The Association between the Firm Characteristics and Corporate Mandatory Disclosure the Case of Greece

Autor: DESPINA GALANI, Alexandridis, A., Stavropoulos, A.
Jazyk: angličtina
Rok vydání: 2011
Předmět:
Zdroj: Scopus-Elsevier
DOI: 10.5281/zenodo.1076164
Popis: The main thrust of this paper is to assess the level of disclosure in the annual reports of non-financial Greek firms and to empirically investigate the hypothesized impact of several firm characteristics on the extent of mandatory disclosure. A disclosure checklist consisting of 100 mandatory items was developed to assess the level of disclosure in the 2009 annual reports of 43 Greek companies listed at the Athens stock exchange. The association between the level of disclosure and some firm characteristics was examined using multiple linear regression analysis. The study reveals that Greek companies on general have responded adequately to the mandatory disclosure requirements of the regulatory bodies. The findings also indicate that firm size was significant positively associated with the level of disclosure. The remaining variables such as age, profitability, liquidity, and board composition were found to be insignificant in explaining the variation of mandatory disclosures. The outcome of this study is undoubtedly of great concern to the investment community at large to assist in evaluating the extent of mandatory disclosure by Greek firms and explaining the variation of disclosure in light of firm-specific characteristics.
{"references":["Abu-Nassar, M. & Rutherford, B.A. (1995). Preparers-\nattitude to financial reporting in less developed countries\nwith moderately sophisticated capital markets: The case\nof Jordan. The International Journal of Accounting, 30,\n129-138.","Ahmed, K., & Nicholls, D. (1994). The impact of nonfinancial\ncompany characteristics on mandatory\ncompliance in developing countries: The case of\nBangladesh. The International Journal of Accounting,\n29(1), 60-77.","Ahmed, K., (1996). Disclosure policy choice and\ncorporate characteristics: a study of Bangladesh. Asia-\nPacific Journal of Accounting 3(8),183-203.","Akhtaruddin, M. (2005). Corporate mandatory disclosure\npractices in Bangladesh. International Journal of\nAccounting, 40, 399-422.","Alsaeed, K. 2006. The association between firm-specific\ncharacteristics and disclosure: The case of Saudi Arabia.\nManagerial Auditing Journal, 21, 476- 496.","Archambault, J.J., & Archambault, M.E. (2003). A\nmultinational test of determinants of corporate disclosure.\nThe International Journal of Accounting, 28, 173-194.","Barret, M.E. (1977). The Extent of Disclosure in Annual\nReports of Large Companies in Seven Countries. The\nInternational Journal of Accounting, 13(2),1-25.","Belkaoui, A., & Kahl, A. (1978). Corporate Financial\nDisclosure in Canada, Research Monograph 1. Canadian\nCertified General Accountants Association: Vancouver.","Bowerman, B.L. & O-Conell, R.T. (1990). Linear\nStatistical Models:An applied Approach, 2nd ed.,\nDuxbury, Belmont,CA.\n[10] Bradbury, M.E. (1992). Voluntary disclosure in financial\nsegment data: New Zealand evidence. Accounting and\nFinance, 32(1), 15-26.\n[11] Buzby, S.L. (1974). Selected items of information and\ntheir disclosure in annual reports. The accounting\nReview, July,423-435.\n[12] Camfferman, K. & Cooke, T.(2002). An analysis of\ndisclosure in the annual reports of UK and Dutch\ncompanies, Journal of International Accounting, 1-28.\n[13] Cerf, A.R. (1961). Corporate Reporting and Investment\nDecision. Berkeley, University of California Press.\n[14] Chow, C.W., & Wong-Borren, A. (1987). Voluntary\nfinancial disclosure by Mexican corporations. The\nAccount. Rev. 62(3), 533-541.\n[15] Cooke, T. E. (1989). Voluntary corporate disclosure by\nSwedish companies. Journal of International Financial\nManagement and Accounting 1(2), 174-195.\n[16] Cooke, T. E. (1989a). Disclosure in the corporate annual\nreports of Swedish companies. Accounting and Business\nResearch, 19(74), 113-124.\n[17] Cooke, T. E. (1992). An assessment of voluntary\ndisclosure in the annual reports of Japanese corporations.\nThe International Journal of Accounting 26, 174-189.\n[18] Cooke, T.E. (1991). An assessment of voluntary\ndisclosure in the annual reports of Japanese listed\ncorporations. The Int.J.Account., 26, 174-189.\n[19] Craig, R. & Diga, J. (1998). Corporate accounting\ndisclosure in ASEAN. Journal of International Financial\nManagement and Accounting, 9(3):247-273.\n[20] El-Issa, Y. (1988). The usefulness of corporate financial\ndisclosure to investors in Amman financial market.\nUnpublished PhD Thesis. Lancaster University, UK.\n[21] Field, A. (2000). Discovering Statistics: Using SPSS for\nWindows, 1st ed., Sage, London.\n[22] Firth, M. (1979). The effects of size, stock market\nlistings, and auditors on voluntary disclosure in corporate\nannual reports. Account. Bus. Res., 9(36),273-280.\n[23] Hossain, M., Perera, M.H.B., & Rahman, A.R. (1995.)