The functioning of the global economy depends very much on the
quality and quantity of information provided by multinational
corporations, not only to investors and taxing agencies but also to
governmental policymakers. Underlying this is the concept of
disclosure adequacy. It refers to ways in which the quality of
information that MNC's divulge about their economic transactions
can be measured, and such information and its adequacy can vary
widely from country to country. How this happens and why it should
be so-what the nature of disclosure adequacy and its determinants
are-is the subject of Riahi-Belkaoui's latest Quorum book.
Academics in finance and accounting will recognize quickly the
beginnings of a contingency theory of disclosure adequacy
internationally, one that identifies various relativisms and
presents empirical evidence for their validity. Financial analysts
and other investment professionals will gain useful ways to work
with (and make sense of) foreign firms' annual reports, while
public policy people will find insights to aid in the harmonization
of accounting principles.
Riahi-Belkaoui's contingency approach to disclosure adequacy
identifies determinants based on cultural, linguistic, political,
civil, economic and demographic relativisms, on legal and tax
relativisms and even on religious relativism. He presents evidence
that accounting for information adequacy does in fact have a
positive impact on economic growth. It is also an ideal mechanism
by which firms can control conflicts created by favorable or
unfavorable information regarding the general investment climate of
a particular country. He examines international differences in
disclosure adequacy, then proves there is a positive relationship
between the functionings of global stock exchanges and economic and
human development. From there he discusses the relationship between
disclosure adequacy and political, economic, and civil factors.
Finally, he examines four cultural dimensions-individualism, power
distance, uncertainty avoidance, masculinity-and their impact not
only on disclosure adequacy but on the way the entire accounting
enterprise is practiced internationally.
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