https://orcid.org/0000-0003-4649-4301
Abstract
The purpose of this paper is to examine determinants of financial information disclosure by Tunisian companies. The methodology is based on qualitative approach, using the cognitive mapping technique. To take into account the specificities of the Tunisian economic, we felt that it is essential to conduct a qualitative analysis in the light of which we can identify the factors motivating the disclosure of financial information. The qualitative analysis is based on the census via a set of cases carried out in several Tunisian companies to understand their perceptions regarding the determinants of financial disclosure.
Public Interest Statement
When it is difficult to identify the goals, an integrated approach of performance provides a holistic view in which the performance is analyzed by the processes that lead, through the performances of the actors. These representation processes are two problems of implementation: the sharing of representations of actors and the identification of dominant representations in the organization in order to act upon them. The construction of this representation necessarily requires a model that allows understanding to act is an action of intentional design and construction, for composition of symbols, patterns that would make a complex phenomenon intelligible perceived. Cognitive mapping is used as a tool for representation of an idiosyncratic schema, a pattern is “a cognitive structure that guides the cutting of reality, the interpretation of events, and action individuals”, pattern unique to each individual, causing it to have its own behavior.
Research Group Overview
The objective of this study is to examine the determinants of financial information disclosure; we felt that it is essential to conduct a qualitative analysis in the light of which we can identify the factors motivating the disclosure of financial information. The qualitative analysis is based on the census via a set of cases carried out in several companies to understand their perceptions regarding the determinants of financial disclosure. This research takes an analysis by the technique of cognitive mapping to visualize the relative importance of each concept (determinants of financial information disclosure) regarding the disclosure. The use of structural analysis method allows identifying the most important variables in determining the evolution of the system of actors with respect to financial information disclosure.
1. Introduction
The objective of this study is to examine the determinants of financial information disclosure of Tunisian firms. To take into account the specificities of the Tunisian economic, we felt that it is essential to conduct a qualitative analysis in the light of which we can identify the factors motivating the disclosure of financial information. The qualitative analysis is based on the census via a set of cases carried out in several Tunisian companies to understand their perceptions regarding the determinants of financial disclosure.
Second, given the determinants identified by qualitative analysis, we will perform an analysis by the technique of cognitive mapping to visualize the relative importance of each concept (determinants of financial information disclosure) regarding the disclosure.
To do this, we will illustrate, in Section 2, the determinants through a review of previous studies. In Section 3, we present the methodology based on a qualitative approach to understand the importance of the determinants that drive Tunisian companies to disclose financial information. The main results and interpretations will be presented in Section 4 before concluding.
2. Literature review
2.1. Determinants of financial information disclosure
Several studies have been conducted on the extent of disclosure in general and several attempts have been made to explain the different levels of financial information disclosure based on the different characteristics of the firm such as size, status trading and industry type. Indeed, several theories have been used to explain disclosure in general.
These theories include agency theory, the signal theory, the theory of diffusion of innovations, and cost-benefit analysis. Since the first study in 1999, the main variables analyzed were mainly focused around the size of the company, or the status of trading the business of the company. This does not preclude that other factors, such as profitability, legal concerns and competition, scoring, environment, the liquidity of the ownership structure, leverage, the type of listener, trading on foreign markets, and regulation, were also analyzed by some researchers. However, their effect and frequency were not as important as the size company except where the context factors of the study had impact on the results. In the same theoretical framework, it is assumed that listed companies publish more information than unlisted companies to reassure investors and obtain, therefore, better financing conditions for a minimal cost of capital. The sector is also a determining factor in the decision of financial disclosure. In fact, the industry or the type of industry can be more or less economically sensitive, exposing firms to the costs of different importance.
According to the theory of political costs and the theory of signals belonging industrial policy can affect the vulnerability of the firm. Firms in the same industry are trying to adopt the same level of disclosure. Also, if a firm belonging to a particular industry does not go as fast as other disclosure requirements, this could be interpreted as a bad signal that the firm hides bad news.
2.1.1. Characteristics of the firm
Many studies have examined the relationship between firm-specific characteristics and voluntary disclosure level. Jensen and Meckling (Citation1976) and Fama and Jensen (Citation1983) studied the association between company’s firm size, debt ratio, owner ship and auditor firm size, and the level of disclosure.
