Influencing factors on disclosure: A Meta-analysis;Un estudio meta-analítico de los factores determinantes de la revelación de información

Revista Espanola de Financiacion y Contabilidad

Volumn 35, Issue 132, 2006, Pages 761-788

  García, Emma ^a   Sánchez, Juan P ^a  

^a UNIVERSITY OF MURCIA   (Spain)

Author keywords

Capital markets; Disclosure; Meta analysis; Voluntary reporting

Indexed keywords

EID: 73149111609     PISSN: 02102412     EISSN: 02102412     Source Type: Journal    
DOI: 10.1080/02102412.2006.10779605     Document Type: Article

References (119)

1. 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.
2. 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, no. 2, pp. 73-102.
3. ADREM, A. H. [19991; Essays on disclosure practices in Sweden-Causes and Effects, Lund Studies in Economics and Management 51, The Institute of Economic Research, Lund University Press, Sweden.
4. 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.
5. 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.
6. AITKEN, M. A. J.; HOOPER, C.; PICKERING, J. [1997]; «Determinants of corporate disclosure of segment information: a re-examination of the role of diversification strategy», Accounting and Finance, Vol. 37, pp. 89-109.
7. ANGLA JIMÉNEZ, J.; RODRÍGUEZ MERAYO, M. A.; VIDAL BLASCO, M. A., y TRAVÉ BAUTISTA, M. A. [2002]; «La información consolidada divulgada por los grupos de sociedades que cotizan en las bolsas de valores españolas; factores explicativos», X Congreso ASEPUC, Santiago de Compostela.
8. ARCHEL. DOMENCH, P., y LIZARHAGA DALIA, F. [2001.]: «Algunos determinantes de la información medioambiental divulgada por las empresas españolas cotizadas», Revista de Contabilidad, Vol. 4, pp. 129-153.
9. BAIMAN, S., y VERRECHIA, R. R. [1996]: «The relation among capital markets, financial disclosure, product efficiency and insider trading», Journal of Accounting Research, Vol. 34, no. 1, pp. 1-22.
10. BALL, R.; KOTHARI, S. P., y ROBIN, A. [1998]: «The effect of institutional factors on properties of accounting earnings: international, evidence», Working Paper, University of Rochester.
11. BARRET, M. E. [1976]: «Financial Reporting Practices: Disclosure and comprehensiveness in an international setting», Journal of Accounting Research, pp. 10-26.
12. BOTELLA, J., y CAMBARA, H. [2002]: ¿Qué es el meta-análisis?, Biblioteca Nueva, Madrid.
13. BRIERLEY, J. A. [1999] «Accountant's job satisfaction: a meta-analysis», British Accounting Review, 31, pp. 63-84.
14. 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.
15. BUZBY, S. [1974]: «Selected items of inforrnation and their disclosure in annual reports», The Accounting Review, Vol. 49, pp. 423-435.
16. - [1975]: «Company size, listed versus unlisted stocks, and the extent of financial disclosure», Journal of Accounting Research, spring, pp. 16-37.
17. CAHAN, S. F. [1992]: «The effect of the antirust investigation on discretionary accruals: a refined test of the political-cost hypothesis», The Accounting Review, Vol. 67, January, pp. 77-95.
18. CAPON, N.; FARLEY, J. U., y HOENIG, S. [1990]: «Determinants of financial performance: A meta-analysis», Management Science, 36, 10, pp. 1143-1159.
19. CERF, A. R. [1961]: Corporate Reporting and Investment Decisions, University of California Press, pp. 25-27.
20. Referencia tomada de GARCÍA BENAU, M. A., y MONTERREY MAYORAL, J. [1993]: «La revelación voluntaria en las compañías españolas cotizadas en bolsa», Revista Española de Financiación y Contabilidad, no. 74, pp. 53-70.
21. CHAU, G., y GRAY, S. [2002]: «Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore», The International Journal of Accounting, Vol. 37, pp. 247-265.
22. 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.
23. CHOW, C. W., y WONG-BOREN, A. [1987]: «Voluntary financial disclosure by Mexican Corporations», Accounting Review, July, pp. 533-541.
