Title: COVID-19-specific going concern disclosures in the financial statements: evidence from an emerging economy

Authors: Md. Rezaul Karim; Samia Afrin Shetu; Md. Tanvir Hossain

Addresses: Newcastle Business School, The University of Newcastle, Newcastle NSW 2300, Australia; Department of Accounting, University of Dhaka, Dhaka-1000, Bangladesh ' Newcastle Business School, The University of Newcastle, Newcastle NSW 2300, Australia; Department of Tourism and Hospitality Management, University of Dhaka, Dhaka-1000, Bangladesh ' Sydney Business School, The University of Wollongong, Northfields Ave, North Wollongong NSW 2522, Australia

Abstract: This research investigates whether firms properly disclosed COVID-19's implications in the 'going concern' section of their annual reports based on an emerging economy context. COVID-19-specific going concern disclosures of the listed textile and banking companies are analysed for 2020 and 2021 using discourse analysis and the findings are explained through the theoretical lens of impression management. We document that companies inadequately assessed the impact of the pandemic on going concern issues and instead employed various impression management techniques to shape stakeholder perceptions. Mostly, defensive and performance-showcasing tactics were employed, while assertive impression management techniques were used less frequently. The findings of this study hold significant policy implications for regulators, shareholders, boards, management, and auditors in shaping future disclosure directives during crises such as COVID-19. Furthermore, the study contributes to the existing literature by applying impression management theory to going concern disclosures, an area that remains relatively underexplored.

Keywords: COVID-19; going concern problem; going concern disclosures; impression management; emerging economy.

DOI: 10.1504/IJAF.2025.154807

International Journal of Accounting and Finance, 2025 Vol.12 No.4, pp.238 - 256

Received: 26 Jul 2024
Accepted: 07 Dec 2025
Published online: 14 Jul 2026 *

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