| Abstract [eng] |
The main purpose of this master thesis is to evaluate the compliance of share-based payment disclosures with IFRS 2 among companies listed on the Baltic Nasdaq exchange, and to determine the impact of selected corporate governance characteristics on this compliance. The work consists of three main parts; the analysis of literature, the research and its results, conclusion and recommendations. The literature review provides an overview of the nature of share-based payment transactions, the historical development of their financial accounting, and an evaluation of the currently applied financial accounting model. Furthermore, it analyzes the issues related to the application and evaluation of IFRS 2 and examines the disclosure requirements for share-based payment transactions. It also reviews the relationships between the level of information disclosure and corporate governance characteristics established in previous studies. The empirical research was conducted by analyzing the 2020–2024 annual financial statements of companies listed on the Baltic Nasdaq exchange (Official List). The research revealed that companies listed on the Baltic Nasdaq disclosed approximately 60% of the required information regarding share-based payment transactions. The most frequently disclosed data were the most easily accessible ones, such as the method of settlement and the number of options; however, valuation model parameters, such as expected dividends, etc., were mostly omitted. In the second part of the research, a statistically significant link was found between share-based payment disclosures in the financial statements and board size – companies with larger boards disclosed a wider range of information. Concurrently, a negative relationship was identified between the separation of the CEO and Chairman of the Board roles and the disclosure level. Other investigated corporate governance characteristics (board independence and Big4 auditor) did not have a significant impact on the disclosure level, though this could be attributed to the exceptionally high homogeneity of the research sample. The conclusions state that companies listed on the Baltic Nasdaq still do not disclose all the required information about share-based payment transactions, while noting that larger boards are associated with a more comprehensive level of disclosure. In the author's assessment, the results of this research and the presented conclusions hold practical value for investors analyzing the transparency of financial data of companies listed on the Baltic Nasdaq, particularly concerning share-based payment transactions, as well as for auditors aiming to improve audit processes. |
