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Internet corporate reporting in Greece

Author

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  • Spanos, Loukas
  • Mylonakis, John

Abstract

This paper investigates the internet corporate reporting practices of Greek listed companies. The aim is twofold: to contribute to the growing literature by examining internet corporate reporting for a small open European capital market; and to present a model of online dissemination of information by companies of all size in Greece. An Internet Disclosure Index (IDI) of 50 items is constructed, which incorporates content and presentation criteria. A total of 141 corporate websites were screened, and both partial and aggregates scores were produced. The scores show that the Greek companies have a lot of work to do in order to enhance the investor relations activities on the internet. On average, the larger, more established companies have significantly higher levels of disclosure for both financial and non-financial data. The contribution of this study is to describe how corporate reporting practices have evolved in an emerging European country, where investor confidence was considerably damaged by speculative events of 1999 and 2000. This study also provides some useful insights into corporate reporting via the internet in smaller listed companies, which have not been researched extensively.

Suggested Citation

  • Spanos, Loukas & Mylonakis, John, 2006. "Internet corporate reporting in Greece," MPRA Paper 42997, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:42997
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    References listed on IDEAS

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    1. Loukas Spanos & Lena Tsipouri & Manolis Xanthakis, 2005. "Corporate Governance Rating and Family Firms: The Greek Case," Finance 0503011, University Library of Munich, Germany.
    2. 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.
    3. Paul M. Healy & Amy P. Hutton & Krishna G. Palepu, 1999. "Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure," Contemporary Accounting Research, John Wiley & Sons, vol. 16(3), pages 485-520, September.
    4. Diamond, Douglas W & Verrecchia, Robert E, 1991. "Disclosure, Liquidity, and the Cost of Capital," Journal of Finance, American Finance Association, vol. 46(4), pages 1325-1359, September.
    5. Pontus Hedlin, 1999. "The Internet as a vehicle for investor relations: the Swedish case," European Accounting Review, Taylor & Francis Journals, vol. 8(2), pages 373-381.
    6. Christine A. Botosan & Marlene A. Plumlee, 2002. "A Re‐examination of Disclosure Level and the Expected Cost of Equity Capital," Journal of Accounting Research, Wiley Blackwell, vol. 40(1), pages 21-40, March.
    7. Catherine Gowthorpe & Oriol Amat, 1999. "External reporting of accounting and financial information via the Internet in Spain," European Accounting Review, Taylor & Francis Journals, vol. 8(2), pages 365-371.
    8. 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 & Francis Journals, vol. 12(3), pages 567-579.
    9. Niamh Brennan & Sorka Kelly, 2000. "Use of the internet by Irish companies for investor relations purposes," Open Access publications 10197/5387, Research Repository, University College Dublin.
    10. Loukas Spanos, 2005. "Corporate governance in Greece: developments and policy implications," Finance 0502017, University Library of Munich, Germany.
    11. Lang, M & Lundholm, R, 1993. "Cross-Sectional Determinants Of Analyst Ratings Of Corporate Disclosures," Journal of Accounting Research, Wiley Blackwell, vol. 31(2), pages 246-271.
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    Cited by:

    1. Turel, Asli, 2010. "The Expectation Gap in Internet Financial Reporting: Evidence from an Emerging Capital Market," MPRA Paper 29800, University Library of Munich, Germany.

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    More about this item

    Keywords

    corporate reporting; investors' relations; internet;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G19 - Financial Economics - - General Financial Markets - - - Other

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