Purpose: This article investigates the implications of the spread of COVID-19 on gold spot prices. Design/Methodology/Approach: We use GARCH and GJR-GARCH models based on daily gold returns over the period 2012-2020 to analyze the impact of the coronavirus on the volatility of gold returns. Findings: We find a positive correlation between the increasing number of global coronavirus cases and increases in gold price. Using GARCH and GJR-GARCH models, we find a significant positive impact of COVID-19 on the conditional variance equation, indicating that the coronavirus may indeed increase the volatility of gold returns. This relates to the fact that the spread of the virus increases uncertainty with regard to the future of economic and financial markets, causing the demand for gold to increase and in turn pushing prices upwards, a trend which may be likely to continue until a vaccine or other treatments begin to stabilize the global economic outlook. Practical Implications: The issue of volatility is of significant concern to both investors and policymakers who base decisions on the relative stability of both individual financial markets and the world economy. Furthermore, volatility estimation is an essential factor in many models and has broad application to the market risk management practices of firms. Finally, understanding the volatility of the gold market is crucial for any analysis of current and future expectations regarding the risks associated with coronavirus which apply to global markets. Originality/Value: The lockdown restrictions which have been widely implemented across the globe to curb the spread of the virus have included travel prohibitions and border closures, stay-at-home and work-from-home orders, and extensive business closures, all causing immense fallout for the global economy. In the current study, we analyze for the first time the impact of the coronavirus on gold spot prices by examining their correlation with the number of cumulative global cases and daily new cases.

This paper examines the potential determinants associated with a firm’s decision to use a corporate website. The probability of web-based corporate reporting adoption was measured by using a dichotomous variable, where one is given if the firm has a website and zero otherwise. Based on a sample of 1217 US listed firms, it was found that 950 firms have a website and 267 do not. Those firms with a website are larger, more profitable and have a larger board size with more female directors when compared with firms without websites. In addition, the results of the regression analysis revealed that firm size, profitability, leverage, board size and the percentage of female directors in the boardroom have a significant positive impact on the probability of a firm having a website. However, firm age has a significant negative impact on the probability of web-based corporate reporting adoption. A weakness in the previous literature has been the neglect of firms without an online presence, which implies a potential selection bias. Consequently, this research contributes to the international accounting literature by expanding our understanding in relation to the probability of firms adopting web-based corporate reporting and the economic consequences of them doing so through reducing asymmetric information, which acts as an incentive to encourage investment.

Purpose The purpose of this study is to analyse the level of online disclosure of firms in the USA and to evaluate the impact of diversity in terms of director nationality (boardroom internationalisation) on online disclosure. Design/methodology/approach The authors apply, for the first time, a new modified scoring system to measure online disclosure levels by securing more detailed information on each of the items in the voluntary disclosure index. Regarding the percentage of foreign board members, unlike in previous research, the authors calculate two additional proxies to more accurately specify the level of international diversity on the board: the Blau Index and the Shannon Index. Moreover, the authors use a cross-sectional model for the sampled non-financial S&P500 firms using both ordinary least squares (OLS) and heteroskedasticity-corrected estimates to analyse the impact of boardroom internationalisation on the level of online disclosure. Findings The findings reveal that the average online disclosure level for the sample in question is 64% for the 0–1 index and 57% for the 0–4 index. In addition, the results of the regression analysis confirm the study’s proposed hypothesis, which is that the presence of international board members correlates with an improvement in the level of online disclosure. This can be attributed to the fact that foreign directors bring unique skills and knowledge from their home countries and thus, increase board discussion, creativity and innovation, which has a positive impact on the level of online disclosure. Research limitations/implications Financial firms are subject to capital requirement regulations; consequently, disclosure practices can be influenced. Therefore, these firms were excluded from the sample of the study. Originality/value This research contributes to the body of literature on nationality diversity of firm boards and corporate online disclosure in several respects. Firstly, the study adds an international dimension to the existing literature. Secondly, this study provides new evidence that foreign diversity on the board can improve firm value, insofar as the corresponding enhancement of online disclosure leading to positive capital market implications. Thirdly, the authors use, for the first time, a new scoring system approach to measure the level of online disclosure. Finally, it contributes to the corporate governance literature by basing its analysis on a multi-theoretical approach.

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