Transparency and Quality of Financial Disclosures : the Case of Romanian Listed Companies

• Autorzy: Nadia Albu , Catalin Nicolae Albu , Liliana Geanina Vasile , Ruxandra Mateescu

Warianty tytułu

Przejrzystość i jakość ujawnień finansowych : przypadek rumuńskich spółek giełdowych

• Języki publikacji: EN

Abstrakty

EN

This paper addresses the transparency and the quality of financial disclosures of listed entities in the case of an emerging economy (i.e. Romania), in order to shed some light on the particular local context of the country and its impact on accounting practices. We analyze the entire population of non-financial entities listed in the first tier of the Bucharest Stock Exchange for the 2012 financial year. We are limited in our research by the size of the sample, which depends, however, on the small size of the Romanian stock market. In order to compensate for the small size of the sample, we assess 50 items related to disclosure, synthesized in two scores, i.e. transparency and quality. Also, we identify some factors associated with disclosure by investigating the correlation with several firm-related factors. Our results reveal a medium level of transparency and quality of Romanian listed companies, with significant variations between firms and between the sub-scores. The most important factors correlated with disclosure are company size and the presence of institutional investors. The results confirm to some extent most of the basic assumptions of the agency theory and also prove the importance of a new variable for emerging economies, specifically the presence of institutional investors. (original abstract)

Artykuł dotyczy przejrzystości i jakości informacji finansowych spółek notowanych na giełdzie w gospodarkach wschodzących (tj. w Rumunii). W opracowaniu przybliżono czytelnikom kontekst lokalny danego kraju i jego wpływ na praktyki księgowych. Autorzy analizują całą populację podmiotów niefinansowych notowanych na giełdzie w Bukareszcie w 2012 roku. Niestety, ze względu na mały rozmiar giełdy w Rumunii, próba badanych podmiotów jest bardzo mała. Aby zrekompensować niewielki rozmiar próbki, autorzy ocenili 50 elementów związanych z ujawnieniem, syntetyzowane w dwa obszary: przejrzystości i jakości. Autorzy zidentyfikowali także niektóre czynniki związane z ujawnieniem w rezultacie zbadania korelacji z wieloma aspektami dotyczącymi działalności firm. Wyniki badań wskazują na średni poziom przejrzystości i jakości ujawnień rumuńskich spółek giełdowych, ze znacznymi różnicami między firmami oraz między poszczególnymi czynnikami. Najbardziej istotnym dla ujawnień okazała się obecność inwestora zagranicznego oraz wielkość firmy. Wyniki potwierdzają w pewnym zakresie podstawowe założenia wynikające z teorii agencji, a także dowodzą ważności nowych czynników będących efektem wschodzącej gospodarki, np. pojawienia się inwestorów zagranicznych. (abstrakt oryginalny)

Słowa kluczowe

EN

Stock market companies; Emerging markets; Agency theory; Transparency of finance; Information quality; Case study

PL

Spółki giełdowe; Rynki wschodzące; Teoria agencji; Przejrzystość finansów; Jakość informacji; Studium przypadku

• Czasopismo: Zeszyty Teoretyczne Rachunkowości
• Rocznik: 2014
• Tom: 78
• Numer: nr 134
• Strony: 7--24

Twórcy

autor

Nadia Albu

• Bucharest University of Economic Studies

autor

Catalin Nicolae Albu

• Bucharest University of Economic Studies

autor

Liliana Geanina Vasile

• Bucharest University of Economic Studies

autor

Ruxandra Mateescu

• Bucharest University of Economic Studies

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