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Focusing only on shareholders’ financial return is not consistent with the concept of sustainable corporate governance. In contrast to financial performance, corporate social responsibility (CSR) is a non-financial performance index. Financial reports consist of both financial and non-financial disclosures. These disclosures help investors make decisions. This paper characterizes the interaction between the sentiment analysis of financial reports and CSR scores. The classification accuracy through SVM exceeds 86%. The empirical study shows that the financial report sentiment based on the PESTEL model, Porter’s Five Forces model, and Value Chain (Primary and Support Activities) significantly correlates to the CSR score.
Lawlor (2001) warned that even if an organization is “as pure as the driven snow in its own operations, it should expect public scrutiny of the practices of suppliers and associates”. Bad news about companies such as Nike, GAP, Reebok, and Hennes & Mauritz (H&M) attracted negative media attention in the late 1990s. In 2012, Apple became a high-profile target for non-government organizations concerned about working conditions in multinational supply chains. These concerns were related to the China-based Foxconn organization, where the vast majority of its 1.2 million employees were involved in assembling Apple products (according to Reuter’s reports). At the request of 250,000 petitioners, Apple was persuaded to ask the Fair Labor Association to investigate the working conditions at the Foxconn factory in China. Walmart was heavily criticized for its workplace practices in the US. In 2012, the National Employment Law Project (NELP) published the “Chain of Greed” report (Cho et al., 2012) about Walmart’s worker exploitation in the US. Some responsibility for the conditions of the poorly paid garment makers in Bangladesh has also been placed on the western retailers who sold the garments made by these oppressed workers after the collapse of the Rana Plaza building caused international outrage.
Since the Global Financial Crisis (GFC), and amid a lingering recession that has intensified pressure from shareholders, companies are devising new corporate social responsibility (CSR) models that are more aligned with their core business goals and services. For example, blue-chip companies, such as Visa and Unilever, are creating new markets in the developing world by closely aligning social causes with their overarching corporate strategies. CSR has a strong role to play in the provision of information for risk management purposes. The Carbon Disclosure Project (CDP) was formed in 2000. Based in New York and London, the CDP focuses on the implications of climate change for shareholder value and commercial operations. CDP believes that carbon emissions and climate change represent significant business risks and, therefore, an organization’s policies and performance in relation to climate change should be factored into investment decisions. The decision to report information (whether it be CSR or financial information) is the concept of “accountability”. It is defined as the duty to provide a report, or an account, of the actions and decisions made about those areas of activity for which an organization is deemed to be responsible. The Commission of European Communities (CEC) states that CSR is “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. Being socially responsible means not only fulfilling legal expectations, but also going beyond compliance and investing more into human capital, the environment, and the relations with stakeholders” (CEC 2001) , p. 6. The above definition is also consistent with the definition of CSR provided by the World Business Council on Sustainable Development: “The commitment of business to contribute to sustainable economic development, working with employees, their families, the local community, and society at large to improve their quality of life” (Holme & Watts, 2000), p. 10.
The 3 main pillars of sustainability include environmental, social, and economic sustainability. Social and environmental performance can affect an organization’s future reputation, brands, and its ability to attract talented staff and maintain consumer and public support (CPA Australia, 2015a). Based on the Stakeholder Theory, corporate governance includes both financial performance and CSR. CSR refers to a wide range of activities that an organization undertakes, from charity donations to the management of carbon emissions. Based on the Signaling Theory, a financial report (FR) is the fundamental tool investors use to make decisions. It contains financial ratios as well as textual notes. Through this textual information, investors can learn about the firm’s social responsibility. Sentiment analysis is a relatively mature technique. However, China’s capital market is growing and Chinese is a complex language. We developed a sustainable strategy for corporate governance based on the sentiment analysis of Chinese financial reports with CSR. We solved 3 main problems: (1) Identifying the subjective object description in financial reports, (2) building an object library based on strategic models, and (3) characterizing the interaction between the CSR score and financial report sentiment categories.
Sustainability is widely recognized as one of the most important challenges facing the world today (Wan, Arief, & Rajagopalan, 2014). For most of the world’s largest companies, reporting on non-financial information appears to be a continuing trend. The communication of the social and environmental dimensions of a company plays a key role in the sustainable development of an organization, and therefore should be investigated in depth (Enrique & Michaela, 2015).
Multinational corporations play a prominent role in shaping the environmental trajectory of the planet. The integration of environmental costs and benefits into corporate decision-making has an enormous, but as yet unfulfilled, potential to promote sustainable development. Now is the time to take advantage of an explosion of sustainability commitments from business leaders and expanding pressure for sustainable practices from shareholders, financial institutions, and consumers (Kareiva, McNally, & McCormick Steve et al., 2015). CSR initiatives are crucial for achieving part of an inclusive growth vision. Organizations that are proactive rather than reactive may help achieve a sustainable inclusive growth via various CSR initiatives (Radhakrishnan, Chitrao & Nagendra, 2014). Research on CSR disclosure points to an increasing lack of completeness and decreasing amount of credibility in the information reported, as well as concerns about overall reporting practices. The evidence supports increasing skepticism about the use of CSR reporting practices as tools used to enhance perceived accountability (Giovanna, Silvia, & Federica, 2015). Standalone CSR reporting by retail companies appears to positively influence perceptions of a company’s reputation and may lead to increased appeal for socially responsible investors (Dennis & Na, 2014). Disclose CSR could increase transparency and non-financial accountability in capital markets. The empirical study reveals that family ownership reduces the level of CSR disclosure (Safaee M & M S Gerayli, 2017). Combining stakeholder theory with CSR research is a historic accomplishment (Zhang, Liang, & Yin, 2012). Chinese empirical data showed that CSR behavior is one of the key factors influencing consumers’ purchasing decisions (Ma, 2011). Data from listed Chinese companies in Shanghai demonstrated that the previous years’ CSR positively affects the current year’s corporate financial performance (CFP), and the current year’s CFP positively affects the CSR (Zhang, Jin, & Li, 2013). An empirical analysis showed that, assuming CSR is exogenous, the current CSR plays a significant positive role in promoting the current CFP, and vice versa (Yin, Liu, & Chen, 2014).
There is a vast amount of financial information on companies’ financial performance available to investors in electronic form (Salahuddin & Gow, 2016; Loughran & McDonald, 2011; Robert, Schumaker, & Hsinchun, 2009; Kloptchenko et al., 2004). While the automatic analysis of financial figures is common, it has been difficult to automatically extract information from the textual part of financial reports. The textual part contains more information than numerical part in an annual report (Chen et al., 2012; Hobson, Mayew, & Venkatachalam, 2012; Chan & Franklin, 2011; Feng, 2010; Feng, 2006; Kloptchenko et al., 2004). In recent decades, and with the advent of the eXtensible Business Reporting Language (XBRL), financial reports have experienced a great change in terms of the unified reporting process. Nevertheless, the unstructured part of financial reports, the footnotes, remains a barrier to accurate automatic and real-time financial analysis (Heidari & Felden, 2015). Currently, the application of data mining to auditing is at an early stage of development and researchers typically take a scatter-shot approach to it, investigating patterns in financial statement disclosures, text in annual reports and MD&As, and journal entries without the appropriate guidance, such as the lessons drawn from investigations on known fraud patterns (Gray & Debreceny, 2014). The sentiment (tone, opinion) has been assessed using several categorization schemes in order to explore the various aspects of language used in the annual reports of US companies. The results indicated that the sentiment information is an important forecasting determinant of financial performance and, thus, can be used to support the decision-making process of corporate stakeholders (Hajek, Olej, & Myskova, 2014). (Wang et al. 2016) investigated the correlation between mutual funds’ scale and return in China by text mining a large volume of online financial reports. They further employed K-means clustering for fund categorization, which enables the reliable examination of correlations between the fund’s scale and return. The findings highlighted the uniqueness of emerging markets while providing interesting guidelines for exploiting big data analytics for financial studies.
Corporate social responsibility is crucial for sustainable corporate governance. Researchers have realized the potential value of the textual analysis of financial reports for detecting fraud, managing risk, and forecasting future performance. However, few researchers have performed empirical studies on the sentiment analysis of financial reports based on strategic factors and CSR. This paper will illustrate how to perform an effective sentiment analysis of financial reports.
The research framework is shown in Fig. 1 and includes 4 steps: (1) data collection and preprocessing, (2) subjective sentence identification, emotional trend classification, and object description extraction, (3) the object library of the financial reports, and (4) empirical analysis.
To develop the sample for the transferrable object library, we used firm-year observations from different industries, including real estate, automobile, medicine, electric, communications, and energy. The final sample contained 50 financial reports from 2008 to 2013. The data came from www.cninfo.com.cn, which is the designated disclosure website of the China Securities Regulatory Commission. To distinguish our work from existing quantitative (financial ratios) research and mine the potential information contained in the textual content of the financial reports, we did not extract common words like “we” or “company” or industry-specific words and pure financial terminology such as “automobile”, “real estate”, or “asset-liability ratio”. The classification precision based on the sentence corpus was higher than that of the paragraph or document (Zheng, 2014); we extracted 32,767 sentences from the textual part of the financial reports based on the full-stop punctuation.