Alsaeed argued that firm size, profitability, and auditor firm size influence the level of voluntary disclosure.
A number of studies over the past decades have successfully tested the influence of firm’s characteristics on the financial information disclosure. Most researchers have found a positive relationship between firm’s characteristics and financial information disclosure. Several reasons have been advanced in the literature in an attempt to support this positive association. Information disclosures may be used to decrease agency costs, to reduce information asymmetries between the company and the providers of funds, and to reduce political costs. The reasons for large firms’ tendency to disclose more information are explained: accumulation and disclosure cost of information is not high compared to smaller firms; management of larger corporations is likely to realize the possible benefits of information disclosure, such as greater marketability and greater ease of financing; smaller corporations may feel that full information disclosure may endanger their competitive position. In addition, since larger firms are more exposed to public scrutiny than smaller firms, they are inclined to disclose more information. Large firms are likely to be more complex and complexity requires more disclosure. Many previous studies have supported a positive association between firm size and voluntary disclosure level.
2.1.2. Industry type
It has been indicated by several prior studies that industry type affects the level of IC disclosure since stakeholders’ expectations as well as scrutiny from the public and special interest groups differ across various industries. Various methods in previous research had been used to capture industry effects on IC disclosure. For instance, Guthrie and Petty (Citation2000) employed the two-digit industry classification code provided by the Australian Stock Exchange to classify their sample into six industry clusters. Through comparison among the clusters, they found that no individual industry reported IC to a greater extent than any other. Firer and Mitchell Williams (Citation2003) focused on IC disclosure in finance, electrical, and information technology industries and found that there was only a moderate industry effect. Nevertheless, Oliveira, Rodrigues, and Craig (Citation2006) observed a statistically significant effect through classifying industry into intangible intensive industries and intangible non-intensive industries.
2.1.3. Agency theory
The agency theory explains disclosure as a mechanism to reduce the costs derived from conflicts between owners (principals), managers (agents), and creditors. Jensen and Meckling (Citation1976) argue that in negotiating prices creditors anticipate the possibility of shareholders trying to expropriate their wealth, for example, by increasing business risk after issuing debentures. Since the increase in financing costs induced by such expectation must be finally assumed by the firm, it is possible that it will try to reduce it by: (1) agreeing on some restrictions or covenants (Schipper, Citation1981) and (2) eliminating the cost of the information needed for creditors to reduce their uncertainty and control managers; i.e. by disclosing information. In a similar way, inasmuch as the interests of shareholders and managers are different, the agency theory forecasts that there is a greater probability for the latter to act to the expense of the former, and so they will disclose the information needed for the principals to control agents and for them to demonstrate that they are acting correctly (Hossain, Tan, & Adams, Citation1994; Malone, Fries, & Jones, Citation1993). From the agency theory, it can be deduced that the benefits expected from an increase in disclosed information will be greater in those firms in which the reduction of agency costs are greater: those with a greater debt, with more atomized shareholders and with a larger size. In general, empirical studies do not support the agency theory. The relationship expected between indebtedness and information disclosure has not been confirmed. Numerous research studies (Chow & Wong-Boren, Citation1987; Depoers, Citation2000; García & Monterrey, Citation1993; Hossain, Perera, & Rahman, Citation1995; Meek, Roberts, & Gray, Citation1995; Raffournier, Citation1995; Wallace, Naser, & Mora, Citation1994) reject such hypothesis in different countries and sectors. The study of the relationship between disclosure and shareholder atomization has provided mixed results. Thus, whereas McKinnon and Dalimunthe (Citation1993) and Malone et al. (Citation1993) found significant associations (Depoers, Citation2000) rejected such relationship. Wallace and Naser (Citation1995) included among the indirect costs of disclosure any reduction in future cash flows that may result from the loss or reduction of the firm’s competitive advantages (what has been called “proprietary cost theory”). One of the disadvantages would be the entry of new competitors, which could be favored by disclosed information. If entry barriers reduce such risk, it is probable that they allow for an increased disclosure.
Labor pressure may also influence information disclosure, since labor representatives could use it in the negotiation of working conditions. Deegan and Hallam (Citation1991) and Scott (Citation1994) found a significant negative relationship between labor pressure and disclosed information.
