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Private disclosure and financial reporting

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  • J. Holland

Abstract

This article describes how large UK companies communicate with their institutional shareholders, and investigates how this private disclosure process relates to financial reporting. The article draws from case studies based on interviews with senior executives in 33 UK companies. Four insights into corporate disclosure arise from this case data. Firstly, a private disclosure process to institutional shareholders is outlined. Secondly, the private disclosure activity is recognised as a significant part of a larger corporate decision concerning public versus private voluntary disclosure. Thirdly, a range of factors are identified as encouraging private disclosure. These include the perceived limitations of financial reports (annual reports and interims), both as a disclosure mechanism in their own right and by comparison with private disclosure channels. Finally, despite these limitations, financial reports are recognised as a central component of a larger corporate disclosure system. The article therefore provides a novel insight in the role of financial reports in the larger corporate disclosure process, and ends by exploring new directions for research in financial reporting, including how the wider corporate disclosure system can be reformed in a systematic manner.

Suggested Citation

  • J. Holland, 1998. "Private disclosure and financial reporting," Accounting and Business Research, Taylor & Francis Journals, vol. 28(4), pages 255-269.
  • Handle: RePEc:taf:acctbr:v:28:y:1998:i:4:p:255-269
    DOI: 10.1080/00014788.1998.9728914
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    References listed on IDEAS

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    1. Tomkins, Cyril & Groves, Roger, 1983. "The everyday accountant and researching his reality," Accounting, Organizations and Society, Elsevier, vol. 8(4), pages 361-374, October.
    2. John Holland, 1998. "Private Voluntary Disclosure, Financial Intermediation and Market Efficiency," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 25(1‐2), pages 29-68, January.
    3. Gibbins, M & Richardson, A & Waterhouse, J, 1990. "The Management Of Corporate Financial Disclosure - Opportunism, Ritualism, Policies, And Processes," Journal of Accounting Research, Wiley Blackwell, vol. 28(1), pages 121-143.
    4. John Holland, 1998. "Private Voluntary Disclosure, Financial Intermediation and Market Efficiency," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 25(1&2), pages 29-68.
    5. Niclas Hellman, 1996. "What causes investor action?," European Accounting Review, Taylor & Francis Journals, vol. 5(4), pages 671-691.
    6. Tomkins, Cyril & Groves, Roger, 1983. ""The everyday accountant and researching his reality": Further thoughts," Accounting, Organizations and Society, Elsevier, vol. 8(4), pages 407-415, October.
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