24. COHEN, J. [1977]: Statistical power analysis for the behavioral sciences, New York: Academic Press.
25. COOKE, T. E. [1989]: «Disclosure in the corporate annual reports of Swedish companies», Accounting and Business Research, July, pp. 533-541.
26. - [1989b]: «Voluntary Corporate Disclosure by Swedish Companies», Journal of International Financial Management and Accounting, Vol. 1, pp. 171-195.
27. - [1991]: «An assessment of voluntary disclosure in the annual reports of Japanese corporations», The International Journal of Accounting, Vol. 26, pp. 174-189.
28. - [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.
29. - [1993]: «Disclosure in Japanese corporate annual reports», Journal of Business Finance & Accountancy, Vol. 20 pp. 521-535.
30. 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.
31. COWEN, S.; FERRERI, L., y PARKER, L. [1987]: «The impact of corporate characteristic on social responsibility disclosure: a typology and frequency based analysis», Accounting, Organisations and Society, Vol. 12, pp. 111-122.
32. 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.
33. CRAVEN, B. M., y MAILSTON, C. L. [1999]: «Financial Reporting on the Internet by leading UK companies», The European Accounting Review, Vol. 8, no. 2, pp. 321-334.
34. DEEGAN, C., y GORDON, B. [1996]: «A study of the environmental disclosure practices of Australian corporations», Accounting and Business Research, Vol. 26, no 3, pp. 187-199.
35. DEPOERS, F. [2000]: «A cost-benefit study of voluntary disclosure: some empirical evidence from French listed companies», The European Accounting Review, Vol. 9, no. 2, pp. 245-263.
36. DYE, R. A. [1985]: «Disclosure of non proprietary information», Journal of Accounting Research, Vol. 23, no. 1, pp. 123-145.
37. GRAY, S. J.; MEEK, G. K., y ROBERTS, C. B. [1995]: «International Capital Market Pressures and Voluntary Annual Report disclosures by U.S. and U.K. Multinationals», Journal of International Financial Management and Accounting, Vol. 6, no.1, pp. 43-68.
38. - [2001]: «Social and environmental disclosure and corporate characteristics: a research note and extension», Journal of Business, Finance and Accounting, Vol. 28, pp. 327-339.
39. 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, no. 357, pp. 357-369.
40. 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, no. 2, pp. 125-152.
41. FERN, E. F., y MONROE, K. B. [1996]: «Effect-size estimates: issues and problems in interpretation», Journal of Consumer Research, Vol. 23, septiembre, pp. 89-105.
42. FIRTH, M. [1979]: «The impact of size, stock market listing, and auditors on voluntary disclosure in corporate annual reports», Accounting and Business Research, Vol. 9, pp. 273-280.
43. - [1980]: «Raising finance and firms' corporate reporting policies», Abacus, June, pp. 100-115.
44. - [1984]: «The extent of voluntary disclosure in corporate annual reports and its association with security risk measures», Applied Economics, Vol. 16, pp. 269-277.
45. PORKER, J. J. [1992]: «Corporate governance and disclosure quality», Accounting and Business Research, Vol. 22, pp. 111-124.
46. GARCÍA-AYUSO COVARSI, M., y LARRINAGA, C. [2003]: «Environmental disclosure in Spain: corporate characteristicss and media exposure», Revista Española de Financiación y Contabilidad, no. 115, pp. 184-214.
47. GARCÍA BENAU, M. A., y MONTERREY MAYORAL, J. [1993]: «La revelación voluntaria en las compañías españolas cotizadas en bolsa», Revista Española de Financiación y Contabilidad, no. 74, pp. 53-70.
48. GINER INCHAUSTI, B. [1995]: La divulgación de información financiera: una investigación empírica, Instituto de Contabilidad y Auditoría de Cuentas. Madrid.
