Minimum corporate website disclosure levels and information asymmetry: Evidence from Johannesburg Stock Exchange small-cap companies

Nel, George; Baard, Roelof

doi:10.1080/10291954.2019.1662210

Cited by 6 publications

(9 citation statements)

References 49 publications

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“…Some of these studies have found an empirical evidence of a negative relationship between web-based disclosure and information asymmetry, however, this association was not significant. This is the case of the study of Nel and Baard (2019) conducted in South Africa. The study postulated that the disclosure of information on the company’s web site may not be sufficient in persuading investor to change their trading behavior.…”

Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Web-based disclosure and the cost of debt: MENA countries evidence

Abdi

Omri

2020

JFRA

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Purpose The aim of this study is to investigate the effect of web - based disclosure on the cost of debt for the MENA region setting. Design/methodology/approach The sample of this paper consists of 237 MENA listed non-financial companies for the year 2017. Multiple regression models were used to examine the impact of online disclosure on the cost of debt. Content analysis is used to measure the extent of web-based disclosure. Findings The results reveal that there is a negative and significant association between the web-based disclosure and the company’s cost of debt. These results support the hypothesis of the economic utility of the information disclosed on the website for creditors in this region. Practical implications The results of the study have important implications for managers in the MENA region. It is necessary for managers to improve the company’s transparency through web-based disclosure. The companies must benefit from the different technologies offered by the Internet in order to offer to the creditors unlimited access to up to date information. In fact, web-based disclosure may mitigate the information asymmetry, the uncertainty of creditors and, consequently, reduces the cost of debt. 10; 10;Moreover, the results of the study provide empirical evidence for the advantages of voluntary web-based disclosure. The results highlight the importance to companies and regulators of understanding the benefits of using the website as a means of information disclosure. The regulators in MENA countries can rely on these results to establish suitable policies to improve the quality of web-based disclosure. The regulators need also to put in rules in relation to the online disclosure. In fact, an understanding of web-based disclosure is important for regulators and companies. Given the positive effect of online disclosure (the reduction of the cost of debt), knowledge about the economic consequences of web-based disclosure would enable companies in the MENA region to optimize their online disclosure policies. Originality/value This study, added to the existing literature by examining the consequences of online disclosure practices in MENA countries. Most previous studies conducted in this region were limited to analyzing the determinants of the company’s web-based disclosure. This paper would extend the literature on the online disclosure practices by investigating the association between these practices and the cost of debt in a developing economics: the MENA region. Previous studies were limited to testing this association only in developed countries.

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Section: Literature Review and Hypothesis Developmentmentioning

confidence: 99%

Web-based disclosure and the cost of debt: MENA countries evidence

Abdi

Omri

2020

JFRA

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“…Web-disclosure is important for good corporate governance as the practice promotes corporate transparency and accountability which in turn increases investor confidence (Nel & Baard, 2019;Sandhu & Singh, 2019). There is therefore a call for improvement in quality web-disclosure as it offers companies advantages which cannot be realised through traditional print-based disclosure practices (López-Arceiz et al, 2019).…”

Section: Discussionmentioning

confidence: 99%

An Examination of the Quality of Web Disclosure Practices Through an Analysis of Firm Characteristics, Semantic Properties and Tone

Melati¹,

Nair²,

Arshad³

et al. 2022

APMAJ

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This research aimed to measure the quality of voluntary web-disclosure by listed companies in Indonesia, using a voluntary web-disclosure index to capture both quality and quantity of web-disclosures. Focussing on the dimensions of web-content and the presentation of information, this study scored 44 web-disclosure items using a dichotomous score to examine the variety of information and an ordinal score to examine the depth of the disclosure. The findings revealed that on average, the quality of voluntary web-disclosure in Indonesia is relatively low. Disclosure appeared heavily centred on financial information, with information on corporate governance and corporate social responsibility being only moderately disclosed. The differences of firm size and industry type among sample companies were found to be significantly positive when matched to the web-disclosure index. This confirms postulations of the Agency Theory and Signalling Theory which suggest that companies were motivated to signal accountability and transparency through their websites. This study extends prior research on web-disclosure by demonstrating that the use of semantic properties contributes to the richness of examining voluntary web-disclosure as it offers greater insights into the transparent reporting practices by corporate entities. Keywords: agency theory, signalling theory, voluntary web-disclosure, semantic properties, firm characteristics