\nVoluntary disclosure in the annual reports of New\nZealand companies. Journal of International Financial\nManagement and Accounting, 6(1) ,69-78.\n[24] Hossain, M., Tan, L.M., Adams, M., (1994). Voluntary\ndisclosure in an emerging capital market: Some empirical\nevidence from companies listed on Kuala Lumpur stock\nexchange. Int. J. Account., 29(4), 334-351.\n[25] Inchausti, B. (1997). The influence of company\ncharacteristics and accounting regulation on information\ndisclosed by Spanish firms. European Accounting\nReview, 6(1), 45 -68.\n[26] Jaggi, B, & Freedman, M. (1992). An examination of the\nimpact of pollution performance on economic and market\nperformance: pulp and paper firms. Journal of Business\nFinance and Accounting, 19(5), 697-713.\n[27] Kahl, A. & Belkaoui A. (1981). Bank Annual Report\nDisclosure Adequacy Internatianally. Accounting and\nBusiness Research, Summer, 189-196.\n[28] Lang, M., & Lundholm, R. (1993). Cross-sectional\ndeterminants of analyst ratings of corporate disclosures.\nJournal of Accounting Research, 31, 246-271.\n[29] Lobo, G.J., & Zhou, J. (2001). Disclosure quality and\nearnings management, Paper presented at the 2001 Asia-\nPacific Journal of Accounting and Economics Symposium\nin Hong Kong.\n[30] Mahmood, A. (1999). The impact of market\ncharacteristics on the comprehensiveness of disclosure in\nfinancial reports: an empirical study, The Journal of\nCommercial Researches, 13(1), 47-58..\n[31] McNally, G.L. and E.C.Hasseldine. (1982). Corporate\nFinancial Reporting in New Zealand: An analysis of User\nPreferences, Corporate Characteristics and Disclosure\nPractices for Discretionary Information. Accounting and\nBusiness Research, 13, 11-20.\n[32] McNally, G.M., Eng, L.H., Hasseldine, C.R. (1982).\nCorporate financial reporting in New Zealand: An\nanalysis of user preferences, corporate characteristics and\ndisclosure practices for discretionary information.\nAccount. Bus. Res., 13, 11-20.\n[33] Meek, G., Roberts, C. B., & Gray, S. J. (1995). Factors\ninfluencing voluntary annual report disclosures by U.S.,\nU.K. and continental European multinational\ncorporations. Journal of International Business Studies\n(Third Quarter), 555-572.\n[34] Naser, K. (1998). Comprehensiveness of disclosure of\nnon-financial companies listed on the Amman Financial\nMarket. International Journal of Commerce &\nManagement, 2(8), 88-119.\n[35] Naser, K., & Al-Khatib, K. (2000). Determinants of the\ndepth of information disclosure in the board of directors-\nstatements of a sample of Jordian listed companies.\nAdvances in International Accounting, 13, 99-118.\n[36] Naser, K., Alkhatib, K. and Karbhari, Y. (2002).\nEmpirical evidence on the depth of corporate information\ndisclosure in developing countries: the case of Jordan,\nInternational Journal of Commerce & Management, 12\nNos , 122-34.\n[37] Owusu-Ansah, S. (1998). The impact of corporate\nattributes pm the extent of mandatory disclosure and\nreporting by listed companies in Zimbabwe. The\nInternational Journal of Accounting, 33, 605-631.\n[38] Patton, J. & Zelenka, I. (1997). An Empirical Analysis of\nantecedents of the Extent of Disclosure in Annual Reports\nof Joint Stock Companies in the Czech Republic. The\nEuropean Accounting Review, 6(4), 605-626.\n[39] Raffournier, B. (1995). Antecedents of voluntary\nfinancial disclosure by Swiss listed companies. The\nEuropean Accounting Review 4(2), 261-280.\n[40] Singhvi, S.S.(1968). Characteristics and implication of\ninadequate disclosure: a case study of India. The\nInternational Journal of Accounting 3(2), 29-44.\n[41] Singhvi, S.S., & Desai, H.B. (1971). An empirical\nanalysis of the quality of corporate financial disclosure.\nThe Accounting Review, 129 -138.\n[42] Solas, C. (1994). Financial reporting practice in Jordan:\nan empirical test. Advances in International Accounting,\n7, 43-60.\n[43] Spero, L.L. (1979). The extent and causes of voluntary\ncauses of voluntary disclosure of financial information in\nthree European capital markets. Doctoral Thesis, Harvard\nUniversity.\n[44] Wallace, R. S. O. & Naser, K. (1995). Firm-specific\ndeterminants of the comprehensiveness of mandatory\ndisclosure in the corporate annual reports of firms listed\non the stock exchange of Hong Kong. Journal of\nAccounting and Public Policy, 14(2), 311-368.\n[45] Wallace, R. S. O., Naser, K., & Mora, A. (1994). The\nrelationship between the comprehensiveness of\nmandatory disclosure in the corporate annual reports and\nfirm characteristics in Spain. Accounting and Business\nResearch, 25(97), 41 -53.\n[46] Wallace, R.S.O. (1987). Disclosure in accounting\ninformation in developing countries : a Nigerian case\nstudy, doctoral dissertation, University of Exeter, Devon.\n[47] Watts, R. and Zimmerman,J.L. (1983). Agency problems,\nauditing and theory of the firm:some evidence, Journal of\nLaw & Economics, 12(26), 613-33.\n[48] Zareski, M. (1996). Spontaneous Harmonization Effect\nof Culture and Market Forces on Accounting Disclosure\nPractices. Accounting Horizons, 10(1), 18-37."]}
Databáze: OpenAIRE
Externí odkaz: