This document summarizes a study examining corporate reporting practices on the Internet by Irish companies in 1998. The study analyzed 109 Irish listed and semi-state companies. It found that 35 (37%) listed companies and 15 (100%) semi-state companies had a website. Larger companies and those in the services and financial industries were more likely to have a website. The study aimed to examine the level of Internet usage, types of financial information disclosed, and characteristics of companies with websites, such as size, leverage, and industry.
E business an appraisal in enhancing accountability in service delivery and e...Alexander Decker
1) The document discusses the impacts of e-business on accountability in service delivery, productivity, and economic growth. It reviews previous literature that has examined both the positive and negative environmental effects of e-commerce.
2) The literature review finds that e-business can increase productivity and efficiency within companies by up to 60%, and that it has the potential to reduce waste, inventory needs, and the use of paper. However, e-commerce may also increase transportation and packaging waste from shipping.
3) The document examines how e-business impacts accountability in service delivery through identity management and proposes requirements for identity services to provide accountability, such as properly assessing identity data and maintaining identity information over long periods of time.
Impact of the_internet_on_globalization_of_businessDr. TJ Wolfe
The document discusses several issues that businesses need to consider when establishing a global online presence, including trust issues, language barriers, cultural barriers, infrastructure issues, legal issues, and tax issues. Some key points are that 40% of e-commerce involves international transactions, businesses need to establish credibility with foreign customers and be aware of different customs and legal systems, and providing content in multiple languages can help build trust and increase sales. Infrastructure, laws, taxes, and trade issues vary significantly between countries. The internet facilitates global business by allowing access and transactions anywhere at any time.
WSIS+10 Overall Review of the Implementation of the WSIS OutcomesDr Lendy Spires
This document presents a review of the progress made in the implementation of Action Line C7 (E-business) since the first World Summit on the Information Society (WSIS) in 2003. It is based on the 10-Years Review Report Template contained in the WSIS Forum 2012: Outcome Document. As Action Line facilitators, the UN Conference on Trade and Development (UNCTAD), the International Trade Centre (ITC) and the Universal Postal Union (UPU) have supported eight facilitation meetings in Geneva, since 2009 as part of the annual WSIS Forum.
These meetings have provided a venue for different stakeholders to exchange views and experiences with regard to trends, impact and policies related to e-business (box 1). Box 1. Action line facilitation meetings related to E-business, 2006-2013 E-business action line meetings have focused on a number of issues since 2005, covering the various aspects highlighted in the Geneva Plan of Action under e-business. The meetings have occasionally been organized jointly with other action lines. 2006: E-Business and and E-employment (with e-employment action line) 2007: ICTs, Global Supply Chains and Development (with e-employment action line) 2008: E-Commerce as a Key Facilitator for SME Competitiveness 2009: E-Business and Poverty Alleviation 2010: ICT and Rural Enterprise (with e-agriculture action line) 2011:
The Promise of Mobile Technology (with e-agriculture action line) 2012: Promoting the Domestic ICT Sector 2013: E-Commerce and Development Source: UNCTAD, ITC and UPU. In 2012-2013, the facilitators jointly organized an open consultation on the e- business action line. A wide range of stakeholders, such as trade bodies, international organizations, businesses, governments and civil society across the globe took part in the consultation. The findings of this process were presented at the WSIS+10 Review meeting held in Paris at the UNESCO Headquarters in February 2013.
In between the annual WSIS Forums and related meetings, the respective work programmes of the three co-facilitators have continuously supported the implementation of the action line on e-business. The International Labour Organization (ILO) was among the original co-facilitators of this action line but has not been active after 2008.
The document summarizes the opportunities for digital entrepreneurship in the Caribbean region presented by the growing digital economy and emerging technologies. It discusses how individuals can develop digital businesses by exploiting niches in e-commerce, software development, mobile applications, and virtual/digital experiences. The document also outlines strategies governments can take to facilitate ICT development and encourage entrepreneurship, including improving infrastructure, policies and regulations, and skills training. Overall, the document presents an optimistic view of the potential for Caribbean entrepreneurs and governments to participate in and benefit from the expanding digital economy.
1) Technology is rapidly disrupting tax authorities and tax functions by challenging long-standing international tax principles and rules as digital business models become more common and borderless.
2) Both tax authorities and tax departments are facing new complexities from technology disruption and must work to understand and manage their roles in ongoing business transformations driven by new technologies.
3) Tax departments must leverage new technologies like data analytics to unlock valuable information for businesses while also adapting to adopt new technologies, acquire new skills, and respond to constant tax law changes in this challenging environment.
The Strategy& Global ICT 50, an annual survey of the 50 most influential technology companies, finds that the battle for the cloud is heating up and every tech company will be affected. For more insights, visit strategy-business.com
The top 20 global corporations in 2010 according to IMS data were: 1) Royal Dutch Shell, 2) Exxon Mobil, 3) BP, 4) Sinopec Group, 5) China National Petroleum, 6) Toyota Motor, 7) Volkswagen, 8) General Motors, 9) Daimler, 10) ENI, 11) Ford Motor, 12) Total, 13) Chevron, 14) ConocoPhillips, 15) ING Group, 16) Allianz, 17) Fannie Mae, 18) Freddie Mac, 19) State Farm Insurance, 20) Berkshire Hathaway.
Builders of the Digital Ecosystem: The 2013 Booz & Company Global ICT 50 StudyFlorian Gröne
In its second year, this study analyzes the top companies in the digitization ecosystem, describing which are prospering and which are not, and providing some guidance about why. Dividing them into four sectors—hardware, software, IT services, and telecom—we consider the factors that determine their influence: financial performance, portfolio strength, go-to-market footprint, and innovation and branding, as well as their strategic directions.