Using the approach found in (Bao and Datta’s 2014) work, we recruited 10 graduate students to label the sample sentences. Each student labels around 4000 sentences, among which 800 sentences are repetitive. Before labeling, they are briefed on the definition and trained on a number of real labeled examples. We keep communication and discussion during the whole process. The consistency of repetitive sentences reaches 80%. We only retain the subjective sentences whose labels are agreed upon by other annotators. The final sample set contained 2001 subjective sentences with a general emotional tendency and 4181 groups of related object descriptions. The expression of the subjective emotion was very complicated, and each sentence may not only have described the situation and emotional expression of a single aspect of the company. Although the variety of sentences means that some sentences will tend to approve some aspects of the company while others tend to criticize aspects of the company, a sentence’s general emotional tendency can be identified. The emotion tendency of the internal parts of 1 sentence can be different from the whole emotional tendency of the sentence. Therefore, we labeled the whole emotional tendency, related object description of each sentence, and emotional tendency of each object description (shown in Table 1).
Let us use the first sentence to illustrate this process of identification. Even though there is only one sentence (divided by full stop punctuation), the subjective expression involves 4 groups of the object description, which should be listed separately. Among them, 2 groups of emotional expression are negative descriptions about the company’s external environment, but the whole emotional tendency of this sentence is positive. Therefore, the general emotion of this sentence should be labeled as positive, while its constituent parts are labeled as having different emotional tendencies. We obtained a set of 1724 positive sentences and 277 negative sentences. Among the object description groups, there were 3482 expressing positive emotions and 699 expressing negative emotions. For both the sentence level and object description level, around 85% of this sample expressed positive emotions and only 15% expressed negative emotions. After removing the repeated items, there were 2637 objects and 1728 descriptions. The difference in these results may be explained by the fact that the describing objects in financial reports can differ in thousands of ways, while the emotional tendency is mainly expressed as either “good” or “bad”.
Text consists of characters and punctuation, constituting words, phrases, sentences, paragraphs, sections, chapters, and documents. Before the computer could automatically deal with textual content, we needed to find an idealized method of formal representation that reflected the potential content of the text and then help it to identify different texts. The Support Vector Machine (SVM), a supervised learning method, is a prominent method for text classification (Pang et al., 2002; Mullen & Collier, 2004; Whitelaw et al., 2005; Ni et al., 2007). The basic idea of the SVM is to use a training set to find the hyperplane in vector space and then separate the data points into as many different categories as possible. Through a trained SVM model, the emotional tendency of the testing data could be automatically predicted.
We labeled the subjective sentences of financial reports from different industries. After removing the data with missing values, we obtained a matrix of 1966*1728 (sentence*description). Based on the proportion of 3:1, we divided the data into a training set and a testing set.
Table 2 shows the SVM classification result. The precision ratio was 97.36% and recall ratio was 88.04% when identifying a positive emotional tendency. The precision ratio was 35.29% and recall ratio was 73.17% when identifying a negative emotional tendency. The total precision ratio reached 86.83% and the F-measure value was 51.81%. The positive precision was much higher than that for the negative identification, which can be explained by the aforementioned statistical results. When preparing financial reports, managers usually have a positive attitude or mood (instead of a negative or adverse emotional tendency) towards the company’s financial position, operation results, and cash flow. Thus, most sentences in the sample set expressed positive emotion and few were negative. This tendency was also reflected in the calculation of “the precision ratio of identifying the negative emotional tendency”. The denominator contained a large number of misjudged samples that the machine recognized as − 1 while the human label was + 1, which led to the lower precision ratio for negative expressions.
SWOT strategic analysis is a common method for evaluating corporate performance, which contains an analysis of the internal environment and external environment. In the above section, we divided the financial reports into sentences based on full stop punctuation, then identified the emotional tendency of the sentences, and finally extracted the related object description. These objects were words or phrases that we wanted to classify. Our process was as follows.
First, we labeled these objects as internal or external.
If the text described the company’s external information, it belonged to the external strategic analysis. The strategic analysis of the external environment is usually subdivided into the macro environment analysis and industry environment analysis. The former analyzes the whole environment, which can influence all kinds of industries, so we used the PESTEL model for these data. The latter aims at the strategic factors in a specific industry outside of a company that affect the company being analyzed as well as all the other companies engaged in similar economic and operational activities in the same industry; for these data, we adopted Porter’s Five Forces model.
If the sentence described the company’s internal situation, it belonged to the internal strategic analysis. Companies cannot control external environment factors. The strategic analysis of the internal environment relates to controllable factors, which can be improved by management and other control measures. The Value Chain includes the Primary and Support Activities and is used for corporate internal analysis.
There were 11 (6 + 5) external object categories, shown in Table 3. After removing the repeated items, the statistical results indicated that, among the factors in the corporate external environment, companies were concerned about the economic factor, industry rivalry, and power of the buyer the most, which are issues related to company earnings.
Table 4 shows that the internal objects are more related to a firm’s infrastructure, marketing and sales, and operations and technology development than human resource management and services. The factors of least importance are inbound logistics, outbound logistics, and procurement.
There were 345 sentences describing the external environment and 859 related groups of the object descriptions. There were 1656 sentences describing the internal environment and 3322 related groups of object descriptions, which were 4.8 times and 3.9 times as great, respectively, as the results from the external analysis. Among the related descriptions of the external environment, 41.68% described positive emotions and 58.32% described negative emotions. In contrast, 94.04% described positive emotions regarding the internal environment and 5.96% described negative emotions regarding the internal environment. These results demonstrated that the main sentiment expressed in these financial reports was about internal information disclosure, mainly good news about corporate performance. Compared with the internal disclosure, the description of the external environment revealed much more emotion that is negative.
The CSR score data was taken from www.hexun.com. Control variables included the ROE, BM ratio, and company size, which were obtained from the China Stock Market & Accounting Research (CSMAR) database. The empirical data set consisted of 16 companies (000002 Vanke, 600050 China Unicom, 600028 SINOPEC, 601857 CNPC, 600104 SAIC Motor, 000800 FAW CAR, 000927 TJ FAW, 000572 HaiMa Motor, 601607 Shanghai Pharma, 000538 Yunnan Baiyao, 000423 DEEJ, 600085 TongRenTang, 000651 GREE, 600690 Haier, 600839 Sichuan Changhong, and 000016 KONKA A) in various industries over a period of 2 years, 2012 and 2013. Based on the object library we built and emotional tendencies classified in the above sections, we calculated the financial reports’ sentiment value of each category using Models 1–6.
Table 5 presents the descriptive statistics for our sample. The units of the CSR and Size are obviously different from the other variables, so we used the log value of these 2 variables for the regression.
Table 6 shows the experiment results, among which Model 5 demonstrates a statistical significance between the CSR score and financial report sentiment based on the categories of the PESTEL, and Porter’s Five Forces, Primary Activities and Support Activities. It outperformed the other models. The signs of the 4 variables’ coefficients were consistent with the aforementioned statistical results. When preparing a financial report, managers express positive emotions in accordance with Porter’s Five Forces and Support Activities, which show the company’s opportunities and strengths. Managers may also complain about the threat from the macro environment and weakness of the Primary Activities.
Based on Model 5, we calculated the predicted values for the CSR scores. The comparison between predicted values and true values of the CSR scores is plotted as Fig. 2, which shows a consistent trend.
Milton Friedman, the noted economist, argued that the primary responsibility of managers is to maximize shareholder wealth. However, any director or senior manager who believes that acting for the exclusive benefit of its shareholders will lead to long-term success and satisfactory corporate governance is mistaken. It is often forgotten that Friedman also mentioned that this pursuit of shareholder wealth should be “within the rules”.
In the real world, ignoring stakeholders’ interests will result in poor performance and could even result in corporate bankruptcy. Based on the Stakeholder Theory, an organization’s success depends on the successful management of all the relationships that the organization has with its stakeholders. These stakeholders include not just shareholders (for corporate entities), but also other parties who could be affected by the operations of an entity, such as its employees, competitors, customers, suppliers, lenders, government, community, and environment. Paying attention to a broad range of stakeholders is important from a moral or ethical perspective and the survival of a firm depends on the management of a range of relationships.
This research contributes to stakeholders’ comprehensive decision-making ability in regards to corporate accountability. The attitude of a manager towards CSR interacts with the emotional tendency expressed in the financial report. Stakeholders can learn more about a company’s sustainable accountability through the sentiment analysis of its financial report. Companies can also do better by paying attention to CSR and by pursuing sustainable corporate governance.
We developed an object library for financial reports that consisted of 20 categories based on strategic analysis. Regression models of the CSR score and financial report sentiment of different categories demonstrate that when financial report sentiment is classified into 4 categories based on the PESTEL model, Porter’s Five Forces model, the Primary Activities and Support Activities, it adds statistically significant explanatory power to the CSR score. The result is transferrable to different industries. In the future, we can apply the method for creating an object library of financial reports to other financial disclosures.
National Natural Science Foundation of China (No. 71371144, 71601119, 71771177).
Yuan Song collected data and wrote the main paper. Hongwei Wang gave the main idea and improvement suggestions. Maoran Zhu contributed to the experiment analysis. All the authors read and approved the final manuscript.
Yuan Song is a PhD candidate at School of Economics and Management, Tongji University, Shanghai 200,092, China. Her research interests include corporate governance, auditing and textual analysis.
Hongwei Wang is currently a professor of Information Systems in the School of Economics and Management at Tongji University, China. His research interests include sentiment analysis, social media, and business intelligence.
Maoran Zhu is an associate professor of Management Science in the School of Economics and Management at Tongji University, China. His research interests include E-commerce and business intelligence.
Holme R, Watts P (2000), Corporate Social Responsibility: Making good business sense, World Business Council on Sustainable Development. http://www.ceads.org.ar/downloads/Making%20good%20business%20sense.pdf. Accessed Feb 2018.

