Title: The inclination to public disclosure of financial forecasts by companies listed on the Warsaw Stock Exchange in times of mobile life

Authors: Tomasz Sosnowski; Anna Wawryszuk-Misztal

Addresses: Department of International Investments and Finance, Faculty of Economics and Sociology, University of Lodz, 41 Rewolucji 1905 r. St., 90-214 Lodz, Poland ' Department of Corporate Finance and Accounting, Faculty of Economics, Maria Curie Sklodowska University, Pl. M. Curie-Skłodowskiej 5, 20-031 Lublin, Poland

Abstract: Voluntary disclosures play an important role in mitigating the information asymmetry on the financial markets and the mobile perspective can be a challenge for modern corporate reporting. Public disclosures are usually announced in a web and they can be accessed online by users. Using a sample of 267 non-financial companies listed on the Warsaw Stock Exchange between 2016 and 2018, we examine the link between some attributes of the company's tendency to future predictive reporting of earnings projections and its corporate governance system. Employing the logistic and multivariate regression analysis, we document that institutional investors are able to enhance the company to adopt better the practice of the voluntary disclosure of earnings forecasts, at the same time keeping under control the flow of more general forward-looking information to other stock investors. Moreover, the management and supervisory board size, as well as the presence of female members in the boardroom are also associated with the company's policy of future predictive reporting.

Keywords: financial predictions; corporate governance; voluntary disclosures; management and supervisory board composition; ownership structure.

DOI: 10.1504/IJMLO.2020.108225

International Journal of Mobile Learning and Organisation, 2020 Vol.14 No.3, pp.338 - 356

Received: 02 Sep 2019
Accepted: 06 Dec 2019
Published online: 06 Jul 2020 *

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