Trust and Transparency in Financial Reporting: Evidence from Korean Central Government Agencies

Kristian D,Allee,Bok Baik,Seung Youb Han,Bong Hwan Kim 한국회계정보학회 2018 한국회계정보학회 학술대회발표집 Vol.2018 No.2

In this study, we explore the impact of trust on government agencies’ disclosure transparency in financial statements. Using unique data of Korean central government agencies for the period of 2011-2015, we provide evidence that the level of trust enhances transparency of government financial reporting. Specifically, we document that high-trust government agencies are more likely to classify their accounting errors as material and disclose these errors (as a separate line item) in financial statements. This contrasts with the practices of low-trust government agencies that classify similar-magnitude accounting errors as immaterial and conceal these errors in undisclosed internal filings. We further find that high-trust government agencies tend to provide more disaggregated service cost information, whereas low-trust government agencies are more likely to bundle such information. We also find that the impact of trust on both disclosure of accounting errors and disaggregation of service cost information is more evident when parliamentary and governmental monitoring pressure increases. Taken together, our findings suggest that trust is significantly associated with government financial reporting quality.

Effects of a Chelated Copper as Growth Promoter on Performance and Carcass Traits in Pigs

Zhao, J.,Allee, G.,Gerlemann, G.,Ma, L.,Gracia, M.I.,Parker, D.,Vazquez-Anon, M.,Harrel, R.J. Asian Australasian Association of Animal Productio 2014 Animal Bioscience Vol.27 No.7

Three studies were conducted to investigate whether a chelated Cu can replace $CuSO_4$ as a growth promoter in pigs. In Exp. 1, a total of 240 piglets (Large White${\times}$Landrace, $7.36{\pm}0.10kg$) were randomly allocated to 1 of 3 treatments with 8 replicates and 10 piglets per pen. Treatments included a NRC control ($CuSO_4$, 6 mg/kg), two Cu supplementations from either $CuSO_4$ or $Cu(HMTBa)_2$ at 170 mg/kg. Pigs fed $Cu(HMTBa)_2$ were 6.0% heavier than pigs fed either the NRC control or 170 mg/kg $CuSO_4$ (p = 0.03) at the end of the experiment. During the 42 days of experimental period, pigs fed $Cu(HMTBa)_2$ gained 9.0% more (p = 0.01), tended to eat more feed (p = 0.09), and had better feed efficiency (p = 0.06) than those fed $CuSO_4$. Compared with the 6 mg/kg $CuSO_4$ NRC control, liver Cu was increased 2.7 times with 170 mg/kg $CuSO_4$ supplementation, and was further increased with $Cu(HMTBa)_2$ (4.5 times, p<0.05). In Exp. 2, a total of 616 crossbred piglets (PIC, $5.01{\pm}0.25kg$) were randomly allocated to 1 of 4 treatments with 7 replicates and 22 piglets per pen. Treatments included a NRC control (from $CuSO_4$), and three pharmaceutical levels of Cu (150 mg/kg) supplemented either from C$CuSO_4$, tri-basic copper chloride ($Cu_2[OH]_3C1$), or $Cu(HMTBa)_2$. Pigs fed $CuSO_4$ or $Cu(HMTBa)_2$ had better feed efficiency (p = 0.01) and tended to gain more (p = 0.08) compared with those fed the NRC control. Pigs fed $Cu_2[OH]_2C1$ were intermediate. Pigs fed $Cu(HMTBa)_2$ had the highest liver Cu, which was significantly higher than those fed ($Cu_2[OH]_3C1$) or the negative control (p = 0.01). In Exp. 3, a total of 1,048 pigs (PIC, $32.36{\pm}0.29kg$) were allotted to 6 treatments with 8 replicates per treatment and 20 to 22 pigs per pen. The treatments included a NRC control with 4 mg/kg Cu from $CuSO_4$, a positive control with 160 mg/kg Cu from $CuSO_4$, and incremental levels of $Cu(HMTBa)_2$ at 20, 40, 80, and 160 mg/kg. During the overall experimental period of 100 days, no benefit from 160 mg/kg $CuSO_4$ was observed. Pigs fed $Cu(HMTBa)_2$ had increased ADG (linear and quadratic, $p{\leq}0.05$) and feed efficiency (linear and quadratic, $p{\leq}0.05$) up to 80 mg/kg and no further improvement was observed at 160 mg/kg for the whole experimental period. Pigs fed 80 mg/kg $Cu(HMTBa)_2$ weighed 1.8 kg more (p = 0.07) and were 2.3 kg heavier in carcass (p<0.01) compared with pigs fed 160 mg/kg $CuSO_4$. In addition, loin depth was increased with increased $Cu(HMTBa)_2$ supplementation with pigs fed 80 mg/kg $Cu(HMTBa)_2$ had the greatest loin depth (p<0.05). In summary, $Cu(HMTBa)_2$ can be used to replace high $CuSO_4$ as a growth promoter in nursery and grower-finisher pigs.