E business an appraisal in enhancing accountability in service delivery and e...Alexander Decker
1) The document discusses the impacts of e-business on accountability in service delivery, productivity, and economic growth. It reviews previous literature that has examined both the positive and negative environmental effects of e-commerce.
2) The literature review finds that e-business can increase productivity and efficiency within companies by up to 60%, and that it has the potential to reduce waste, inventory needs, and the use of paper. However, e-commerce may also increase transportation and packaging waste from shipping.
3) The document examines how e-business impacts accountability in service delivery through identity management and proposes requirements for identity services to provide accountability, such as properly assessing identity data and maintaining identity information over long periods of time.
Impact of the_internet_on_globalization_of_businessDr. TJ Wolfe
The document discusses several issues that businesses need to consider when establishing a global online presence, including trust issues, language barriers, cultural barriers, infrastructure issues, legal issues, and tax issues. Some key points are that 40% of e-commerce involves international transactions, businesses need to establish credibility with foreign customers and be aware of different customs and legal systems, and providing content in multiple languages can help build trust and increase sales. Infrastructure, laws, taxes, and trade issues vary significantly between countries. The internet facilitates global business by allowing access and transactions anywhere at any time.
WSIS+10 Overall Review of the Implementation of the WSIS OutcomesDr Lendy Spires
This document presents a review of the progress made in the implementation of Action Line C7 (E-business) since the first World Summit on the Information Society (WSIS) in 2003. It is based on the 10-Years Review Report Template contained in the WSIS Forum 2012: Outcome Document. As Action Line facilitators, the UN Conference on Trade and Development (UNCTAD), the International Trade Centre (ITC) and the Universal Postal Union (UPU) have supported eight facilitation meetings in Geneva, since 2009 as part of the annual WSIS Forum.
These meetings have provided a venue for different stakeholders to exchange views and experiences with regard to trends, impact and policies related to e-business (box 1). Box 1. Action line facilitation meetings related to E-business, 2006-2013 E-business action line meetings have focused on a number of issues since 2005, covering the various aspects highlighted in the Geneva Plan of Action under e-business. The meetings have occasionally been organized jointly with other action lines. 2006: E-Business and and E-employment (with e-employment action line) 2007: ICTs, Global Supply Chains and Development (with e-employment action line) 2008: E-Commerce as a Key Facilitator for SME Competitiveness 2009: E-Business and Poverty Alleviation 2010: ICT and Rural Enterprise (with e-agriculture action line) 2011:
The Promise of Mobile Technology (with e-agriculture action line) 2012: Promoting the Domestic ICT Sector 2013: E-Commerce and Development Source: UNCTAD, ITC and UPU. In 2012-2013, the facilitators jointly organized an open consultation on the e- business action line. A wide range of stakeholders, such as trade bodies, international organizations, businesses, governments and civil society across the globe took part in the consultation. The findings of this process were presented at the WSIS+10 Review meeting held in Paris at the UNESCO Headquarters in February 2013.
In between the annual WSIS Forums and related meetings, the respective work programmes of the three co-facilitators have continuously supported the implementation of the action line on e-business. The International Labour Organization (ILO) was among the original co-facilitators of this action line but has not been active after 2008.
The document summarizes the opportunities for digital entrepreneurship in the Caribbean region presented by the growing digital economy and emerging technologies. It discusses how individuals can develop digital businesses by exploiting niches in e-commerce, software development, mobile applications, and virtual/digital experiences. The document also outlines strategies governments can take to facilitate ICT development and encourage entrepreneurship, including improving infrastructure, policies and regulations, and skills training. Overall, the document presents an optimistic view of the potential for Caribbean entrepreneurs and governments to participate in and benefit from the expanding digital economy.
1) Technology is rapidly disrupting tax authorities and tax functions by challenging long-standing international tax principles and rules as digital business models become more common and borderless.
2) Both tax authorities and tax departments are facing new complexities from technology disruption and must work to understand and manage their roles in ongoing business transformations driven by new technologies.
3) Tax departments must leverage new technologies like data analytics to unlock valuable information for businesses while also adapting to adopt new technologies, acquire new skills, and respond to constant tax law changes in this challenging environment.
The Strategy& Global ICT 50, an annual survey of the 50 most influential technology companies, finds that the battle for the cloud is heating up and every tech company will be affected. For more insights, visit strategy-business.com
The top 20 global corporations in 2010 according to IMS data were: 1) Royal Dutch Shell, 2) Exxon Mobil, 3) BP, 4) Sinopec Group, 5) China National Petroleum, 6) Toyota Motor, 7) Volkswagen, 8) General Motors, 9) Daimler, 10) ENI, 11) Ford Motor, 12) Total, 13) Chevron, 14) ConocoPhillips, 15) ING Group, 16) Allianz, 17) Fannie Mae, 18) Freddie Mac, 19) State Farm Insurance, 20) Berkshire Hathaway.
Builders of the Digital Ecosystem: The 2013 Booz & Company Global ICT 50 StudyFlorian Gröne
In its second year, this study analyzes the top companies in the digitization ecosystem, describing which are prospering and which are not, and providing some guidance about why. Dividing them into four sectors—hardware, software, IT services, and telecom—we consider the factors that determine their influence: financial performance, portfolio strength, go-to-market footprint, and innovation and branding, as well as their strategic directions.
