Developing a Forward-Looking information (FLI) Disclosure Pattern with a Grounded Theory-Based Approach

Document Type : Original Article

Authors
Mahboubeh Fotouhi Khankahdani 1
akram taftiyan 2
Mehdi Nazemi Ardakani 3
1 PhD student in accounting.Yazd branch, Islamic azad university.Yazd. Iran.
2 assistant professor, Islamic azad university, yazd, iran
3 Assistant Professor of Accounting Yazd university, Yazd, Iran.
Abstract
The reporting gap between the expectations of investors and business units led to the importance of information disclosure about the future of companies to facilitate the process of decision- making and investment. The purpose of this study is to design a pattern to disclose forward-looking information. The methodology of research is qualitative and a grounded theory is used. For data collection, a review of the literature was performed and finally, results were completed and reinforced by the interview. The participants consist of 30 financial experts and capital market actors who were selected by a theoretical sampling method and a semi-structured interview was performed to achieve theoretical saturation. For the reliability and validity of data, a variety of methods such as data consensus, members’ control, and Strauss acceptance index are used. In the obtained model, the pivotal literature was analyzed in four dimensions namely CEO’s prediction, financial and non-financial information disclosure, future strategies, the information of investors and managers; then the final model was developed and presented regarding the causal conditions, intervening factors, context and as well as the strategies for future information disclosure and its outcomes. Finally, the pattern of forward-looking information disclosure includes 11 main categories and 43 sub-categories.
Keywords
Forward-Looking Disclosure
Forward-Looking and Historical information
Grounded theory
  • تفتیان اکرم و همکاران، (1395)، اثر تدوین استاندارد و مقررات گذاری بر سطح افشا و عملکرد در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران با استفاده از سیستم معادلات هم‌زمان (ارائه مدلی جامع جهت اندازه‌گیری سطح افشا). فصل‌نامه علمی پژوهشی دانش حسابداری و حسابرسی مدیریت، 5(17)، 25-43.
  • جلالی رستم، (۱۳۹۱)، نمونه‌گیری در پژوهش‌های کیفی. مجله تحقیقات کیفی در علوم سلامت. ۱ (۴): ۳۱۰-۳۲۰.
  • حمیدیان محسن، (1396)، بررسی تأثیر حاکمیت شرکتی و افشای اطلاعات آتی بر عملکرد شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران، کنفرانس پارادایم‌های نوین مدیریت و علوم رفتاری، تهران، دبیرخانه دائمی کنفرانس.
  • حنیفر حسین، مسلمی ناهید، (1397)، اصول و مبانی روش های پژوهش کیفی، انتشارات نگاه دانش،چاپ دوم.
  • خدامی پور احمد، امین جانتنی، (1395)، بررسی تأثیر حاکمیت شرکتی بر سطح افشای اطلاعات آتی، کنفرانس علمی مدیریت، حسابداری، اقتصاد و بیمه، زنجان، شرکت طراحان پادنا.
  • خدامی پور احمد، راسخ باقری مسعودزاده، (1395)، بررسی تأثیر میزان افشا اطلاعات بر عملکرد آتی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران، کنفرانس علمی مدیریت، حسابداری، اقتصاد و بیمه، زنجان، شرکت طراحان پادنا.
  • دانایی فر حسن، الوانی سید مهدی، آذر عادل، (1396). روش شناسی پژوهش کیفی در مدیریت: رویکردی جامع. انتشارات صفار، چاپ پنجم، 1396.
  • دستورالعمل اجرایی افشای اطلاعات شرکت‌ها ثبت‌شده نزد سازمان بورس (1384)، اصلاحیه 1396.
  • رحمانی علی، بشیری منش نازنین، (1395)، تدوین الگوی افشای اختیاری: ابزاری برای حسابداری مدیریت، فصل‌نامه علمی پژوهشی دانش حسابداری و حسابرسی مدیریت، 5(19)، 27-45.
  • سدیدی مهدی، بدیعی حسین، نبوی حمید، (1394)، بررسی عوامل مؤثر بر سطح افشا اطلاعات آتی در گزارش‌های سالانه شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران. فصلنامه دانش حسابداری و حسابرسی مدیریت، شماره 16، 57-67.
  • کردستانی غلامرضا، ابراهیمی تهمینه، (1392)، بررسی رابطه‌ی بین کیفیت افشا و قیمت‌گذاری نادرست اقلام تعهدی و جریان نقدی. تحقیقات حسابداری و حسابرسی، شماره 19، 38-53.
  • مشایخی بیتا و همکاران، (1392)، تدوین مدل کیفیت حسابرسی، بورس اوراق بهادار، 6(23)،103-137.
  • هفته‌نامه اطلاعات بورس. شماره ۲۳۱. صفحه ۲
  • یعقوب نژاد احمد، نعمت اله جوادی، (1388)، رابطه بین اندازه شرکتها و هزینه های سیاسی، مجله مطالعات مالی، شماره 4، 41-61

 

