Proceedings

No. Firms
Overall
Disclosures
XBRL
Index-Score
(54 items)
~ 747 ~
Financial
Information
Index-Score
(40 items)
Nonfinancial
Information
Index-Score
(10 items)
14 Comcast Corp 0.1296 0.1250 0.10 0.25
15 Consol Energy Inc 0.1111 0.1000 0.10 0.25
16 CSX Corp 0.1111 0.1000 0.10 0.25
17 Du Pont E I De Nemours & Co 0.1111 0.1000 0.10 0.25
18 Edgar Online Inc 0.1111 0.1000 0.10 0.25
19 Englobal Corp 0.0370 0.0500 0.00 0.00
20 Erie Indemnity 0.1852 0.1750 0.10 0.50
21 Fastenal Co 0.1111 0.1000 0.10 0.25
22 Fluor Corp 0.1111 0.1000 0.10 0.25
23 General Electric Co 0.0926 0.1000 0.00 0.25
24 General Mills Inc 0.0741 0.1000 0.00 0.00
25 HCP Inc 0.1296 0.1250 0.10 0.25
26 Icu Medical Inc 0.0926 0.1000 0.00 0.25
27 International Paper 0.1111 0.1000 0.10 0.25
28 IBM 0.1481 0.1500 0.10 0.25
29 Itron Inc 0.0926 0.1000 0.00 0.25
30 Liberty Global Inc 0.1296 0.1250 0.10 0.25
31 Microsoft Corp 0.4074 0.4000 0.40 0.50
32 Newmont Mining Corp 0.1296 0.1250 0.10 0.25
33 Noble Energy Inc 0.1111 0.1000 0.10 0.25
34 Northrop Grumman Corp 0.1296 0.1250 0.10 0.25
35 Omnicom Group Inc 0.0926 0.1000 0.00 0.25
36 On Semiconductor Corp 0.1111 0.1000 0.10 0.25
37 Papa Johns Int Co 0.1296 0.1250 0.10 0.25
38 Pepsico Inc 0.0926 0.1000 0.00 0.25
39 PG & E Corp 0.0926 0.1000 0.00 0.25
40 Pitney Bowes Inc 0.1111 0.1000 0.10 0.25
41 Praxair 0.0926 0.1000 0.00 0.25
42 Progress Energy Inc 0.1296 0.1250 0.10 0.25
43 Prologis 0.4815 0.5000 0.50 0.25
44 R.R. Donnelley & Sons Co 0.1111 0.1000 0.10 0.25
45 Sandridge Energy Inc 0.1111 0.1000 0.10 0.25
46 Southwest Airlines Co 0.0926 0.1000 0.00 0.25
47 Ultra Petroleum Corp 0.1296 0.1250 0.10 0.25
48 United Technologies Corp 0.3889 0.4000 0.40 0.25
49 Unitedhealth Group Inc 0.1111 0.1000 0.10 0.25
50 Western Union Co 0.1296 0.1250 0.10 0.25
51 Xerox Corp 0.4259 0.4500 0.40 0.25
4.2. Model Development
General
Information
Index-Score
(4 items)
Earlier discussion has suggested that there is no theoretically correct way to describe
the link between dependent and independent variables (Lang and Lundholm 1993;
Cooke 1998). Therefore, Lang and Lundholm (1993), as well as Wallace et al. (1994),
suggested the use of ranked (OLS) regression as a technique for coping with data sets
with non-linear and monotonic relations between dependent and independent
variables (Lang and Lundholm 1993). Following Camfferman and Cooke (2002) and
Alsaeed (2006), this study uses the unranked OLS approach. It is worth noting that the
essence of the quality of disclosure as the dependent variable is not firmly defined.
Wallace et al. (1994), as well as Camfferman and Cooke (2002), used the term of
comprehensiveness. Following Patton and Zelenka (1997), I use the term of extent as
the dependent variable.