The purpose of this paper is to examine the impact of accounting fraud on the reliability of profits after the completion of corrections by focusing on the period after the submission of correction reports of companies that corrected their securities reports after accounting fraud was discovered. We tested the effect of accounting fraud on the reliability of profits after the completion of corrections by examining whether the profits of corrected companies and similar companies without fraud are reflected in stock prices in the same way. The results show that if a company is profitable in both years immediately before and after the completion of the correction, the profit is used for stock price evaluation, but the loss is not evaluated positively, as in the case of similar companies without accounting fraud in the past. The results indicate that the correction report restores the credibility of profits, but if the management's subsequent profit management is questionable, even losses that can be expected to improve the ability to earn cash flow in the future, such as restructuring, will not be evaluated.   Received: 6 December 2021 / Accepted: 23 March 2022 / Published: 5 May 2022

This study examines the inner dynamics of multifractality between the carbon market (EU ETS) and four major fossil fuel energy markets: Brent Crude Oil (BRN), Richards Bay Coal (RBC), UK Natural Gas (NGH2), and FTSE350 electricity index (FTSE350) from January 04, 2016, to March 04, 2022. First, we decompose the daily price changes by applying seasonal and trend decomposition using loess (STL). Then, we examine the inner dynamics of multifractality and cross-correlation by employing multifractal detrended fluctuation analysis (MFDFA) and multifractal detrended cross-correlation analysis (MFDCCA) using the remaining components of the return series. Our findings reveal that all series and the cross-correlations of carbon and fossil fuels markets have multifractal characteristics. We find crude oil to be the most efficient market (lowest multifractal), while coal is the least efficient (highest multifractal). Only coal shows persistent, whereas the other markets exhibit antipersistent behavior. Interestingly, the coal and EU ETS pair demonstrates a higher degree of multifractal patterns. In contrast, the pair of natural gas and EU ETS exhibits the lowest multifractal characteristics among the energy markets. Only the crude oil market shows persistent cross-correlations in the multifractality. These findings have important academic and managerial implications for investors and policymakers.

Are dividend changes informative? If yes, do they convey information about future earnings? Given the importance of the issue to corporate finance and because of the puzzling results of previous studies, we investigate the association among dividend changes, stock returns, and future earnings. Following 928 French and 995 German firms from 1991 to 2010, we expect that only those dividend changes will be positively associated with future earnings that result in abnormal stock returns. Inconsistent with our expectations, we find that the association between current dividend changes and future earnings changes for firms with the highest abnormal returns in the dividend change direction is not stronger than the rest of the firms. These findings cast doubt on the signaling theory, which claims that dividend changes convey information about changes in future earnings.

In recent years, more and more companies have noted the significance of addressing serious social and environmental issues, and various sustainability strategies have been implemented to ensure sustainable competitive advantage. An urgent issue is how to integrate sustainability strategy-related goals and key performance indicators (KPIs) into performance evaluation and compensation systems, and how to integrate employees’ awareness of environmental protection and social contribution into their daily work. This study examines management tools that can link sustainability strategies with sustainability performance evaluation and compensation systems. Specifically, the balanced scorecard (BSC) is positioned as a management tool for measuring, evaluating, and managing sustainability performance, with a particular focus on the sustainability balanced scorecard (SBSC), which incorporates economic, environmental, and social factors. The purpose of this study is to clarify the role of sustainability performance assessment and management in sustainability management based on previous studies and cases of advanced companies that have introduced SBSC, such as the Generali Group, and to systematically evaluate the functions and usefulness of SBSC as a sustainability performance assessment and management tool. The findings indicate that the SBSC is an effective management tool for improving sustainability performance and implementing sustainability strategies

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