lowercased:
focusing only on shareholders’ financial return is not consistent with the concept of sustainable corporate governance. in contrast to financial performance, corporate social responsibility (csr) is a non-financial performance index. financial reports consist of both financial and non-financial disclosures. these disclosures help investors make decisions. this paper characterizes the interaction between the sentiment analysis of financial reports and csr scores. the classification accuracy through svm exceeds 86%. the empirical study shows that the financial report sentiment based on the pestel model, porter’s five forces model, and value chain (primary and support activities) significantly correlates to the csr score.
lawlor (2001) warned that even if an organization is “as pure as the driven snow in its own operations, it should expect public scrutiny of the practices of suppliers and associates”. bad news about companies such as nike, gap, reebok, and hennes & mauritz (h&m) attracted negative media attention in the late 1990s. in 2012, apple became a high-profile target for non-government organizations concerned about working conditions in multinational supply chains. these concerns were related to the china-based foxconn organization, where the vast majority of its 1.2 million employees were involved in assembling apple products (according to reuter’s reports). at the request of 250,000 petitioners, apple was persuaded to ask the fair labor association to investigate the working conditions at the foxconn factory in china. walmart was heavily criticized for its workplace practices in the us. in 2012, the national employment law project (nelp) published the “chain of greed” report (cho et al., 2012) about walmart’s worker exploitation in the us. some responsibility for the conditions of the poorly paid garment makers in bangladesh has also been placed on the western retailers who sold the garments made by these oppressed workers after the collapse of the rana plaza building caused international outrage.
since the global financial crisis (gfc), and amid a lingering recession that has intensified pressure from shareholders, companies are devising new corporate social responsibility (csr) models that are more aligned with their core business goals and services. for example, blue-chip companies, such as visa and unilever, are creating new markets in the developing world by closely aligning social causes with their overarching corporate strategies. csr has a strong role to play in the provision of information for risk management purposes. the carbon disclosure project (cdp) was formed in 2000. based in new york and london, the cdp focuses on the implications of climate change for shareholder value and commercial operations. cdp believes that carbon emissions and climate change represent significant business risks and, therefore, an organization’s policies and performance in relation to climate change should be factored into investment decisions. the decision to report information (whether it be csr or financial information) is the concept of “accountability”. it is defined as the duty to provide a report, or an account, of the actions and decisions made about those areas of activity for which an organization is deemed to be responsible. the commission of european communities (cec) states that csr is “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. being socially responsible means not only fulfilling legal expectations, but also going beyond compliance and investing more into human capital, the environment, and the relations with stakeholders” (cec 2001) , p. 6. the above definition is also consistent with the definition of csr provided by the world business council on sustainable development: “the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community, and society at large to improve their quality of life” (holme & watts, 2000), p. 10.
the 3 main pillars of sustainability include environmental, social, and economic sustainability. social and environmental performance can affect an organization’s future reputation, brands, and its ability to attract talented staff and maintain consumer and public support (cpa australia, 2015a). based on the stakeholder theory, corporate governance includes both financial performance and csr. csr refers to a wide range of activities that an organization undertakes, from charity donations to the management of carbon emissions. based on the signaling theory, a financial report (fr) is the fundamental tool investors use to make decisions. it contains financial ratios as well as textual notes. through this textual information, investors can learn about the firm’s social responsibility. sentiment analysis is a relatively mature technique. however, china’s capital market is growing and chinese is a complex language. we developed a sustainable strategy for corporate governance based on the sentiment analysis of chinese financial reports with csr. we solved 3 main problems: (1) identifying the subjective object description in financial reports, (2) building an object library based on strategic models, and (3) characterizing the interaction between the csr score and financial report sentiment categories.
sustainability is widely recognized as one of the most important challenges facing the world today (wan, arief, & rajagopalan, 2014). for most of the world’s largest companies, reporting on non-financial information appears to be a continuing trend. the communication of the social and environmental dimensions of a company plays a key role in the sustainable development of an organization, and therefore should be investigated in depth (enrique & michaela, 2015).
multinational corporations play a prominent role in shaping the environmental trajectory of the planet. the integration of environmental costs and benefits into corporate decision-making has an enormous, but as yet unfulfilled, potential to promote sustainable development. now is the time to take advantage of an explosion of sustainability commitments from business leaders and expanding pressure for sustainable practices from shareholders, financial institutions, and consumers (kareiva, mcnally, & mccormick steve et al., 2015). csr initiatives are crucial for achieving part of an inclusive growth vision. organizations that are proactive rather than reactive may help achieve a sustainable inclusive growth via various csr initiatives (radhakrishnan, chitrao & nagendra, 2014). research on csr disclosure points to an increasing lack of completeness and decreasing amount of credibility in the information reported, as well as concerns about overall reporting practices. the evidence supports increasing skepticism about the use of csr reporting practices as tools used to enhance perceived accountability (giovanna, silvia, & federica, 2015). standalone csr reporting by retail companies appears to positively influence perceptions of a company’s reputation and may lead to increased appeal for socially responsible investors (dennis & na, 2014). disclose csr could increase transparency and non-financial accountability in capital markets. the empirical study reveals that family ownership reduces the level of csr disclosure (safaee m & m s gerayli, 2017). combining stakeholder theory with csr research is a historic accomplishment (zhang, liang, & yin, 2012). chinese empirical data showed that csr behavior is one of the key factors influencing consumers’ purchasing decisions (ma, 2011). data from listed chinese companies in shanghai demonstrated that the previous years’ csr positively affects the current year’s corporate financial performance (cfp), and the current year’s cfp positively affects the csr (zhang, jin, & li, 2013). an empirical analysis showed that, assuming csr is exogenous, the current csr plays a significant positive role in promoting the current cfp, and vice versa (yin, liu, & chen, 2014).
there is a vast amount of financial information on companies’ financial performance available to investors in electronic form (salahuddin & gow, 2016; loughran & mcdonald, 2011; robert, schumaker, & hsinchun, 2009; kloptchenko et al., 2004). while the automatic analysis of financial figures is common, it has been difficult to automatically extract information from the textual part of financial reports. the textual part contains more information than numerical part in an annual report (chen et al., 2012; hobson, mayew, & venkatachalam, 2012; chan & franklin, 2011; feng, 2010; feng, 2006; kloptchenko et al., 2004). in recent decades, and with the advent of the extensible business reporting language (xbrl), financial reports have experienced a great change in terms of the unified reporting process. nevertheless, the unstructured part of financial reports, the footnotes, remains a barrier to accurate automatic and real-time financial analysis (heidari & felden, 2015). currently, the application of data mining to auditing is at an early stage of development and researchers typically take a scatter-shot approach to it, investigating patterns in financial statement disclosures, text in annual reports and md&as, and journal entries without the appropriate guidance, such as the lessons drawn from investigations on known fraud patterns (gray & debreceny, 2014). the sentiment (tone, opinion) has been assessed using several categorization schemes in order to explore the various aspects of language used in the annual reports of us companies. the results indicated that the sentiment information is an important forecasting determinant of financial performance and, thus, can be used to support the decision-making process of corporate stakeholders (hajek, olej, & myskova, 2014). (wang et al. 2016) investigated the correlation between mutual funds’ scale and return in china by text mining a large volume of online financial reports. they further employed k-means clustering for fund categorization, which enables the reliable examination of correlations between the fund’s scale and return. the findings highlighted the uniqueness of emerging markets while providing interesting guidelines for exploiting big data analytics for financial studies.
corporate social responsibility is crucial for sustainable corporate governance. researchers have realized the potential value of the textual analysis of financial reports for detecting fraud, managing risk, and forecasting future performance. however, few researchers have performed empirical studies on the sentiment analysis of financial reports based on strategic factors and csr. this paper will illustrate how to perform an effective sentiment analysis of financial reports.
the research framework is shown in fig. 1 and includes 4 steps: (1) data collection and preprocessing, (2) subjective sentence identification, emotional trend classification, and object description extraction, (3) the object library of the financial reports, and (4) empirical analysis.
to develop the sample for the transferrable object library, we used firm-year observations from different industries, including real estate, automobile, medicine, electric, communications, and energy. the final sample contained 50 financial reports from 2008 to 2013. the data came from www.cninfo.com.cn, which is the designated disclosure website of the china securities regulatory commission. to distinguish our work from existing quantitative (financial ratios) research and mine the potential information contained in the textual content of the financial reports, we did not extract common words like “we” or “company” or industry-specific words and pure financial terminology such as “automobile”, “real estate”, or “asset-liability ratio”. the classification precision based on the sentence corpus was higher than that of the paragraph or document (zheng, 2014); we extracted 32,767 sentences from the textual part of the financial reports based on the full-stop punctuation.
using the approach found in (bao and datta’s 2014) work, we recruited 10 graduate students to label the sample sentences. each student labels around 4000 sentences, among which 800 sentences are repetitive. before labeling, they are briefed on the definition and trained on a number of real labeled examples. we keep communication and discussion during the whole process. the consistency of repetitive sentences reaches 80%. we only retain the subjective sentences whose labels are agreed upon by other annotators. the final sample set contained 2001 subjective sentences with a general emotional tendency and 4181 groups of related object descriptions. the expression of the subjective emotion was very complicated, and each sentence may not only have described the situation and emotional expression of a single aspect of the company. although the variety of sentences means that some sentences will tend to approve some aspects of the company while others tend to criticize aspects of the company, a sentence’s general emotional tendency can be identified. the emotion tendency of the internal parts of 1 sentence can be different from the whole emotional tendency of the sentence. therefore, we labeled the whole emotional tendency, related object description of each sentence, and emotional tendency of each object description (shown in table 1).
let us use the first sentence to illustrate this process of identification. even though there is only one sentence (divided by full stop punctuation), the subjective expression involves 4 groups of the object description, which should be listed separately. among them, 2 groups of emotional expression are negative descriptions about the company’s external environment, but the whole emotional tendency of this sentence is positive. therefore, the general emotion of this sentence should be labeled as positive, while its constituent parts are labeled as having different emotional tendencies. we obtained a set of 1724 positive sentences and 277 negative sentences. among the object description groups, there were 3482 expressing positive emotions and 699 expressing negative emotions. for both the sentence level and object description level, around 85% of this sample expressed positive emotions and only 15% expressed negative emotions. after removing the repeated items, there were 2637 objects and 1728 descriptions. the difference in these results may be explained by the fact that the describing objects in financial reports can differ in thousands of ways, while the emotional tendency is mainly expressed as either “good” or “bad”.
text consists of characters and punctuation, constituting words, phrases, sentences, paragraphs, sections, chapters, and documents. before the computer could automatically deal with textual content, we needed to find an idealized method of formal representation that reflected the potential content of the text and then help it to identify different texts. the support vector machine (svm), a supervised learning method, is a prominent method for text classification (pang et al., 2002; mullen & collier, 2004; whitelaw et al., 2005; ni et al., 2007). the basic idea of the svm is to use a training set to find the hyperplane in vector space and then separate the data points into as many different categories as possible. through a trained svm model, the emotional tendency of the testing data could be automatically predicted.
we labeled the subjective sentences of financial reports from different industries. after removing the data with missing values, we obtained a matrix of 1966*1728 (sentence*description). based on the proportion of 3:1, we divided the data into a training set and a testing set.
table 2 shows the svm classification result. the precision ratio was 97.36% and recall ratio was 88.04% when identifying a positive emotional tendency. the precision ratio was 35.29% and recall ratio was 73.17% when identifying a negative emotional tendency. the total precision ratio reached 86.83% and the f-measure value was 51.81%. the positive precision was much higher than that for the negative identification, which can be explained by the aforementioned statistical results. when preparing financial reports, managers usually have a positive attitude or mood (instead of a negative or adverse emotional tendency) towards the company’s financial position, operation results, and cash flow. thus, most sentences in the sample set expressed positive emotion and few were negative. this tendency was also reflected in the calculation of “the precision ratio of identifying the negative emotional tendency”. the denominator contained a large number of misjudged samples that the machine recognized as − 1 while the human label was + 1, which led to the lower precision ratio for negative expressions.
swot strategic analysis is a common method for evaluating corporate performance, which contains an analysis of the internal environment and external environment. in the above section, we divided the financial reports into sentences based on full stop punctuation, then identified the emotional tendency of the sentences, and finally extracted the related object description. these objects were words or phrases that we wanted to classify. our process was as follows.
first, we labeled these objects as internal or external.
if the text described the company’s external information, it belonged to the external strategic analysis. the strategic analysis of the external environment is usually subdivided into the macro environment analysis and industry environment analysis. the former analyzes the whole environment, which can influence all kinds of industries, so we used the pestel model for these data. the latter aims at the strategic factors in a specific industry outside of a company that affect the company being analyzed as well as all the other companies engaged in similar economic and operational activities in the same industry; for these data, we adopted porter’s five forces model.
if the sentence described the company’s internal situation, it belonged to the internal strategic analysis. companies cannot control external environment factors. the strategic analysis of the internal environment relates to controllable factors, which can be improved by management and other control measures. the value chain includes the primary and support activities and is used for corporate internal analysis.
there were 11 (6 + 5) external object categories, shown in table 3. after removing the repeated items, the statistical results indicated that, among the factors in the corporate external environment, companies were concerned about the economic factor, industry rivalry, and power of the buyer the most, which are issues related to company earnings.
table 4 shows that the internal objects are more related to a firm’s infrastructure, marketing and sales, and operations and technology development than human resource management and services. the factors of least importance are inbound logistics, outbound logistics, and procurement.
there were 345 sentences describing the external environment and 859 related groups of the object descriptions. there were 1656 sentences describing the internal environment and 3322 related groups of object descriptions, which were 4.8 times and 3.9 times as great, respectively, as the results from the external analysis. among the related descriptions of the external environment, 41.68% described positive emotions and 58.32% described negative emotions. in contrast, 94.04% described positive emotions regarding the internal environment and 5.96% described negative emotions regarding the internal environment. these results demonstrated that the main sentiment expressed in these financial reports was about internal information disclosure, mainly good news about corporate performance. compared with the internal disclosure, the description of the external environment revealed much more emotion that is negative.
the csr score data was taken from www.hexun.com. control variables included the roe, bm ratio, and company size, which were obtained from the china stock market & accounting research (csmar) database. the empirical data set consisted of 16 companies (000002 vanke, 600050 china unicom, 600028 sinopec, 601857 cnpc, 600104 saic motor, 000800 faw car, 000927 tj faw, 000572 haima motor, 601607 shanghai pharma, 000538 yunnan baiyao, 000423 deej, 600085 tongrentang, 000651 gree, 600690 haier, 600839 sichuan changhong, and 000016 konka a) in various industries over a period of 2 years, 2012 and 2013. based on the object library we built and emotional tendencies classified in the above sections, we calculated the financial reports’ sentiment value of each category using models 1–6.
table 5 presents the descriptive statistics for our sample. the units of the csr and size are obviously different from the other variables, so we used the log value of these 2 variables for the regression.
table 6 shows the experiment results, among which model 5 demonstrates a statistical significance between the csr score and financial report sentiment based on the categories of the pestel, and porter’s five forces, primary activities and support activities. it outperformed the other models. the signs of the 4 variables’ coefficients were consistent with the aforementioned statistical results. when preparing a financial report, managers express positive emotions in accordance with porter’s five forces and support activities, which show the company’s opportunities and strengths. managers may also complain about the threat from the macro environment and weakness of the primary activities.
based on model 5, we calculated the predicted values for the csr scores. the comparison between predicted values and true values of the csr scores is plotted as fig. 2, which shows a consistent trend.
milton friedman, the noted economist, argued that the primary responsibility of managers is to maximize shareholder wealth. however, any director or senior manager who believes that acting for the exclusive benefit of its shareholders will lead to long-term success and satisfactory corporate governance is mistaken. it is often forgotten that friedman also mentioned that this pursuit of shareholder wealth should be “within the rules”.
in the real world, ignoring stakeholders’ interests will result in poor performance and could even result in corporate bankruptcy. based on the stakeholder theory, an organization’s success depends on the successful management of all the relationships that the organization has with its stakeholders. these stakeholders include not just shareholders (for corporate entities), but also other parties who could be affected by the operations of an entity, such as its employees, competitors, customers, suppliers, lenders, government, community, and environment. paying attention to a broad range of stakeholders is important from a moral or ethical perspective and the survival of a firm depends on the management of a range of relationships.
this research contributes to stakeholders’ comprehensive decision-making ability in regards to corporate accountability. the attitude of a manager towards csr interacts with the emotional tendency expressed in the financial report. stakeholders can learn more about a company’s sustainable accountability through the sentiment analysis of its financial report. companies can also do better by paying attention to csr and by pursuing sustainable corporate governance.
we developed an object library for financial reports that consisted of 20 categories based on strategic analysis. regression models of the csr score and financial report sentiment of different categories demonstrate that when financial report sentiment is classified into 4 categories based on the pestel model, porter’s five forces model, the primary activities and support activities, it adds statistically significant explanatory power to the csr score. the result is transferrable to different industries. in the future, we can apply the method for creating an object library of financial reports to other financial disclosures.
national natural science foundation of china (no. 71371144, 71601119, 71771177).
yuan song collected data and wrote the main paper. hongwei wang gave the main idea and improvement suggestions. maoran zhu contributed to the experiment analysis. all the authors read and approved the final manuscript.
yuan song is a phd candidate at school of economics and management, tongji university, shanghai 200,092, china. her research interests include corporate governance, auditing and textual analysis.
hongwei wang is currently a professor of information systems in the school of economics and management at tongji university, china. his research interests include sentiment analysis, social media, and business intelligence.
maoran zhu is an associate professor of management science in the school of economics and management at tongji university, china. his research interests include e-commerce and business intelligence.
holme r, watts p (2000), corporate social responsibility: making good business sense, world business council on sustainable development. http://www.ceads.org.ar/downloads/making%20good%20business%20sense.pdf. accessed feb 2018.