  • I.C.P.A. (1970), Accounting Principles Board: Basic Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises. American Institute of Certified Public Accountants 4.
  • Ahmed Hassanein, Khaled Hussainey,(2015). Is forward-looking financial disclosure really informative? Evidence from UK narrative statements, International Review of Financial Analysis 41 (2015) 52–61.
  • Akerlof G. A. (1978), The market for “lemons”: Quality uncertainty and the market mechanism. In Uncertainty in economics (pp. 235-251). Academic Press.‌
  • Ali Uyar, (2012), Merve Kilic, Influence of corporate attributes on forward-looking informationdisclosure in publicly traded Turkish corporations, Procedia - Social and Behavioral Sciences 62:244 – 252.
  • (2010). Management commentary, practice statement. London: InternationalAccounting StandardsBoard.
  • Ben Kwame Agyei-Mensah, (2017), The relationship between corporate governance, corruption and forward-looking information disclosure: a comparative study, Corporate Governance: The International Journal of Business in Society, Vol.17 Issue: 2, pp.284-304.
  • Celik O. Ecer A. & Karabacak H. (2006), Disclosure of Forward Looking Information: Evidence From Listed Companies on Istanbul Stock Exchange. Investment Management and Financial Innovations, (3, Iss. 2), 197-216.‌
  • Cooke T. E, Wallace, R. O. (1990), Financial disclosure regulation and its environment: A review and further analysis. Journal of Accounting and Public Policy, 9(2), 79-110.
  • Cooke T. E. (1992). The impact of size, stock market listing and industry type on disclosure in the annual reports of Japanese listed corporations. Accounting and business research, 22(87), 229-237.
  • Corbin Juliet, Strauss, Anselm. (2008). Basics of Qualitative research, techiniques and procedures for developing Grounded theory.3th edition.
  • FASB (1993), Operating and Financial Review. London: The Accounting Standards Board.
  • FASB (1997), Disclosure about Segments of an Enterprise and related Related information NewYork.
  • FASB (2000), Business Reporting Research Project,New York, www.fasb.org(.
  • Francisco B, (2016), Forward-looking disclosure and corporate reputation as mechanisms to reduce stock return volatility. the Journal of Spanish Accounting Review, (19)1, 122-131.
  • Hammond S. A, Slocum, J. W, (1996). The impact of prior firm financial performance on subsequent corporate reputation. Journal of Business Ethics, 15(2), 159-165.
  • Haniffa R. M. & Cooke, T. E. (2002). Culture, corporate governance and disclosure in Malaysian corporations. Abacus, 38(3), 317-349.‌
  • Healy P. M, Palepu, K. G, (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of accounting and economics, 31(1-3), 405-440.
  • Healy P.M, Hutton A, Palepu K.G, 1999. Stock performance and intermediation changes surrounding sustained increases in disclosure
  • Johnson M. F. Kasznik R, Nelson K. K, (2001). The impact of securities litigation reform on the disclosure of forward looking information by high technology firms. Journal of Accounting Research, 39(2), 297-327.‌
  • Lerchenmüller Julia, (2012), Measurement, Determinants and Consequences of Forward-Looking Reporting Disclosure, docktoral Dissertation, Otto Beisheim School of Management
  • Khalid Alkhatib, (2014), The Determinants of Forward-Looking Information Disclosure Procedia - Social and Behavioral Sciences 109:858 – 864
  • Kılıç M, Kuzey C. (2018). Determinants of forward-looking disclosures in integrated reporting. Managerial Auditing Journal.‌
  • Krause J, Sellhorn T, Ahmed K. (2017). Extreme uncertainty and forward‐looking disclosure properties. Abacus, 53(2), 240-272.‌
  • Lewis G. (2011). Asymmetric information, adverse selection and online disclosure: The case of eBay motors. American Economic Review, 101(4), 1535-46.‌
  • Liu S. (2015). Corporate governance and forward-looking disclosure: evidence from China. Journal of International Accounting, Auditing and Taxation, 25, 16-30.‌
  • Madhani M Pankaj, (2009). Role of Voluntary Disclosure and Transparency In Financial Reporting. The Accounting World; 63-66.
  • Mousa G. A, Elamir E. A. (2018). Determinants of forward-looking disclosure: evidence from Bahraini capital market. Afro-Asian Journal of Finance and Accounting, 8(1), 1-19.‌
  • Mousa G. A, Elamir E. A. (2018). The relationship between corporate forward-looking disclosure and stock return volatility. Problems and Perspectives in Management,16(3), ap11-130.‌
  • Muslu V, et al. (2015). Forward-looking MD&A disclosures and the information environment. Management Science, 61(5), 931-948.
  • Papaj-Wlisłocka E, Strojek-Filus M. (2019). Forward-Looking Information Disclosure as a Risk Factor in Accounting—The Case of Poland. In Multiple perspectives in risk and risk management (pp. 125-141). Springer, Cham.
  • Porter M E, Advantage C. (1985). Creating and sustaining superior erformance. Competitive advantage, 167, 167-206.
  • Richard A. et al. (2020) When are Firms Sued for Qualitative Disclosures? Implications of the Safe Harbor for Forward-Looking Statements. The Accounting Review: January 2020, Vol. 95, No. 1, pp. 31-55
  • Sergio Beretta, Saverio Bozzolan, (2008), Quality versus Quantity: The Case of Forward-Looking Disclosure Journal of Accounting, Auditing & Finance 2008 23: 333.
  • Strauss Anselm L. Corbin Juliet (1990), Basics of Qualitative Research:Grounded Theory Procedures and Techniques, Sage.
  • Street D. L, Gray S. J. (2002). Factors influencing the extent of corporate compliance with International Accounting Standards: summary of a research monograph. Journal of International Accounting, Auditing and Taxation, 11(1), 51-76.
  • Strong N, Walker M. (1987), Information and capital markets. Basil Blackwell.
  • XIN Jiayuan, (2015), The determinants of forward-looking risk disclosure and its impacts on firms’ risk and analyst forecast accuracy: Evidence from the UK. A thesis submitted in partial fulfilment of the requirements for the degree of Doctor of hilosophy in Accounting & Finance Durham University Business School