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    A Survey of Voluntary Disclosure Practices in
the Internet by Leading European Companies

• Enrique Bonsón Ponte
• bonson_at_uhu.es
• Tomás Escobar Rodríguez
• tescrod_at_dee.upo.es

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Index

• Previous research
• Digital reporting evolution
• The survey
• Conclusions

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Previous research (I)
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Previous research (II)
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Previous research (III)
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PRESENCE IN THE WEB

• 1996 1997 1998 1999 2000
• USA
• Fortune50 98
• Fortune100 99
• EUROPE
• U.K. 92
• U.K.(206 companies) 74
• Germany (DAX100) 76
• Finland (72 companies) 90
• Sweden (SSE) 98
• Spain (IBEX35) 63 83 100
• Spain (215 companies) 45
• Eurostoxx50 100
• Eurotop100 100

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ANNUAL REP.

• 1996 1997 1998 1999 2000
• USA
• Fortune50 36
• Fortune100 80
• EUROPE
• U.K.(FTSE50) 32
• U.K.(206 companies) 33
• Germany (DAX100) 30
• Finland (72 comp.) 11
• Sweden (SSE) 83
• Spain (IBEX35) 20 37 94
• Spain (215 comp.) 9
• Eurostoxx50 100
• Eurotop100 99

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Top 100 companies (1999)
USA U.K Germany

• Balance sheet 95 74 65
• Income statement 95 75 63
• Notes 92 60 42
• Cash flow statement 92 64 30
• Interim reports 97 82 73
• Financial data time series 95 28
  21
• Press releases 88 90 86
• Investor financial calendar 9 18
  39
• Current share price 77 29 46
• E-mail to investor relations 34 40
  31
• Mailing list 12 6 11
• FAQ 31 8 7

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(No Transcript)
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Eurostoxx50 (10/99) Eurotop100 (5/00)

• Annual report 100 99
• Interim report 90 64
• Audit report 66 53
• Five years summary 62 47
• Financial Ratios 38 24
• IASC standards 8 5
• Format
• PDF 88 86
• HTML 48 49
• Excel 12 12
• XBRL 0 0
• Strategy 80 54
• Environmental reporting 40 34
• Shareholders structure 46 31
• Shareholders news 84 83
• Shareholders meetings 54 34
• Press releases 94 94
• Mailing lists 42 28

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Index

• Previous research
• Digital reporting evolution

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Digital reporting evolution

• First stage colonization of the new media, web
  presence
• Second stage annual report dissemination
• Third stage voluntary disclosure

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Second stage annual report dissemination

• Companies begin to make financial information
  available on the Internet. Electronic versions of
  printed annual reports (PDF).
• Financial information access is improved (HTML)
• Users are allowed to download information in
  spreadsheet files (EXCEL).
• XBRL, the next step

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Third stage voluntary disclosure

• Companies are interested in attracting new
  investors world wide
• This is the reason why
• Financial information provided is broadened
• Companies provide non-financial information

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HIGHER QUANTITY/QUALITY OF ACCOUNTING INFORMATION
IASC STANDARDS
SHAREHOLDERS STRUCTURE
SHAREHOLDERS NEWS
FINANCIAL RATIOS
INTERIM REPORTS
INTELLECTUAL CAPITAL
ANNUAL REPORT
STOCK QUOTES
FORDWARD LOOKING INFORMATION
FIVE YEARS SUMMARY
ENVIRONMENTAL REPORTING
SHAREHOLDERS MEETINGS
STRATEGY
PRESS RELEASES
MAILING LISTS
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Index

• Previous research
• Digital reporting evolution
• The survey

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Voluntary disclosure f ( S, Se, C )
Size
Sector
Country

• Sample Eurotop100 (April 2001)
• Variables Country, Sector, Weight, Web site,
  Assets, Sales, BS and IS, Auditors report,
  Iterim report, Previous years summary, Financial
  ratios, Forward-looking information, IASC
  standards, Strategy, Environmental information,
  Sh structure, Sh news, Sh meetings, Intel.
  Capital, Directors, Employees, W.W. Operat.,
  Customers, Suppliers, Press releases, Mailing
  list.

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COMPANIES BY SECTOR ()
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COMPANIES BY COUNTRY ()
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INFORMATION TOPICS
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(No Transcript)
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AVERAGE SCORE BY SECTOR
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AVERAGE SCORE BY COMPANY SIZE
Size 1 0,08 (Min) ? weight lt 0,5786 (Av -
Sd/2) Size 2 0,5786 (Av - Sd/2) ? weight lt
0,9757 (Av) Size 3 0,9757 (Av) ? weight lt 1,3728
(Av Sd/2) Size 4 1,3728 (Av Sd/2) ? weight ?
4,30 (Max)
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AVERAGE SCORE BY COUNTRY
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Index

• Previous research
• Digital reporting evolution
• The survey
• Conclusions

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Conclusions

• Size, sector and country (sample)
• Innovative forms of disclosure (slides, video,
  audio)
• Continuous reporting ??
• Corporate dialogue??