text:
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Well, there is a lot of people around there supplying thousands of Links for $20, But Our all Backlinks are MANUALLY created by my SEO expert Team instead of any software. It is up to you to choose quality over quantity or not.
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lowercased:
pbns are goldmines in seo. we proudly offer high-quality dofoiiow pbn backlinks on aged high authority domains.
well, there is a lot of people around there supplying thousands of links for $20, but our all backlinks are manually created by my seo expert team instead of any software. it is up to you to choose quality over quantity or not.
this service is exclusively for quality lovers who want natural links with relevant content on high authority sites. such high metrics l!inks will definitely boost your serp.
tf cf da pa 25+ to 10 guaranteed!
results oriented service on seoclerks!
12 manual pbn post dofollow backlinks high quality is ranked 5 out of 5. based on 1 user reviews.


text:
The studio legal affairs veteran will serve as executive vp and deputy general counsel under Wayne Levin.
Lionsgate has tapped former Sony Pictures Entertainment exec Audrey Lee to negotiate M&As under key studio dealmaker Wayne Levin.
Lee, as executive vp and deputy general counsel, will also tackle legal issues for Lionsgate’s SVOD channels and digital initiatives, location-based entertainment and marketing and promotions.
Her hire follows Lionsgate's recently partnering with Liberty Global and Discovery Communications after the two conglomerates aligned with John Malone each purchased a 3.4 percent stake in the studio. Lee oversaw legal affairs for distribution at Sony Pictures, most recently as senior vp legal affairs.
"Audrey’s corporate legal experience at the major studio level and fluency with intellectual property matters and content distribution worldwide make her a tremendous asset to the Lionsgate team," Levin, chief strategic officer and general counsel, said Thursday in a statement.
"As we continue to expand our global footprint, her relationships and expertise will help facilitate our growth and evolution," he added. Besides the Liberty Global and Discovery deals, Lionsgate also recently invested around $200 million in unscripted TV producer Pilgrim Studios and in expanding digital assets.
The studio is also the subject of persistent speculation around a possible merger with Starz as Lionsgate gets deeper into business with Malone.
Lee joined Sony in 2001 as an associate counsel and was promoted to assistant general counsel three years later. She worked at idealab! and the law firm of Latham & Watkins before joining Sony.