2.1.4. Signal theory
The signaling theory was borne at the beginning of the 1970 and is based on two main research contributions: Arrow (Citation1972) and Schipper (Citation1981).
To overcome the classic theory limitations, above all, the hypothesis of perfect competition, (Schipper, Citation1981) analyzes the workforce market with the aim of drawing some general conclusions about information economics.
The author’s reasoning is simple: seeking for a job, an unemployed person has something to gain from sending signals to the market, thus keeping his talents in the public eye in order to prevail over other unemployed persons.
According to this reasoning, research on disclosure to financial markets posits that the most profitable companies have something to gain from signaling their competitive advantage through more and better communications (Dye, Citation1985; Jung & Kwon, Citation1988; Miller, Citation2002; Trueman, Citation1986; Verrecchia, Citation1983). Empirical data, however, are inconclusive and, in some cases, contradictory: few studies confirm the above mentioned hypothesis (Lang & Lundholm, Citation1993; Singhvi, Citation1968; Singhvi & Desai, Citation1971); other studies find no correlation between the disclosure level and a company’s profitability (Lau, Citation1992; McNally, Eng, & Hasseldine, Citation1982); or, even more telling are those studies that show the correlation to be inverse (Belkaoui & Kahl, Citation1978; Wallace & Naser, Citation1995).
All of these studies relate profitability to the global level of disclosure. The general level of disclosure, however, depends on several factors [see the meta-analysis run by Ahmed and Courtis (Citation1999)] making it difficult to isolate a single signaling effect. Subsequent research on signaling mechanism (Ross, Citation1977; Thakor, Citation1990) shows that the conflicting nature of the relationships between principal and agent causes the management to focus the signal they send to the market on a few focal points (Kreps & Sobel, Citation1994), which satisfy the users’ primary information needs. This is referred to as the decision usefulness approach.
2.2. Values of the causal relationships
The description of classical cognitive maps comes mostly from Nakamura, Iwai, and Sawaragi (Citation1982) and Axelrod (Citation1976). Generally, causal links (causal relations) between two concepts i and j have one of the eight values indicated in Table .
Table 1. Adjacency matrix
A causal map is a directed graph that represents an individual’s (an agent, a group of agents, or an organization) assertions about its beliefs with respect to its environment.
The components of this graph are a set of points (the vertices) and a set of arrows A (the edges) between these points. A point represents a concept (also called a concept variable in the sequel), which may be a goal or an action option of any agent. It can also represent the utility of any agent or the utility of a group or an organization, or any other concept appropriate to multiagent reasoning. An arrow represents a causal relation between concepts, that is, it represents a causal assertion of how one concept variable affects another. The concept variable at the origin of an arrow is called a cause variable and that at the end point of the arrow is called the effect variable.
We have already seen that there are three basic types of causal relationships: (+, −, 0).
3. Research methodology
3.1. Description of the empirical investigation
To meet the research objectives mentioned above, a survey was conducted among players in the company of Tunisia. I have chosen as exploratory approach using multiple case studies. The multiple case studies seek a better understanding of the phenomenon. They are to study a phenomenon in its natural setting by working with a limited number of cases. They are particularly interesting in the case of exploration of little-known phenomena. The data are from 10 firms. The decision to base my study on a sample of firms from various sectors is based on the assumption that a variety of issues will be addressed as well. The output is a cognitive map for actors reflecting their perceptions. The method used to create cognitive maps is the questionnaire.
3.2. Presentation of the questionnaire
The questionnaire is divided into two parts: the first identifies the company and the second deals with determinants of financial information disclosure. For the second part, we interview actors from the firm on financial information disclosure by providing a list of concepts for each approach with systematic exploration grids and matrices cross. Systematic exploration of the grid Figure is a technique for collecting materials. Each player is encouraged to explore their own ideas or cognitive representations in relation to its strategic vision.
Figure 1. Grid systematic exploration.
Regarding the cross-matrix (Table ), it is also a technique of data collection and the basis for the construction of the cognitive map. The matrix is presented in the form of a table with n rows and n columns. Box of index (i, j) indicates the relationship between concept i and concept j.
The actors manipulate the key concepts and assign pairs of concepts depending on the nature and degree of proximity sensed between these concepts. Causal relationships can take on basic values +, − and 0.
