Costes, Beneficios y Factores Ligados a la Política de Divulgación de Información Financiera

Costs, Benefits and Explanatory Factors of the Financial Information Disclosure Policy

  • Manuel Larrán Jorge Universidad de Cádiz
Palabras clave: revelación de información, divulgación voluntaria, mercado de capitales, teorías de la información

Resumen

El objetivo del presente trabajo, basado en una revisión de la literatura empírica más relevante, es el analizar los costes y beneficios asociados a las políticas de divulgación de información financiera, así como los factores que puedan estar más relacionados con la extensión de la información publicada por las empresas.
Entre los costes asociados a la oferta informativa se encontrarían los relativos a su confección, publicación y auditoria; así como otra serie de costes indirectos, más difíciles de medir, tales como costes legales, costes políticos y costes asociados a la pérdida de ventaja competitiva. Por otra parte, los beneficios de una mayor cantidad de información se pueden ligar a una reducción de las percepciones de incertidumbre futura y, por tanto, pueden llevar a la reducción del coste de capital, mejora de la liquidez y de la credibilidad de la empresa, así como incrementar la capacidad de obtención de fondos externos.
De todas las variables analizadas, el factor tamaño es el que más se repite en los trabajos empíricos como explicativo de las políticas de divulgación más proactivas. Lo anterior no es de extrañar, habida cuenta que conforme mayor sea el tamaño, mayores serán los costes de agencia, costes políticos y costes legales, así como la presión ejercida por los demandantes de información. Por otra parte, menores, en este caso, serán los costes de pérdida de ventaja competitiva y los costes marginales directos derivados de una mayor cantidad de información divulgada. Por tanto, se pude inferir que en las empresas de mayor dimensión los beneficios derivados de la oferta informativa puedan superar estos costes, y justificar la mayor extensión de la información publicada en estos casos.
Igualmente, una vez señaladas algunas debilidades o limitaciones de los estudios analizados, en el trabajo se indican algunas posibles líneas de investigación que se podrían seguir en un futuro y en este ámbito.

Descargas

La descarga de datos todavía no está disponible.

Citas

ABOODY, D. y KASZNIK, R. (2000): “CEO Stock options awards and the timing of corporate voluntary disclosures”. Journal of Accounting and Economics. Vol. 29. Pp. 73-100.

ACOSTA, J., OSORNO, M.P. y RODRIGUEZ, M.G. (2000): Los Costes de Selección Adversa en el Mercado Bursátil Español. Documento de Trabajo. Universidad de la Laguna. Mayo. 2000.

ADAMS, M. y HOSSAIN, M. (1998): “Managerial discretion and voluntary disclosure: empirical evidence from the New Zealand life insurance industry”. Journal of Accounting and Public Policy. Vol. 17. Pp. 245-281.

ADAMS, C.A., HILL, W. y ROBERTS, C. (1995): Environmental, Employee and Ethical Reporting in Europe. ACCA Research Report. N.º 41. London, ACCA:

ADAMS, C.A.; HILL, W. y ROBERTS, C. (1998): “Corporate Social Reporting Practices in Western Europe: Legitimating Corporate Behaviour”. British Accounting Review. Vol. 30. N.º 9. Pp. 1-21.

ADAMS, C.A. y KUASIRIKUN, N. (2000): “A Comparative analysis of corporate reporting on ethical issues by UK and German chernical and pharmaceutical companies”. The European Accounting Review. Vol. 9. N.º 1. Pp. 53-80.

ADHIKARI, A. y TONDKAR, R. (1992): “Environmental factors influencing accounting disclosure requirements of global stock exchanges”. Journal of International Financial Management and Accounting. Vol. 4. N.º 2. Pp. 73-102.

ADREM, A.H.(1999): Essays on Disclosure Practices in Sweden- Causes and Effects. Lund University Press. 1999.

AHMED, K. y COURTIS, J.K. (1999): “Association between corporate characteristic and disclosure levels in annual reports: a meta-analysis”. British Accounting Review. Vol. 31. Pp. 35-61.

AHMED, K. y NICHOLLS, D. (1994): “The impact of non-financial company characteristics on mandatory disclosure compliance in developing countries: The case of Bangladesh”. The International Journal of Accounting. Vol. 29. Pp. 62-67.

AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA) (1994): Improving Business Reporting- A customer focus: A Comprehensive report of the Special Committee on Financial Reporting. New York. AICPA.

AMIHUD, Y y MENDELSON, H. (1986): “Asset pricing and the bid-ask spread”. Journal of Financial Economics. Vol. 17. Pp. 223-249.

ANG, J.S. y CICCONE, S.J. (2002): “International differences in analyst forecasts properties”. Working Paper. Florida State University.

ARNOLD, J., MOIZER, P. y NOREEN, E. (1984): “Investments appraisal methods of financial analysts: a comparative study of US and UK practices”. International Journal of Accounting. Vol. 19. N.º 2. Pp. 1-18.

AJINKYA, B.B. y GIFT, M. (1984): “Corporate Manager Earnings Forecasts and Symmetrical Adjustments of Market Expectations”. Journal of Accounting Research. Vol. 22. N.º 2. Autumn. Pp. 425- 444.

ATIASE, R. (1985): “Pre disclosure Information, Firm Capitalization and Security Price Behavior around Earnings Announcements”. Journal of Accounting Research. Spring. Pp. 21-36.