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the studio legal affairs veteran will serve as executive vp and deputy general counsel under wayne levin.
lionsgate has tapped former sony pictures entertainment exec audrey lee to negotiate m&as under key studio dealmaker wayne levin.
lee, as executive vp and deputy general counsel, will also tackle legal issues for lionsgate’s svod channels and digital initiatives, location-based entertainment and marketing and promotions.
her hire follows lionsgate's recently partnering with liberty global and discovery communications after the two conglomerates aligned with john malone each purchased a 3.4 percent stake in the studio. lee oversaw legal affairs for distribution at sony pictures, most recently as senior vp legal affairs.
"audrey’s corporate legal experience at the major studio level and fluency with intellectual property matters and content distribution worldwide make her a tremendous asset to the lionsgate team," levin, chief strategic officer and general counsel, said thursday in a statement.
"as we continue to expand our global footprint, her relationships and expertise will help facilitate our growth and evolution," he added. besides the liberty global and discovery deals, lionsgate also recently invested around $200 million in unscripted tv producer pilgrim studios and in expanding digital assets.
the studio is also the subject of persistent speculation around a possible merger with starz as lionsgate gets deeper into business with malone.
lee joined sony in 2001 as an associate counsel and was promoted to assistant general counsel three years later. she worked at idealab! and the law firm of latham & watkins before joining sony.


text: Funny When Your Crush Walks By image. Funny When Your Crush Walks By photo. Funny When Your Crush Walks By picture. Most Funny When Your Crush Walks By photo. Funny When Your Crush Walks By pics.

lowercased: funny when your crush walks by image. funny when your crush walks by photo. funny when your crush walks by picture. most funny when your crush walks by photo. funny when your crush walks by pics.


text:
Celebrate sustainable food this October and enjoy certified seafood, produce, coffee, chocolate, and more.
These four labels provide independent assurance the companies have followed rigorous standards in sourcing their products.
Washington, DC, Oct. 09, 2018 (GLOBE NEWSWIRE) -- Grocery shopping is about more than just putting food on the table. It’s a daily opportunity to create the kind of world we want to live in. This October, Fairtrade America, the Marine Stewardship Council, Non-GMO Project, and the Equitable Food Initiative invite shoppers to celebrate sustainably-produced foods.
More than 60 percent of Americans believe businesses can be key drivers for social and environmental change, according to a study from Cone Communications. Bringing sustainably-produced goods to market is a big part of that. Americans are concerned about the planet’s future and see companies as part of the solution.
Sixty-six percent of shoppers are willing to pay more for sustainably-produced goods; that number jumps to 71 percent among millennials, according to Nielsen.
Nearly half of Americans avoid buying products with genetically-modified ingredients, according to a recent study from the Hartman Group.
“Equality and fairness, good labor conditions, and clean, simple ingredients are high priorities. People want to make the right choice, not just for themselves and their families, but for farmers, workers and the planet,” said Bryan Lew, Chief Operating Officer at Fairtrade America.
Certification labels provide shoppers with a reliable shopping shortcut so they can spend less time navigating grocery store shelves and more time enjoying sustainably-produced food that’s better for all.
Third-party certification or verification assures that an independent organization has audited and checked that a company is following set rules – whether it’s fair trade, responsible fishing, GMO avoidance or better treatment of workers.
Everyone has a right to know what is in their food and where it comes from. Celebrate sustainably-produced food all October and throughout the year.
Non-GMO Project Verified – The Non-GMO Project Standard is North America’s most rigorous and most reliable standard for GMO avoidance, set apart by its transparency, trustworthiness, and third-party status. The only way to truly avoid consuming GMOs is to Look for the Butterfly. Where found: Dairy and meat products, fruit and vegetables, snack foods, vitamins and supplements, oils, and more.
To learn more about these certifications and continue the conversation visit, www.fairtr.de/TruthBehindLabels.

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celebrate sustainable food this october and enjoy certified seafood, produce, coffee, chocolate, and more.
these four labels provide independent assurance the companies have followed rigorous standards in sourcing their products.
washington, dc, oct. 09, 2018 (globe newswire) -- grocery shopping is about more than just putting food on the table. it’s a daily opportunity to create the kind of world we want to live in. this october, fairtrade america, the marine stewardship council, non-gmo project, and the equitable food initiative invite shoppers to celebrate sustainably-produced foods.
more than 60 percent of americans believe businesses can be key drivers for social and environmental change, according to a study from cone communications. bringing sustainably-produced goods to market is a big part of that. americans are concerned about the planet’s future and see companies as part of the solution.
sixty-six percent of shoppers are willing to pay more for sustainably-produced goods; that number jumps to 71 percent among millennials, according to nielsen.
nearly half of americans avoid buying products with genetically-modified ingredients, according to a recent study from the hartman group.
“equality and fairness, good labor conditions, and clean, simple ingredients are high priorities. people want to make the right choice, not just for themselves and their families, but for farmers, workers and the planet,” said bryan lew, chief operating officer at fairtrade america.
certification labels provide shoppers with a reliable shopping shortcut so they can spend less time navigating grocery store shelves and more time enjoying sustainably-produced food that’s better for all.
third-party certification or verification assures that an independent organization has audited and checked that a company is following set rules – whether it’s fair trade, responsible fishing, gmo avoidance or better treatment of workers.
everyone has a right to know what is in their food and where it comes from. celebrate sustainably-produced food all october and throughout the year.
non-gmo project verified – the non-gmo project standard is north america’s most rigorous and most reliable standard for gmo avoidance, set apart by its transparency, trustworthiness, and third-party status. the only way to truly avoid consuming gmos is to look for the butterfly. where found: dairy and meat products, fruit and vegetables, snack foods, vitamins and supplements, oils, and more.
to learn more about these certifications and continue the conversation visit, www.fairtr.de/truthbehindlabels.


text:
It’s that time again! On Oct. 4, Habitat for Humanity will join efforts around the world to mark World Habitat Day – a day the United Nations has set aside to call attention to the dire need for affordable, adequate housing.
You can upload your Habitat build pictures to this site.
The people of Waterloo Region (except for the occasional rare NIMBY) contribute to many Habitat builds as suits our barn building past.

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it’s that time again! on oct. 4, habitat for humanity will join efforts around the world to mark world habitat day – a day the united nations has set aside to call attention to the dire need for affordable, adequate housing.
you can upload your habitat build pictures to this site.
the people of waterloo region (except for the occasional rare nimby) contribute to many habitat builds as suits our barn building past.


text:
Bluffdale, UT – OGIO congratulates Monster Energy/Pro Circuit/ Kawasaki’s Blake Baggett on his first win of the season at the Daytona Supercross at Daytona International Speedway. Baggett’s win also moved him into second place in the championship point’s battle.
Last week’s winner Dean Wilson had a night he’d rather forget after a mid pack start and going down on the second lap. Wilson dug deep and finished the night off with an eighth place.
Look for Baggett and Wilson back on the podium this weekend in Indy.
OGIO International, Inc. is a global leader in bag design recognized for products showcasing infused fashion with intelligent design. An award winning brand, the company received two gold medals by Golf Digest in their 2010 “Hot List” issue for its cutting edge golf bag line and was also selected as the official team travel gear for the 2010 U.S. President’s Cup. Founded in 1987, the private, Utah-based company distributes products worldwide under the OGIO brand name, and operates an original equipment manufacturer division to produce gear bags for other internationally known brands. The brand’s collection includes an extensive line of motocross bags; golf bags; snow and skate and packs; messenger bags; school packs; travel bags; motocross hard goods; and other active gear along with a roster of athletes that includes Travis Pastrana, Fred Couples and Bob Burnquist. For more information, visit www.ogio.com.

