ICAN Journal of Accounting & Finance, 2013
Volume 2, Issue 1, Page Number 31-43
Institute of Chartered Accountants of Nigeria
Corporate Attributes and Financial Disclosures:
Bangladesh Experience
Dr. Md. Shamimul Hasan
Assistant Professor, Department of Business Administration
World University of Bangladesh, Dhaka, Bangladesh
Email:
[email protected]
Professor Dr. Syed Zabid Hossain
Department of Accounting and Information Systems
University of Rajshahi, Rajshahi, Bangladesh
Ex Pro-Vice Chancellor of Khulna University
Email:
[email protected]
Corporate Attributes and Financial Disclosures:
Bangladesh Experience
Abstract
The study examined the influence of some selected corporate attributes on financial disclosures using univariate, bivariate and multivariate analysis. In the empirical model, financial disclosure (ODI) has been used as dependent variable and corporate attributes have been used as independent variables. The empirical result reveals that profitability, multilisting, earning per share, internationality and international link of the audit firm have significant influence on the financial disclosures. Contrarily, asset size, number of shareholders, year of listing, ownership structure, market category, audit fee, and leverage do not have any significant influence on the disclosure level. This provides a sign of dissimilarities in financial reporting among the companies due to corporate attributes. Consequently, the conflict of interest between shareholders and board of directors (BOD) has been increasing gradually. In order to minimize the conflict of interest between shareholders and BOD and also to reduce the deviation of financial disclosures in corporate annual report, the study recommends several ways such as- examine the legal and professional frameworks of accounting and auditing continuously, setting up a Financial Reporting Council (FRC), monitoring compliance of accounting standards and corporate governance guidelines, campaigning against the danger of preparing a discretionary financial report, and finally training of BOD members on corporate governance and corporate ethics.
Key Words: Financial Disclosures, Corporate Attributes, Financial Reporting Council, Bangladesh,
1.0 Introduction
Disclosure study is one of the most important areas of accounting research. Many factors are responsible for the extent of disclosure of a company. Corporate attributes is one of them. Usually, all companies are not similar in terms of philosophy, structure, size, age, work plan, strength, strategies, and so on. Previous disclosure studies showed that a number of corporate attributes had an influence on the level of disclosure of a company. Employment of qualified accountants (Parry and Groves, 1990; Karim,1996), Company Size ( Singhvi and Desai, 1971; Buzby, 1975; Stanga, 1976; Belkaoui and Kahl, 1977; Firth, 1979;Cooke,1989;Cooke,1991, Profitability (Cerf, 1961; Singhvi and Desai,1971; Singhvi, 1996), Leverage (Ahmed and Robbin and Austin, 1986; Chow and Wong Boren, 1987; Nicholls, 1994), Multinationality (Rahman and Scapens, 1988; Bazley et. al, 1995), International link of audit firm (DeAngelo, 1981; Haque, 1984) and many other corporate attributes that may have linked to the corporate disclosure of financial reporting. But financial disclosures of listed companies in the stock exchanges should be uniform irrespective of their size, nature, profitability, and the like, as the shareholders or investors may not have adequate accounting knowledge to compare and contrast between disclosed information of two or more companies in the same industry or between two accounting periods of a particular company. If financial disclosures of listed companies are dissimilar due to their characteristics then it would be difficult for the shareholders to assess the financial position and performance of the entity and consequently, there would be a conflict of interest between shareholders and Board of Directors. Thus this study captures the Agency Theory which tells us that there is a conflict of interest between principal (shareholders) who measure the performance of the company and agent (board of directors) who prepare the financial statements. Under this circumstances, if there is no uniformity of producing financial disclosures, then conflict of interest between shareholders and board of directors will rise and ultimately, this will create a negative image of corporate financial reporting. Finally, this will adversely affect the activities of companies and slow down the economic growth of the country. In Bangladesh, most of the shareholders do not use annual report in making their investment decision as they believe that the disclosed information in annual reports is to some extend manipulated. Consequently, a fair corporate financial reporting practice is a burning issue in Bangladesh which needs to be addressed immediately for the sake of good governance.
2.0 Objective of the Study: The objectives of the study are to examine the influence of corporate attributes on financial disclosures and to detect the corporate attributes that may have significant influence on financial disclosures.
