• International Journal of Contents
• /
• v.13 no.1
• /
• pp.22-30
• /
• 2017

The diffusion of advanced mobile technology has introduced new types of personal information or 'location data'. These new data mean new opportunities for businesses, such as location-based services (LBS), but have resulted in new consumer anxieties regarding disclosure of personal information. This study examines the effects of the consumers' perceived control over "time-andplace" information in location-aware services on their perceived privacy risk. A total of 270 respondents participated in this study. Conditions of perceived privacy control were operationalized over time-and-place information, in a $2{\times}2$ factorial design. Results indicate that the perceived control over time-and-place personal information is a significant predictor of perceived risk, and control assurances over time-and-place information enhances the perception of control, thus alleviating the perceived risk. In addition, the effect is much more significant when time and place were combined.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.24
• /
• pp.25-49
• /
• 2004

English contract law has traditionally taken the view that it is not the duty of the parties to a contract to give information voluntarily to each other. In English law, one of the principal distinctions between insurance contract law and general contract law is the existence of the duty of disclosure in insurance law. This article is, therefore, designed to analyse the scope or extent of the duty of disclosure and the remedy for breach of the duty in English marine insurance law. The main purpose of this article is also to seek the alternative remedy for the breach. The results of analysis are as following : First, the scope of the duty of disclosure is closely related to the test of materiality and the concept of a hypothetical prudent insurer. The assured is required to disclose only material circumstances subject to MIA 1906, s. 18(1). The test of materiality, which had caused a great deal of debate in English courts over 30 years, was finally settled by the House of Lords in Pan Atlantic and the House of Lords rejected the 'decisive influence' test and the 'increased risk' test, and the decision of the House of Lords is thought to accept the 'mere influence' test in subsequent case by the Court of Appeal. Secondly, an actual insurer is, in order to avoid contract, required to provide proof that he is induced to enter into the contract by reason of the non-disclosure of the assured. But this subjective test of actual inducement is somewhat meaningless in sense that English court takes the test of materiality as a starting point and assumes the presumption of inducement even in case of no clear proof on the inducement. Finally, MIA 1906, s. 18 provides expressly for the remedy of avoidance of the contract for breach of the duty of disclosure. This means rescission or retrospective avoidance of the entire contract, and the remedy is based upon a fairly crude 'all-or-nothing' approach. The remedy of rescission is too draconian from the point of view of the assured, because he can be deprived of all cover despite he is innocent perfectly. An inadvertent breach from an innocent mistake is as fatal as wilful concealment. What is, therefore, needed in English marine insurance law with respect to remedy for the breach is to introduce a more sophisticated or proportionate remedy ascertaining degrees of fault.

• The Journal of Industrial Distribution & Business
• /
• v.12 no.3
• /
• pp.43-49
• /
• 2021

Purpose: This study attempted to examine the risk of stock price plunge according to the firm's management strategy. Prospector firms value innovation and have high uncertainties due to rapid growth. There is a possibility of lowering the quality of financial reporting in order to meet market expectations while withstanding the uncertainty of the results. In addition, managers of prospector firms enter into compensation contracts based on stock prices, thus creating an incentive to withhold negative information disclosure to the market. Prospector firms' information opacity and delays in disclosure of negative information are likely to cause a sharp decline in share prices in the future. Research design, data and methodology: This study performed logistic analysis of KOSPI listed firms from 2014 to 2017. The independent variable is the strategic index, and is calculated by considering the six characteristics (R&D investment, efficiency, growth potential, marketing, organizational stability, capital intensity) of the firm. The higher the total score, the more it is a firm that takes a prospector strategy, and the lower the total score, the more it is a firm that pursues a defender strategy. In the case of the dependent variable, a value of 1 was assigned when there was a week that experienced a sharp decline in stock prices, and 0 when it was not. Results: It was found that the more firms adopting the prospector strategy, the higher the risk of a sharp decline in the stock price. This is interpreted as the reason that firms pursuing a prospector strategy do not disclose negative information by being conscious of market investors while carrying out venture projects. In other words, compensation contracts based on uncertainty in the outcome of prospector firms and stock prices increase the opacity of information and are likely to cause a sharp decline in share prices. Conclusions: This study's analysis of the impact of management strategy on the stock price plunge suggests that investors need to consider the strategy that firms take in allocating resources. Firms need to be cautious in examining the impact of a particular strategy on the capital markets and implementing that strategy.