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bluffdale, ut – ogio congratulates monster energy/pro circuit/ kawasaki’s blake baggett on his first win of the season at the daytona supercross at daytona international speedway. baggett’s win also moved him into second place in the championship point’s battle.
last week’s winner dean wilson had a night he’d rather forget after a mid pack start and going down on the second lap. wilson dug deep and finished the night off with an eighth place.
look for baggett and wilson back on the podium this weekend in indy.
ogio international, inc. is a global leader in bag design recognized for products showcasing infused fashion with intelligent design. an award winning brand, the company received two gold medals by golf digest in their 2010 “hot list” issue for its cutting edge golf bag line and was also selected as the official team travel gear for the 2010 u.s. president’s cup. founded in 1987, the private, utah-based company distributes products worldwide under the ogio brand name, and operates an original equipment manufacturer division to produce gear bags for other internationally known brands. the brand’s collection includes an extensive line of motocross bags; golf bags; snow and skate and packs; messenger bags; school packs; travel bags; motocross hard goods; and other active gear along with a roster of athletes that includes travis pastrana, fred couples and bob burnquist. for more information, visit www.ogio.com.


text:
Doha – 26 June 2016 (WQ): In light of the holy month of Ramadan, Oryx Rotana distributed Iftar packages to motorists who were stuck in traffic and couldn’t make it home on time for Iftar. This initiative was inspired by the hotel’s endless CSR efforts to give back to the community.
All packages were prepared and distributed in accordance to high food and traffic safety standards.
Oryx Rotana simultaneously celebrated the Garangao night in the lobby, Choices restaurant and colleagues’ Dine-Inn. Garangao is an age-old annual Qatari tradition that falls on the 14th night of Ramadan. Numerous candy boxes were distributed to kids in order to celebrate this important part of the Qatari heritage during the Holy Month of Ramadan.

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doha – 26 june 2016 (wq): in light of the holy month of ramadan, oryx rotana distributed iftar packages to motorists who were stuck in traffic and couldn’t make it home on time for iftar. this initiative was inspired by the hotel’s endless csr efforts to give back to the community.
all packages were prepared and distributed in accordance to high food and traffic safety standards.
oryx rotana simultaneously celebrated the garangao night in the lobby, choices restaurant and colleagues’ dine-inn. garangao is an age-old annual qatari tradition that falls on the 14th night of ramadan. numerous candy boxes were distributed to kids in order to celebrate this important part of the qatari heritage during the holy month of ramadan.


text:
A red thread has united us since our birth. No matter when our paths cross. The thread is never broken. Ever. It may stretch or shorten, but it connects us because we are destined to meet, no matter where or how or when.
Register and see where your red thread ends on our map.

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a red thread has united us since our birth. no matter when our paths cross. the thread is never broken. ever. it may stretch or shorten, but it connects us because we are destined to meet, no matter where or how or when.
register and see where your red thread ends on our map.


text: Efamol Neutraceuticals in Boston, a unit of Efamol Ltd. in Guildford, England, said yesterday that it had named Kirshenbaum Bond & Partners in New York as the first agency to introduce its nutritional supplement products in the United States. Billings were estimated at $10 million. The decision came after a two-month review that had been narrowed to Kirshenbaum Bond and one other finalist, Arnold Communications in Boston.

lowercased: efamol neutraceuticals in boston, a unit of efamol ltd. in guildford, england, said yesterday that it had named kirshenbaum bond & partners in new york as the first agency to introduce its nutritional supplement products in the united states. billings were estimated at $10 million. the decision came after a two-month review that had been narrowed to kirshenbaum bond and one other finalist, arnold communications in boston.


text:
How attractive full mattress and box spring full size mattress will help to solve the mess and unorganized bedding? It’ll be quite valuable to coordinate the bedding and ensure it is tidy since you have the ability to classify the bedding staff on the cupboard. For example, as a way to allow it to be easier when looking for towel, you can set the towel one cupboard and put the toothpaste, toothbrush, and toothpaste within one cabinet also.
Art Nouveau Corner Cabinet. Your tiny bedding can look as the European palace for this particular little corner cabinet. It has unique wooden shelf and a few ornaments like a doily and mirror. Insert with classic faucet and towel rack will undoubtedly be perfect for the 19th century mode.
More than a few individuals are blessed with all the living place which includes wide adequate places in order that they are able to delight in each room having enough distance. However, it is sure many folks have to address small house so that the room is not going to secure room enough to setting many things. Even the bedding has to be squeezed and for ensuring that the home gets appropriate purpose. Little bedding is quite challenging specially when individuals are discussing the storage. This is sometimes enough full time for considering attractive full mattress and box spring full size mattress.
White may be the ideal choice for a tiny bedding. It is classic. To unite it together with pink soft or rose yellow is great. Those shades are great to make your bedding warm. Yellow is always warm. It is better to light a bedding which doesn’t have enough gentle. Opt for a gentle yellow that isn’t overly glowing for a little bedding differently the bedding can look overly hot and smaller.

lowercased:
how attractive full mattress and box spring full size mattress will help to solve the mess and unorganized bedding? it’ll be quite valuable to coordinate the bedding and ensure it is tidy since you have the ability to classify the bedding staff on the cupboard. for example, as a way to allow it to be easier when looking for towel, you can set the towel one cupboard and put the toothpaste, toothbrush, and toothpaste within one cabinet also.
art nouveau corner cabinet. your tiny bedding can look as the european palace for this particular little corner cabinet. it has unique wooden shelf and a few ornaments like a doily and mirror. insert with classic faucet and towel rack will undoubtedly be perfect for the 19th century mode.
more than a few individuals are blessed with all the living place which includes wide adequate places in order that they are able to delight in each room having enough distance. however, it is sure many folks have to address small house so that the room is not going to secure room enough to setting many things. even the bedding has to be squeezed and for ensuring that the home gets appropriate purpose. little bedding is quite challenging specially when individuals are discussing the storage. this is sometimes enough full time for considering attractive full mattress and box spring full size mattress.
white may be the ideal choice for a tiny bedding. it is classic. to unite it together with pink soft or rose yellow is great. those shades are great to make your bedding warm. yellow is always warm. it is better to light a bedding which doesn’t have enough gentle. opt for a gentle yellow that isn’t overly glowing for a little bedding differently the bedding can look overly hot and smaller.


text:
A lost dog is providing opportunity for Grace Brethren missionaries Kevin and Holly High to meet some of their new neighbors in northern Argentina. The Highs have recently moved to a new area, and the following is excerpted from one of their updates.
“We’ve been in the midst of a type of family crisis since last Friday night when our two boxer puppies, seven months old, escaped after dark from our home. They have been part of the family since March and are brother and sister, Spike and Samantha.
“In Argentina, this is something that both the police nor the SPCA helps with and the rule of finders-keepers is legal.
“On Monday, around lunchtime we recovered Samantha about five miles away in a dark mechanic’s shop inside the cab of a wrecked pickup truck. She was dehydrated and weak but is making a good recovery at home. It is a miracle of the direct intervention of God’s mighty hand that led us to find her.

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a lost dog is providing opportunity for grace brethren missionaries kevin and holly high to meet some of their new neighbors in northern argentina. the highs have recently moved to a new area, and the following is excerpted from one of their updates.
“we’ve been in the midst of a type of family crisis since last friday night when our two boxer puppies, seven months old, escaped after dark from our home. they have been part of the family since march and are brother and sister, spike and samantha.
“in argentina, this is something that both the police nor the spca helps with and the rule of finders-keepers is legal.
“on monday, around lunchtime we recovered samantha about five miles away in a dark mechanic’s shop inside the cab of a wrecked pickup truck. she was dehydrated and weak but is making a good recovery at home. it is a miracle of the direct intervention of god’s mighty hand that led us to find her.


text: Ever since I was little, I've always loved to draw and make my own characters. Not much has changed since then. I like to post my drawings online, where I go by the username "Lunar Halo FH," a name that I've had since I was 13.

lowercased: ever since i was little, i've always loved to draw and make my own characters. not much has changed since then. i like to post my drawings online, where i go by the username "lunar halo fh," a name that i've had since i was 13.


