethic is articulated through the nakedness of the face. Analysis is partly performed through illustration of the site of audiencing, a key visual methodology, in annual report images.

Findings

A significant rise in total human representation over time is interpreted in Levinasian terms and the range of sites of audiencing is demonstrated. Arguments are discussed that suggest a counter‐hegemonic understanding of the corporations' responsibility to the Other.

Originality/value

The paper provides a critical analysis of what this kind of face work means within the context of Levinas' ethics of the Other. The paper explores what this kind of face work means for the possibility of Levinasian‐inspired moral development and the potential for a counter‐hegemonic face work that may promote accountability.

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Accounting, Auditing & Accountability Journal, vol. 22 no. 6
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 1 October 2002

Vivien Beattie and Michael John Jones

Graphs in corporate annual reports are a double‐edged sword. While they offer the potential for improved communication of accounting information to users, the preparers of the…

5464

Abstract

Graphs in corporate annual reports are a double‐edged sword. While they offer the potential for improved communication of accounting information to users, the preparers of the annual reports can easily manipulate the graphs for their own interests. For over a decade, the empirical financial graphics literature has focused on examining company reporting practices. A particular concern has been measurement distortion, which violates a fundamental principle of graph construction. Unfortunately, it is not yet known whether observed levels of measurement distortion are likely to affect users’ perceptions of financial performance. This study uses an experimental approach to address this issue. Pairs of graphs are shown to establish the level of difference that is just noticeable to graph readers. Six levels of “distortion” are investigated (5 per cent, 10 per cent, 20 per cent, 30 per cent, 40 per cent and 50 per cent). Results indicate that if financial graphs are to avoid distorting the perceptions of users, then no measurement distortions in excess of 10 per cent should be allowed. Users with lower levels of financial understanding appear to be most at risk of being misled by distorted graphs. Further research will be necessary to investigate whether this impact upon perceptions subsequently affects users’ decisions in specific contexts.

Details

Accounting, Auditing & Accountability Journal, vol. 15 no. 4
Type: Research Article
ISSN: 0951-3574

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Article
Publication date: 1 March 2004

Patricia Stanton, John Stanton and Guil Pires

Considerable research has sought to establish the use of impression management in corporate annual reports (CARS), especially in depicting the reporting organisation in as…

5009

Abstract

Considerable research has sought to establish the use of impression management in corporate annual reports (CARS), especially in depicting the reporting organisation in as favourable a light as possible. Whether there is a useful outcome from the perspective of influencing those being managed has not been addressed. Based on the evidence that impression management mainly occurs in the front half, an experiment was conducted to examine whether readers’ perceptions of a company's performance differed depending on their assigned reading. Four similar groups rated the performance of an organisation in terms of several dimensions after completing their reading task, but no significant differences were found. Respondents in three groups approximate what may be termed “sophisticated users”, perhaps not easily impressed by the front half. The fourth group, homogeneous at university level but without the same financial background, ranked financial performance higher. Implications are drawn about the effectiveness of impression management.

Details

Corporate Communications: An International Journal, vol. 9 no. 1
Type: Research Article
ISSN: 1356-3289

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Article
Publication date: 10 August 2015

Daria Gritsenko

– The purpose of this paper is to explore how change is brought about in quality governance of Baltic maritime oil transportation.

706

Abstract

Purpose

The purpose of this paper is to explore how change is brought about in quality governance of Baltic maritime oil transportation.

Design/methodology/approach

This qualitative case-study sought to understand the underlying mechanisms of quality governance. The paper analyzed versatile empirical material (including expert interviews) to uncover how a particular constellation of public and private, binding and voluntary, internal and external quality standards impacted the process of institution building for quality management in Baltic oil shipping.

Findings

The paper shows that emergence of quality practices in oil shipping is associated not only with the development of shipping industry as a whole, but also with the dynamics within the energy value chain. The findings suggest that alignment between rules and incentives is specific to a combination of given natural, political and economic contexts as well as physical infrastructure which set applied limitations upon the governance process and, eventually, impact the set of quality governance mechanisms available for use.

Research limitations/implications

The paper shows that collective action is contextually-bound, thus the mechanisms of quality shipping governance can essentially differ from one locality to another. This implies that local solutions can be found to problems conventionally identified as global.

Practical implications

Paper’s findings question the applicability of “one-size-fits-all” approaches to policy-making and calls for more targeted regulation. The research also stresses the role of technical modernization in prompting actual change in regards to quality practices.

Originality/value

This research claims that transition to sustainable transportation systems requires institutions that are capable of linking actors and contexts in a way that balances supply and demand for quality.

Details

Management of Environmental Quality: An International Journal, vol. 26 no. 5
Type: Research Article
ISSN: 1477-7835

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