An Empirical Examination of Corporate Websites as a Voluntary Disclosure Medium
Standards-setters, regulators and academics believe that the corporate website may enhance the flow of voluntary disclosure to the capital market and other stakeholders. Managers' use of the corporate website is a common practice now, yet we know little about how these websites affect investors. In this study, I analyze seven incremental voluntary disclosure categories to examine their predictive ability and their value relevance. The results show that the key non-financial statistics, projected information, information on intangible assets, social and environmental information, are associated with future revenue, future earnings, and contemporaneous stock return. The paper contributes to the growing literature on websites disclosure and more generally to the literature on voluntary and strategic disclosure.
Keywords: The Corporate Website, Content Analysis, Information Content, Voluntary Disclosure
Dr. Samir Trabelsi
Assistant Professor, Department of Accounting, Brock University
Dr. Trabelsi is a member of Beta Gamma Sigma Honor Society of Business.