3.3. Proposal for modeling cognitive maps
When it is difficult to identify the goals, an integrated approach of performance provides a holistic view in which the performance is analyzed by the processes that lead, through the performances of the actors. These representation processes are two problems of implementation: the sharing of representations of actors and the identification of dominant representations in the organization in order to act upon them. The construction of this representation necessarily requires a model that allows understanding to act is “an action of intentional design and construction, for composition of symbols, patterns that would make a complex phenomenon intelligible perceived. In this context, the use of cognitive maps seems relevant, because they can take into account the complexity and comprehensiveness of the system in which [the behavior] is embedded, while maintaining access to the analysis” (Komocar, Citation1994). The value of the tool is instrumental (Audet, Citation1994), it allows both improving their actions and making sense.
Cognitive mapping is used as a tool for representation of an idiosyncratic schema, a pattern is “a cognitive structure that guides the cutting of reality, the interpretation of events, and action individuals,” pattern unique to each individual, causing it to have its own behavior.
4. The construction of cognitive maps
We will see at first step that allowed the construction of concepts, methodological approach that we discuss. Then we will examine how the cards were dealt.
4.1. Concepts
We addressed this issue by the representations constructed by players using the method of cognitive maps, a method that can be applied to poorly structured situations.
An analysis based on cognitive maps can understand this process of structuring, as this model is to build or rebuild the mental simultaneously modeling.
This construction takes the form of a structure, carrier for clarification. It helps to identify ways to implement to achieve a given goal, the same way it helps to identify the goals justifying the use of such means. Finally, it facilitates communication and negotiation. There are two major trends in the construction method of the cards: the determination of the concepts can be ex-ante, or subsequent interviews with respondents for whom the cards are built. The emphasis is on describing the world from the experiences of people who experience it. Nodes and links are determined directly by the participants that advocate, not to deprive the subject of representations: the questions should be invitations for the respondent verbalizes his thoughts on what he considers important subject of research. In addition, the researcher cannot force the subject to consider every possible link because the links must be made spontaneously or in response to open questions, so that the subject constructs its reality. In the normative paradigm, the universe is more or less determined.
The focus is on operational definitions and research plans reproducible. Observers, different participants, may determine the relationship between variables and nodes that can be.
4.2. Materials and methods of structural analysis
This investigation was limited to the analysis of a collective cognitive map for all company, prepared on the basis of systematic exploration grids completed by the actors of the company. From cognitive maps, we could identify and qualify the designs are the actors of the field of financial information disclosure. The development and analysis of cognitive maps were made using the Mic-Mac software. Our initial investigation focused on two elements: the relative importance of concepts and analysis of the dynamics of influence/dependence concepts (or variables) in the cognitive universe of players in the company. The relative importance of concepts was evaluated from the MIC. Mic-Mac program allowed us to rank the concepts in order to “balance” and “dependency.” Thus arise the ideas that dominate in the cognitive universe of players.
4.3. Presentation of variables
4.3.1. List of variables
Characteristics of the firm
Industry type
Agency theory
Signal theory
4.3.2. The input
This step was to compile a matrix of direct influence (MID) between these variables in a scoring session. MID which describes the relationship of direct influence between the variables defining the system and the Matrix Influences MIDP represents the potential direct influences and dependencies between existing and potential variables. The scoring has developed the input matrix “MIDs”. The influences are rated from 0 to 3, with the ability to report potential influences.
4.3.3. Matrix of direct influences
MID describes the relationship of direct influences between the variables defining the system (Table ).
Table 2. Matrix of direct influence
5. Conclusion and implications of research
Empirical evidence finds that firm’s characteristics are a significant determinant of financial information disclosure (Figure ).
Figure 2. Cognitive mapping through the plan influences dependencies.
This plan visualizes the concepts (variables) structuring the cognitive universe of actors can be projected in terms of influences/dependencies. By the distribution of the scatter plot variables in this plan, particularly in relation to different quadrants, we can distinguish four major categories of variables. The first quadrant includes the most prominent concepts in the dynamics of thought of the actors.
For the actors of organization, the notion of “Characteristics of the firm” is the most dominant in their cognitions reflecting an intention that firm’s characteristics is the determinant of financial information disclosure. In almost all disclosure studies, company size has featured as an important determinant of disclosure levels. The second quadrant contains the relay variables that are by definition both very influential and very dependent. In analyzing the plan influences/dependencies, there are players for the concepts or ideas illustrating the concepts of “industry type” and “agency theory.”