3.0 Review of Literature
One function of financial reporting is to restrain management to act against shareholders' interest (Watts and Zimmerman, 1978). There are researches that found an influence of corporate attributes on financial disclosure, while some other researches did not find any relationship between them. Raffournier (1995) found a significant relationship for three out of eight independent variables. Inchausti (1997) found a significant relationship for four out of seven independent variables. Hossain (1998) found a significant relationship for eight out of ten independent variables. Razzaque (2004) found a significant relationship for three out of fifteen independent variables. Ahmed (2009) found a significant relationship for eleven out of eleven independent variables. Razzaque (2004) used dichotomous approach to measure the dependent variable (ODI) and sample from miscellaneous sector was heterogeneous group. Ahmed (2009) used dichotomous unweighted approach to measure the dependent variable and the sample was taken from banking sector only.
4.0 Variables and Development of Hypotheses:
Financial disclosures and corporate attributes are two different variables. In order to examine the influence of corporate attributes over financial disclosures, we need to declare dependent and independent variables.
4.1 Dependent Variables
Financial disclosure (ODI) of each sample company is considered as dependent variable in the empirical model of the current study. PC Approach is used to calculate the value of financial disclosure (ODI).
4.2 Independent Variable
Some selected corporate attributes are considered as independent variables in the present study. They are asset size, profitability, number of shareholders, earnings per share, multiple listing, ownership structure, market category, internationality, year of listing, audit fee, international link of the audit firm and leverage. Therefore, the value of these corporate attributes for each sample company is used in the empirical model as independent variable. The descriptions of the above independent variables are given below:
4.2.1 Asset Size
Asset size may have an influence on ODI because larger companies disclose more information than smaller one. In this study, total assets of the sample companies have been taken as an independent variable and labeled as astsize. The following hypothesis is drawn to observe the association between asset size and overall disclosure index.
Ho: There is no relationship between astsize and overall disclosure index.
4.2.2 Profitability
Profitability is an important factor to measure the earning ability of a company. A number of profitability measures were used by previous researchers. They include net profit to sales, earnings growth, dividend growth and dividend stability (Cerf.1961), rate of return and earnings margin (Singhvi 1967 and Singhvi and Desai 1971). Karim and Ahmed (2005) used net profit to sales ratio for measuring profitability. In this study 'net profit to sales ratio' is used to measure the profitability. Profitability is taken as an independent variable and labeled as profitab. The following hypothesis is drawn to perceive the relationship between profitab and overall disclosure index (ODI).
Ho: There is no relationship between profitab and overall disclosure index
4.2.3 Shareholders
Shareholders are the real owners of companies. They are also treated as the internal and external stakeholders. They have direct interest in the company. They can change the management and appoint new agent if they feel that the existing management is managing the entity in a wrong way. It can be assumed that if the number of shareholders is more, the management of the company will be in more pressure and disclose more information. As such, number of shareholders can be considered as an important element in determining the corporate disclosure level. In this study, it is taken as an independent variable and is termed as stholder. The following hypothesis is drawn to identify the relationship between stholder and overall disclosure index.
Ho: There is no relationship between stholder and overall disclosure index
4.2.4 Year of Listing
Year of listing indicates the age of a company and it can be regarded as an important aspect because it has an influence on the corporate disclosure level. It is expected that older companies disclose more information than newer companies. Akhteraruddin (2005) showed that company age is a critical factor in determining the level of corporate disclosure in the sense that older companies with more experience are likely to include more information in their annual reports in order to enhance their reputation and image in the market. Therefore, year of listing has been taken as an independent variable and labeled as yrlst. Here, sample companies have been segregated into two categories - older and newer. Older companies are incorporated and listed under the Companies Act 1913 and newer companies are incorporated and listed after the Companies Act 1994. The following hypothesis is drawn to discover the relationship between yrlst and overall disclosure index.
Ho: There is no relationship between yrlst and overall disclosure index
4.2.5 Multiple Listing Status
Multiple Listing Status means that the company is listed on more than one stock exchange. In Bangladesh, two stock exchanges are in operation, one is Dhaka Stock Exchange (DSE) and other one is Chittagong Stock Exchange (CSE). A company can be listed on both of the stock exchanges and even be listed in other stock exchanges that are operating outside Bangladesh. It is logically expected that if a company is enlisted in different stock exchanges, the company discloses more information than the company that is enlisted in only one stock exchange. Listing status has been tested and detected to be significant by Firth (1979), Cooke (1989 and 1991), Meek and Gray (1989), Wallace et al. (1994), Hossain et al(1994), Hossain et al. (1995), Meek et al. (1995) and Inchausti (1997). Therefore, multiple listing status has been taken as an independent variable and hereafter known as multilis. The following hypothesis is drawn to determine the relationship between multilis and overall disclosure index.