Firms in growth phase want to expand their customer base, enter new product markets and
rationalize their business. The advent of internet based electronic commerce has given them
ample opportunities do so. Although many SME's have embraced ICT and taken up e-commerce,
the adoption rate has been rather slow. Many industry analysts attribute this slow adoption rate
to the lack of awareness of e-commerce applications.
1. E-commerce involves buying and selling of goods and services through digital communications and can be categorized into models involving physical delivery of tangible products, digital delivery of products, application hosting, and e-services.
2. Taxation of e-commerce transactions raises issues around international boundaries, losses of government revenue, and potential slowing of e-commerce growth.
3. Currently internet purchases are largely not taxed due to difficulties in determining tax jurisdiction and the intangible nature of some digital products, though some large retailers have begun voluntarily collecting taxes.
The document discusses cybersecurity trends in South Africa. Some key points:
1. South Africa has a growing cybersecurity market due to increasing digital transformation and cyber attacks targeting sectors like financial services and healthcare.
2. The cybersecurity market in South Africa is expected to grow from $667 million in 2017 to over $1 billion by 2022, as enterprises allocate more of their IT budgets to security.
3. Common causes of data breaches in South Africa include malicious attacks and human errors, with the financial cost estimated to be around $200 million per year.
The document provides advice on the "Gallo Report" which proposes measures to address counterfeiting through peer-to-peer networks. It argues that the report lacks evidence on the actual economic impact of online piracy. It calls for the European Observatory on Counterfeiting and Piracy to conduct objective research to define the problems and possible solutions, and to assess existing intellectual property laws and directives. The dialogue must include all stakeholders to find practical ways to raise awareness while also addressing pricing and availability of legal content online.
25. telecommunications end user satisfaction impact onikhwanecdc
This document summarizes a research study on the impact of end-user satisfaction on the success of internet service providers in Egypt. It provides background on internet usage in Egypt, identifies the problem of understanding the relationship between provider efforts and user satisfaction. It then reviews literature on characteristics of telecommunications enterprises and internet service providers in Egypt. Key findings include that telecom is an important industry in Egypt, with the largest providers being TE Data, Vodafone, Orange and Etisalat. The document aims to understand how end-user satisfaction influences the success of ADSL internet providers.
The document analyzes characteristics of the Chinese internet market. It finds that China has one of the world's largest internet markets in terms of users and online spending. The market has also experienced very strong growth. However, potential remains as internet penetration is still lower than other G20 countries. The market is characterized by young users who prefer mobile access and try new apps quickly. Competition is also intense as ecosystems form around major players.
This document provides an overview and analysis of Canada's economy and key sectors by Paul Young CPA CGA. It summarizes GDP growth, job recovery challenges, the natural resources, construction, manufacturing, and energy sectors. It also discusses Canada's green economy, fiscal management, and recommendations for improving competitiveness, education/training, and government policies going forward. The document contains links to additional data sources and analyses on each topic.
This document discusses electronic commerce and interorganizational systems. It defines electronic commerce, business-to-business commerce, and business-to-consumer commerce. The document also outlines the benefits of electronic commerce such as improved customer service and relationships with suppliers. Additionally, it describes interorganizational systems and how they allow firms to work together efficiently. Specific interorganizational systems discussed include electronic data interchange and extranets.
This document summarizes a study investigating financial reporting on the internet by Saudi joint stock companies and its impact on the audit profession. The study analyzed the content of websites for 86 listed Saudi companies. 35 companies were found to have websites containing financial information. All 35 published audited financial reports and the corresponding audit report. However, audited and unaudited information were not clearly distinguished. None of the audit reports referred to electronic presentation of financial statements or responsibilities regarding websites. Most audit reports were located on company websites, making it difficult for auditors to control. The study recommends Saudi professional bodies issue rules to help ensure reliability of internet financial reporting.
E-Advertising In Attitude: A Three USA Comparison of Enterprise Use of the NetIRJET Journal
This document compares enterprise use of the internet across Australia, New Zealand, and the UK. It finds both similarities and differences in how businesses in the three countries use the internet. UK companies are more likely than those in Australia and New Zealand to use the internet strategically and for relationship management. While all countries use it for advertising, its use as a transactional channel is lower. There is a need for more research to understand why Australasian companies have less sophisticated internet use relative to UK firms.
The document discusses the importance of proper planning for e-business and avoiding the mistakes of dot-com companies. It provides advice on developing a business plan, IT strategy, governance structure, and vision statement. It also discusses the use of portals and web services to facilitate e-commerce activities and information sharing.
The document discusses the emergence of internet reporting as a new medium for corporate disclosure and the limitations of traditional printed annual reports. It outlines the stages of corporate disclosure through a company website, from static information to interactive tools. Both benefits and costs are identified for companies and users, as well as issues that online reporting raises regarding standards, verification, and regulation. The conclusion is that online reporting is still emerging but will continue to develop, requiring clear guidelines to ensure accurate financial information online.
Internet financial reporting and company characteristics a case of quoted com...Alexander Decker
This study analyzed internet financial reporting practices of Nigerian listed companies and their relationship to company characteristics. The researchers collected data on 85 companies, including whether they had websites and the level of financial information disclosed on those sites. They measured internet financial reporting using an index and examined its association with company size, profitability, age, auditor size, and industry type. The results showed that company size and industry type had significant positive relationships with internet financial reporting, but profitability, age, and auditor size did not have significant relationships. This indicates that larger Nigerian companies and companies in certain industries are more likely to disclose more financial information online.
