Transparency Around the World. Empirical Study on Information Reported on Finanacial Markets

The study analyzes the issue of transparency of the information reported by entities listed on various financial markets around the world. The research consisted in the analysis of the annual reports of 120 companies listed on 8 stock exchanges. In constructing the sample, we’ve started from the hypothesis according to which the degree of transparency of the information presented by companies is directly proportional to the share they occupy in the structure of stock market indices. Finally, 10 stock market indices were analyzed. It was concluded that in order to meet the requirements of transparency and regular reporting, listed entities need to adapt their organization and communication according to good governance practices and accounting rules, so that they are always engaged in an open dialogue with the market. Analyzing the issue of economic-financial communication has led to the identification of extremely generous future research directions, among which we recommend: the study of the relationship between the transparency of economic-financial communication and the quality of corporate governance; studying the impact of decision-makers inestablishing the transparency of economic and financial communication;studying the relationship between the existence or non-existence of internal control mechanisms and the transparency of economic and financial communication, studying the impact of fraudulent financial-accounting reporting practices.