ARMENIC, J. y MAIOCO, M. (1988): “Improvements in Disclosure by Canadian Public compa- nies”. Cost and Management. November-December. Pp. 16-20.

BABÍO, M.R.; MUIÑO, M.F. y VIDAL. R. (2003): “La influencia del tamaño y la cotización en la publicación de información voluntaria: un análisis basado en percepciones de costes y beneficios”. Revista de Contabilidad. Vol. 6. N.º 11. Pp. 19-55.

BAGEHOT, W. (1971): “The only game in town”. Financial Analysts Journal. 27. Pp. 12-14.

BAGINSKI, S., HASSELL, J. y WAYMIRE, G. (1992): “The nature of news communicated in preliminary earnings estimates”. Working Paper. Emory University.

BARRET, M.E. (1976): “Financial Reporting Practices: Disclosure & Comprehensiveness in an International Setting”. Journal of Accounting Research. Spring. Pp. 1-26.

BELKAOUI, A. y KAHL, A. (1978): “Corporate Financial Disclosure in Canada”. Vancouver. The Canadian Certified General Accountants’ Association.

BIDDLE, G.C. y SAUDAGARAN, S.M. (1991): “Foreign Stock Listings: Benefits, Costs and the Accounting Policy Dilemma”. Accounting Horizons. September. Pp. 69-80.

BINDON, K.R., GERNON, H. y GRAY, S.J.A. (1995): “Cross-country empirical investigation of capital market pressure on voluntary segment disclosure: France, Germany, The Netherlands and The United Kingdom”. Comunicación presentada al 18th Congress of the European Accounting Association. Birmingham. Reino Unido.

BLOOMFIELD, R.J. y WILKS, T.J. (2000): “Disclosure effects in the laboratory: liquidity, depth and the costs of capital”. The Accounting Review. Vol. 75. Pp. 13-41.

BOTOSAN, C.A. (1997): “Disclosure Level and the cost of equity capital”. The Accounting Review. Vol. 72. N.º 3. July. Pp. 323-349.

BOTOSAN, C.A. y PLUMLEE, M.A (2002): “A re-examination of disclosure level and the expeted cost of equity capital”. Journal of Accounting Research. Vol. 40. N.º 1. March.

BOWEN, R.M.; DAVIS, A.K. y MATSUMOTO, D.A. (2002): “Do conference calls affect analysts’ forecasts?”. The Accounting Review. Vol. 77. N.º 2. Pp. 285-316.

BRADBURY, M.E. (1992): “Voluntary Disclosure of Financial Segment Data: New Zealand Evidence”. Accounting and Finance. Vol. 32. N.º 1. Pp. 15-26.

BRENNAN, N.(1995): “Disclosure in profit forecasts: Evidence from UK takeover bids”. Comunicación presentada al 18th Congress of the European Accounting Association. Birmingham. Reino Unido.

BUKH, P.N.; GORMSES, P. y MOURITSEN, J. (2001): “Disclosure of intellectual capital indicators in Danish IPO Prospectuses”. Working Paper. Aarhus School of Business, Aarhus, Denmark.

BUZBY, S.L. (1974): “Selected Items of Information & Their Disclosure in Annual Reports”. The Accounting Review. Vol. XLIX. N.º 3. Pp. 423-434.

BUZBY, S.L. (1975): “Company Size, Listed Versus Unlisted Stocks and the Extent of Financial Disclosure”. Journal of Accounting Research. Spring. Pp. 16-37.

CAHAN, S.F.(1992): “The effect of the Antitrust Investigation on Discretionary Accruals: A refined test of the political-cost hypothesis”. The Accounting Review. Vol. 67. January. Pp. 77-95.

CERF, A.R. (1961): Corporate Reporting and Investment Decisions. Berkeley. University of California Press.

CHAU, G. y GRAY, S. (2002): “Ownership structure and corporate voluntary disclosure in Hong Kong and Singapure”. The Internacional Journal of Accounting. Vol. 37. Pp. 247-265.

CHEN, C.J.P. y JAGGI, B. (2000): “Association between independent non-executive directors, family control and financial disclosures in Hong Kong”. Journal of Accounting and Public Policy. Vol. 19. Pp. 285-310.

CHEN, C.J.P; CHARLES, P y JAGGI B.L. (1998): “The association between independent none-xecutie directors, family controls and financial disclosures”. Journal of Accounting and Public Policy. Vol. 14. Pp. 285-310.

CHOI, F.D.S. (1973): “Financial Disclosure and Entry to the European Capital Market”. Journal o Accounting Research. Autumn. Pp. 159-175.

CHOW, C.W. y WONG-BOREN, A. (1987): “Voluntary Disclosure by Mexican Corporations”. The Accounting Review. Vol. LXII. N.º 3. Pp. 533-541.

CLARKSON, P. GUEDES, J. y THOMPSON, R. (1996): “On the diversification, observability, and measurement of estimation risk”. Journal of Quantitative Analysis. March. Pp. 69-84.

COLLER, M. y YOHN, T. (1997): “Management forecasts and information asymmetry: an examination of bid-ask spread”. Journal of Accounting Research. Vol. 35. Autumn. Pp. 181-191.

