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Men of steel: Voluntary accounting information disclosure in the first third of the twentieth century at U.S. Steel Corporation

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  • Carduff, Kevin C.
  • Fogarty, Timothy J.

Abstract

Before the emergence of accounting regulation and broadly-based equity ownership in the US, corporations had a relatively free hand over financial information disclosure. Why information was disseminated was therefore a purer window into corporate strategy. This paper considers the case of U.S. Steel Corporation, a dominant industrial company for the good part of the 20th century in the world's largest economy. Two explanations, stewardship and legitimacy theory are offered as rationales for the company's relatively high level of voluntary disclosure. The results suggest that the stewardship model is the one most likely to explain the variation in the historical pattern of disclosure.

Suggested Citation

  • Carduff, Kevin C. & Fogarty, Timothy J., 2014. "Men of steel: Voluntary accounting information disclosure in the first third of the twentieth century at U.S. Steel Corporation," Research in Accounting Regulation, Elsevier, vol. 26(2), pages 196-203.
    • Handle: RePEc:eee:reacre:v:26:y:2014:i:2:p:196-203
    DOI: 10.1016/j.racreg.2014.09.008
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    References listed on IDEAS

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    1. McCraw, Thomas K. & Reinhardt, Forest, 1989. "Losing to Win: U.S. Steel's Pricing, Investment Decisions, and Market Share, 1901–1938," The Journal of Economic History, Cambridge University Press, vol. 49(3), pages 593-619, September.
    2. Gordon, Robert J., 2004. "Two Centuries of Economic Growth: Europe Chasing the American Frontier," CEPR Discussion Papers 4415, Centre for Economic Policy Research.
    3. Gibbins, M & Richardson, A & Waterhouse, J, 1990. "The Management Of Corporate Financial Disclosure - Opportunism, Ritualism, Policies, And Processes," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 28(1), pages 121-143.
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    Cited by:

    1. Rupley, Kathleen Hertz & Brown, Darrell & Marshall, Scott, 2017. "Evolution of corporate reporting: From stand-alone corporate social responsibility reporting to integrated reporting," Research in Accounting Regulation, Elsevier, vol. 29(2), pages 172-176.

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