Ho: There is no relationship between multilis and overall disclosure index
4.2.6 Earnings per Share
Earnings per share are considered as an important device to evaluate the earning strength of a company. This is particularly important for the participants in the stock market. The participants around the world look for increasing earnings per share. Cerf (1961), Singhvi (1967), Singhvi and Desai (1971), Belkaoui and Kahl (1978), Spero (1979), Wallace (1987), Razzaque (2004), and Ahmed (2009) found earning per share as an important determinant of corporate disclosure level. Hence, earnings per share is taken as an independent variable in the current study and labeled as eps. The following hypothesis is drawn to find out the relationship between eps and overall disclosure index.
Ho: There is no relationship between eps and overall disclosure index
4.2.7 Ownership Structure
Ownership Structure may have a relationship with the level of corporate disclosure. Ownership Structure demonstrates the composition of ownership group from different nationalities. The company may not be exposed internationally, but when other nationalities hold the ownership of the company, it is naturally perceived that the company is satisfying them through providing necessary information. That is, if ownership structure contains other (foreign) nationalities, the company discloses more information than other one whose ownership structure does not contain foreign nationalities. For this reason, it has been taken as an independent variable in the current study and termed as ownstruc. The following hypothesis is drawn to measure the relationship between ownstruc and overall disclosure index.
Ho: There is no relationship between ownstruc and overall disclosure index
4.2.8 Internationality
Subsidiaries of multinational corporations in developing countries are expected to disclose more information and observe higher standards of reporting for a number of reasons. Firstly, they have to comply with the regulations of not only in the host country but also in the parent company where substantially higher standards of accounting and reporting are maintained. Secondly, they are usually equipped with more competent and efficient management and are more likely to have sophisticated accounting system and so on. They have the potential to disclose more information without any incremental processing costs. Thirdly, they are under close scrutiny of various political and pressure groups within the host country who view them as sources of economic exploitation and agents of imperialists power (Ahmed and Nicholls, 1994). Hence, they have an incentive to disclose more information in order to avert any pressure for excessive control or for expropriation. Wallace (1987) and Ahmed and Nicholls (1994) use international company influence as an explanatory variable in developing their models and the latter found it to be the most significant variable explaining disclosure levels. In this study, this is also taken as an independent variable and termed as intnatio. The following hypothesis is drawn to check the relationship between intnatio and overall disclosure index.
Ho: There is no relationship between intnatio and overall disclosure index
4.2.9 Market Category
Market Category may have an impact on the level of disclosure of a company. There are five categories (A, B, G, N and Z) of companies listed in DSE. "A category companies are regular in holding their AGM and have declared dividend at the rate of 10 percent or more in a calendar year. "B" category companies are regular in holding AGM but have failed to declare dividend at least at the rate of 10 percent in a calendar year. "G" category companies are Greenfield companies. "N" category companies are newly listed companies except Greenfield companies and their settlement system would be like B category companies. "Z" category companies which have failed to hold AGM or failed to declare any dividend or which are not in operation continuously for more than six months or whose accumulated loss after adjustment of revenue reserve, if any, is negative or exceeded its paid up capital. Only A, B and Z category companies have been selected for the current study. It is expected that companies in the Z category are likely to have higher audit lags than those in the other two categories. This type of categorization will obviously provide a signal to the market regarding their performance. Karim and Ahmed (2005) used this variable as a factor of the extent of disclosure. This is used as an explanatory variable in this study with the name of mktcateg. The following hypothesis is drawn to discover the relationship between mktcateg and overall disclosure index.
