The Usefulness of Corporate Annual Reports to Shareholders in Australia, New Zealand, and the United States

, by Anderson, Ray H.; Epstein, Marc J.

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ISBN: 9780762301621 | 0762301627
Cover: Hardcover
Copyright: 1/1/1997

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Supplemental Materials

1. Introduction

(12)

Objectives of Financial Reporting

(7)

SAC 1: Definition of the Reporting Entity

(1)

SAC 2: Objective of General Purpose Reporting

(1)

SAC 3: Qualitative Characteristics of Financial Information

(1)

Sac 4: Definition and Recognition of the Elements of Financial Statements

(4)

The motivation for the Study

(2)

Organization of the book

(3)

2. Prior Evidence on Corporate Annual Reports

(10)

Individual Investors' Approaches to Investing

(2)

Investor Sources of Information

(2)

Investment Goals

(1)

The Usefulness of Individual Annual Report Items

(1)

Why are Annual Reports Not More Useful?

(2)

Difficulty of Annual Reports

(1)

Credibility of Annual Reports

(1)

Demand for Additional Disclosure

(1)

Sophisticated Versus Less Sophisticated Investors

(1)

Summary

(3)

3. Research Methodology and the Demographics of the Corporate Shareholder

(12)

Research Methodology

(1)

Methodological Benifits

(3)

External Validity

(5)

The Chi-square Test for Nonresponse Bias

(2)

Demorgraphic Results

(3)

A Comparsion of Conclusions

(1)

Summary

(2)

4. Investor's Investment Objectives and Their Information Sources

(10)

Information Sources

(2)

Usefulness of the Annual Report

(1)

Difficulty in Understanding the Annual Report

(1)

Investors' Investment Objectives

(1)

The Relationship Between Sources of Information and Goals

(4)

Summary

(1)

5. The Readership and Usefulness of Corporate Financial Statements

(8)

Readership of Financial Statement

(1)

Difficulty of Financial Statements

(1)

Usefulness of Financial Statements

(1)

The Relationship Between Usefulness and Readership

(1)

The Association Between the Usefulness of Financial Statement Items

(2)

Summary

(1)

6. The Readership and Usefulness of Nonfinancial Statement Items

(18)

Chairman's Address

(2)

Essay and Pictorial

(2)

Footnotes

(1)

Summary Annual Reports

(3)

Director's Report

(4)

Management's Discussion and Analysis

(3)

Other Innovations

(1)

The Reltionship Between Usefulness and Readership: Nonfinancial Statement Itesm

(1)

Summary

(1)

7. The Effect of Sophistication on the Use of Annual Reports

(6)

Is there Really a Difference? Usefulness Versus Sophistication

(1)

The Usefulness of Annual Reports as a Function of Sophistication

(4)

Experience

(2)

% Wealth and Wealth

(1)

Age

(1)

Education

(1)

Summary

(1)

8. Shareholders' Demand for Improved Reporting

(18)

Demand for Further Explanation

(3)

Demand for Additional Disclosure

(5)

Effect of Sophistication on Demand for Disclosure--Financial Information

(2)

Improved Disclosure of Nonfinancial Information: Evidence of a Credibility Gap

(4)

Effect of Sophistication on Demand for Disclosure--Nonfinancial Information

(1)

Summary

(1)

9. The Expectation Gap and the Auditor

(34)

Earlier Evidence of a Growing Investor Expectation Gap

(3)

Recent Evidence of an Expectation Gap

(7)

Magnitude and Nature of Auditor Liability Problem

105

(1)

The Legal Origins of Auditors' Liability

106

(8)

Audit of Financial Statements

114

(3)

Shareholders' Perceptions of Auditors' Responsibilities

117

(3)

The Role of Investor Sophistication

120

(6)

Summary

126

(3)

10. Shareholder Use of the Auditor's Report

129

(16)

Readership of Auditor's Reports

129

(5)

Usefulness of Auditor's Reports to Investors

134

(1)

Understandability and the Need for Additional Explanation

135

(2)

Relationship Among Readership, Perceived Usefulness, Understandability, and the Desire for Additional Explanation

137

(5)

Summary

142

(3)

11. Shareholder Views on Auditor Independence and Conflict of Interest

145

(10)

Threats to Independence

147

(2)

Prior Research on the Effect of Consulting Services on Auditor Independence

149

(1)

Investor Views on Audit Independence

149

(4)

Summary

153

(2)

12. Shareholder Perceptions of the Financial Reporting Responsibilities of Auditors, Management, and the Board of Directors

155

(8)

Responsibilities of Auditors, Management, and the Board of Directors

156

(2)

Investor Perceptions of Financial Reporting Responsibilities

158

(4)

Summary

162

(1)

13. The Future of the Corporate annual Report in Responding to Shareholders' Demand for Accountability

163

(12)

Major Findings of This Study

165

(1)

The Annual Report Should be User Driven

168

(1)

Resistance to Improved Annual Reports

169

(2)

Implications for the Design and Content of Corporate Annual Reports

171

(4)

Appendix A: Surveying Methods and Results

175

(36)

Cover Letters Accompanying the Surveys

177

(17)

Questionnaries on the Usefulness of Corporate Annual Reports

194

(17)

Appendix B: Chi-square Test for Nonresponse Bias

211

(10)

References

221

(8)

Author Index

229

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The Usefulness of Corporate Annual Reports to Shareholders in Australia, New Zealand, and the United States

Table of Contents

Supplemental Materials