Effect of Carbohydrate Sources in Phase I and Phase II Pig Starter Diets

Kim, I.B.,Allee, G.L. Asian Australasian Association of Animal Productio 2001 Animal Bioscience Vol.14 No.10

Previous research in our laboratory has demonstrated the importance of lactose in phase I and II pig starter diets. Two experiments were conducted to evaluate the use of a carbohydrate by-product (food by-products) as a replacement for lactose. In Exp. I, 120 weaned pigs ($14{\pm}2d$ and 5.65kg) were allotted in a randomized complete block design (RCBD) to 10 replications with four pigs per pen. This experiment evaluated three carbohydrate sources (lactose, carbohydrate by-product, and 50-50 blend of the carbohydrate by-product and lactose). The carbohydrate sources were added at 26% in the phase I diets and 15% in the phase II diets. Phase I diets contained 7.5% spray dried plasma protein (SDP). The phase I diets were fed from d 0 to 14 and the phase II diets from d 15 to 28. There were no significant differences between carbohydrate sources on pig performance in phase I. However, during phase II pigs fed the diet with lactose had an improved gain/feed ratio (G/F) (p=0.06) compared to pigs fed the carbohydrate by-product. For the entire 28 d trial ADG, ADFI and G/F were similar for the 50-50 blend and those fed lactose. Total replacement of lactose with the carbohydrate byproduct resulted in a reduced G/F (p=0.09). Exp. 2 used 100 weaned pigs ($17{\pm}2d$ and 4.75kg) with five replications with five pigs per pen. This experiment evaluated four carbohydrate treatments (lactose, carbohydrate by-products, 50-50 blend, and corn). All phase I diets contained 3.5% SDP with the carbohydrate sources included at 15%, and were fed d 0 to 14. The phase II diets contained 7.5% of the carbohydrate sources and were fed d 15 to 27. A common phase III diet was fed d 28 to 42. During all phases pigs fed com tended to have a lower ADG than pigs fed the other carbohydrate sources with the 50-50 blend resulting in the highest ADG. The results of both experiments suggest that this carbohydrate by-product can replace at least 50% of the lactose in phase I and phase II pig starter diets.

The Use of High-oil Corn in Young Broiler Chicken Diets

Kim, I.B.,Allee, G.L. Asian Australasian Association of Animal Productio 2003 Animal Bioscience Vol.16 No.6

The objective of this study was to measure performance of young broiler chickens fed three varieties of high-oil corn (HOC 1, 2, and 3) compared with eight varieties of normal corn (NC). HOC varieties contained about 80% more oil than NC (average crude fat; 6.71% vs 3.72%) and about 29% more protein (average CP; 9.54% vs 7.38%). Each experimental diet was formulated with the same amount (55.205%) of each corn hybrid. Experiment 1 had by six dietary treatments (HOC1 and five NC varieties, 360 chickens) and Experiment 2 had five treatments (HOC2, HOC3, and three NC varieties, 250 chickens). In Exp. 1, for feed efficiency (F/G), the treatment contained HOC1 had better performance (p<0.05) than other NC varieties except NC5. As expected, there was no significant difference in average daily feed intake (p>0.05) among dietary treatments. The dietary treatment of HOC1 gave an improvement of 4.3% in F/G that came from 6% higher gross energy (GE) value of HOC1. Compared with Exp. 2, the dietary treatments contained HOC hybrids gave 4.4% higher F/G than NC dietary treatments, which came from a 5% increase in GE value. HOC varieties had superior nutrients content to NC for poultry, due to the fact that HOC contained higher concentrations of energy, protein, lysine, and methionine, thus improving growth and F/G.

The Effect of Spray Dried Plasma, Lactose and Soybean Protein Sources on the Performance of Weaned Pigs

Liu, H.,Kim, I.B.,Touchette, K.J.,Newcomb, M.D.,Allee, G.L. Asian Australasian Association of Animal Productio 2001 Animal Bioscience Vol.14 No.9

A total of 371 weaned pigs were used in three experiments to evaluate the effects of spray dried plasma (SDP), soybean protein sources, and lactose on growth performance. In Exp. 1, 128 pigs (5.99 kg, $18{\pm}2d$) were used to evaluate the effect of SDP (0 vs 7%), lactose (0 vs 30%), and two soybean protein sources [soybean meal (SBM) and extruded soybean protein concentrate (ESPC)] in phase I (d 0 to 14) diets on pig performance in a $2{\times}2{\times}2$ factorial arrangement. Spray-dried plasma increased phase I ADG (p<0.01) and ADFI (p<0.05) in the SBM diets, but not in the ESPC diets. Lactose improved ADG and gain/feed ratio (G/F) in phase I (p<0.01). In Exp. 2, 144 pigs (5.50 kg, $17{\pm}3d$) were used to evaluate the effect of SDP (0 vs. 3.5%) and three soybean protein sources [SBM, ESPC, and soybean protein concentrate (SPC)] in phase I diets, and the effects of two different phase II (d 14 to 28) diets (simple vs complex) in a $2{\times}3{\times}2$ factorial arrangement of treatments. In phase I, SDP increased ADG (p<0.01) and improved G/F (p<0.05). Pigs fed SBM had the highest ADG and ADFI, with a G/F similar to the pigs fed ESPC. In phase II, pigs fed the complex diet had improved ADG (p<0.01), ADFI (p<0.05), and G/F (p<0.05) compared to the simple diet. In Exp. 3, 99 weaned pigs (5.77 kg, $17{\pm}3$d) were used to evaluate the effect of SBM, ESPC, and ESPC with SDP in the phase I diets. Pigs fed SBM with no blood product in the diet had the lowest ADG (p<0.01), ADFI (p<0.01), and G/F (p<0.05) in the first week of phase I. There were no differences in soybean protein sources fed in phase I diets on overall pig performance. These experiments are indicated that SDP and lactose improve the phase I performance. Soybean meal can be used as the major protein source in phase I diets with SDP.