Research_Papers10.1.1.390.9459.pdfAssociation for Informamyrljjcpoarch
Research_Papers/10.1.1.390.9459.pdf
Association for Information Systems
AIS Electronic Library (AISeL)
ICIS 2007 Proceedings International Conference on Information Systems(ICIS)
12-31-2007
Does IT Payoff? Strategies of Two Banking Giants
Ali Farhoomand
University of Hong Kong
Minyi Huang
University of Hong Kong
This material is brought to you by the International Conference on Information Systems (ICIS) at AIS Electronic Library (AISeL). It has been
accepted for inclusion in ICIS 2007 Proceedings by an authorized administrator of AIS Electronic Library (AISeL). For more information, please
contact [email protected]
Recommended Citation
Farhoomand, Ali and Huang, Minyi, "Does IT Payoff? Strategies of Two Banking Giants" (2007). ICIS 2007 Proceedings. Paper 3.
http://aisel.aisnet.org/icis2007/3
http://aisel.aisnet.org
http://aisel.aisnet.org/icis2007
http://aisel.aisnet.org/icis
http://aisel.aisnet.org/icis
mailto:[email protected]
Twenty Eighth International Conference on Information Systems, Montreal 2007 1
DOES IT PAYOFF?
STRATEGIES OF TWO BANKING GIANTS
Ali Farhoomand
School of Business
University of Hong Kong
Hong Kong
[email protected]
Minyi Huang
Asia Case Research Centre
University of Hong Kong
Hong Kong
[email protected]
Abstract
Banks have long been among the most intensive users of information technology (IT).
Globalization has further accentuated banks’ reliance on IT, leading to further increase in their IT
investment. It is not all that clear, however, whether these investments pay off. This case presents
the complexities involved in measuring IT investment by comparing and contrasting the IT
strategies of two of the world’s largest banks: HSBC and Citigroup. Will the IT investment
strategies adopted by HSBC and Citigroup enhance their operational efficiency or strategic
positions? Which of the two banks will have higher returns on their IT investments in the long
run? How should they measure such returns?
Keywords: banking, IT evaluation, IT alignment, IS investment
IS Education and Teaching Cases
2 Twenty Eighth International Conference on Information Systems, Montreal 2007
Introduction
You can see the computer age everywhere but in productivity statistics.
- Robert Solow (1987)
In the previous 20 years, there had been a debate concerning whether or not IT paid off in the long run. While some
questioned the positive contribution of IT to productivity, others attributed the so-called IT paradox to measurement
methodology and to the lack of measurable data, such as increased quality, variety, customer service, speed and
responsiveness. To make matters worse, a controversial article published in Harvard Business Review argued that,
as IT was being commoditized, the opportunities of gaining IT-based competitive advantages were rapidly
disappearing (Carr, 2003). If this was true, then companies should spend less, wait longer to invest in more matured
technologies and sh ...
Research_Papers10.1.1.390.9459.pdfAssociation for Informa.docxbrittneyj3
Research_Papers/10.1.1.390.9459.pdf
Association for Information Systems
AIS Electronic Library (AISeL)
ICIS 2007 Proceedings International Conference on Information Systems(ICIS)
12-31-2007
Does IT Payoff? Strategies of Two Banking Giants
Ali Farhoomand
University of Hong Kong
Minyi Huang
University of Hong Kong
This material is brought to you by the International Conference on Information Systems (ICIS) at AIS Electronic Library (AISeL). It has been
accepted for inclusion in ICIS 2007 Proceedings by an authorized administrator of AIS Electronic Library (AISeL). For more information, please
contact [email protected]
Recommended Citation
Farhoomand, Ali and Huang, Minyi, "Does IT Payoff? Strategies of Two Banking Giants" (2007). ICIS 2007 Proceedings. Paper 3.
http://aisel.aisnet.org/icis2007/3
http://aisel.aisnet.org
http://aisel.aisnet.org/icis2007
http://aisel.aisnet.org/icis
http://aisel.aisnet.org/icis
mailto:[email protected]
Twenty Eighth International Conference on Information Systems, Montreal 2007 1
DOES IT PAYOFF?
STRATEGIES OF TWO BANKING GIANTS
Ali Farhoomand
School of Business
University of Hong Kong
Hong Kong
[email protected]
Minyi Huang
Asia Case Research Centre
University of Hong Kong
Hong Kong
[email protected]
Abstract
Banks have long been among the most intensive users of information technology (IT).
Globalization has further accentuated banks’ reliance on IT, leading to further increase in their IT
investment. It is not all that clear, however, whether these investments pay off. This case presents
the complexities involved in measuring IT investment by comparing and contrasting the IT
strategies of two of the world’s largest banks: HSBC and Citigroup. Will the IT investment
strategies adopted by HSBC and Citigroup enhance their operational efficiency or strategic
positions? Which of the two banks will have higher returns on their IT investments in the long
run? How should they measure such returns?
Keywords: banking, IT evaluation, IT alignment, IS investment
IS Education and Teaching Cases
2 Twenty Eighth International Conference on Information Systems, Montreal 2007
Introduction
You can see the computer age everywhere but in productivity statistics.
- Robert Solow (1987)
In the previous 20 years, there had been a debate concerning whether or not IT paid off in the long run. While some
questioned the positive contribution of IT to productivity, others attributed the so-called IT paradox to measurement
methodology and to the lack of measurable data, such as increased quality, variety, customer service, speed and
responsiveness. To make matters worse, a controversial article published in Harvard Business Review argued that,
as IT was being commoditized, the opportunities of gaining IT-based competitive advantages were rapidly
disappearing (Carr, 2003). If this was true, then companies should spend less, wait longer to invest in more matured
technologies and sh.