• The Journal of Asian Finance, Economics and Business
• /
• v.8 no.1
• /
• pp.623-635
• /
• 2021

The purpose of this research is to examine the impact of information risk on the Cost of Equity (COE) and whether the risk of a stock price crash mediates the relation between information risk and COE. To test the dynamic nature of the proposed model, the two-step system GMM dynamic panel estimators are applied to all the non-financial firms listed on the Pakistan Stock Exchange (PSX) from 2007- 2018. The results of this study show that all three types of information risk, as well as the risk of the share price crash, increases the COE. The crash risk strengthens the impact of information risk on the COE. Moreover, these three information risks are correlated with each other and an increase in information quality reduces the effect of asymmetric information and improves the investor interpreting ability, while an increase in private information decreases the transparency. The finding is crucial for asset pricing, portfolio management, and information disclosure. This study contributes to the literature by providing novel findings on the impact of three different types of information risk, i.e. private information, quality of information, and transparency of information on the COE as well as whether crash risk mediates the relationship.

• The Journal of Asian Finance, Economics and Business
• /
• v.5 no.1
• /
• pp.29-41
• /
• 2018

These days, corporate risk management has become a major concern in the corporate world. Companies in the global environment are exposed to diverse kinds of risks that are affecting the decisions of investors and other stakeholders. Therefore, companies are expected to not only identify and manage risks but also voluntarily report the same to the stakeholders. Increasingly, standard setters and regulators are requiring firms to disclose such information. On the contrary, there also exists a perception that risk reporting can create a negative impression among the stakeholders about the future of the company. In line with such growing dilemma for risk disclosures, the issue of corporate risk reporting (CRR) has been receiving immense emphasis from the accounting academicians. The main objective of this article is to conduct a comprehensive literature review on corporate risk disclosures. In order to fulfill this objective, at first, a summary of the relevant available literature is presented to identify the current regulations on risk reporting, existing trends of CRR research and theories applied in research. Then, through analysis, several research avenues are identified. It is expected that if these dimensions are explored by the future researchers, a better and broader understanding of the risk reporting practices can be achieved.

• Informatization Policy
• /
• v.22 no.3
• /
• pp.16-35
• /
• 2015

Recently, several studies in the field of privacy research suggested counterintuitive phenomenon about previous studies on existing perspectives. They claim that consistency of attitude and behavior does not exist, which is called privacy paradox. This study aims to clarify the relationship between intention to information disclosure and actual behavior based on the privacy paradox perspective. It attempts to explain the causes of privacy paradox phenomenon through the dual process theory being discussed in the field of behavioral economics. The results of empirical analysis are as follows. First, paired t-test analysis between intention to information disclosure and actual behavior was statistically significant. This means the existence of privacy paradox. Second, privacy risk had significant explanatory power to behavioral intention, and privacy trust had significant explanatory power to actual behavior. In conclusion, this study shows that negative belief influences decision making situation controlled by rational thinking whereas positive belief influences actual situations controlled by intuitive thinking.

• Journal of Computing Science and Engineering
• /
• v.5 no.3
• /
• pp.183-196
• /
• 2011