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“…(Boubaker et al, 2012;AbuGhazaleh et al, 2012;Basuony & Mohamed, 2014;Sushila & Amol, 2016;Omran & Ramdhony, 2016;Qasim & Al Barghouthi, 2017;Adityawarman & Khudri, 2017;Aboutera & Hussein, 2017;Ahmed et al, 2017 ;Qasim & Al Barghouthi, 2017;Mokhtar,2017;De Silva & Ajward, 2018;Abdi et al, 2018;Hussain, 2018;Sarifudeen, 2021;Khlifi, 2021 Mokhtar (2017) . ‫مثل؛‬ ‫اسات‬ ‫الدر‬ ‫بعض‬ ‫لجأت‬ ‫فقد‬ (Debreceny et al, 2002;Xiao et al, 2004;AbuGhazaleh et al, 2012 (Debreceny, et al, 2001;SEC,2008;Cormier et al, 2009;bahl & lal., 2012;Nel & Baard, 2019;Mendes-Da-Silva & Onusic, 2014;Singh, 2013;Omran & Ramdhony, 2016;Hashim et al,2014;Garg & Gakhar, 2010;Boubaker et al,2012;De Silva & Ajward, 2018;، Samaha & Abdallah, 2012;Aly et al,2010;Ahmed et al, 2017;Mokhtar, 2017;Yassin, 2017;Hassan et al, 2022;Hussein & Nounou, 2021;Desoky, 2009;…”

Section: ‫دفعت‬ ‫كما‬mentioning

confidence: 99%

“…;Abdi et al, 2018;Henchiri, 2011;Mohamed & Basuony, 2015;Roberts et al, 2012;qasim & al barghouthi, 2017;Aboutera & Hussein, 2017). (Khalil & Maghraby, 2017 ;Mokhtar, 2017;De Silva & Ajward , 2018;Abdi et al, 2018;Nel & Baard, 2019 ;Khlifi, 2021;Nagarajah & Alagathurai, 2021;Hussein & Nounou, 2021 Hussein, 2017;Ahmed et al, 2017;Khlifi, 2021;Sarifudeen, 2021 (Hashim et al,2014;Mohamed & Basuony, 2015;Yassin, 2017;Hussein, 2017;qasim & al barghouthi, 2017;Abdi et al, 2018;Nel & Baard, 2019;Hussein & Nounou, 2021 (Singh., 2013;Pozniak, 2013;Dyczkowska, 2014;Mendes-Da-Silva et al, 2014;Fuertes-Callen et (Garg & Gakhar,2010;Kolsi ,2012;Abdi et al,2018) .…”

Section: ‫دفعت‬ ‫كما‬mentioning

confidence: 99%

نحو تفسیر منطقی لتباین مستوی إفصاح الشركات عبر الانترنت - دلیل من الشركات غیر المالیة المقیدة بالبورصة المصریة

شرف¹

2022

مجلة الاسکندریة للبحوث المحاسبیة

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The primary objective of this research is to study and explanation the variation in the level of corporate disclosure over the Internet. to achieve the aim of the research an empirical study was conducted on a sample of nonfinancial firms Listed in the Egyptian Stock Exchange in 2021. the empirical study shows that there is a significant effect of each of the factors of company size, Liquidity, profitability, and ownership dispersal on the level of disclosure of companies listed on the Egyptian Stock Exchange on the Internet.

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Minimum corporate website disclosure levels and information asymmetry: Evidence from Johannesburg Stock Exchange small-cap companies

Cited by 6 publications

References 49 publications

Web-based disclosure and the cost of debt: MENA countries evidence

Web-based disclosure and the cost of debt: MENA countries evidence

An Examination of the Quality of Web Disclosure Practices Through an Analysis of Firm Characteristics, Semantic Properties and Tone

نحو تفسیر منطقی لتباین مستوی إفصاح الشركات عبر الانترنت - دلیل من الشركات غیر المالیة المقیدة بالبورصة المصریة

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