Consumer reactions toward clicks and bricksinvestigating bu.docxmaxinesmith73660
Consumer reactions toward clicks and bricks:
investigating buying behaviour on-line and at
stores
GLENN J. BROWNE, JOHN R. DURRETT and JAMES C. WETHERBE
Area of ISQS, Rawls College of Business Administration, Texas Tech University, Lubbock, TX 79409-2101,
USA; e-mail: [email protected]
Abstract. The development of the world wide web created a
new sales channel for retailers, and many thousands of
companies have attempted to take advantage of this new
method for reaching customers. Analysis of the 2000 stock
market collapse suggests that business models relying on both
internet (‘clicks’) and physical (‘bricks’) presences may be the
most successful. Internet business problems include the need to
structure internal and external business processes to serve
customers appropriately, the need to provide adequate
technological and physical infrastructures, and the need to
understand customer consumption processes in ‘virtual’ and
physical environments. The purpose of this research is to
provide insight into these problems by investigating consumer
beliefs and preferences about shopping on-line and in physical
stores. We developed a research model and then performed an
empirical investigation using two studies. Results and implica-
tions of the findings for business strategy are discussed.
1. Introduction
Technological advances in the 1990s enabled entirely
new ways of conducting business in the US and
throughout the world. Of particular importance was
the World Wide Web, an enhancement of the internet
that allowed consumers and businesses to communicate
in ways that were previously unavailable and perhaps
even unthinkable. From the mid-1990s to early 2000,
the focus of businesses was primarily on the opportu-
nities provided by the new internet capabilities.
Following the ‘dot-com’ crash in early 2000, however,
businesses began to recognize the problems associated
with doing business on the internet. From this point
onward, much of investors’ and the media’s focus
shifted to companies with both internet and ‘brick and
mortar’ presences.
Numerous researchers have investigated on-line buy-
ing behaviour over the past several years (e.g.,
Jarvenpaa and Todd 1997, Lohse et al. 1997, Bellman
et al. 1999, Lohse and Spiller 1999, Swaminathan et al.
1999, Bhatnagar et al. 2000, Chau et al. 2000, Palmer et
al. 2000, Ratchford et al. 2001). However, little research
has addressed relationships between on-line purchasing
(‘clicks’) and purchases made at physical stores
(‘bricks’). The purpose of this paper is to report the
results of two exploratory studies designed to assess
consumers’ reactions to shopping at clicks and bricks.
We first review background relevant to the two
shopping channels and the challenges faced by compa-
nies operating in the on-line environment. We next
develop a research model and research questions to
guide our investigations. We then report the results of a
large survey aimed at uncovering several of the relation-
ships specifie.
The survey found that the value of e-commerce sales by UK businesses increased 24.9% to £408.3 billion in 2009. 14.9% of businesses sold over websites, totaling £115 billion in sales, while 6.9% sold over other ICTs totaling £293.3 billion. 51.9% of businesses purchased over computer networks totaling £466.3 billion. 76% of businesses had websites and over 90% had internet access, mostly via broadband. The use of ICTs and e-commerce continues to grow significantly.
The document discusses opportunities for digital entrepreneurship in the Caribbean region presented by the growth of the digital economy and emerging technologies. It notes that the mobile economy and digital markets are growing rapidly, creating many opportunities for startups and small businesses. The document provides an overview of the current state of ICT development in Caribbean countries and identifies areas where governments can support the digital entrepreneurship ecosystem through policies that promote infrastructure development, skills training, and business-friendly regulations and legislation. Finally, it proposes several ideas for digital businesses and apps that could be developed to take advantage of opportunities in the Caribbean digital market.
This document provides a summary of a report on the economics of the internet value chain. It finds that the total value of the internet has almost tripled from $1.2 trillion in 2008 to $3.5 trillion in 2015 due to more people accessing the internet via various devices and using it for more activities. While innovation continues, the leading companies in different segments have established strong positions and returns have converged between 5-25%. The largest players are expanding into adjacent segments to leverage their scale.
Adoption Of E-Commerce By SMEs In The UK Towards A Stage ModelSarah Pollard
This document discusses a study that examines how small and medium enterprises (SMEs) in the UK are adopting e-commerce. The study found that SMEs appear to progress through four distinct stages of e-commerce adoption, from developing initial services to implementing online ordering and payment capabilities. The level of adoption reached depends on contextual factors at both the industry and company level. A survey was conducted to understand SMEs' e-commerce adoption in terms of the activities used and sequence of adoption. This provides insight for SMEs on common adoption pathways as well as suppliers supporting e-commerce adoption.
Rethinking enterprises, ecosystems and economies with blockchainsMarquis Cabrera
Despite many business and technology innovations, business frictions still exist. In this study, we examine the dimensions of business friction and attributes of blockchains that can break the status quo. Blockchains can vaporize business frictions, redefining the structure of future business networks and creating new opportunities for business transformation. As this transformation unfolds, three things will change: a new science of organizational management, the tightening of trust and a new nexus for value exchange will emerge. And finally, as companies seize the opportunity available to them, businesses can take three steps to best extract value from blockchains.
Firms in growth phase want to expand their customer base, enter new product markets and
rationalize their business. The advent of internet based electronic commerce has given them
ample opportunities do so. Although many SME's have embraced ICT and taken up e-commerce,
the adoption rate has been rather slow. Many industry analysts attribute this slow adoption rate
to the lack of awareness of e-commerce applications.
1. E-commerce involves buying and selling of goods and services through digital communications and can be categorized into models involving physical delivery of tangible products, digital delivery of products, application hosting, and e-services.