The third quadrant contains the dependent variables or resulting. They are both influential and very little dependent, therefore particularly sensitive. They are the results of which is explained by the variables and motor relay. Thus there are only one variable namely on trust. The fourth quadrant contains the variables that are simultaneously autonomous and influential little bit dependent. They are relatively excluded from the dynamics of thinking by the Tunisian company. The plan review influences/dependencies show the existence of a single variable that is addiction.
The research contributes to our understanding in several ways. First, this is the first attempt to measure the extent of voluntary disclosure based on Tunisian firms. It also contributes to the literature on whether the firm characteristics that researchers have found to be significant in developed countries can be applied in a developing country like Tunisia.
Additional information
Funding
Notes
This work can be exploited to develop a new original approach in accounting literature since it introduces structural analysis to the study of cognitive mapping. This is an original essay that explains the determinants of financial information disclosure.
Related Research Data
References
- Ahmed, K., & Courtis, J. K. (1999). Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis. The British Accounting Review, 31, 35–61.https://doi.org/10.1006/bare.1998.0082
- Arrow, K. J. (1972). Some models of racial discrimination in the labor market. In A. H. Pascal (Ed.), Racial discrimination in economic life (pp. 187–204). Lexington, MA: Heath.
- Audet, M. (1994). Plasticity, instrumentality and reflexivity. In P. Cossette (Ed.), Cognitive maps and organizations, collection “business administration” (pp. 187–198). Quebec: Laval University Press; Paris: Editions Eska.
- Axelrod, R. (Ed.). (1976). Structure of decision: The cognitive maps of political elites. Princeton, NJ: Princeton University Press.
- Belkaoui, A., & Kahl, A. (1978). Corporate financial disclosure in Canada. (CCGAA Research Monograph).
- Chow, C., & Wong-Boren, A. (1987). Voluntary financial disclosure by Mexican corporations. The Accounting Review, 62, 533–541.
- Deegan, C., & Hallam, A. (1991). The voluntary presentation of value added statement in Australia: A political cost perspective. Accounting and Finance, 31(1), 1–21.
- Depoers, F. (2000). A cost-benefit study of voluntary disclosure: Some empirical evidence from French listed companies. European Accounting Review, 9, 245–263.https://doi.org/10.1080/09638180050129891
- Dye, R. A. (1985). Disclosure of nonproprietary information. Journal of Accounting Research, 23, 123–145.https://doi.org/10.2307/2490910
- Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. The Journal of Law and Economics, 26, 327–349.https://doi.org/10.1086/jle.1983.26.issue-2
- Firer, S., & Mitchell Williams, S. (2003). Intellectual capital and traditional measures of corporate performance. Journal of Intellectual Capital, 4, 348–360.https://doi.org/10.1108/14691930310487806
- García, M., & Monterrey, J. (1993). La revelación voluntaria en las compañías españolas cotizadas en bolsa [Voluntary disclosure Spanish in publicly traded companies]. Revista Española de Financiación and Contabilidad [Spanish Journal of Finance and Accounting], 74, 53–70.
- Guthrie, J., & Petty, R. (2000). Intellectual capital: Australian annual reporting practices. Journal of Intellectual Capital, 1, 241–251.https://doi.org/10.1108/14691930010350800
- Hossain, M., Perera, M. H. B., & Rahman, A. (1995). Voluntary disclosure in the annual reports of New Zealand companies. Journal of International Financial Management and Accounting, 6, 69–87.https://doi.org/10.1111/jifm.1995.6.issue-1
- Hossain, M., Tan, L. M., & Adams, M. (1994). Voluntary disclosure in an emerging capital market: Some empirical evidence from companies listed on the Kuala Lumpur Stock Exchange. The International Journal of Accounting, 29, 334–351.
- Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305–360.https://doi.org/10.1016/0304-405X(76)90026-X
- Jung, W., & Kwon, Y. (1988). Disclosure when the market is unsure of information endowment of managers. Journal of Accounting Research, 26, 146–153.https://doi.org/10.2307/2491118
- Komocar, J. M. (1994). Causal maps of a workplace. In P. Cossette (Ed.), Cognitive maps and organizations (pp. 155–184). Quebec: Presses of Laval University.