text:
Lisa Noble is the President of the Sports Car Club of America, better known as the SCCA. She has been a nationally licensed motorsports driver since 1992 and in addition to her passion for motorsports she is an artist and a sculpture. She’s on the board of trustees for the Motorsports Hall of Fame and in 2014 she was recognized by the Women’s Sports Foundation and given their award for cultural change in the motorsports world. She’s also won the SCCA historic Kimberly Cup, held multiple track records at Sebring, Hallett, and Heartland Park and she was the first woman to earn a national race win in a Formula Vee.
Patrick Foster is one of America’s best-known automotive journalists. He has been writing for more than 25 years and is a dedicated historian and author with a broad experience in the automotive industry. His work has appeared in numerous automotive magazines and he has regular columns in Hemmings Classic Car and Old Cars Weekly. Patrick has written 17 books about the American automobile and has two new books coming out this year titled, George Romney-An American Life and The History of International Harvester Trucks. He’s won numerous awards and was honored with the Lee Iacocca Award for excellence in automotive writing.
Dennis Palatov is the owner of Palatov Motorsport, founded in 2008 and operating in Portland, Oregon. Their he and his talented team design, manufacture, and market lightweight high performance vehicles, parts, and accessories primarily targeted at recreational track day and street use. His company philosophy focuses on innovative, lean, and efficient design coupled with an excess of power and performance.
Klaus Schnitzer is an internationally renowned automotive photographer and writer. He is a professor in the department of art and design at Montclair state university and is the director of the photography program. Assignments take him all over the world and have resulted in books, feature articles and more than 110 cover photographs for national and international publications. His work can be found in numerous private collections as well as the Museum of Modern Art and numerous other museums around the world. His name appears on the mastheads of Bimmer, Roundel and Sports Car International magazines along with many other worldwide publications, advertisements, and commercial accounts.
Rob Ida owns Rob Ida Concepts in Morganville New Jersey. His family history and involvement around cars goes back to his grandfather Joe Ida who opened a Tucker dealership in Brooklyn New York. His father Bob was a hot rod and racecar builder. Today, Rob and his talented team can build you the car of your dreams and he is a national award winning custom car designer and builder. They provide full design and creation of one-of-a-kind vehicles, modified automobiles, and customs. They specialize in American cars from the 30s to the 70s and their current Tucker Torpedo project, a car that has never been built but was presented to Preston Tucker when he built his first car.
Bruce Meyer is a life long classic car enthusiast and one of the most vocal ambassadors of the collector-car hobby. He has built a world-class collection of important motor vehicles, he is a racer holding several records and an inspiring philanthropist. As an active participant he enjoys driving in events around the world and serves on the board of many museums including the Nethercutt Collection, the Petersen Automotive Museum, The Mullin Automotive Museum and the LeMay Museum. He is the founding chairman of the Petersen Automotive Museum and their Checkered Flag 200 group. Bruce is a serious cheerleader for the car hobby and industry.
John Light is the Powersports Division Manager at Evans Cooling. Evans is a company his father Thomas and uncle Jack started over 25 years ago. They develop, manufacture, and sell waterless coolants for all kinds of combustion engines and they work with some of the biggest automotive companies and names in auto racing. Their products solve cooling problems, reduce maintenance costs and can reduce fuel consumption and emissions and they eliminate the need for disposal of harmful contaminants.
Harrod Blank is one of the key figures behind the art car movement in the US. His website Art Car Agency is a place to find the most unusual automobiles ever created. He has designed and built several of his own art cars using a hodgepodge of found objects. The Camera Van (above) is covered in 2,750 cameras of which ten function. A VW Bug based oh My God! Car that has to be seen, to be believed. Then there is Pico De Gallo, an interactive VW music mobile. Harrod has created 3 documentary films, all broadcast on TV: Wild Wheels, Driving the Dream, and Automorphosis, as well as two books featuring his photography, Wild Wheels and Art Cars. He is currently working on a film and book project on the Burning Man arts festival, in addition to creating the Art Car World museum in Douglas, Arizona.
Zack Miller is the publisher of Motorbooks. It has been a wonderful source for the worlds best transportation books for almost 50 years. Founded in 1965 as Classic Motorbooks the company has published many of their own titles and has teamed with most of the biggest names in the industry over the years embracing the automotive enthusiasts lifestyle. Since joining the company in the early 1990s, Zack has held a variety of positions at Motorbooks and he authored the book Illustrated Vincent Buyer’s Guide. An automotive and motorcycle enthusiasts since childhood, Zack has a particular weakness for motorcycles, especially bikes hailing from Italy.
Steve Johann owns Sound Image Solutions and he is the producer of The Hog Radio Show. Started in 2007, Steve and his co-host Walt Fletcher cover the world of motorcycling and rider lifestyle. He has interviewed many of the most well known enthusiasts in the market. His website is an extension of the show and features news, articles, and content covering the world and lifestyle of motorcycling.
Billy Hammon aka Jet Boat is the CEO of Action Vehicle Engineering. Combining over 30 years of car experience and 20 years in the film industry his vehicles are legendary. He’s worked as a mechanic in multiple racing events including the Indy 500, Daytona 500 and 24 Hours of Daytona. He’s been a part of numerous automotive commercials and films. We all played with Hot Wheels as a kid. Billy plays with full size, real life Hot Wheels that he builds. Billy partnered with Mattel to create full size Hot Wheels cars and coupled with Mattel, Billy has been a part of 3 world records including the world’s longest jump of 332 feet, the longest corkscrew at 92 feet and a double dare loop built for the 2012 X-Games.
Jim Hyde owns The World of RawHyde Adventure Motorcycle Training, Tours & Special Events. He started the business in the spring of 2002 with a goal of providing adventure destinations for motorcycle riders around the world. Jim and his talented crew provide numerous motorcycle tours, training, and trips in a wide variety of locations around the world. From intermediate to advanced challenges they will guide and coach you through some of the most fun you’ll ever have on two wheels. RawHyde is officially endorsed by BMW Motorrad North America and they are an official BMW training center. Their goal is to provide participants with fun and exhilarating adventures on motorcyles.
Henk Holsheimer is a designer and artist, with a strong focus on conceptual thinking and idea generation. With years of experience as concept manager for the LEGO Group and through collaboration with partners such as IDEO, Audi, BMW, and others his automotive design competencies derive from a lifelong passion for car design and its history. Henk lectures at art and design universities and curates art events and exhibitions.
In 2010 he published the book ‘Constructed Styles, LEGO bricks in urban art’. His automotive artwork and design has been on display in museums, in magazines, galleries, and in private collections and in 2005 he created the poster for the Concours d’elegeance at Villa d’Este. Henk lives in Munich where he continues to create automotive art and design.
Louie Shefchik is the owner of J&L Fabricating in Puyallup, Washington. Since 1981 Louie and his talented team have been restoring and building vintage racecars, hot rods, concours, and collector cars for automotive enthusiasts who demand the best in craftsmanship and expertise. Louie’s passion for cars goes back to 1972 when he was 15 and filled a mechanic’s position on Salt Walther’s Indy Car team. Today J&L celebrates over 30 years of design, engineering, building, and fabricating parts for some of the most famous racecars ever built. They also offer trackside support and transportation to racing events around the country, and the world, giving their customers an arrive-and-drive convenience further enhancing the vintage racing experience.
Dennis Gage is the producer and host of the wildly popular television show My Classic Car. For twenty years he’s traveled around the globe sharing automobiles, collections, car shows, and more with enthusiasts. His show has been on TNN, SPEED and can now be seen on the Velocity and MAVTV networks and is enjoyed in over 90 million households. Dennis is also the Executive Producer of the motorcycle television programs, Trippin’ on Two Wheels and Corbin’s Ride On and the reality series, Texas Hardtails and the independent film, Novem.
Matt Stone is a freelance journalist, author, broadcaster and former Editor at Motor Trend Classic magazine. He’s been a professional automotive journalist and photographer since 1990. He’s a Chief Class Judge at the Pebble Beach Concours d’Elegance, a member of the LeMay America’s Car Museum Steering Committee and past-President of the Motor Press Guild trade association. He’s written several books including: Winning: The Racing Life of Paul Newman, McQueen’s Machines, My First Car, and History’s Greatest Automotive Mysteries, Myths, and Rumors Revealed.
Holly Martin of Metal and Speed, is a photographer who specializes in innovative automotive and mechanical photography. She also drives racecars. Her passion for automobiles, metalwork and the mechanical arts is captured in her photography and she is an artist with a background in painting and mixed media. She loves classic cars, hot rods, customs, motorcycles and her portfolio has something for every car and racing enthusiast. Her work has been featured world-wide in numerous publications including the Robb Report, Hot Rod magazine and others. She is the head photographer for Danny Thomson and his Challenger II and she often shoots at Bonneville and El Mirage Dry Lake.
Steve Moal of Moal Coachbuilders in Oakland, California, comes from a long line of skilled metal workers going back to his grandfather William who emigrated here to the United States from France. Steve’s shop carries on a tradition carried forward by his father George and today Steve and his wife and sons design, engineer, fabricate, and assemble custom coachcraft vehicles for the most discerning automotive enthusiasts. His skilled team of artisans create, and build distinct and spirited high-performance motorcars that are recognized around the world as works of art.
Scott Riekstins is the owner and operator of Green Auto Detail in Kirkland, Washington. He’s been detailing and caring for automobiles since 1989 out of his mobile detailing van. In 2009 Scott made a commitment to going green and today he focuses on using eco-friendly cleaning products and processes while cleaning vehicles. This reduces the impact on the environment and his customers, not to mention Scott himself. Scott’s detailed all kinds of vehicles including some famous cars from the movies including James Bond’s Aston Martin DB5 and the iconic Chuck Barris Batmobile.
Vic Elford was one of the fastest drivers of the sixties and seventies and is a racing icon in Porsche’s history. He is arguably the most versatile all around driver of all time and he’s raced and won pretty much every motoring event in Europe and the U.S. The Monte Carlo Rally, the Daytona 24 Hours, Targa Florio, the Nurburgring 1000 Kilometers, Sebring and the European Rally Championship. Then he moved to Formula 1, Can Am, Trans Am, off road racing in Africa and even Nascar. In addition to Porsche Vic’s raced for almost every marque and set speed records and lap records around the globe. He drove for Steve McQueen in the movie Le Mans and Vic’s authored books, narrated Michel Keyser’s film The Speed Merchants and still participates in many motoring and vintage racing events.