2. Taxation of e-commerce transactions raises issues around international boundaries, losses of government revenue, and potential slowing of e-commerce growth.
3. Currently internet purchases are largely not taxed due to difficulties in determining tax jurisdiction and the intangible nature of some digital products, though some large retailers have begun voluntarily collecting taxes.
The document discusses cybersecurity trends in South Africa. Some key points:
1. South Africa has a growing cybersecurity market due to increasing digital transformation and cyber attacks targeting sectors like financial services and healthcare.
2. The cybersecurity market in South Africa is expected to grow from $667 million in 2017 to over $1 billion by 2022, as enterprises allocate more of their IT budgets to security.
3. Common causes of data breaches in South Africa include malicious attacks and human errors, with the financial cost estimated to be around $200 million per year.
The document provides advice on the "Gallo Report" which proposes measures to address counterfeiting through peer-to-peer networks. It argues that the report lacks evidence on the actual economic impact of online piracy. It calls for the European Observatory on Counterfeiting and Piracy to conduct objective research to define the problems and possible solutions, and to assess existing intellectual property laws and directives. The dialogue must include all stakeholders to find practical ways to raise awareness while also addressing pricing and availability of legal content online.
25. telecommunications end user satisfaction impact onikhwanecdc
This document summarizes a research study on the impact of end-user satisfaction on the success of internet service providers in Egypt. It provides background on internet usage in Egypt, identifies the problem of understanding the relationship between provider efforts and user satisfaction. It then reviews literature on characteristics of telecommunications enterprises and internet service providers in Egypt. Key findings include that telecom is an important industry in Egypt, with the largest providers being TE Data, Vodafone, Orange and Etisalat. The document aims to understand how end-user satisfaction influences the success of ADSL internet providers.
The document analyzes characteristics of the Chinese internet market. It finds that China has one of the world's largest internet markets in terms of users and online spending. The market has also experienced very strong growth. However, potential remains as internet penetration is still lower than other G20 countries. The market is characterized by young users who prefer mobile access and try new apps quickly. Competition is also intense as ecosystems form around major players.
This document provides an overview and analysis of Canada's economy and key sectors by Paul Young CPA CGA. It summarizes GDP growth, job recovery challenges, the natural resources, construction, manufacturing, and energy sectors. It also discusses Canada's green economy, fiscal management, and recommendations for improving competitiveness, education/training, and government policies going forward. The document contains links to additional data sources and analyses on each topic.
This document discusses electronic commerce and interorganizational systems. It defines electronic commerce, business-to-business commerce, and business-to-consumer commerce. The document also outlines the benefits of electronic commerce such as improved customer service and relationships with suppliers. Additionally, it describes interorganizational systems and how they allow firms to work together efficiently. Specific interorganizational systems discussed include electronic data interchange and extranets.
This document summarizes a study investigating financial reporting on the internet by Saudi joint stock companies and its impact on the audit profession. The study analyzed the content of websites for 86 listed Saudi companies. 35 companies were found to have websites containing financial information. All 35 published audited financial reports and the corresponding audit report. However, audited and unaudited information were not clearly distinguished. None of the audit reports referred to electronic presentation of financial statements or responsibilities regarding websites. Most audit reports were located on company websites, making it difficult for auditors to control. The study recommends Saudi professional bodies issue rules to help ensure reliability of internet financial reporting.
E-Advertising In Attitude: A Three USA Comparison of Enterprise Use of the NetIRJET Journal
This document compares enterprise use of the internet across Australia, New Zealand, and the UK. It finds both similarities and differences in how businesses in the three countries use the internet. UK companies are more likely than those in Australia and New Zealand to use the internet strategically and for relationship management. While all countries use it for advertising, its use as a transactional channel is lower. There is a need for more research to understand why Australasian companies have less sophisticated internet use relative to UK firms.
The document discusses the importance of proper planning for e-business and avoiding the mistakes of dot-com companies. It provides advice on developing a business plan, IT strategy, governance structure, and vision statement. It also discusses the use of portals and web services to facilitate e-commerce activities and information sharing.
The document discusses the emergence of internet reporting as a new medium for corporate disclosure and the limitations of traditional printed annual reports. It outlines the stages of corporate disclosure through a company website, from static information to interactive tools. Both benefits and costs are identified for companies and users, as well as issues that online reporting raises regarding standards, verification, and regulation. The conclusion is that online reporting is still emerging but will continue to develop, requiring clear guidelines to ensure accurate financial information online.
Internet financial reporting and company characteristics a case of quoted com...Alexander Decker
This study analyzed internet financial reporting practices of Nigerian listed companies and their relationship to company characteristics. The researchers collected data on 85 companies, including whether they had websites and the level of financial information disclosed on those sites. They measured internet financial reporting using an index and examined its association with company size, profitability, age, auditor size, and industry type. The results showed that company size and industry type had significant positive relationships with internet financial reporting, but profitability, age, and auditor size did not have significant relationships. This indicates that larger Nigerian companies and companies in certain industries are more likely to disclose more financial information online.