COOKE, T.E. (1989a): “Disclosure in the Corporate Annual Reports of Swedish Companies”. Accounting and Business Research. Vol. 19. N.º 74. Pp. 113-124.

COOKE, T.E. (1989b): “Voluntary Corporate Disclosure by Swedish Companies”. Journal of International Financial Management & Accounting. Vol. 1 (2). Pp. 171-195.

COOKE, T.E. (1991): “An assessment of Voluntary Disclosure in the Annual Reports of Japanese corporations”. International Journal of Accounting. Vol. 26. Pp. 171-195.

COOKE, T.E. (1992): “The Impact of Size, Stock Market Listing and Industry Type on Disclosure in the Annual Reports of Japanese Listed Corporations”. Accounting and Business Research. Summer. Pp. 229-237.

COOKE, T.E. (1993): “Disclosure in Japanese corporate annual reports”. Journal of Business Finance & Accountancy. Vol. 20 (4). Pp. 521-535.

COOKE, T.E. y WALLACE, R.S.O. (1989): “Global surveys of corporate disclosure practices and audit firms: a review essay”. Accounting and Business Research. Winter. Pp. 47-57.

COPELAND, R.M. y FREDERICKS, W. (1968): “Extent of Disclosure”. Journal of Accounting Research. Spring. Pp. 106-113.

COPELAND, T. y GALAI, D. (1983): “Information effects on the bid-ask spread”. The Journal of Finance. Vol. 36. Pp. 1457-1469.

COX, C. (1985): “Further Evidence on the Representativeness of Management Earnings Forecasts”. The Accounting Review. October. Pp. 692-701.

COWEN, S., FERRERI, L. y PARKER, L. (1987): “The impact of corporate characteristics on social responsibility disclosure: a typology and frequency based analysis”. Accounting, Organizations and Society. Vol. 12. Pp. 111-122.

CRASWELL, A. y TAYLOR, S. (1992): “Discretionary disclosure of reserves by oil and gas companies: an economic analysis”. Journal of Business, Finance and Accounting. Vol. 19. Pp. 295-308.

CRAVEN, B.M. y MARSTON, C.L. (1999): “Financial Reporting on the Internet by leading UK companies”. The European Accounting Review. Vol. 8. N.º 2. Pp. 321-334.

DEEGAN, C. Y HALLAM, A. (1991): “The voluntary presentation of value added statements in Australia: a political cost perspective”. Accounting and Finance. June. Vol. 1. N.º 21.

DEMSETZ , H. (1968): “The cost of transacting”. Quarterly Journal of Economics. Vol. 82. February. Pp. 33-53.

DEPOERS, F. (2000): “A cost-benefit study of voluntary disclosure: some empirical evidence from french listed companies”. The European Accounting Review. Vol. 9. N.º 2. Pp. 245-263.

DIAMOND, D.W. y VERRECHIA, R.E. (1991): “Disclosure, Liquidity and the Cost of Capital”. The Journal of Finance. Vol. 41. N.º 4. September. 1325-1359.

DONTOH, A. (1989): “Voluntary disclosure”. Journal of Accounting, Auditing and Finance. Vol. 4. N.º 3, pp. 480-511.

DYE, R.A.(1985): “Disclosure of Nonpropietary Information”. Journal of Accounting Research. Vol. 23. N.º 1. Spring. Pp. 123-145.

DYE, R.A.(2001): “An evaluation of “essays on disclosure” and the disclosure literature in accounting”, Journal of Accounting and Economics. Vol. 3. Pp. 181-325.

ECCLES, R.C. y MAVRINAC, S.C. (1995): “Improving the corporate disclosure process”. Sloan Management Review. Summer. Pp. 11-25.

EDWARDS, E. y BELL, P. (1961): The Theory and Measurement of Business Income. Berkeley. CA: University of California Press.

ELLIOT, R.K. y JACOBSON, P.D. (1994): “Costs and Benefits of Business Information Disclosure”. Accounting Horizons. Vol. 8. N.º 4. December. 80-96.

ETTREDGE, M.; RICHARDSON, V. y SCHOLZ, S. (2002): “Dissemination of information for investors at corporate web sites”. Journal of Accounting and Public Policy. Vol. 21. N.º 357. Pp. 357-369.

FAMA, E.F. y JENSEN, M.C. (1983): “Separation of Ownership and Control”. Journal of Law and Economics. Vol. 25. Pp. 301-325.

FELTHAM, G. y OHLSON, J. (1995): “Valuation and Clean Surplus Accounting for Operating and Financial Activities”. Contemporary Accounting Research. Spring. Pp. 689-731.

FERGUSON. M.; LAM, K. y LEE, G. (2002): “Voluntary disclosure by state-owned enterprises listed on the stock exchange of Hong Kong”. Journal of International Financial Management and Accounting. Vol. 13. N.º 2. Pp. 125-152.

FINANCIAL ACCOUNTING STANDARDS BOARD (2001): Improving Business Reporting: Insights into Enhancing Voluntary Disclosures. Informe elaborado por El Steering Committee Report. Business Report Research Project. Se puede acceder desde http://www.rutgers.edu/Accounting/raw/fasb/ project/busreport.html.

FIRER, C. y METH, G. (1986): “Information Disclosure in Annual Reports in South Africa”. International Journal of Management Science. Vol. 14. N.º 5. Pp. 337-382.