49. - [1997]: «The influence of company characteristic and accounting regulation on information disclosed by Spanish firms», The European Accounting Review, Vol. 6, pp. 45-68.
50. GRAY, S. J. [1988]: «Towards a theory of cultural influence on the development of accounting systems internationally», Abacus, Vol. 24, pp. 1-15.
51. GRAY, S. J., y ROBERTS, C. [1989]: «Voluntary information disclosure and the British multinationals», incluido en International Pressures for accounting change, pp. 116-139, Prentice-Hall International.
52. GRAY, S. J.; MEEK, G. K., y ROBERTS, C. B. [1995]: «International Capital Market Pressures and Voluntary Annual Report disclosures by U.S. and U.K. Multinationals», Journal of International Financial Management and Accounting, Vol. 6, no. 1, pp. 43-68.
53. GRAY, R.; MOHAMMED, J.; POWER, D., y SICLAIR, C. D. [2001]: «Social and environmental disclosure and corporate characteristics: a research note and extension», Journal of Business Finance and Accounting, Vol. 28, no. 3, pp. 327-355.
54. HACKSTON, D., y MILNE, M. [1996]: «Some determinants of social environmental disclosures in New Zealand companies», Accounting, Auditing and Accountability Journal, Vol. 9, pp. 77-108.
55. HANNIFA, R. M., y COOKE, T. E. [2002]: «Culture, corporate governance and disclosure in Malaysian corporations», Abacus, Vol. 38, no. 3, pp. 317-349.
56. HEALEY, P., y PALEPU, K. [1995]: «The challenges of investor communications: the case of CUC International», Journal of Financial Economics, Vol. 38, pp. 111-141.
57. HEALEY, P.; HUTTON, A., y PALEPU, K. [1999]: «Stock performance and intermediation changes surrounding sustained increases in disclosure», Contemporary Accounting Research, Vol. 16, pp. 485-520.
58. 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.
59. HOLLAND, J. [1997]: Corporate Communications with Institutional Shareholders, Institute of Chartered Accountants of Scotland.
60. HOSSAIN, M.; TAN, L. M., y ADAMS, M. [1994]: «Voluntary disclosure in an emerging capital market; some empirical evidence from firms listed on the Kuala Lumpur Stock Exchange», The International Journal of Accounting, Vol. 29, pp. 334-351.
61. HUNTER, J. E., y SCHMIDT, E L. [1990]: Methods of meta-analysis: Correcting error and bias in research findings, Sage, Beverly Hills.
62. HUNTER, J. E., y JACKSON, G. B. [1982]: Meta-analysis: Cumulating research findings across studies, Sage, Beverly Hills.
63. - [2000]: «Fixed effects vs. random effects meta-analysis models: implications for cumulative research knowledge», International Journal of Selection and Assessment, Vol. 8, no. 4, december, pp. 275-292.
64. JAGGI, B., y Low, P. [2000]: «Impact of culture, market forces and legal system on financial disclosures», The International Journal of Accounting, Vol. 35, no. 4, pp. 495-519.
65. 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.
66. JENSEN, M., y MECKLING, W. H. [1976]: «The Theory of Firm: Managerial Behavior, Agency Costs and Ownership Structure», Journal of Financial Economics, Vol. 3, October, pp. 305-360.
67. KIM, O. [1993]: «Disagreements among shareholders over a firm's disclosure policy», The Journal of Finance, Vol. 48, no. 2, pp. 747-760.
68. 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.
69. LA PORTA, R.; LÓPEZ DE SILANES, F. y VISHNY, R. [1996]: «Law and Finance», NBER Working Paper 5661.
70. LANG, M., y LUNDHOLM, R. [1993]: «Cross Sectional determinants of analysis ratings of corporate disclosures», Journal of Accounting Research, Vol. 31, no. 2, pp. 246-271.
71. - [1996]: «Corporate Disclosure Policy and Analyst Behaviour», The Accounting Review, Vol. 71, no. 4, pp. 467-492.
72. LARRAN JORGE, M. [2001]: El mercado de Información Voluntaria en las Bolsas de Valores, ICAC, Madrid.
73. LARRÁN JORGE, M., y GARCÍA-MECA, E. [2004]: «Costes, Beneficios y factores ligados a la política de divulgación de información financiera», Revista de Contabilidad, Vol. 7, no. 14, pp. 73-113.
