Title: Determinants of information disclosure by companies listed on the Warsaw Stock Exchange in Poland

Authors: Anna Białek-Jaworska

Addresses: Faculty of Economic Sciences Department of Banking, Finance and Accounting, University of Warsaw, 44/50 Długa Street 00-241 Warsaw, Poland

Abstract: The paper aims to identify the determinants of information disclosure in financial reports of 227 public companies listed on the Warsaw Stock Exchange in Poland in the years 2010-2013. Understanding what influences the scope of disclosure by listed companies is important in the context of minimising information asymmetry on the capital markets and reporting standards harmonisation. I conducted a panel study with the self calculated CIFAR Index and its part concerning the disclosure of information to shareholders and the accounting policy. The findings confirmed that larger companies disclose more information in their financial reports and on the website. Audit conducted by a firm from the 'big four' is positively, while free float negatively, correlated with information disclosure to stockholders. The extent of disclosure increases with external financing. However, applying for a bank loan reduces the disclosure to shareholders, while increases disclosures in total and in scope of the accounting policy.

Keywords: information disclosure; accounting policy; leverage; Warsaw Stock Exchange; Poland; financial statements; information asymmetry; capital markets; reporting standards; external finance; bank loans; financial reporting.

DOI: 10.1504/GBER.2017.082591

Global Business and Economics Review, 2017 Vol.19 No.2, pp.157 - 175

Received: 11 Feb 2015
Accepted: 15 Feb 2016
Published online: 02 Mar 2017 *

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