FIRTH, M. (1978a): “A Study of the consensus of the of the Perceived importance of disclosure of individual items in Corporate Annual Reports”. The International Journal of Accounting. Autumn. Pp. 57-70.

FIRTH, M. (1978b): “The Disclosure of Information by Companies”. International Journal of Management Science. Vol. 7. N.º 2. Pp. 129-135.

FIRTH, M. (1979): “The impact of size, stock market listing and auditors on volume disclosure in corporate annual reports”. Accounting and Business Research. Autumn. Pp. 273-280.

FIRTH, M. (1980): “Raising Finance and Firms’ Corporate Reporting Policies”. Abacus. Pp. 100- 115.

FIRTH, M. (1984): “The Extent of Voluntary disclosure in Corporate Annual Reports and its Association with Securities Risk Measures”. Applied Economics. N.º 16. Pp. 269-277.

FORKER, J.J. (1992): “Corporate Governance and Disclosure Quality”. Accounting and Business Research. Vol. 22. N.º 86. Pp. 11-124.

FOSTER, G.(1986): Financial Statement Analysis. Prentice Hall International Ed. Englewood Cliffs. New Jersey.

FRANCIS, J.; HANNA, J.D. y PHILBRICK, D.R. (1997): “Management communications with security analysts”. Journal of Accounting and Economic. Vol. 24. Pp. 363-394.

FRANKEL, R., JOHNSON, M. y SKINNER, D.J. (1999): “An empirical examination of confe- rence calls as a voluntary disclosure medium”. Journal of Accounting Research. University of Michigan Business School.

FRANKEL, R., McNICHOLS, M. y WILSON, G.P. (1995): “Discretionary Disclosure and External Financing”. The Accounting Review. Vol. 70. N.º 1. Pp. 135-150.

FREEDMAN, M. y JAGGI, B. (1996): “Association between environmental performance and environmental disclosures: an assessment”. Advances in Accounting. Vol. 14. Pp. 161-178.

FREEMAN, R. (1987): “The Association between accounting earnings and security returns for large and small companies”. Journal of Accounting and Economics. July. Pp. 195-228.

GAMBLE, G., HSU, K., KITE, D. Y RADTKE, R. (1995): “Environmental disclosures in annual reports and 10Ks: an examination”. Accounting Horizons. Vol. 9. N.º 3. Pp. 34-54.

GANDÍA, J.L. (2002): “La divulgación de información sobre intangibles en Internet: evidencia internacional”. Revista Española de Financiación y Contabilidad. Vol. 31. N.º 113. Pp. 767-802.

GARCÍA, M.A. y MONTERREY, J. (1993): “La revelación voluntaria en las compañías españo- las cotizadas en bolsa”. Revista Española de Financiación y Contabilidad. Pp. 53-70.

GARCÍA-AYUSO COVARSÍ. M. y LARRINAGA, C. (2003): “Environmental disclosure in Spain: corporate characteristics and media exposure”. Revista Española de Financiación y Contabilidad. N.º 115. Pp. 184-214.

GARCÍA-MECA, E. y PARRA, I. (2003): “Las presentaciones a analistas financieros como canal de divulgación de información. Evidencia empírica en el mercado de capitales español”. Comunicación presentada al XII Congreso AECA. Cádiz.

GARCÍA-MECA, E.; PARRA, I.; LARRÁN, M. y MARTÍNEZ CONESA, I. (2005): “The explanatory factors of intellectual capital disclosure to financial analysts”. European Accounting Review. En prensa.

GELB, D. y ZAROWIN, P. (2002): “Corporate Disclosure Policy and the informativeness of Stock Prices”. Review of Accounting Studies. Vol. 7. N.º 1, Pp. 33-52.

GIBBINS, M., RICHARDSON, A. y WATWRHOUSE, J. (1990): “The Management of Corporate Financial Disclosure: Opportunism, Ritualism, Policies and Processes”. Journal of Accounting Research. Vol. 28. Nº. 1. Pp. 121-143.

GIETZMANN, M.B. y TROMBETTA, M. (2000): “Disclosure interactions: accounting policy choice and voluntary disclosure effects on the cost of capital”. Working Paper. University of Bristol and Carlos III. July.

GINER, B.(1995): La Divulgación de Información Financiera: Una Investigación Empírica. Instituto de Contabilidad y Auditoría de Cuentas. 1995.

GINER, B. (1997): “The influence of companies characteristics and accounting regulation on information disclosed by Spanish firms”. The European Accounting Review. N.º 1. Pp. 45-68.

GLOSTEN, L. y MILGROM, P. (1985): “Bid, Ask and Transaction Prices in a Specialist Market with Heterogeneously Informed Traders”. Journal of Financial Economics. Vol, 26. March. Pp. 71-100.

GRAY, S.J., OWEN, D. Y ADAMS, C. (1996): Accounting and Accountability: Changes and Challenges in corporate social reporting and environmental reporting. Prentice Hall. London.

GRAY, S.J. y ROBERTS, C.B. (1989): Voluntary Information Disclosure and the British Multinationals’. En Hopwood, A. (ed.): International Pressures for Accounting Change. Pp. 116-139. Hemel Mempstead. Prentice-Hall International.

