The Link Between Internet Financial Reporting and Information Asymmetry for American Depository Receipts  

作　　者：Jocelyn Evans David Henderson Brad Trinkle 

机构地区：[1]College of Charleston, USA [2]University of Mary Washington, USA

出　　处：《Journal of Modern Accounting and Auditing》2011年第9期947-965,共19页现代会计与审计（英文版）

摘　　要：We provide evidence on the effect of the presentation format and information content of Internet financial reporting on the market value of American Depository Receipts and on country-specific variables that drive Internet financial reporting. A two-stage Heckman approach was used to determine if Internet financial reporting adds incremental value to firms beyond the decision to cross-list in the United States. The results indicate that investors more highly value firms that provide information in multiple formats. We also find that country-specific variables affect the information content, but not the presentation format of disclosures on corporate websites. The results uncover a disconnection between what the market values （presentation format） and what the firms believe the market values （information content）. This implies that firms are not entirely aware of investors＇ information wants and that they are not utilizing their resources in the manner that will have the most impact on their market value.

关 键 词：intemet financial reporting web-based disclosure American depository receipt web-based financial reporting international transparency cross-list information content emerging markets 

分 类 号：TP393.08[自动化与计算机技术—计算机应用技术] F275[自动化与计算机技术—计算机科学与技术]