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lisa noble is the president of the sports car club of america, better known as the scca. she has been a nationally licensed motorsports driver since 1992 and in addition to her passion for motorsports she is an artist and a sculpture. she’s on the board of trustees for the motorsports hall of fame and in 2014 she was recognized by the women’s sports foundation and given their award for cultural change in the motorsports world. she’s also won the scca historic kimberly cup, held multiple track records at sebring, hallett, and heartland park and she was the first woman to earn a national race win in a formula vee.
patrick foster is one of america’s best-known automotive journalists. he has been writing for more than 25 years and is a dedicated historian and author with a broad experience in the automotive industry. his work has appeared in numerous automotive magazines and he has regular columns in hemmings classic car and old cars weekly. patrick has written 17 books about the american automobile and has two new books coming out this year titled, george romney-an american life and the history of international harvester trucks. he’s won numerous awards and was honored with the lee iacocca award for excellence in automotive writing.
dennis palatov is the owner of palatov motorsport, founded in 2008 and operating in portland, oregon. their he and his talented team design, manufacture, and market lightweight high performance vehicles, parts, and accessories primarily targeted at recreational track day and street use. his company philosophy focuses on innovative, lean, and efficient design coupled with an excess of power and performance.
klaus schnitzer is an internationally renowned automotive photographer and writer. he is a professor in the department of art and design at montclair state university and is the director of the photography program. assignments take him all over the world and have resulted in books, feature articles and more than 110 cover photographs for national and international publications. his work can be found in numerous private collections as well as the museum of modern art and numerous other museums around the world. his name appears on the mastheads of bimmer, roundel and sports car international magazines along with many other worldwide publications, advertisements, and commercial accounts.
rob ida owns rob ida concepts in morganville new jersey. his family history and involvement around cars goes back to his grandfather joe ida who opened a tucker dealership in brooklyn new york. his father bob was a hot rod and racecar builder. today, rob and his talented team can build you the car of your dreams and he is a national award winning custom car designer and builder. they provide full design and creation of one-of-a-kind vehicles, modified automobiles, and customs. they specialize in american cars from the 30s to the 70s and their current tucker torpedo project, a car that has never been built but was presented to preston tucker when he built his first car.
bruce meyer is a life long classic car enthusiast and one of the most vocal ambassadors of the collector-car hobby. he has built a world-class collection of important motor vehicles, he is a racer holding several records and an inspiring philanthropist. as an active participant he enjoys driving in events around the world and serves on the board of many museums including the nethercutt collection, the petersen automotive museum, the mullin automotive museum and the lemay museum. he is the founding chairman of the petersen automotive museum and their checkered flag 200 group. bruce is a serious cheerleader for the car hobby and industry.
john light is the powersports division manager at evans cooling. evans is a company his father thomas and uncle jack started over 25 years ago. they develop, manufacture, and sell waterless coolants for all kinds of combustion engines and they work with some of the biggest automotive companies and names in auto racing. their products solve cooling problems, reduce maintenance costs and can reduce fuel consumption and emissions and they eliminate the need for disposal of harmful contaminants.
harrod blank is one of the key figures behind the art car movement in the us. his website art car agency is a place to find the most unusual automobiles ever created. he has designed and built several of his own art cars using a hodgepodge of found objects. the camera van (above) is covered in 2,750 cameras of which ten function. a vw bug based oh my god! car that has to be seen, to be believed. then there is pico de gallo, an interactive vw music mobile. harrod has created 3 documentary films, all broadcast on tv: wild wheels, driving the dream, and automorphosis, as well as two books featuring his photography, wild wheels and art cars. he is currently working on a film and book project on the burning man arts festival, in addition to creating the art car world museum in douglas, arizona.
zack miller is the publisher of motorbooks. it has been a wonderful source for the worlds best transportation books for almost 50 years. founded in 1965 as classic motorbooks the company has published many of their own titles and has teamed with most of the biggest names in the industry over the years embracing the automotive enthusiasts lifestyle. since joining the company in the early 1990s, zack has held a variety of positions at motorbooks and he authored the book illustrated vincent buyer’s guide. an automotive and motorcycle enthusiasts since childhood, zack has a particular weakness for motorcycles, especially bikes hailing from italy.
steve johann owns sound image solutions and he is the producer of the hog radio show. started in 2007, steve and his co-host walt fletcher cover the world of motorcycling and rider lifestyle. he has interviewed many of the most well known enthusiasts in the market. his website is an extension of the show and features news, articles, and content covering the world and lifestyle of motorcycling.
billy hammon aka jet boat is the ceo of action vehicle engineering. combining over 30 years of car experience and 20 years in the film industry his vehicles are legendary. he’s worked as a mechanic in multiple racing events including the indy 500, daytona 500 and 24 hours of daytona. he’s been a part of numerous automotive commercials and films. we all played with hot wheels as a kid. billy plays with full size, real life hot wheels that he builds. billy partnered with mattel to create full size hot wheels cars and coupled with mattel, billy has been a part of 3 world records including the world’s longest jump of 332 feet, the longest corkscrew at 92 feet and a double dare loop built for the 2012 x-games.
jim hyde owns the world of rawhyde adventure motorcycle training, tours & special events. he started the business in the spring of 2002 with a goal of providing adventure destinations for motorcycle riders around the world. jim and his talented crew provide numerous motorcycle tours, training, and trips in a wide variety of locations around the world. from intermediate to advanced challenges they will guide and coach you through some of the most fun you’ll ever have on two wheels. rawhyde is officially endorsed by bmw motorrad north america and they are an official bmw training center. their goal is to provide participants with fun and exhilarating adventures on motorcyles.
henk holsheimer is a designer and artist, with a strong focus on conceptual thinking and idea generation. with years of experience as concept manager for the lego group and through collaboration with partners such as ideo, audi, bmw, and others his automotive design competencies derive from a lifelong passion for car design and its history. henk lectures at art and design universities and curates art events and exhibitions.
in 2010 he published the book ‘constructed styles, lego bricks in urban art’. his automotive artwork and design has been on display in museums, in magazines, galleries, and in private collections and in 2005 he created the poster for the concours d’elegeance at villa d’este. henk lives in munich where he continues to create automotive art and design.
louie shefchik is the owner of j&l fabricating in puyallup, washington. since 1981 louie and his talented team have been restoring and building vintage racecars, hot rods, concours, and collector cars for automotive enthusiasts who demand the best in craftsmanship and expertise. louie’s passion for cars goes back to 1972 when he was 15 and filled a mechanic’s position on salt walther’s indy car team. today j&l celebrates over 30 years of design, engineering, building, and fabricating parts for some of the most famous racecars ever built. they also offer trackside support and transportation to racing events around the country, and the world, giving their customers an arrive-and-drive convenience further enhancing the vintage racing experience.
dennis gage is the producer and host of the wildly popular television show my classic car. for twenty years he’s traveled around the globe sharing automobiles, collections, car shows, and more with enthusiasts. his show has been on tnn, speed and can now be seen on the velocity and mavtv networks and is enjoyed in over 90 million households. dennis is also the executive producer of the motorcycle television programs, trippin’ on two wheels and corbin’s ride on and the reality series, texas hardtails and the independent film, novem.
matt stone is a freelance journalist, author, broadcaster and former editor at motor trend classic magazine. he’s been a professional automotive journalist and photographer since 1990. he’s a chief class judge at the pebble beach concours d’elegance, a member of the lemay america’s car museum steering committee and past-president of the motor press guild trade association. he’s written several books including: winning: the racing life of paul newman, mcqueen’s machines, my first car, and history’s greatest automotive mysteries, myths, and rumors revealed.
holly martin of metal and speed, is a photographer who specializes in innovative automotive and mechanical photography. she also drives racecars. her passion for automobiles, metalwork and the mechanical arts is captured in her photography and she is an artist with a background in painting and mixed media. she loves classic cars, hot rods, customs, motorcycles and her portfolio has something for every car and racing enthusiast. her work has been featured world-wide in numerous publications including the robb report, hot rod magazine and others. she is the head photographer for danny thomson and his challenger ii and she often shoots at bonneville and el mirage dry lake.
steve moal of moal coachbuilders in oakland, california, comes from a long line of skilled metal workers going back to his grandfather william who emigrated here to the united states from france. steve’s shop carries on a tradition carried forward by his father george and today steve and his wife and sons design, engineer, fabricate, and assemble custom coachcraft vehicles for the most discerning automotive enthusiasts. his skilled team of artisans create, and build distinct and spirited high-performance motorcars that are recognized around the world as works of art.
scott riekstins is the owner and operator of green auto detail in kirkland, washington. he’s been detailing and caring for automobiles since 1989 out of his mobile detailing van. in 2009 scott made a commitment to going green and today he focuses on using eco-friendly cleaning products and processes while cleaning vehicles. this reduces the impact on the environment and his customers, not to mention scott himself. scott’s detailed all kinds of vehicles including some famous cars from the movies including james bond’s aston martin db5 and the iconic chuck barris batmobile.
vic elford was one of the fastest drivers of the sixties and seventies and is a racing icon in porsche’s history. he is arguably the most versatile all around driver of all time and he’s raced and won pretty much every motoring event in europe and the u.s. the monte carlo rally, the daytona 24 hours, targa florio, the nurburgring 1000 kilometers, sebring and the european rally championship. then he moved to formula 1, can am, trans am, off road racing in africa and even nascar. in addition to porsche vic’s raced for almost every marque and set speed records and lap records around the globe. he drove for steve mcqueen in the movie le mans and vic’s authored books, narrated michel keyser’s film the speed merchants and still participates in many motoring and vintage racing events.


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Love the lines. Who knew bottles could be so cool.

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click contact me to subscribe to my blog.
love the lines. who knew bottles could be so cool.