GUTHRIE, J. y PARKER, L. (1990): “Corporate social disclosure practice: a comparative international analysis”. Advances in Public Interest Accounting. Vol. 3. Pp. 159-175.

GUTHRIE, J. y PETTY, R. (2000): “Intellectual capital: Australian annual reporting practices”. Journal of Intellectual Capital. Vol. 1. N.º 3. Pp. 241-251.

HANNIFA, R.M. y COOKE, T.E. (2002): “Culture, corporate governance and disclosure in Malaysan corporations”. Abacus. Vol. 38. N.º 3. Pp. 317-349.

HEALEY, P.M. y PALEPU, K.G. (1999): “Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature”. Journal of Accounting and Economics. Vol. 31. Pp. 405-440.

HEALEY, P.M., HUTTON, A.P. y PALEPU, K.G. (1999): “Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure”. Contemporary Accounting Research. Vol. 16. N.º 3. Fall. Pp. 485-520.

HO, S.S.M. y WONG, K.S. (2001): “A study of the relationship between corporate governance structures and the extent of voluntary disclosure”. Journal of International Accounting, Auditing & Taxation. Vol. 10. Pp. 139-156.

HOLLAND, J. (1996): “Multinational Firms and their International Stock Market Communication Policies”. Comunicación presentada en el 19th Congress of the European Accounting Association. Bergen. Noruega.

HOLLAND, J. (1997): Corporate Communications with Institutional Shareholders: Private disclosure and financial reporting. Edinburgh. The Institute of Chartered Accounts of Scotland.

HOLLAND, J. (1997): “Private voluntary disclosure, financial intermediation and market efficiency”. Journal of Business, Finance and Accounting. Vol. 25. Pp. 29-68.

HOLTHAUSEN, R.W. y LEFWITH, R.W. (1983): “The Economic Consequences of accounting Choice”. Journal of Accounting and Economics. Vol. 5. Pp. 77-117.

HOPE, O. (2002): “Accounting policy disclosures and analysts’ forecasts”. Working Paper. University of Toronto, July.

HOSSAIN, M. TAN, L.M. y ADAMS, M. (1994): “Voluntary Disclosure in an Emerging Capital Market: Some Empirical Evidence from Companies Listed on the Kuala Lumpur Stock Exchange”. International Journal of Accounting. Vol. 29. Pp. 334-351.

HOSSAIN, M.M., PERERA, H.B. y RAHMAN, A.R. (1995): “Voluntary Disclosure in the Annual Reports of New Zealand Firms”. Journal of International Financial Management and Accounting. Vol. 6. N.º 1. Pp. 69-87.

IMHOFF, E.A. (1992): “The Relation between Perceived Accounting Quality and Economic Characteristics of the Firm”. Journal of Accounting and Public Policy. Vol. 11. Pp. 97-118.

INFORME ALDAMA (2002): Informe de la Comisión Especial para el fomento de la transparencia y seguridad en los mercados de las sociedades cotizadas. Enero.

JAGGI, B. y LOW, P. (2000): “Impact of culture, market forces and legal system on financial disclosures”. The International Journal of Accounting. Vol. 35. N.º 4. Pp. 495-519.

JAGGI, B. y ZHAO, R. (1996): “Environmental performance and reporting: perceptions of managers and accounting professionals in Hong Kong”. International Journal of Accounting. Vol. 31. N.º 3. Pp. 333-346.

JENSEN, M. (1986): “Agency Costs of Free Cash Flow, Corporate Finance and Takeovers”. American Economic Review. Papers and Proceedings. Vol. 76. May. Pp. 323-329.

JENSEN, M. y MECKLING, W.H. (1976): “The Theory of Firm: Managerial Behavior, Agency Costs and Ownership Structure”. Journal of Financial Economics. Vol. 3. Octubre. Pp. 305-360.

KAHL, A. y BELKAOUI, A. (1981): “Bank Annual Report Disclosure Adequacy Internationally”. Accounting and Business Research. Summer. Pp. 189-196.

KELLY, G.J. (1994): “Unregulated Segment Reporting: Australian Evidence”. British Accounting Review. Vol. 26. Pp. 217-234.

KIM, O. y VERRECHIA, R.E. (1991): “Trading volume and price reactions to public announcements”, Journal of Accounting Research. Vol. 29. N.º 2. Pp. 302-322.

KING, R., POWNALL, G. y WAYMIRE, G. (1990): “Expectations adjustments via timely management forecasts: Review, Synthesis and Suggestions for future research”. Journal of Accounting Literature. Vol. 9. Pp. 113-144.

KROSS, W.; RO, B. y SCHROEDER, D. (1990): “Earnings expectations: the analysts’ information advantage”. The Accounting Review. Vol. 65. N.º 2. Pp. 461-476.

LANG, M. y LUNDHOLM, R. (1993): “Cross-Sectional Determinants of Analyst Rating of Corporate Disclosures”. Journal of Accounting Research. Vol. 31. N.º 2. Pp. 246-271.

LANG, M. y LUNDHOLM, R. (1996): “Corporate Disclosure Policy and Analyst Behavior”. The Accounting Review. Vol. 71. N.º 4. October. Pp. 467-492.

LARRÁN, M. (2001): “El Mercado de Información Voluntaria en las Bolsas de Valores”. Instituto de Contabilidad y Auditoría de Cuentas. Pendiente de publicación.

