Accounting literature boasts a long list of studies on the impact of earnings information on stock prices. Recently, this strand of literature has been given a new twist by exploring the dynamics of earnings-returns relation at the aggregate level. The knowledge about this relationship is particularly useful for investors who hold diversified portfolios. The paper tests if the aggregate earnings-returns relationship is different when stocks are grouped according to different characteristics such as size, value, profitability and investment. The results suggest that the relation between aggregate earnings and stock returns is relatively stronger for large-cap and growth stocks as compared to small-cap and value stocks. These findings are valuable for investors and fund managers who use factor-based strategies to manage their investments.

The paper examines the extent of corporate disclosure in the Management Discussion and Analysis (MD&A) reports of companies listed on the Bombay Stock Exchange. A sample of 55 companies is taken, and based on the disclosure checklist containing 52 information items, the extent of disclosure is measured both at the aggregate level and with respect to different reporting areas of the MD&A report. It is found that average level of aggregate disclosure is 64.8%, which is moderately high. The maximum disclosure score is 90% and minimum 25%. The variation in the extent of disclosure among the sample companies is measured by range and standard deviation, which are 65% and 11.2%, respectively. As far as disclosure in specific areas of the MD&A report is concerned, a few companies have made 100% disclosure in respect of industry structure and development, risk and concern, and segment reporting, while some have made no disclosure about outlook information. The overall results suggest that there exists scope for improving the quality of disclosure in MD&A reports of Indian companies.

Efficient decisions by various stakeholders depend on how business organizations communicate their operational and financial information. Financial reporting is a means to disseminate information on various operational and non-operational affairs of business organization; it is done through financial statements, notes to accounts and narrative section in the annual reports. Due to risks in business environment, stakeholders expect enhanced information on various multidimensional aspects of business. Therefore, business organizations are required to disseminate enhanced information so as to assist in decision making by them. This is possible only with the help of an enhanced business reporting model. Such a model can be successfully implemented through the application of extensible business reporting language (XBRL). The present paper analyzes the impact of XBRL on the quality of financial reporting based on the financial reporting patterns of 23 selected NSE listed companies from 2005 to 2020, using statistical tools such as Tukey test and dummy variable regression analysis. The study finds that XBRL had a significant impact on the quality of financial reporting of the selected companies.

Due to frequency and domination of family businesses around the world, the practice of family firms is a popular field for research. However, there are not many studies that divide the current family firms and capital structure literature into different research themes and then offer popular and less popular research themes. This study includes a comprehensive review of 192 peer-reviewed journal publications over a two-decade period in an effort to close this gap. It provides an overview of current family firm research, categorizing it into six broad topics and describing the primary research questions for each. We offer future research directions and implications for policymakers based on the research gaps we have uncovered.

There exists a lacuna in nonaudit services (NAS) literature regarding its determinants. This study is an attempt to provide preliminary evidence on various drivers of NAS in the context of an emerging nation like India. It is based on secondary data of the top 100 nonfinancial firms listed on the Bombay Stock Exchange, spanning the period 2017-2021. NAS is measured by natural log of NAS (LnNAS) and NAS fee ratio (FEERATIO), calculated as NAF divided by the sum of audit fee and nonaudit fee (NAF). The study uses Random Effects Model to identify the determinants of NAS. To check the robustness of the results, the study further employs generalized estimating equation (GEE) model. The findings bring to light growth, liquidity, audit committee effectiveness, brand name of auditor, audit tenure and audit fees as intrinsic factors influencing the NAS purchase decisions of a firm. Interestingly, the study does not find any significant influence of firm size and board size on both the employed measures of NAS.

The paper employs Probit Regression Model for small and medium enterprises (SMEs) to investigate the relationship between 'access to finance' and 'type of innovation', using firm-level dataset from the World Bank Enterprise Survey, covering 7,165 manufacturing firms from 23 states in India. The study indicates that 'access to finance' has a significant effect on the probability of firms' decision to innovate. It is also significantly associated with the likelihood of firms' decision to adopt a particular type of innovation, such as Product Innovation, Process Innovation, Organizational Innovation and Marketing Innovation. Several other structural characteristics of the firm are found to have significant effects on the innovation decision. The study would be of help to managers to understand how SMEs conduct their innovation decision process in response to the severity of obstacles to access to finance.