There has recently been a surge of interest in relational database mining that aims to discover useful patterns across multiple interlinked database relations. It is crucial for a learning algorithm to explore the multiple inter-connected relations so that important attributes are not excluded when mining such relational repositories. However, from a data privacy perspective, it becomes difficult to identify all possible relationships between attributes from the different relations, considering a complex database schema. That is, seemingly harmless attributes may be linked to confidential information, leading to data leaks when building a model. Thus, we are at risk of disclosing unwanted knowledge when publishing the results of a data mining exercise. For instance, consider a financial database classification task to determine whether a loan is considered high risk. Suppose that we are aware that the database contains another confidential attribute, such as income level, that should not be divulged. One may thus choose to eliminate, or distort, the income level from the database to prevent potential privacy leakage. However, even after distortion, a learning model against the modified database may accurately determine the income level values. It follows that the database is still unsafe and may be compromised. This paper demonstrates this potential for privacy leakage in multi-relational classification and illustrates how such potential leaks may be detected. We propose a method to generate a ranked list of subschemas that maintains the predictive performance on the class attribute, while limiting the disclosure risk, and predictive accuracy, of confidential attributes. We illustrate and demonstrate the effectiveness of our method against a financial database and an insurance database.

• Journal of the Korea Convergence Society
• /
• v.9 no.4
• /
• pp.169-177
• /
• 2018

The purpose of this study is to make an empirical analysis of how voluntary disclosure level has an impact on auditor's audit fees and audit hours and additionally identify if the relationship between the twos depends on the accounting quality. As final sample for analysis, this study targeted the KOSPI listed firms from 2007 to 2013, and as for audit fees(audit hours), 4,572 (4,460) corporate/annual data were used. The results from the empirical analysis in this study are as follows. First, auditor's audit fees appeared higher in KOSPI listed firms compared to the non-KOSPI listed firms, and when targeting the KOSPI listed firms only, the results were the same. Second, auditor's audit hours increased significantly in the KOSPI listed firms compared to the non-KOSPI listed firms, and this result appeared consistently even when analyzing the KOSPI listed firms only. Third, when the accounting quality was not good in the KOSPI listed firms, auditor's audit fees got significantly lower, whereas when targeting the KOSPI listed firms only, no relevance was found. Fourth, when the accounting quality was bad in the KOSPI listed firms, auditor's audit hours were found to have been spent less, but when analyzing the KOSPI listed firms only, such a fact was not identified. This study is significant in that it examined the fact that auditor's audit risk depends on voluntary disclosure level in terms of audit fees and audit hours.

• Asia-Pacific Journal of Business
• /
• v.10 no.4
• /
• pp.77-86
• /
• 2019

The purpose of this study is to examine how the characteristics of family firms affect stock price crash risk. Prior studies argued that the opacity of information due to agency problem causes a plunge in stock prices. The governance characteristics of family firms can increase information opacity which leads to crash risk. Therefore, this study verifies whether family firms have a high possibility of stock price crash risk. We use a logistic regression model to test the relationship between family firms and stock price crash risk using listed firms listed on the Korean Stock Exchange during the fiscal years 2011 through 2017. The family firm is defined as the case where the controlling shareholder is the chief executive officer or the registered executive. If the controlling shareholder's share is less than 5%, it is not considered a family business. We found that family firms are more likely to experience a plunge in stock prices. This supports the hypothesis of this study that passive information disclosure behavior and information opacity of family firms increase stock price crash risk.

• Journal of Korean Society of Occupational and Environmental Hygiene
• /
• v.24 no.1
• /
• pp.79-90
• /
• 2014

Objectives: The aim of this study was to suggest preliminary data for the establishment of communication methodology of asbestos risk, fit for the features of each audiences, by grasping the features of risk communication by each element for each group survey. Methods: For this study, a questionnaire survey has been conducted from May to August 2012 and responses of 617 people including 214 school asbestos managers, 95 asbestos business managers, and 308 general public have been analyzed. Results: The feature by element of risk communication shows that to give information through non-governmental organizations with reliability such as colleges, research institutes, asbestos-related associations, etc among the entire investigated groups, is most effective. Lastly, for stakeholders related to asbestos, the public feedback for governmental asbestos management policy shows that it was considered that there is lack of reality due to comprehension deficit for situation, lack of a system of asbestos general management in the country and lack of policy connectivity among the branches of the government, and between the central government and the local government. However, the general public selected lack of various information disclosure, education, publicity for asbestos and lack of communication with citizens as the biggest problems.