Ho: There is no relationship between mktcateg and overall disclosure index
4.2.10 Audit Fee
Usually, audit fee is dependent on the volume of audit work and the reputation of the audit firm. Though it is not clear whether there is any association between audit fee and level of disclosure, but it is likely that audit fee is associated with quality of accounts audited. Empirical studies dealing with audit fees reveal that audit fees of Big eight firms are relatively higher than that of non-Big-eight firms. In this context, audit fee may be taken as an independent variable for the current study and named as audfee. But a problem is that audit fee is not normally distributed and as such it cannot use in the model. Thus, audit fees are modified and instead of using absolute figures of audit fees, they are linked to the audit volume, which is usually represented by total sales. Thus audit fee has been divided by total sales. The following hypothesis is drawn to discover the relationship between audfee and overall disclosure index.
Ho: There is no relationship between audfee and overall disclosure index
4.2.11 International link of the audit firm
International link of the audit firm may have an influence on the level of corporate disclosure. Usually, an audit firm that has an affiliation with the foreign audit firm (Big-Eight or Non-Big-Eight firms) carry more values than those have no foreign affiliation. In order to uphold reputation, larger firms usually produce high quality audit reports than that of smaller audit firms. Even larger audit firms invest more to maintain the reputation of their audit quality. There are six audit firms in Bangladesh which have international link. Of which five had link with international Big-Eight and the remaining one with a non-Big-Eight firm. This link position is shown in the following table.
Table 1: International Link of Audit Firms
Name of the firm
International firm with which it is linked
Rahman Rahman Haq and Co.
KPMG
Hoda Vasi Chowdhury and Co.
Delloite Haskins and Sells
S.F. Ahmed and Co.
Earnest and Young
Howlader Younus and Co.
Arther Young
A Quasem and Co.
Cooper and Lybrand
M.J. Abedin and Co.
Moor Stephen
Source: Razzaque 2004, PhD Dissertation,p.193
International link of audit firm can be considered as an influential component of the level of corporate disclosure. Considering this, it is taken as an independent variable and labeled as audlink. The following hypothesis is drawn to measure the relationship between audlink and overall disclosure index.
Ho: There is no relationship between audlink and overall disclosure index
4.2.12 Leverage
Debt is always considered as an important source of finance in the business world. A company cannot be thought to pass even a single day without bearing loan, for example, short-term loan. Indeed, it acts as a fuel. But, long-term loan or debt-capital is not used as like as short-term loan. A company may take long-term loan or not, which depends upon the financial strength of the company. If the company suffers from shortage of long-term fund, it will not be able to implement its own investment project. Then it can arrange a long-term loan to mitigate its financial needs for the investment project. The companies may take loan from different sources as they require and feel comfortable. Lending institutions always want to ensure the security of their supplied fund. First of all they become thirst to get adequate as well as reliable information about the concern where they have invested. Usually, a company that has a debt-capital is to disclose more information in their annual reports than those that have no debt-capital. Therefore, leverage may be treated as a powerful element in determining the level of disclosure. The above ground of debt-capital motivates the researchers to take it in the model as an independent variable that is termed as lvrg. The following hypothesis is drawn to discover the relationship between lvrg and overall disclosure index.
Ho: There is no relationship between lvrg and overall disclosure index
5.0 Methodology of the Study
Twenty non-financial companies that are listed in Dhaka Stock Exchange (DSE), the biggest capital market in Bangladesh were taken from four business segments as sample for the current study. Annual reports of the sample companies were surveyed very cautiously to determine the value of all variables. Disclosure Checklist, Dichotomous Procedure and finally Partial Compliance Approach (PC Approach) were duly followed in order to have the value of dependent variable i. e., Overall Disclosure Index (ODI) for each sample company. The values of all independent variables were taken from the survey of annual reports. Univariate (Descriptive Statistics), Bivariate (Correlation Matrix and Multicolliniarity Analysis) and Multivariate Analysis (Empirical Model) were done by using Statistical Package for Social Science software (SPSS).
6.0 Test of Hypothesis
There are various statistical techniques that are used for accepting or rejecting the hypothesis. Various techniques have been used to have a concrete outcome of accepting or rejecting the hypothesis. The details of the techniques are discussed below:
6.1 Descriptive Statistics
There is diversity of the levels of disclosure across companies. The overall disclosure index obtained by the companies has shown that the mean disclosure index is 67 percent with a standard deviation of 0.07. The maximum score is 81 percent and the minimum score is 49 percent. Hence, the aim of the analysis is to identify the variables, quantitative and qualitative, that are responsible for such variations in disclosure level. The descriptive statistics for the dependent and independent or explanatory variables are presented below in table 2.