LARRÁN, M. y GINER, B. (2002): “The use of the Internet for Corporate Reporting by Spanish Companies”. The International Journal of Digital Accounting Research. Vol. 2. N.º 1, pp. 53-83.

LARRÁN, M. y REES, W. (1999): “Propiedades de los Pronósticos de Beneficios realizados por los Analistas Financieros: Una aplicación al caso español”: Revista Española de Financiación y Contabilidad. Vol. XXVIII. N.º 101. Julio-septiembre. Pp. 675-729

LARRÁN, M. y REES, W. (2003): “Private disclosure in the Spanish capital market: evidence from financial analysts and investor relations directors”. Revista Española de Financiación y Contabilidad. N.º 115. Pp. 116-152.

LEES, F.A. (1981): Public Disclosure of Corporate Earnings Forecasts. New York: The Conference Board.

LEFTWICH, R.W., WATTS, R.L. y ZIMMERMAN, J.L. (1981): “Voluntary Corporate Disclosure: The Case of Interim Reporting”. Journal of Accounting Research. Vol. 19. Supplement. Pp. 50-77.

LEUZ, C. (1999): “Proprietary versus non proprietary disclosures: voluntary cash flows statements and business segments reports in Germany”. Working Paper. J. Wolfgang Goethe-Universitat, March.

LEUZ, C. y VERRECHIA, R. (2000): “The economic consequences of increased disclosure”, Journal of Accounting Research. Vol. 38. N.º 3. Pp. 91-124.

LEV, B. (1992): “Information Disclosure Strategy”. California Management Review. Summer. Pp.
9-32.

LEV, B. y PENMAN, S. (1990): “Voluntary Forecast Disclosure, Nondisclosure and Stock Prices”. Journal of Accounting Research. 28. Spring. Pp. 49-76.

LEY 44/2002, de 22 de noviembre, de Medidas de Reforma del Sistema Financiero. BOE de 23 de noviembre.

MAK, Y.T. (1994): “The Voluntary Review of Earnings Forecast Disclosed in IPO Prospectuses”. Journal of Accounting and Public Policy. Vol. 13. Pp. 141-158.

MAK, Y.T. (1996): “Forecast Disclosure by Initial Public Offering Firms in a Low-Litigation Environment”. Journal of Accounting and Public Policy. Vol. 15. Pp. 111-136.

MALONE, D. FRIES, C. y JONES, T. (1993): “An Empirical Investigation of the extent of corporate financial disclosure in the oil and gas industry”. Journal of Accounting, Auditing and Finance. Pp. 249-273.

MARSTON, C.L. y SHRIVES, P.J. (1991): “The Use of Disclosure Indices in Accounting Research: A Review Article”. British Accounting Review. Vol. 23. Pp. 195-210.

MARSTON, C.L. y SHRIVES, P.J. (1996): “A review of empirical research into financial disclosure”. Working Paper. University of Northumbria at Newcastle.

McNALLY, G.M., ENG, L.H. y HASSELDINE, C.R. (1982): “Corporate financial reporting in New Zealand: An analysis of user preferences, corporate characteristics and disclosures practices for dis- cretionary information”. Accounting and Business Research. Winter. Pp. 11-19.

McNICHOLS, M. (1989): “Evidence of Informational Asymmetries from Management Earnings Forecasts and Stock Returns”. The Accounting Review. Vol. 64. Pp. 1-27.

McKINNON, J.L. y DALIMUNTHE, L. (1993): “Voluntary Disclosure of Segment Information by Australian Diversified Companies”. Accounting and Finance. Vol. 33. N.º 1. Pp. 33-50.

MEEK, G. y GRAY, S.J. (1989): “Globalization of stock markets and foreign listing requirements: voluntary disclosures by continental European companies listed on the London Stock Exchange”. Journal of International Business Studies. Vol. 20. Pp. 315-316.

MEEK, G.K., ROBERTS, C.B. y GRAY, S.J. (1995): “Factors Influencing Voluntary annual Report Disclosures by US and UK and Continental European Multinational Corporations”. Journal of International Business Studies. Vol. 26. Pp. 555-572.

MEEK, G.K. y SAUDAGARAN, S.M. (1990): “A Survey of Research on Financial Reporting in a Transnational Context”. Journal of Accounting Literature. Vol. 9. Pp. 145-189.

MILLER, G. y PIOTROSKI, J. (2000): “The role of disclosure for high book-to-market ratio firms”, Working Paper, Harvard University.

MONEVA, J.M. y LLENA, F. (1996): “Análisis de la información sobre responsabilidad social en las empresas industriales que cotizan en bolsa”. Revista Española de Financiación y Contabilidad. N.º 87. Pp. 361-401.

MONEVA, J.M. Y LLENA, F. (2000): “Environmental disclosures in the annual reports of large companies in Spain”. European Accounting Review. Vol. 9. Pp. 7-29.

MORA, A. y REES, W. (1996): “Un análisis empírico sobre la práctica de la consolidación contable en las empresas españolas”. Revista Española de Financiación y Contabilidad. Vol. XXV. N.º 86. Enero-marzo. Pp. 161-178.

MORA, A. y REES, W. (1998): “The early adoption of consolidated accounting in Spain”. The European accounting Review. Vol. 7. N.º 4. Pp. 675-696.

