haku: @author Vanstraelen, A. / yhteensä: 4
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| Tekijä: | Overfelt, W. van Deloof, M. Vanstraelen, A. |
| Otsikko: | Determinants of corporate financial disclosure in an unregulated environment: Evidence from the early 20th century |
| Lehti: | European Accounting Review
2010 : VOL. 19:1, p. 7-34 |
| Asiasana: | accounting corporate finance information disclosure history Belgium |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the determinants of corporate financial (henceforth as: fin.) reporting (here as: fin-rep.) in an unregulated setting. Prior to the 1st World War, companies with limited liability in Belgium had to publish fin. statements. However, the fin-rep. was unregulated. Despite the poor investor protection, Belgian stock markets were booming. The study sample consists of Belgian listed companies in the coal mining, railways, trams and textiles industries from 1905 to 1909. The results suggest the fin-rep. being significantly affected by universal bank affiliations, bond financing and stock returns. Dividends were a substitute for income statement transparency. |
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