Table 2: Descriptive Statistics of the Dependent and Explanatory Variables
Variables
Min
Max
Mean
SD
CV
ODI
0.49
0.81
0.67
0.07
0.10
Astsize
45.37
17638.84
3928.74
5753.13
1.46
Prfitab
-3.58
168.75
35.18
39.69
1.13
Stholder
584.00
65556.00
13734.10
17479.31
1.27
Yrlst
0.00
1.00
0.40
0.49
1.23
Multis
0.00
1.00
0.95
0.22
0.23
Eps
-15.66
156.56
22.27
40.00
1.80
Ownstruc
0.00
1.00
0.95
0.22
0.23
Intnatio
0.00
1.00
0.45
0.50
1.11
Mktcateg
0.00
1.00
0.75
0.43
0.57
Audfee
15.30
2067.13
288.48
542.27
1.88
Audlink
0.00
1.00
0.25
0.43
1.72
Lvrg
0.00
1.00
0.85
0.36
0.42
Above table reveals that the average overall disclosure of the sample companies in Bangladesh is 67 percent which is higher than the previous research result of average disclosure of 29.33 percent in Taylor (1998) and 43.53 percent in Akhataruddin (2005).
6.2 Correlation Matrix and Multicollinearity Analysis
Pearson's pair wise product moment correlation coefficient r is computed in order to examine the correlation between the dependent and independent variables. A correlation matrix of all the values of r for the explanatory variables along with the dependent variables has been constructed by using Statistical Package for Social Science (SPSS), which is shown in Table 3.
Table: 3: Correlations Matrix
Variables
ODI
astsize
Prfitab
stholder
Yrlst
Multis
Eps
Ownstruc
Intnatio
Mktcateg
audfee
audlink
lvrg
ODI
1
Astsize
0.374
1
Prfitab
-0.255
0.325
1
Stholder
.447 at *
.685 at **
-0.213
1
Yrlst
0.231
0.114
-.421 at *
0.209
1
Multis
.585 at **
0.137
0.138
0.122
-0.281
1
Eps
.531 at **
0.261
-0.193
0.333
0.061
0.055
1
Ownstruc
-0.251
-.431 at *
0.224
-0.318
-0.281
-0.053
0.158
1
Intnatio
0.216
0.344
0.025
0.369
0.082
0.208
0.291
0.208
1
Mktcateg
0.195
-0.046
-.607 at **
0.133
.471 at *
-0.132
0.217
-0.132
0.058
1
Audfee
-0.251
-0.269
0.066
-0.292
-0.297
0.096
-0.21
0.081
-0.088
0.087
1
Audlink
.429 at *
.677 at **
0.2
.401 at *
.471 at *
0.132
-0.02
-.397 at *
.406 at *
0.067
-0.219
1
Lvrg
.448 at *
0.262
0.106
0.257
0.057
.546 at **
0.181
-0.096
.380 at *
0.081
-0.067
0.243
1
* Correlation is significant at the 0.05 level at 1-tailed.
** Correlation is significant at the 0.01 level at 1-tailed.
Multicollinearity in explanatory variables has been diagnosed through bivariate analysis. Above table represents the correlation matrix of the dependent and independent variables. Judge et al. (1985), and Bryman and Cramer (1997) suggest that simple correlation between independent variables should not be considered harmful until they exceed 0.80 or 0.90. The observed correlations were not considered harmful. These findings suggest that multicollinearity between the independent variables is unlikely to pose a serious problem in the interpretation of the results of the multivariate analysis.
6.3 ANOVA Technique
One- Way -ANOVA technique has a concrete outcome of accepting or rejecting the hypothesis. Table 4 shows the ANOVA and the level of significance at 1 percent.
Table: 4: ANOVA at b
Model
Sum of Squares
Df
Mean Square
F
Sig.
1
Regression
0.1
12
0.008
5.808
.014
Residual
0.01
7
0.001
Total
0.11
19
a Predictors: at Constant, lvrg, yearincorp, eps, ownstruc, audfee, intnatio, prfitab, multis, stholder, mktcateg, audlink, astsize
b Dependent Variable: ODI
Above table gives us a direction regarding the acceptance or rejection of hypothesis. P value indicates that there is a significant relationship between the extent of disclosure level and corporate attributes. Therefore, null hypothesis H0 is rejected.