Research_Papers10.1.1.390.9459.pdfAssociation for Informamyrljjcpoarch
Research_Papers/10.1.1.390.9459.pdf
Association for Information Systems
AIS Electronic Library (AISeL)
ICIS 2007 Proceedings International Conference on Information Systems(ICIS)
12-31-2007
Does IT Payoff? Strategies of Two Banking Giants
Ali Farhoomand
University of Hong Kong
Minyi Huang
University of Hong Kong
This material is brought to you by the International Conference on Information Systems (ICIS) at AIS Electronic Library (AISeL). It has been
accepted for inclusion in ICIS 2007 Proceedings by an authorized administrator of AIS Electronic Library (AISeL). For more information, please
contact [email protected]
Recommended Citation
Farhoomand, Ali and Huang, Minyi, "Does IT Payoff? Strategies of Two Banking Giants" (2007). ICIS 2007 Proceedings. Paper 3.
http://aisel.aisnet.org/icis2007/3
http://aisel.aisnet.org
http://aisel.aisnet.org/icis2007
http://aisel.aisnet.org/icis
http://aisel.aisnet.org/icis
mailto:[email protected]
Twenty Eighth International Conference on Information Systems, Montreal 2007 1
DOES IT PAYOFF?
STRATEGIES OF TWO BANKING GIANTS
Ali Farhoomand
School of Business
University of Hong Kong
Hong Kong
[email protected]
Minyi Huang
Asia Case Research Centre
University of Hong Kong
Hong Kong
[email protected]
Abstract
Banks have long been among the most intensive users of information technology (IT).
Globalization has further accentuated banks’ reliance on IT, leading to further increase in their IT
investment. It is not all that clear, however, whether these investments pay off. This case presents
the complexities involved in measuring IT investment by comparing and contrasting the IT
strategies of two of the world’s largest banks: HSBC and Citigroup. Will the IT investment
strategies adopted by HSBC and Citigroup enhance their operational efficiency or strategic
positions? Which of the two banks will have higher returns on their IT investments in the long
run? How should they measure such returns?
Keywords: banking, IT evaluation, IT alignment, IS investment
IS Education and Teaching Cases
2 Twenty Eighth International Conference on Information Systems, Montreal 2007
Introduction
You can see the computer age everywhere but in productivity statistics.
- Robert Solow (1987)
In the previous 20 years, there had been a debate concerning whether or not IT paid off in the long run. While some
questioned the positive contribution of IT to productivity, others attributed the so-called IT paradox to measurement
methodology and to the lack of measurable data, such as increased quality, variety, customer service, speed and
responsiveness. To make matters worse, a controversial article published in Harvard Business Review argued that,
as IT was being commoditized, the opportunities of gaining IT-based competitive advantages were rapidly
disappearing (Carr, 2003). If this was true, then companies should spend less, wait longer to invest in more matured
technologies and sh ...
Research_Papers10.1.1.390.9459.pdfAssociation for Informa.docxbrittneyj3
Research_Papers/10.1.1.390.9459.pdf
Association for Information Systems
AIS Electronic Library (AISeL)
ICIS 2007 Proceedings International Conference on Information Systems(ICIS)
12-31-2007
Does IT Payoff? Strategies of Two Banking Giants
Ali Farhoomand
University of Hong Kong
Minyi Huang
University of Hong Kong
This material is brought to you by the International Conference on Information Systems (ICIS) at AIS Electronic Library (AISeL). It has been
accepted for inclusion in ICIS 2007 Proceedings by an authorized administrator of AIS Electronic Library (AISeL). For more information, please
contact [email protected]
Recommended Citation
Farhoomand, Ali and Huang, Minyi, "Does IT Payoff? Strategies of Two Banking Giants" (2007). ICIS 2007 Proceedings. Paper 3.
http://aisel.aisnet.org/icis2007/3
http://aisel.aisnet.org
http://aisel.aisnet.org/icis2007
http://aisel.aisnet.org/icis
http://aisel.aisnet.org/icis
mailto:[email protected]
Twenty Eighth International Conference on Information Systems, Montreal 2007 1
DOES IT PAYOFF?
STRATEGIES OF TWO BANKING GIANTS
Ali Farhoomand
School of Business
University of Hong Kong
Hong Kong
[email protected]
Minyi Huang
Asia Case Research Centre
University of Hong Kong
Hong Kong
[email protected]
Abstract
Banks have long been among the most intensive users of information technology (IT).
Globalization has further accentuated banks’ reliance on IT, leading to further increase in their IT
investment. It is not all that clear, however, whether these investments pay off. This case presents
the complexities involved in measuring IT investment by comparing and contrasting the IT
strategies of two of the world’s largest banks: HSBC and Citigroup. Will the IT investment
strategies adopted by HSBC and Citigroup enhance their operational efficiency or strategic
positions? Which of the two banks will have higher returns on their IT investments in the long
run? How should they measure such returns?
Keywords: banking, IT evaluation, IT alignment, IS investment
IS Education and Teaching Cases
2 Twenty Eighth International Conference on Information Systems, Montreal 2007
Introduction
You can see the computer age everywhere but in productivity statistics.
- Robert Solow (1987)
In the previous 20 years, there had been a debate concerning whether or not IT paid off in the long run. While some
questioned the positive contribution of IT to productivity, others attributed the so-called IT paradox to measurement
methodology and to the lack of measurable data, such as increased quality, variety, customer service, speed and
responsiveness. To make matters worse, a controversial article published in Harvard Business Review argued that,
as IT was being commoditized, the opportunities of gaining IT-based competitive advantages were rapidly
disappearing (Carr, 2003). If this was true, then companies should spend less, wait longer to invest in more matured
technologies and sh.