74. LARRÁN JORGE, M., y GINER, B. [2001]: «El desequilibrio entre demanda y oferta informativa: ¿está la solución en Internet?», VII Jornada de Trabajo de Análisis Contable, Madrid.
75. LEONIDOU, L. C.; KATSIKEAS, C. S., y SAMIEE, S. [2002]: «Marketing strategy determinants of export performance: a meta-analysis», Journal of Business Research, 55, pp. 51-67.
76. LETÓN MOLINA, E., y PEDROMINGO MARINO, A. [2001]: Introducción al análisis de datos en meta-análisis, Díaz de Santos, Madrid.
77. LEV, B., y PENMAN, S. [1990]: «Voluntary Forecast Disclosure, Nondisclosure and Stock Prices», Journal of Accounting Research, Vol. 28, spring, pp. 49-76.
78. LIPSEY, M. W., y WILSON, D. B. [2001]: Practical meta-analysis, Sage, Applied Social Research Methods, 49, California.
79. LÓPEZ DÍAZ, A.; DE ANDRÉS SUÁREZ, J.; LORCA FERNÁNDEZ, P., y RODRÍGUEZ ENRÍQUEZ, E. [2002]: «La revelación voluntaria de la Cuenta de Pérdidas y Ganancias Análitica en la Memoria», VIII Jornada de Trabajo sobre Análisis Contable, Valladolid.
80. MARÍN MARTÍNEZ, F., y SÁNCHEZ-MECA, J. [1999]: «Averaging dependent effect sizes in meta-analysis: a cautionary note about procedures», Spanish Journal of Psychology, Vol. 2, no. 1, pp. 32-38.
81. MCNALLY, G. M.; ENG, L. H., y HASSELDINE, C. R. [1982]: «Corporate Financial Reporting in New Zealand: An analysis of user preferences, corporate characteristic and disclosure practices for discretionary information», Accounting and Business Research, winter, pp. 11-20.
82. MCKINNON, J. L., y DALIMUNTHE, L. [1993]: «Voluntary Disclosure of Segment Information by Australian Diversified Companies», Accounting and Finance, Vol. 33, no.1, pp. 33-50.
83. MEEK, G. K., 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, no. 2, pp. 315-322.
84. MEEK, G. K.,; ROBERTS, C. B., y GRAY, S. J. [1995]: «Factors influencing voluntary annual reports disclosures by US and UK and Continental European Multinational Corporations», Journal of International Business Studies, Vol. 26, pp. 555-572.
85. MITCHELL, J. D.; CHIA, C. W. L., y LOH, A. S. [1995]: «Voluntary disclosure of segment information: further Australian evidence», Accounting and Finance, November, pp. 1-16.
86. MONEVA ABADÍA, J. M., y LLENA MACARULLA, F. [1996]: «Análisis de la información sobre responsabilidad social en las empresas industriales que cotizan en bolsa», Revista Española de Financiación y Contabilidad, no. 87, pp. 361-401.
87. - [2000]: «Environmental disclosures in the annual reports of large companies in Spain», European Accounting Review, Vol. 9, pp. 7-29.
88. OVERTON, R. C. [1998]: «A comparison of fixed-effects and mixed (random-effects) models for metaanalysis tests of moderator variable effects», Psychological Bulletin, 97, pp. 134-147.
89. PATELL, J. [1976]: «Corporate Forecasts of Earnings per share and stock price behavior: Empirical test», Journal of Accounting Research, autumn, pp. 246-276
90. PATTEN, D. M. [2002]: «The relation between environmental performance and environmental disclosure: a research note», Accounting, Organization and Society, Vol. 27, pp. 763-773.
91. 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, no. 4, pp. 605-626.
92. PENMAN, S. [1980]: «An empirical investigation of the voluntary disclosure of corporate earning forecasts», Journal of Accounting Research, Vol. 18, pp. 132-160.
93. RAFFOURNIER, B. [1995]: «The determinants of voluntary financial disclosure by Swiss listed companies», The European Accounting Review, Vol. 4, no. 2, pp. 261-280.
94. RAUDENBUSH, S. W. [1994]: Random effects models, en COOPER, H., y HEDGES, L. V. (Ed.): The handbook of research synthesis, New York, Russell Sage Foundation, pp. 301-321.
95. 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.
