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Voluntary financial reporting on the internet – analysis of the practice of Croatian and Slovene listed joint stock companies

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Author Info
Ivica Pervan (Faculty of Economics, Split)
Abstract

An investigation into Internet financial reporting carried out in June 2005 that focused on stock-market listed Croatian and Slovene joint-stock companies has two basic aspects, comparative and explanatory. The comparative aspect of the research showed that Slovene corporations have a statistically significant higher level of financial reporting (as measured with IFR score). The average IFR score for 55 corporate entities from Croatia came to just 6.85, while the average IFR score for 30 Slovene firms was 17.63. The second aspect of the investigation was explanatory, and at the level of each state and sample the intention was to find the variables that affect IFR scores significantly. With respect to the Croatian sample it was shown that the IFR score was statistically significantly and positively correlated with size, profitability, number of shareholders, and amount of traffic on the stock markets. Then regression analysis showed that majority foreign ownership had a positive effect on the IFR score. A statistically significant but negative correlation was established for two sectors, tourism and marine transport. For the Slovene sample, comprising 30 firms, the size, profitability and number of stockholders were not significant variables. However, official listing, proportion of market capitalisation and ratio of market to book values of shares were statistically significantly and positively correlated with the IFR score. Only one sector, transport, was significantly and negatively correlated with the IFR score.

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Publisher Info
Article provided by Institute of Public Finance in its journal Financial Theory and Practice.

Volume (Year): 30 (2006)
Issue (Month): 1 ()
Pages: 1-27
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Handle: RePEc:ipf:finteo:v:30:y:2006:i:1:p:1-27

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Related research
Keywords: financial reporting; joint stock companies; Internet; Croatia; Slovenia;

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

References listed on IDEAS
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  1. Catherine Gowthorpe, Oriol Amat, 1999. "External reporting of accounting and financial information via the Internet in Spain," European Accounting Review, Taylor and Francis Journals, vol. 8(2), pages 365-371, July. [Downloadable!] (restricted)
  2. B. M. Craven, C. L. Marston, 1999. "Financial reporting on the Internet by leading UK companies," European Accounting Review, Taylor and Francis Journals, vol. 8(2), pages 321-333, July. [Downloadable!] (restricted)
  3. Barbara Pirchegger, Alfred Wagenhofer, 1999. "Financial information on the Internet: a survey of the homepages of Austrian companies," European Accounting Review, Taylor and Francis Journals, vol. 8(2), pages 383-395, July. [Downloadable!] (restricted)
  4. Ettredge, Michael & Richardson, Vernon J. & Scholz, Susan, 2002. "Dissemination of information for investors at corporate Web sites," Journal of Accounting and Public Policy, Elsevier, vol. 21(4-5), pages 357-369. [Downloadable!] (restricted)
  5. Debreceny, Roger & Gray, Glen L. & Rahman, Asheq, 2002. "The determinants of Internet financial reporting," Journal of Accounting and Public Policy, Elsevier, vol. 21(4-5), pages 371-394. [Downloadable!] (restricted)
  6. Pontus Hedlin, 1999. "The Internet as a vehicle for investor relations: the Swedish case," European Accounting Review, Taylor and Francis Journals, vol. 8(2), pages 373-381, July. [Downloadable!] (restricted)
  7. J. Geerings & L. H. H. Bollen & H. F. D. Hassink, 2003. "Investor relations on the Internet: a survey of the Euronext zone," European Accounting Review, Taylor and Francis Journals, vol. 12(3), pages 567-579, September. [Downloadable!] (restricted)
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