Abstract
The paper represents an attempt of enrichment of researches relating to the publication of Voluntary Information Disclosure on the Web-Sites (VDWS). The main objective of this research is to compare the extent of VDWS and the differential impact of some firm specific characteristics in the United Kingdom and New Zealand on firms’ VDWS. In fact, comparative disclosure studies tend generally to evaluate the differential impact of firm specific characteristics on information disclosure in two different legal systems (for example, common law and code law) or having different cultural values. However, few studies have analyzed this topic in countries having the same legal system and/or similar cultural values. The results illustrate a significant variation of VDWS practices across the two countries. The results show, also, that the majority of the identified determinants differ between these two countries in their significance and their sign. The principal results prove that firm size represents a positive common factor on the extent of VDWS in the two countries. The specific factors of British companies are: dispersion of ownership, performance, and the number of listing on foreign stock exchanges. Whereas those of New Zealand companies are bored independence and leverage level. Keywords: Determinants, Voluntary Disclosure, Websites, United Kingdom, New Zealand.
Highlights
Listed companies have generally disclosed financial information to users by providing traditional paper-based disclosures
Having size as a common factor may suggest that there is no differential impact of firm size on Voluntary Information Disclosure on the WebSites (VDWS) in the UK and New Zealand
Except for the size as a common factor between the two countries, there is a differential impact of dispersion of ownership, performance, leverage, board independence and number of listing on foreign stock exchanges on VDWS in the UK and New Zealand
Summary
Listed companies have generally disclosed financial information to users by providing traditional paper-based disclosures. Research has shown that there can be a significant variation in voluntary disclosure within countries belonging to the same legal regime (Allam and lymer, 2003). These authors have focused on five developed countries (USA, UK, Canada, Australia, and Hong Kong). “In other words, IFR practices are different between the three countries, not as appeared to be the case initially”, Allam and Lymer (2003) These authors explore only the impact of firm size on IFR level and they do not study the differential impact of other firm specific characteristics on IFR level in these countries. It would be relevant to focus on studying the differential impact of some firm specific characteristics in a similar legal system on firms’ VDWS
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