MYERS, S.C. (1977): “Determinants of Corporate Borrowing”. Journal of Financial Economics. Vol. 5. N.º 1. Pp. 147-175.

NAGAR, V.; DHANANJAY N. y WYSOCKI, P. (2003): “Discretionary disclosure and stock-based incentives”. Journal of Accounting and Economics. Vol. 34. Pp. 283-309.

NG, E.J. y KOH, H.C. (1994): “An Agency Theory and Probit Analytic Approach to Corporate Non-Mandatory Disclosure Compliance”. Asia-Pacífico Journal of Accounting. Vol. 1. Pp. 29-44.

NICHOLS, D.; TUNNELL, L. y SEIPEL, C. (1995): “Earnings forecast accuracy and geographic segments disclosures”. Journal of International Accounting, Auditing and Taxation. Vol. 4. N.º 2. Pp. 113- 126.

OHLSON, J. (1995): “Earnings, book value, and dividends in security valuation”. Contemporary Accounting Research. Spring. Pp. 661-687.

PASTENA, V. y RONEN, J. (1979): “Some Hypothesis on the Pattern of Management Informal Disclosures”. Journal of Accounting Research. Autumn. Pp. 550-564.

PATELL, J. (1976): “Corporate Forecasts of Earnings per share and stock price behavior: Empirical test”. Journal of Accounting Research. Autumn. Pp. 246-76.

PATTON, J. y ZELENKA, I. (1997): “An empirical analysis of the determinants of the extent of disclosure in annual reports of joint stock companies in the Czech republic”. The European Accounting Review. Vol. 6. N.º 4. p. 605-626.

PENMAN, S. (1980): “An empirical investigation of the voluntary disclosure of corporate earnings forecasts”. Journal of Accounting Research. Spring. Pp.132-160.

POURTIER, F. (1996): “La politique de communication sectorielle des groupes”. Revue du financier. Vol. 105. Pp. 45-59.

RAFFOURNIER, B. (1995): “The determinants of voluntary financial disclosure by swiss listed companies”. The European Accounting Review. Vol. 4. N.º 2. Pp. 261-280.

RAJGOPAL, S. (1999): “Early evidence on the Informativeness of the SEC’s market risk disclosures: the case of commodity price risk exposure of oil and gas procedures”. The Accounting Review. Vol. 74. N.º 3. Pp. 251-280.

RICHARDSON, A.J. y WELKER, M. (2001): “Social disclosure, financial disclosure and the cost of capital”. Accounting, Organization and Society. Vol. 26. Pp. 597-616.

ROBB, S.W.G.; SINGLE, L.E. y ZARZESKI, M.T. (2001): “Nonfinancial disclosures across anglo-american countries”. Journal of International Accounting, Auditing and Taxation. Vol. 10. Pp. 71-83.

ROBBINS, W.A. y AUSTIN, I.C.R. (1986): “Disclosure Quality in Government Reports”. Journal of Accounting Research. Autumn. 1986.

ROBERTS, C.B. y GRAY, S.J. (1988): “Information Disclosure by Multinationals.: An Empirical Study of the British Response to the UN and OECD Recommendations”. En Proceeding of the Sixth International Conference on Accounting Education. London. Greenwood Press.

ROSS, S.A. (1979): Disclosure Regulation in the Financial Markets: Implications of Modern Finance Theory and Signalling Theory. Issues in Financial Regulation. New York. Mc Graw Hill.

RULAND, W. TUNG, S. y GEORGE, N. (1990): “Factors associated with the disclosure of managers forecasts”. The Accounting Review. Vol. 65. Pp. 710-721.

SALAMON, G.L. y DHALIWAL, D.S. (1980): “Company Size and financial disclosure requirements with evidence from the segmental reporting issue”. Journal of Business Finance and Accounting. Vol. 7. N.º 4. Pp. 555-568.

SALTER, S. (1998): “Corporate financial disclosure in emerging markets: does economic development matter?”. The International Journal of Accounting. Vol. 33. N.º 2. Pp. 211-234.

SALTER, S.B. y NISWANDER, F. (1995): “Cultural Influence on the Development of Accounting Systems Internationally: A Test of Gray’s (1988) Theory”. Journal of International Business Studies. Second Quarter. Pp. 379-397.

SÁNCHEZ BALLESTA J.P. y GARCÍA-MECA, E. (2004): “Un análisis cuantitativo de los factores determinantes de la revelación de información”, Working Paper, Universidad de Murcia.

SAUDAGARAN, S.M. y BIDDLE, G.C. (1992): “Financial Disclosure Levels and Foreign Stock Exchange Listing Decisions”. Journal of International Financial Management and Accounting. Vol. 4. N.º 2. Pp. 106-148.

SAUDAGARAN , S.M. y BIDDLE, G.C. (1995): “Foreign Listing Location: A study of MCNs and Stock Exchanges in Eight Countries”. Journal of International Business Studies. Second quarter. Pp. 319-341.

SAUDAGARAN, S.M. y MEEK, G.K. (1997): “A review of research on the relationship between International Capital Markets and Financial Reporting by Multinational Firms”. Journal of Accounting Literature. Vol. 16. Pp. 127-159.

