Managing continuous disclosure: Australian evidence

Abstract

Purpose – This study aims to explore how Australian Securities Exchange (ASX) listed companies manage their statutory continuous disclosure (CD) obligations. Design/methodology/approach – Employing aspects of Gibbins et al.'s corporate financial disclosure framework, this study conducts semi-structured interviews with 22 experienced senior managers from diverse companies to examine in depth the key antecedents, structures and issues influencing the CD process. Findings – The findings indicate that companies' preference to deal with CD as a commercial or legal issue, managers' practical CD experience, who assumes responsibility for CD, owners' and market expectations, third parties, environmental uncertainties and media are important antecedents in the CD process. The importance of these is contingent on company characteristics. Large companies primarily use structured processes and responsive communication networks whereas small to medium companies rely on informal processes and interpersonal communicatio...