Abstract
This study investigates the extent to which the disclosure requirements of the London Stock Exchange relating to company annual reports are complied with or exceeded by Continental European companies listed on the Exchange. It was found that the companies exceeded Exchange requirements through a wide range of voluntary disclosures, which in some cases were substantial. The significance of the Stock Exchange requirements appeared to be relatively minimal compared to competitive pressures associated with the need to raise capital in the international capital market context. At the same time, there were persistent national characteristics in the pattern of items voluntarily disclosed.
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*G. K. Meek is Associate Professor of Accounting at Oklahoma State University. At the time the research for this paper was conducted he was Wards Visiting Lecturer at the University of Glasgow. His research focuses primarily on transnational reporting issues.
**S. J. Gray is Professor of Accounting and Director of the Centre for International Finance and Accounting at the University of Glasgow in Scotland. His research focuses primarily on the international aspects of accounting and information disclosures by multinationals.
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Meek, G., Gray, S. Globalization of Stock Markets and Foreign Listing Requirements: Voluntary Disclosures by Continental European Companies Listed on the London Stock Exchange. J Int Bus Stud 20, 315–336 (1989). https://doi.org/10.1057/palgrave.jibs.8490854
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DOI: https://doi.org/10.1057/palgrave.jibs.8490854