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Voluntary disclosures of quoted pharmaceutical companies in Sweden and the UK: the development over the period 1984-98

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  • Sidney Gray
  • Kenth Skogsvik

Abstract

The disclosure behaviour for a sample of quoted Swedish and UK pharmaceutical companies is investigated in the paper. The sample consists of three Swedish (Astra, Gambro and Pharmacia) and three UK (Glaxo, SmithKline Beecham and Wellcome) pharmaceutical companies, whose annual financial reports have been studied over the fifteen-year period 1984-98. The results show that the companies in both countries consistently have provided voluntary disclosures relevant for the assessment of competitive advantages, in particular with regard to research and development activities. Disclosures concerning business growth, dividend policy and earnings persistence, have been more prevalent among the Swedish companies, indicating a stronger concern about stock market investors. Voluntary segmental disclosures have been similar over time, with a reluctance to disclose line-of-business and geographical segment profits. Finally, voluntary disclosures explicitly indicating any accounting measurement biases have been rare.

Suggested Citation

  • Sidney Gray & Kenth Skogsvik, 2004. "Voluntary disclosures of quoted pharmaceutical companies in Sweden and the UK: the development over the period 1984-98," European Accounting Review, Taylor & Francis Journals, vol. 13(4), pages 787-805.
    • Handle: RePEc:taf:euract:v:13:y:2004:i:4:p:787-805
    DOI: 10.1080/0963818042000216884
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    References listed on IDEAS

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    1. G K Meek & S J Gray, 1989. "Globalization of Stock Markets and Foreign Listing Requirements: Voluntary Disclosures by Continental European Companies Listed on the London Stock Exchange," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 20(2), pages 315-336, June.
    2. Dechow, Patricia M. & Hutton, Amy P. & Sloan, Richard G., 1999. "An empirical assessment of the residual income valuation model1," Journal of Accounting and Economics, Elsevier, vol. 26(1-3), pages 1-34, January.
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    2. Ziqin Yu & Xiang Xiao, 2022. "Innovation information disclosure and stock price crash risk‐based supervision and insurance effect path analysis," Australian Economic Papers, Wiley Blackwell, vol. 61(3), pages 534-590, September.
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    4. Dima, Bogdan & Cuzman, Ioan & Dima (Cristea), Stefana Maria & Şărămăt, Otilia, 2010. "Effects of financial and non-financial information disclosure on prices’ mechanisms for emergent markets: The case of Romanian Bucharest Stock Exchange," MPRA Paper 27169, University Library of Munich, Germany.

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