SCHADEWITZ, H.J. (1994): “Developments and determinants of disclosure policy in interim reports”. Comunicación presentada al 17th Congress of the European accounting Association. Venecia. Italia.

SECURITIES AND EXCHANGE COMMISSION (2000): Selective disclosure and insider trading. Regulation FD, File n.º S7-31-99. 23 October.

SECURITIES AND EXCHANGE COMMISSION (2000 (2002): Sabarnes-Oxley Act of 2002. 30 July.

SENGUPTA, P. (1998): “Corporate Disclosure Quality and the Cost of Debt”. The Accounting Review. Vol. 73. N.º 4. Octubre. Pp. 459-474.

SINGHVI, S.S. y DESAI, H.B. (1971): “An Empirical Analysis of the quality of corporate Financial disclosure”. The Accounting Review. January. Pp. 129-138.

SKINNER, D.J.(1992): “Why Firms Voluntarily disclose Bad News”. Working Paper. University of Michigan. March.

SKINNER, D.J. (1994). “Why firms voluntarily disclose bad news”. Journal of Accounting Research. Vol. 32. N.º 1. Pp. 8-60.

TASKER, S. (1998): “Bridging the information gap: quaterly conference calls as a medium for voluntary disclosure”. Review of Accounting Studies. Vol. 3. Pp. 137-167.

THOMAS, A.P. (1986): “The Contingency Theory of corporate reporting: some empirical evidence”. Accounting, Organization and Society. Vol. 11. N.º 3. Pp. 253-270.

THOMAS, A.P. (1989): “The effects of Organizational Culture on choices of Accounting Methods”. Accounting and Business Research. Vol. 19. N.º 76. Pp. 363-378.

THOMAS, A.P. (1991): “Towards a Contingency Theory of Corporate Financial Reporting Systems”. Accounting, Auditing and Accountability. Vol. 4. N.º 4. Pp. 40-57.

VERGOOSEN, R. (1993): “The use and perceived importance of annual reports by investment analysis in the Netherlands”. European Accounting Review. September.

VERRECHIA, R.E. (1983): “Discretionary Disclosure”. Journal of Accounting and Economics. Vol. 5. December. Pp. 174-194.

VERRECHIA, R.E. (2001): “Essays on disclosure”. Journal of Accounting and Economics. Vol. 32, Pp. 97-180.

WAGENHOFER, A. (1990): “Voluntary Disclosure with A strategic Oponent”. Journal of Accounting and Economics. Vol. 12. March. Pp. 341-363.

WALLACE, R.S.O., NASER, K. y MORA, A. (1994): “The relationship between the comprehensiveness of corporate annual reports and firm characteristics in Spain”. Accounting and Business Research. Vol. 25. N.º 97. Pp. 41-53.

WALMSLEY, T. YADAV, P. y REES, W. (1992): “The information content of the company meeting programme of the society of investment analysts: 1985-1990”. Journal of Business, Finance and Accounting. Vol. 19. N.º 4. Pp. 571-584.

WATSON, A.; SHRIVES, P. y MARSTON, C. (2002): “Voluntary disclosure of accounting ratios in the UK”. British Accounting Review. Vol. 34. Pp. 289-313.

WATTS, R.L. (1977): “Corporate Financial Statements. A product of the Market and Political Process”. Australian Journal of Management. Vol. 2. Pp. 53-75.

WATTS, R.L. y ZIMMERMAN, J.L. (1986): Positive Accounting Theory. Prentice Hall. Englewood Cliffs. New Jersey.

WAYMIRE, G. (1985): “Additional Evidence on the Accuracy of Analyst Forecast Before and After Voluntary management earnings forecasts”. The Accounting Review. Vol. 59. N.º 1, January. Pp. 129-142.

WELKER, M. (1995): “Disclosure policy, information asymmetry and liquidity in equity markets”. Contemporary Accounting Research. Vol. 11. N.º 2. Pp. 801-827.

WILLIAMS, S.M. (1999): “Voluntary environmental and social accounting disclosure practices in the Asia-Pacific Region: an international empirical test of Political economy theory”. The International Journal of Accounting. Vol. 34. N.º 2. Pp. 209-238.

WILLIAMS, J.R. Y O.F. GRAVES (1994): “Corporate Financial Disclosure, Company Characteristics and Environmental Factors: a study of 13 countries”. Comunicación presentada al 17th Annual Congress of the European Accounting Association, Venecia. Italia.

WISEMAN, J. (1982): “An evaluation of environmental disclosures made in corporate annual reports”. Accounting, Organizations and Society. Vol. 7. N.º 1. Pp. 53-63.

YERMACK, D. (1997): “Good timing: CEO Stock Option Awards and company news announcements”. The Journal of Finance. Vol. 52. N.º 2. Pp. 449-476.

ZARZESKI, M.T. (1996): “Spontaneous harmonization effects of culture and market forces on accounting disclosures practices”. Accounting Horizons. Vol. 10. N.º 1. March. Pp. 18-37.
Publicado
01-07-2004
Cómo citar
Larrán Jorge, M. (2004). Costes, Beneficios y Factores Ligados a la Política de Divulgación de Información Financiera. Revista De Contabilidad - Spanish Accounting Review, 7(14), 75-111. Recuperado a partir de https://revistas.um.es/rcsar/article/view/387391
Sección
Artículos