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Managing continuous disclosure: Australian evidence

Author

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  • Diane Mayorga

Abstract

Purpose - – This study aims to explore how Australian Securities Exchange (ASX) listed companies manage their statutory continuous disclosure (CD) obligations. Design/methodology/approach - – Employing aspects of Gibbinset al.'s corporate financial disclosure framework, this study conducts semi-structured interviews with 22 experienced senior managers from diverse companies to examine in depth the key antecedents, structures and issues influencing the CD process. Findings - – The findings indicate that companies' preference to deal with CD as a commercial or legal issue, managers' practical CD experience, who assumes responsibility for CD, owners' and market expectations, third parties, environmental uncertainties and media are important antecedents in the CD process. The importance of these is contingent on company characteristics. Large companies primarily use structured processes and responsive communication networks whereas small to medium companies rely on informal processes and interpersonal communications. Despite following best practice guidelines, companies face multiple issues in managing CD. Research limitations/implications - – Prior disclosure beliefs and personal biases may have a disproportionate impact on CD behaviour. Future research can examine more closely how these behavioural characteristics influence companies' disclosure policies. Practical implications - – This study offers insights for managers interested in managing CD more effectively. The findings suggest the importance of experience, behaving in a proactive manner and educating employees on companies' CD obligations. It offers insights for regulators on aspects of guidance that could be improved. Originality/value - – The study draws on Gibbinset al.'s theoretical framework to furnish a more complete and refined understanding of the CD process.

Suggested Citation

  • Diane Mayorga, 2013. "Managing continuous disclosure: Australian evidence," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 26(7), pages 1135-1169, September.
  • Handle: RePEc:eme:aaajpp:v:26:y:2013:i:7:p:1135-1169
    DOI: 10.1108/AAAJ-03-2013-1259
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    Citations

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    Cited by:

    1. John Nowland & Larelle Chapple & Joseph Johnston, 2021. "The role of the company secretary in facilitating board effectiveness: reporting and compliance," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1425-1456, April.
    2. Mazzi, Francesco & Slack, Richard & Tsalavoutas, Ioannis, 2018. "The effect of corruption and culture on mandatory disclosure compliance levels: Goodwill reporting in Europe," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 31(C), pages 52-73.
    3. Mayorga, Diane & Trotman, Ken T., 2016. "The effects of a reasonable investor perspective and firm's prior disclosure policy on managers' disclosure judgments," Accounting, Organizations and Society, Elsevier, vol. 53(C), pages 50-62.

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