Ocena punktowa jakości ujawnień finansowych dokonywanych przez emitentów giełdowych za pośrednictwem korporacyjnych serwisów inwestorskich
Scoring evaluation of the quality of Internet financial disclosures in Polish stock issuers

Summary/Abstract: Through investor relations sections placed on corporate websites shareholders have an access to cur-rent information on stock issuers’ activities. This enables investors to participate in discussions on decisions met by a board of a company. Transparent and understandable disclosure of financial infor-mation is, therefore, a key element of stock issuers’ information policy. The paper aims at evaluating quality of financial information published on corporate websites in terms of their completeness, accu-racy, relevance and transparency. With a help of a scoring method and use of appropriate weights in reference to the particular criteria, a ranking of stock issuers, according to their level of disclosures, was established. Research findings indicated that diversification respecting quality of disclosures was conditioned by activity scopes of stock issuers. Moreover, detailed results showed that only a few companies (10 out of 143) could be qualified to those representing high level of financial disclosures. Most of examine objects (82) were characterized by a low level of financial disclosures, with exactly a half of those companies providing no financial information at their corporate websites. That situation shows that despite existence of recommended practices in discussed area only small number of com-panies perceived corporate websites as an important communication channel with their investors. Almost one third of the research sample did not treat this way of presentation as necessary for building confidence among shareowners.

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