Growth Performance of Nursery Pigs Fed 30% Distillers Dried Grain with Solubles (DDGS) and the Effects of Pelleting on Performance and Nutrient Digestibility

Zhu, Zhengpeng,Hinson, Rodney B.,Ma, Li,Li, Defa,Allee, Gary L. Asian Australasian Association of Animal Productio 2010 Animal Bioscience Vol.23 No.6

Four experiments with 2,020 nursery pigs (Triumph-4${\times}$PIC Camborough 22) were conducted at a commercial research site to evaluate the effects of including 30% distillers dried grain with solubles (DDGS) in late nursery diets on pig growth performance and to compare the effects of pelleted and meal diets containing 30% DDGS on growth performance and nutrient digestibility. In Exp. 1, 312 pigs (10.54${\pm}$0.16 kg) were allotted to two diets: corn-soybean meal based control diet and a corn-soybean meal diet containing 30% DDGS. In Exp. 2, 337 pigs (16.70${\pm}$0.14 kg) were used to validate Exp. 1 with similar diets. In Exp. 3, 665 pigs (11.77${\pm}$0.12 kg) were allotted to diets containing 30% DDGS, but in different forms: meal or pellet. Fecal samples were collected during the final day of the trials to measure nutrient and energy apparent total tract digestibility (ATTD). In Exp. 4, 706 pigs (18.40${\pm}$0.18 kg) were allotted to the same diets as Exp. 3. In Exp. 1 and 2, there was no (p>0.05) effect of DDGS on ADG, ADFI or G:F. In Exp. 3, pelleting improved (p<0.01) ADG (578 vs. 541 g/d) and G:F (714 vs. 674 g/kg), with no difference (p>0.05) in ADFI. The ATTD of most nutrients and energy were improved by pelleting (p<0.05). In Exp. 4, ADG (717 vs. 675 g/d) and G:F (680 vs. 648 g/kg) were improved by pelleting (p<0.01), with no difference (p>0.05) in ADFI. In conclusion, 10-23 kg pigs in late nursery phase can be fed up to 30% DDGS without having a detrimental effect on pig performance, and pelleting the diet will increase nutrient and energy availability.

Effect of L-Carnitine and Source of Dietary Fat on Growth Performance and Serum Biochemical Parameters of Piglets Weaned at 35 Days of Age

Li, Defa,Qiao, Q.,Johnson, E.W.,Jiang, J.,Wang, F.,Blum, R.,Allee, G. Asian Australasian Association of Animal Productio 1999 Animal Bioscience Vol.12 No.8

The effects of carnitine in diets with or without added fat (5% lard or soybean oil) were evaluated in 72 Large White ${\times}$ Landrace ${\times}$ Duroc pigs weaned at 35 days of age. Pigs were fed a 1.30% lysine corn-soybean basal diet+15% dried whey+4% fish meal with carnitine at 0 or 50 mg/kg and either 0% added fat, 5% soybean oil or 5% lard for 6 weeks in a $2{\times}3$ factorial trial (6 treatments, 3 pens per treatment, 4 pigs per pen). Addition of carnitine increased average daily gain (ADG) and average daily feed intake (ADFI) in the second two weeks of the six-week trial and overall, but had no significant effect on feed per gain (F/G). Lard alone depressed ADG (p<0.05) in the last two weeks of the trial and overall, but the ADG for pigs fed lard+carnitine was similar to the control. Lard reduced feed intake in the first two weeks of the trial (p<0.05). Carnitine reduced the percentage of pigs with poor (ADG<375 g/d) growth (15 vs 40%; p<0.05). The greater uniformity of growth was most evident in low-weaning-weight pigs in the second period (16 vs 62%, p<0.005). Addition of fat did not produce any positive effect on uniformity and had no interaction with carnitine on uniformity. Carnitine addition increased serum total carnitione and short-chain acyl-carnitine levels (p<0.05), but did not modify free carnitine levels. Serum carnitine levels were lower at weaning than at 14, 28, or 39 days after weaning (p<0.05). Carnitine increased serum protein levels on day 14 (p<0.05). Addition of fat in the form of soybean oil or lard did not improve piglet growth performance. Addition of 50 mg/kg of carnitine to the diet of weanling pigs enhanced postweaning performance.