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the traditional methods of print-media (Shukla and The remainder of the paper is organized as follows:
Gekara, 2010). As characterized with pervasiveness, Section II presents a review of past research. Section
borderless-ness, real-time, low-cost, and high- III presents the objectives of the study. Section IV
interaction (Ashbaugh et al., 1999; Debreceny, et describes the research methodology. Section V
al., 2002) as well as with integration of text, figures, presents the results and analysis and Section VI
images, live pictures, and sounds (Debreceny et al., concludes with a summary of findings.
2002). These characteristics, summarized in three
words: diversity, timeless, and unlimited access, Review of Literature
have transformed the internet into an important
reporting medium (Verity, 1994) through which Lymer (1997) studied the 50 largest UK listed
information about firm’s performance can reach to companies and reported that 92% had websites with
all the potential global investors, in addition to the 68% of them provide financial information. Lymer
traditional stakeholders (Ashbaugh et al., 1999). and Tallberg (1997) analyzed 72 listed companies
Thus it becomes the fastest, cheapest and of Finland and found that 90% had websites with
increasingly used media of information in business 32% of them including financial reports, 11% having
world today. However, the information disclosed in full reporting and 71% having partial reporting.
the website is yet to be standardized because different Hedlin (1999) surveyed Swedish companies’
companies are adopting different practices in this websites and found that the companies of Stockholm
regard. Stock Exchange were in progress towards
establishing a web. Ettredge et al. (2000) compared
The use of internet for corporate reporting is quite the website accounting content of 100 companies
old in India. There are good numbers of studies on that received going concern opinions to a matched
web-based corporate reporting in India so far but sample of companies with unmodified reports. The
none in context of Global Depository Receipts. A results pointed out that the going concern opinion
global depository receipt (GDR) is a certificate companies are less likely to present their audit report
issued by a depository bank, which purchases shares at their websites. However, most of them still
of foreign companies and deposits it on the account. provided accounting information of some sort;
GDRs represent ownership of an underlying number mainly unaudited quarterly reports that often include
of shares. In words, it is a negotiable certificate held year-end results.
in the bank of one country representing a specific
number of shares of a stock traded on an exchange Matson and Leow (1998) tested the relationship
of another country. Indian companies are also listed between company characteristics and internet
on more than one country’s stock exchange under disclosure of FTSE-100 companies in UK in 1996.
the Global Depository Receipts (GDR) category and The evidence suggested that there was a
are traded globally. Therefore, it becomes important significant positive relationship between firm size
to measure their corporate reporting viability. The and the like hood of disclosing some financial
present study attempted to address the existing gap information on the internet. Spanos (2006)
in literature with respect to the utilization of the surveyed the websites of 136 companies listed
internet for corporate reporting by globally listed on the Athens Exchange in order to investigate the
Indian companies. The findings of this research have online corporate reporting practices by Greek
implications beyond the academic literature. companies. The results reveal that Greek
Attempts have been made in this study to make an companies rely mostly on common and traditional
exhaustive checklist of internet disclosure items on internet reporting practices and there is room for
the website of the companies and checklist made by improvements in order to utilize the full potential of
Dutta and Bose (2007b) was modified for this study. the internet. The study also reveals that the smaller
5
Gekara, 2010). As characterized with pervasiveness, Section II presents a review of past research. Section
borderless-ness, real-time, low-cost, and high- III presents the objectives of the study. Section IV
interaction (Ashbaugh et al., 1999; Debreceny, et describes the research methodology. Section V
al., 2002) as well as with integration of text, figures, presents the results and analysis and Section VI
images, live pictures, and sounds (Debreceny et al., concludes with a summary of findings.
2002). These characteristics, summarized in three
words: diversity, timeless, and unlimited access, Review of Literature
have transformed the internet into an important
reporting medium (Verity, 1994) through which Lymer (1997) studied the 50 largest UK listed
information about firm’s performance can reach to companies and reported that 92% had websites with
all the potential global investors, in addition to the 68% of them provide financial information. Lymer
traditional stakeholders (Ashbaugh et al., 1999). and Tallberg (1997) analyzed 72 listed companies
Thus it becomes the fastest, cheapest and of Finland and found that 90% had websites with
increasingly used media of information in business 32% of them including financial reports, 11% having
world today. However, the information disclosed in full reporting and 71% having partial reporting.
the website is yet to be standardized because different Hedlin (1999) surveyed Swedish companies’
companies are adopting different practices in this websites and found that the companies of Stockholm
regard. Stock Exchange were in progress towards
establishing a web. Ettredge et al. (2000) compared
The use of internet for corporate reporting is quite the website accounting content of 100 companies
old in India. There are good numbers of studies on that received going concern opinions to a matched
web-based corporate reporting in India so far but sample of companies with unmodified reports. The
none in context of Global Depository Receipts. A results pointed out that the going concern opinion
global depository receipt (GDR) is a certificate companies are less likely to present their audit report
issued by a depository bank, which purchases shares at their websites. However, most of them still
of foreign companies and deposits it on the account. provided accounting information of some sort;
GDRs represent ownership of an underlying number mainly unaudited quarterly reports that often include
of shares. In words, it is a negotiable certificate held year-end results.
in the bank of one country representing a specific
number of shares of a stock traded on an exchange Matson and Leow (1998) tested the relationship
of another country. Indian companies are also listed between company characteristics and internet
on more than one country’s stock exchange under disclosure of FTSE-100 companies in UK in 1996.
the Global Depository Receipts (GDR) category and The evidence suggested that there was a
are traded globally. Therefore, it becomes important significant positive relationship between firm size
to measure their corporate reporting viability. The and the like hood of disclosing some financial
present study attempted to address the existing gap information on the internet. Spanos (2006)
in literature with respect to the utilization of the surveyed the websites of 136 companies listed
internet for corporate reporting by globally listed on the Athens Exchange in order to investigate the
Indian companies. The findings of this research have online corporate reporting practices by Greek
implications beyond the academic literature. companies. The results reveal that Greek
Attempts have been made in this study to make an companies rely mostly on common and traditional
exhaustive checklist of internet disclosure items on internet reporting practices and there is room for
the website of the companies and checklist made by improvements in order to utilize the full potential of
Dutta and Bose (2007b) was modified for this study. the internet. The study also reveals that the smaller
5
