No abstract

Purpose The purpose of this paper is to provide exploratory evidence about the use of the internet for disclosure purposes by non-financial companies listed on the Egyptian Exchange – and influences thereon – at two points in time: 2010 and 2011. Selection of these periods permits direct investigation of the extent to which the disruption caused by the popular uprising in early 2011 impacted on practice. Design/methodology/approach The sample comprises all of the 172 non-financial listed companies at the end of 2010. A disclosure index was developed to evaluate the content of the investigated websites in 2010 and 2011. Univariate and multivariate analysis is used to examine the cross-sectional determinants of disclosure both in total and in terms of three specific content categories. Findings The study reveals that 40.7 and 42.7 per cent of the sample companies provided some form of financial information via their websites in 2010 and 2011, respectively (i.e. pre and post the Spring 2011 political revolution). The results of the multivariate analysis indicate consistency across the two years in terms of total score determinants, but some variation in the disaggregated evidence. Originality/value This study indicates that Egyptian firms have started embracing the power of the internet as a disclosure channel, but the extent of these practices is still limited, with great variations evident amongst the sampled companies in this regard. Encouragingly, the disruption caused by the political upheaval in 2011 appears not to have caused reduction in the propensity to provide online disclosures.

Purpose The purpose of this paper is to: examine the value relevance of financial instruments disclosure (FID) provided by Jordanian listed companies under International Financial Reporting Standard (IFRS 7) as compared to that supplied under IAS 30/32; provide evidence about the value relevance of high vs low levels of FID; and investigate which components of FI-related information are more value relevant. Design/methodology/approach A sample of 70 Jordanian listed companies is used in this monograph. A disclosure index checklist was constructed to measure FI information provided by the sample companies. In addition, a valuation model is employed to test the association between FID and market value. Findings Although evidence is provided that FI information was value relevant over the two periods of investigation, the information supplied after the implementation of IFRS 7 was more strongly associated with market values. An analysis of the sub-components of FID reveals that the details about balance sheet, fair value and risk information matter when valuing equity. Overall, the results indicate that investors value FI-related information when making their equity pricing decisions. The result suggests that compliance with IFRS mandatory disclosure requirements does produce relevant financial statements. Research limitations/implications The results of the current study have a number of implications for policy makers. First, they provide a great deal of insight for the IASB about the relevance of its standards to countries outside the western context. In addition, the findings provide valuable insights for policy makers in Jordan who are concerned about the implications of mandatory disclosures. Originality/value The analysis of FID in developing countries in general, and in Jordan in particular, has been overlooked by the extant literature and therefore this study is the first of its kind to examine this research issue for a sample of Jordanian firms.

No abstract

Purpose -The main aim of this paper is to investigate Financial Instrument (FI) disclosures provided by Jordanian listed companies under IFRS 7 as compared to those supplied under IAS 30/32.Design/methodology/approach -A sample of 82 Jordanian listed companies is used in this monograph. A disclosure index checklist was constructed to measure FI information provided by the sample companies.Findings -The study finds that a larger number of Jordanian listed companies provided a greater level of FI-related information after IFRS 7 was implemented. Specifically, the sample firms provided 47% of the disclosure index items after implementing IFRS 7 as compared to 30% under IAS 30/32. In addition, an analysis of FI disclosure by industry revealed that the highest level of disclosure was provided by firms in the banking sector.Moreover, the analysis of FI disclosure pre-and post-the implementation of IFRS 7 revealed specific aspects of usefulness. In particular, some components of FI disclosure (Balance Sheet and Fair Value) showed no significant differences within and across sectors post the implementation of IFRS 7 suggesting that the new standard may have enhanced the comparability of such information. Research Limitations/implications -The results of the current study have a number of implications for policy-makers. First, they provide a great deal of insight for the IASB about the relevance of its standards to countries outside the Western context. In addition, 2 the findings provide valuable insights for policy-makers in Jordan who are concerned about the implications of mandatory disclosures.Originality/value -The analysis of FI disclosure in developing countries in general, and in Jordan in particular, has been overlooked by the extant literature and therefore this study is the first of its kind to examine this research issue for a sample of Jordanian firms.

Purpose This paper provides detailed findings regarding the perceived role of corporate governance in Zambia. There have been no detailed studies of opinions in a setting such as Zambia, i.e. a nation which has experienced relative political calm and which has an abundance of natural resourcesbut where corporate governance failures have been blamed directly for economic difficulties. Design/Methodology/Approach The study reports the results of a series of 24 in-depth interviews with Zambians, including politicians, regulators, senior business executives, trans-national organisation representatives, academics and governance consultants. The discussions were conducted face-to-face and recorded in all cases. Findings Understanding of corporate governance is at an embryonic stage in Zambia, but embedded corruption is likely to require addressing before any meaningful change is likely. A range of isomorphic forces appear to be prevalent and the study argues that root-and-branch change in structures and attitudes is a necessity if improvements are to be forthcoming. The paper concludes with a call for unity in purpose and recognition of current malignancies. Originality/Value Despite Zambia's idiosyncrasies, the evidence suggests a pan-African picture is emerging, with growing awareness of the potential benefits of improved corporate behaviour-but deep cynicism about the likelihood of these arising, given corruption in reward structures. Such is the extent of embeddedness in power amongst those who benefit from current arrangements that both mimetic and coercive forces are argued to be ranged against any shift in extant systems and processes.

No abstract

Dr Dunne has published in a wide range of academic and professional journals on areas such as accountability, financial reporting, accounting standard setting, charity accounting and governance, international accounting, XBRL, treasury practice and control and corporate governance.