6.4 Empirical Model
We have already observed from the above analysis that there is a relationship between the extent of disclosure level and corporate attributes but we do not know the effect of each variable on the disclosure level at this stage. In order to detect the significant influence of each independent variable over dependent variable, the following empirical model or regression model has been developed:
ODI = α + β1astsize + β2 profitab + β3stholder + β4yrlst + β5multilis + β6 eps + β7ownstruc + β8intnatio + β9mktcateg + β10 audfee + β11 audlink+ β12 lvrg + ε
Where, ODI = Overall Disclosure Index
α = the intercept
ε = the error term
6.5 Multivariate Analysis
In regression analysis, the ENTER method of Statistical Package (SPSS) has been used in order to verify the influence of independent variables that are chosen for the study over the dependent variable i.e., Overall Disclosure Index (ODI). The summary output of the model for all the sample companies is shown below:
Table: 5: Model Summary
Model
R
R Square
Adjusted R Square
Std. Error of the Estimate
1
.953
0.909
0.752
0.037832724
a Predictors: at Constant, lvrg, yrlst, eps, ownstruc, audfee, intnatio, prfitab, multis, stholder, mktcateg, audlink, astsize
The adjusted coefficient of determination of R2 indicates that 75 percent of the variation in the dependent variable is explained by variations in the independent variables. Thus the model is capable of explaining 75 percent variability of disclosing information in the annual reports of the sample companies.
Table: 6: Coefficients
Model
Variables
Unstandardized Coefficients
Standardized Coefficients
T
Sig.
Β
Std. Error
Beta
1
Constant
0.461
0.08
5.748
0.001
Astsize
0
0
0.2
0.516
0.622
Prfitab
-0.001
0.001
-0.645
-1.929
0.095
Stholder
0
0
-0.105
-0.421
0.686
Yrlst
-0.013
0.031
-0.084
-0.417
0.689
Multis
0.176
0.054
0.517
3.264
0.014
Eps
0.001
0
0.459
2.902
0.023
Ownstruc
0.074
0.079
0.217
0.928
0.384
Intnatio
-0.059
0.027
-0.396
-2.194
0.064
Mktcateg
-0.028
0.032
-0.165
-0.894
0.401
Audfee
0
0
-0.048
-0.353
0.734
Audlink
0.112
0.041
0.655
2.71
0.03
Lvrg
0.032
0.035
0.153
0.902
0.397
a Dependent Variable: ODI
Above table shows that profitability, multi listing, earnings per share, internationality and international link of the audit firm, are all significantly associated with disclosure level. The intercept is significant at 1 percent level. The coefficient of multi listing, earnings per share, and international link of the audit firm, are statistically significant at 1 percent level whereas the coefficient of profitability and internationality are statistically significant at 10 percent level. The asset size, number of shareholders, year of listing, owner structure, market category, audit fee, and leverage are not statistically significant even at 10 percent level.
7.0 Findings and Recommendations:
Empirical model reveals that only five attributes out of twelve are significantly associated with the extent of disclosure level. Profitability, multilisting, earnings per share, internationality and international link of the audit firm have significant influence on the disclosure level. Contrarily, asset size, number of shareholders, year of listing, owner structure, market category, audit fee, and leverage do not have any significant influence on the disclosure level. This situation suggests that the companies with adequate earnings per share, positive multilisting status, auditor with international link, high profitability, and foreign investment in the capital structure have high disclosure level. On the above backdrop, the present study raises the voice for harmonization of financial disclosure in corporate financial reporting in Bangladesh. To minimize the dissimilarities in financial reporting among the companies in the same industry due to corporate attributes the following steps may help:
Examine the legal framework of accounting and auditing thoroughly to find out whether there is any loophole or ambiguity. In the present dynamic world, everything is changing with the change in demand and time. It is necessary to review the legal system continuously in order to cope with the changing business world and to prevent financial criminology.
Setting up an independent Financial Reporting Council (FRC) that will classify the companies into small, medium and large scale organizations. The council will provide the financial reporting mechanism for each category so that deviation in financial disclosures within the category could be avoided.
Monitoring compliance of Accounting Standards for each category and Corporate Governance Guidelines so that the deviation in financial disclosures will be zero or near zero within the category.
Campaigning more and more in the social media about the danger of preparing a discretionary financial report.
Training of BOD members on corporate governance and corporate ethics may help fair presentation of corporate financial reporting.
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