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- W3126112821 abstract "ABSTRACTThis research examines voluntary financial communication on the Internet by companies quoted on Brussels' unregulated markets. In the absence of obligation to communicate, we wish to know if companies quoted on these markets are proactive regarding financial disclosure on their website? We also identify determinants of the level of internet financial communication. Have the characteristics of the SME an impact on this level? What brought the managers of these SME to disclose or not financial information on the Internet? Do companies quoted in Paris disclose more financial information on their websites than those quoted in Brussels? The general methodology of this thesis follows Grounded Theory principles. This paper aims at showing the contribution of an inductive positioning and the complementary of quantitative and qualitative approaches.JEL: M15, G10, C50, 032KEYWORDS: Financial Communication, Website Analyses, Internet Financial Reporting, Unregulated Financial Markets, Voluntary DisclosureINTRODUCTIONOn the unregulated market, there is no obligation for firms to engage in internet communication. The absence of obligation regarding internet financial communication leads to the question of the extent of voluntary communications. The stock exchange of Brussels is part of the NYSE Euronext since the 2007 merger of the NYSE Group and Euronext NV. Two unregulated markets: the Free market and Altemext. evolved on the side of the regulated market Euronext. Study of these unregulated markets is interesting because they address list small and medium-sized enterprises (SME) which are an important part of the Belgian economic framework. These markets give SMEs the possibility of a first stock-exchange experience without satisfying all the obligations related to a listing on a regulated market, and offer them a means to raise capital.The majority of the scientific papers are dedicated to regulated financial markets. To our knowledge the research here is the first to examine unregulated markets in of Belgium. Our research centers around the voluntary communication efforts. Quantitative and qualitative approaches were utilized in the analysis. The general methodological approach of our research is inductive and draws on principles of Grounded Theory. This article presents issues of financial communication that lead to our research questions. Then we present the methodologies used. Next, results are presented. The paper closes with some concluding comments.LITERATURE REVIEWInternet financial communications originally functioned as a legal obligation and was compulsory for listed companies. Since the 1990s, the approach evolved well. Beyond the simple disclosure of financial information, financial communications became an element of firm's global strategies (Westphalen & Libaert, 2009). The exchange of stock takes place according to the law of supply and demand. The product sells the company, even if it is a share. Information communication requires a plan (Heldenbergh & Scoubeau, 2005). A plan of financial communication must be developed according to the financial objectives of the compan (Malaval, Decaudin & Benaroya, 2009: 496). A distinction is made between financial information which emanates directly from legal obligations governing the publication annual accounts of companies and other financial communication (De Bruin, 1999: 16). Financial communication is a strategic element that is inseparable with financial and stock-exchange marketing (Leger, 2008).Several arguments ague for financial information disclosure. Agency Theory finds application within the framework of financial information disclosure. According to Jensen & Meckling (1976), disclosure of financial information allows one to limit agency conflicts and reduce the agency costs. Transparency aims at reducing information asymmetry and preventing opportunist behavior (Chaher & Gnichi, 2007). …" @default.
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- W3126112821 date "2015-01-01" @default.
- W3126112821 modified "2023-09-27" @default.
- W3126112821 title "UNREGULATED MARKETS AND INTERNET FINANCIAL COMMUNICATION: QUALITATIVE AND QUANTITATIVE APPROACHES" @default.
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