The effect of legislation on corporate disclosure practices

Stephen Owusu‐Ansah · Joanna Yeoh

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Auditing, Earnings Management, Governance Corporate Social Responsibility Reporting Financial Reporting and XBRL

Abstract

This article investigates the effect of the Financial Reporting Act of 1993 (FRA) on mandatory disclosure practices of companies listed on the New Zealand Exchange Limited. The FRA gave statutory backing to financial reporting standards in New Zealand and made non‐compliance illegal. Using both univariate and multivariate analyses, we examine the association between (a) the levels of compliance with mandatory disclosure by the companies in our sample, and (b) disclosure regulatory regimes that prevailed in New Zealand before and after the implementation of the FRA. We find that mean corporate disclosure compliance levels in the periods after the enactment of the FRA are significantly higher than those in the periods before the enactment of the legislation. After controlling for the effects of other mandatory disclosure‐related variables documented in prior studies, we also find that the improvement in corporate disclosure compliance behaviour is the result of the implementation of the FRA. Alternative specifications of the primary regression model indicate that those findings are robust.

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References

2021Econometric Analysis of Panel Data 2003Incentives versus standards: properties of accounting income in four East Asian countries 1997The influence of company characteristics and accounting regulation on information disclosed by Spanish firms 1989Disclosure in the Corporate Annual Reports of Swedish Companies 1998The impact of corporate attribites on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe 2003The role of accounting and auditing in corporate governance and the development of financial markets around the world 1961Corporate reporting and investment decisions 2002An Analysis of Disclosure in the Annual Reports of U.K. and Dutch Companies

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2016Adoption of and compliance with IFRS in developing countries 2010Comparison of two methods for measuring compliance with IFRS mandatory disclosure requirements 2018The effect of audit committee effectiveness and audit quality on corporate voluntary disclosure quality 2010Disclosure Level And Compliance With IFRSs: An Empirical Investigation Of Kuwaiti Companies 2010

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