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Romanian Companies' Web-Based Disclosure Choices And Capital Markets

Author

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  • Victoria Bogdan
  • Cosmina Mădălina Pop

Abstract

This article aims to investigate the web-based disclosure choices and practices among Romanian companies listed on Bucharest Stock Exchange. Web- based disclosure offers advantages that are absent in paper-based voluntary disclosure: it can be accessed globally at much lower costs and it can be updated much more timely also at much lower costs. Another goal of the paper is to establish the criteria in order to select properly the sample companies. After presenting the advantages and eventual risks of Internet Financial Reporting and analyzing previous investigative reports and articles, this paper investigates the degree to which Romanian listed companies to disclose financial and non-financial information are using the Internet. The web sites of these companies were examined throughout May 2007 to May 2008, with a view to determining which companies present voluntary financial or non-financial data in addition to the Annual Report and Accounts.

Suggested Citation

  • Victoria Bogdan & Cosmina Mădălina Pop, 2008. "Romanian Companies' Web-Based Disclosure Choices And Capital Markets," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(10), pages 1-9.
    • Handle: RePEc:alu:journl:v:1:y:2008:i:10:p:9
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    File URL: http://oeconomica.uab.ro/upload/lucrari/1020081/09.pdf
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    References listed on IDEAS

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    1. Xiao, Jason Zezhong & Yang, He & Chow, Chee W., 2004. "The determinants and characteristics of voluntary Internet-based disclosures by listed Chinese companies," Journal of Accounting and Public Policy, Elsevier, vol. 23(3), pages 191-225.
    2. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
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    Cited by:

    1. Delia-Mihaela IBANISTEANU (IONASZ) & Florin - Cristian GHEORGHE, 2020. "Corporate Governance Policy And Its Influence On The Financial Reports To The Public Interest Entities," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 5(3), pages 38-49.

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    More about this item

    Keywords

    internet financial reporting; mandatory and voluntary disclosure; capital markets; listed companies;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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