96. ROBB, S. W. G.; SINGLE, L. E., y ZARZESKIRZESKI, M. T. [2001]: «Non financial disclosures across AngloAmerican countries», Journal of International Accounting, Auditing and Taxation, Vol. 10, pp. 71-83.
97. ROJO RAMÍREZ, A. A., y SIERRA FERNÁNDEZ, M. [2000]: «La revelación de información sobre intangibles en las empresas españolas: un estudio exploratorio», VI Jornada de Trabajo sobre Análisis Contable, Almería.
98. ROSENTHAL, R. [1991]: Meta-analytic procedures for social research (rev. ed.), Sage, Newbury Park.
99. ROSENTHAL, R. [1994]: Statistically describing and combining studies, en COOPER, H., y Hedges, L. V.: The handbook of research synthesis, New York, Russell. Sage Foundation, pp. 231-244.
100. 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, no. 4, pp. 555-568.
101. SALTER, S. [1998]: «Corporate financial disclosure in emerging markets: does economic development matter?», The International Journal of Accounting, Vol. 33, no. 2, pp. 211-234.
102. 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.
103. SCHMIDT, F. L.; y HUNTER, J. E. [1977]: «Development of a general solution to the problem of validity generalization», Journal of Applied Psychology, 62, pp. 529-540.
104. SHADISH, W. R., y HADDOCK, C. K. [1994]: Combining estimates of effect size, en COOPER, H., y HEDGES, L. V. (Ed.): The handbook of research synthesis (pp. 261-281), New York: Russell Sage Foundation.
105. SINGHVI, S. S., y DESAY, H. B. [1971]: «An empirical analysis of the quality of corporate financial disclosure», The Accounting Review, January, pp. 129-138.
106. SMITH, M. L. y GLASS, G. V. [1977]: «Meta-analysis of psychotherapy outcome studies», American Psychologist, 32, pp. 752-760.
107. STANGA, K. [1976]: «Disclosure in published annual reports», Financial Management, winter, pp. 42-52.
108. TOSI, H. L.; WERNER, S., y KATZ Y GÓMEZ-MEJÍA, L. R. [2000]: «How does performance matter? A metaanalysis of CEO pay studies», Journal of Management, Vol. 26, no. 2, pp. 301-309.
109. TROTMAN, K., y BRADLEY, G. [1981]: «Associations between social responsibility disclosure and characteristics of companies», Accounting, Organizations and Society, Vol. 6, no. 4, pp. 355-362.
110. VERRECHIA, R. [1983]: «Discretionary Disclosure», Journal of Accounting and Economics, Vol. 5, no. 3, pp. 179-194.
111. - [2001]: «Essays on disclosure», Journal of Accounting and Economics, Vol. 32, pp. 97-180.
112. WAAGENHOFER, A. [1990]: «Voluntary Disclosure with a strategic opponent», Journal of Accounting and Economics, Vol. 12, March, pp. 341-363.
113. WALLACE, R. S. O., y NASER, K. [1995]: «Firm specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firm listed on the Stock Exchange of Hong Kong», Journal of Accounting and Public Policy, Vol. 14, pp. 311-368.
114. WALLACE, R. S. O.; NASER, K., and MORA, A. [1994]: «The relationship between comprehensiveness of corporate annual reports and firm characteristics in Spain », Accounting and Business Research, Vol. 25, no. 97, pp. 41-53.
115. WATSON, A.; SHRIVES, P., y MARSYON, C. [2002]: «Voluntary disclosure of accounting ratios in the UK», British Accounting Review, Vol. 34, pp. 289-313.
116. WATTS, R. L., y ZIMMERMAN, J. L. [1986]: Positive Accounting Theory, Prentice Hall, Englewood Cliffs, New Jersey.
117. WILLIAMS, S. M. [1999]: «Voluntary environmental and social accounting disclosure practices in the AsiaPacific Region: an international empirical test of Political economy theory», The International Journal of Accounting, Vol. 34, no. 2, pp. 209-238.
118. WOLF, F. M. [1986]: Meta-analysis. Quantitative methods for research synthesis, Sage Publications, Beverly Hills, California.
119. ZARZESKI, M. T. [1996]: «Spontaneous harmonization effects of culture and market forces on accounting disclosures practices», Accounting Horizons, Vol. 10, no. 1, March, pp. 18-37.