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The influence of company characteristics and accounting regulation on information disclosed by Spanish firms

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  • A Giner Inchausti
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    Abstract

    Accounting information is subject to two different influences: market pressures and pressure from regulatory bodies. This paper provides an empirical analysis of the influence of both these forces on information disclosure by Spanish firms. To test hypotheses concerning the influence of regulation, annual reports of three different years for 49 companies have been analysed. Given that new Spanish accounting rules have been in force since 1990, annual accounts of a sample of quoted companies have been analysed for the period 1989-1991. In order to consider the influence of positive accounting theory, several characteristics relating to company attributes were selected and tested empirically for the sample of 49 companies. The information disclosed by the sample companies was measured through an information index, based on a list of 50 items of information, and it was regressed on the variables related to company characteristics. The influence of regulation was analysed through a panel data analysis including time effects. The results suggest that time as a surrogate for regulation explains the level of information disclosure, although it does not influence the amount of voluntary information disclosed. However, several firm characteristics were also found to influence the level of disclosure, namely size, auditing and stock exchange.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/096381897336863
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal European Accounting Review.

    Volume (Year): 6 (1997)
    Issue (Month): 1 ()
    Pages: 45-68

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    Handle: RePEc:taf:euract:v:6:y:1997:i:1:p:45-68

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    1. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    2. Benston, George J., 1982. "An analysis of the role of accounting standards for enhancing corporate governance and social responsibility," Journal of Accounting and Public Policy, Elsevier, vol. 1(1), pages 5-17.
    3. DeAngelo, Linda Elizabeth, 1981. "Auditor size and audit quality," Journal of Accounting and Economics, Elsevier, vol. 3(3), pages 183-199, December.
    4. Camfferman, K., 1991. "Some aspects of voluntary disclosure," Serie Research Memoranda 0025, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    5. Watts, Ross L & Zimmerman, Jerold L, 1983. "Agency Problems, Auditing, and the Theory of the Firm: Some Evidence," Journal of Law and Economics, University of Chicago Press, vol. 26(3), pages 613-33, October.
    6. Spence, A Michael, 1973. "Job Market Signaling," The Quarterly Journal of Economics, MIT Press, vol. 87(3), pages 355-74, August.
    7. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
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