- Kreps, D. M., & Sobel, J. (1994). Signalling. In R. J. Aumann & S. Hart (Eds.), Handbook of game theory: With economics applications. Handbooks in economics (Vol. 2, Chap. 25, pp. 849–868). Amsterdam: Elsevier.
- Lang, M. H., & Lundholm, R. J. (1993). Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research, 31, 246–271.https://doi.org/10.2307/2491273
- Lau, A. (1992, May/June). Voluntary financial disclosure by Hong Kong listed companies. Hong Kong Manager, pp. 10–19.
- Malone, D., Fries, C., & Jones, T. (1993). An empirical investigation of the extent of corporate financial disclosure in the oil and gas industry. Journal of Accounting Auditing and Finance, 8, 249–273.
- McKinnon, J. L., & Dalimunthe, L. (1993). Voluntary disclosure of segment information by Australian diversified companies. Accounting and Finance, 33, 33–50.
- McNally, G. M., Eng, L. H., & Hasseldine, C. R. (1982). Corporate financial reporting in New Zealand: An analysis of user preferences, corporate characteristics and disclosure practices for discretionary information. Accounting and Business Research, 13, 11–20.https://doi.org/10.1080/00014788.1982.9729725
- Meek, G., Roberts, C., & Gray, S. (1995). Factors influencing voluntary annual report disclosures by US, UK and continental European multinational corporations. Journal of International Business Studies, 26, 555–572.https://doi.org/10.1057/palgrave.jibs.8490186
- Miller, G. S. (2002). Earnings performance and discretionary disclosure. Journal of Accounting Research, 40, 173–204.https://doi.org/10.1111/1475-679X.00043
- Nakamura, K., Iwai, S., & Sawaragi, T. (1982). Decision support using causation knowledge base. IEEE Transactions on Systems, Man, and Cybernetics, 12, 765–777.https://doi.org/10.1109/TSMC.1982.4308910
- Oliveira, L., Rodrigues, L. L., & Craig, R. (2006). Firm-specific determinants of intangibles reporting: Evidence from the Portuguese stock market. Journal of Human Resource Costing & Accounting, 10, 11–33.
- Raffournier, B. (1995). The determinants of voluntary financial disclosure by Swiss listed companies. European Accounting Review, 4, 261–280.https://doi.org/10.1080/09638189500000016
- Ross, S. A. (1977). The determination of financial structure: The incentive-signalling approach. The Bell Journal of Economics, 8, 23–40.https://doi.org/10.2307/3003485
- Schipper, K. (1981). Discussion of voluntary corporate disclosure: The case of interim reporting. Journal of Accounting Research, 19, 85–88.https://doi.org/10.2307/2490986
- Scott, T. W. (1994). Incentives and disincentives for financial disclosure: Voluntary disclosure of defined benefits pension plan information by Canadian firms. The Accounting Review, 69, 26–43.
- Singhvi, S. S. (1968). Characteristics and implications of inadequate disclosure: A case study of India. The International Journal of Accounting Education and Research, 3, 29–43.
- Singhvi, S. S., & Desai, H. B. (1971). An empirical analysis of the quality of corporate financial disclosure. The Accounting Review, 46, 129–138.
- Thakor, A. V. (1990). Investment “myopia” and the internal organization of capital allocation decisions. Journal of Law, Economics & Organization, 6, 129–145.
- Trueman, B. (1986). Why do managers voluntarily release earnings forecasts? Journal of Accounting and Economics, 8, 53–71.https://doi.org/10.1016/0165-4101(86)90010-8
- Verrecchia, R. E. (1983). Discretionary disclosure. Journal of Accounting and Economics, 5, 179–194.https://doi.org/10.1016/0165-4101(83)90011-3
- Wallace, R. S. O., & Naser, K. (1995). Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the stock exchange of Hong Kong. Journal of Accounting & Public Policy, 14, 311–368.
- Wallace, R. S. O., Naser, K., & Mora, A. (1994). The relationship between the comprehensiveness of corporate annual reports and firm characteristics in Spain. Accounting and Business Research, 25, 41–53.https://doi.org/10.1080/00014788.1994.9729927