Consumer reactions toward clicks and bricksinvestigating bu.docxmaxinesmith73660
Consumer reactions toward clicks and bricks:
investigating buying behaviour on-line and at
stores
GLENN J. BROWNE, JOHN R. DURRETT and JAMES C. WETHERBE
Area of ISQS, Rawls College of Business Administration, Texas Tech University, Lubbock, TX 79409-2101,
USA; e-mail: [email protected]
Abstract. The development of the world wide web created a
new sales channel for retailers, and many thousands of
companies have attempted to take advantage of this new
method for reaching customers. Analysis of the 2000 stock
market collapse suggests that business models relying on both
internet (‘clicks’) and physical (‘bricks’) presences may be the
most successful. Internet business problems include the need to
structure internal and external business processes to serve
customers appropriately, the need to provide adequate
technological and physical infrastructures, and the need to
understand customer consumption processes in ‘virtual’ and
physical environments. The purpose of this research is to
provide insight into these problems by investigating consumer
beliefs and preferences about shopping on-line and in physical
stores. We developed a research model and then performed an
empirical investigation using two studies. Results and implica-
tions of the findings for business strategy are discussed.
1. Introduction
Technological advances in the 1990s enabled entirely
new ways of conducting business in the US and
throughout the world. Of particular importance was
the World Wide Web, an enhancement of the internet
that allowed consumers and businesses to communicate
in ways that were previously unavailable and perhaps
even unthinkable. From the mid-1990s to early 2000,
the focus of businesses was primarily on the opportu-
nities provided by the new internet capabilities.
Following the ‘dot-com’ crash in early 2000, however,
businesses began to recognize the problems associated
with doing business on the internet. From this point
onward, much of investors’ and the media’s focus
shifted to companies with both internet and ‘brick and
mortar’ presences.
Numerous researchers have investigated on-line buy-
ing behaviour over the past several years (e.g.,
Jarvenpaa and Todd 1997, Lohse et al. 1997, Bellman
et al. 1999, Lohse and Spiller 1999, Swaminathan et al.
1999, Bhatnagar et al. 2000, Chau et al. 2000, Palmer et
al. 2000, Ratchford et al. 2001). However, little research
has addressed relationships between on-line purchasing
(‘clicks’) and purchases made at physical stores
(‘bricks’). The purpose of this paper is to report the
results of two exploratory studies designed to assess
consumers’ reactions to shopping at clicks and bricks.
We first review background relevant to the two
shopping channels and the challenges faced by compa-
nies operating in the on-line environment. We next
develop a research model and research questions to
guide our investigations. We then report the results of a
large survey aimed at uncovering several of the relation-
ships specifie.
The survey found that the value of e-commerce sales by UK businesses increased 24.9% to £408.3 billion in 2009. 14.9% of businesses sold over websites, totaling £115 billion in sales, while 6.9% sold over other ICTs totaling £293.3 billion. 51.9% of businesses purchased over computer networks totaling £466.3 billion. 76% of businesses had websites and over 90% had internet access, mostly via broadband. The use of ICTs and e-commerce continues to grow significantly.
The document discusses opportunities for digital entrepreneurship in the Caribbean region presented by the growth of the digital economy and emerging technologies. It notes that the mobile economy and digital markets are growing rapidly, creating many opportunities for startups and small businesses. The document provides an overview of the current state of ICT development in Caribbean countries and identifies areas where governments can support the digital entrepreneurship ecosystem through policies that promote infrastructure development, skills training, and business-friendly regulations and legislation. Finally, it proposes several ideas for digital businesses and apps that could be developed to take advantage of opportunities in the Caribbean digital market.
This document provides a summary of a report on the economics of the internet value chain. It finds that the total value of the internet has almost tripled from $1.2 trillion in 2008 to $3.5 trillion in 2015 due to more people accessing the internet via various devices and using it for more activities. While innovation continues, the leading companies in different segments have established strong positions and returns have converged between 5-25%. The largest players are expanding into adjacent segments to leverage their scale.
Adoption Of E-Commerce By SMEs In The UK Towards A Stage ModelSarah Pollard
This document discusses a study that examines how small and medium enterprises (SMEs) in the UK are adopting e-commerce. The study found that SMEs appear to progress through four distinct stages of e-commerce adoption, from developing initial services to implementing online ordering and payment capabilities. The level of adoption reached depends on contextual factors at both the industry and company level. A survey was conducted to understand SMEs' e-commerce adoption in terms of the activities used and sequence of adoption. This provides insight for SMEs on common adoption pathways as well as suppliers supporting e-commerce adoption.
Rethinking enterprises, ecosystems and economies with blockchainsMarquis Cabrera
Despite many business and technology innovations, business frictions still exist. In this study, we examine the dimensions of business friction and attributes of blockchains that can break the status quo. Blockchains can vaporize business frictions, redefining the structure of future business networks and creating new opportunities for business transformation. As this transformation unfolds, three things will change: a new science of organizational management, the tightening of trust and a new nexus for value exchange will emerge. And finally, as companies seize the opportunity available to them, businesses can take three steps to best extract value from blockchains.
Local Small Scale Enterprises Expectations and Potential Benefits on e Commer...ijtsrd
This study assessed the expectations and potential benefits on e commerce of local small scale enterprises in Northern Samar, Philippines. Specifically, it tried to find out the profile of the seventy four enterprises in the province, evaluate the expectations of the small scale enterprises on e commerce capabilities and determine the potential benefits of the small scale enterprises from e commerce implementation. The descriptive evaluative research was used. This study likewise employed the complete enumeration of the enterprises that have potential in adapting e commerce. The enterprise’s primary business included industrial products manufacturing, computers and electronics manufacturing, communications, financial services, computer services, consulting, consumer products manufacturing, food and agriculture, and others. The enterprises had one 1 to four 4 personal computers and had one telephone line. Majority of the enterprises had an access to the internet on a broadband line. And that, e commerce capabilities will be implemented within one year. The potential benefits of e commerce use to the enterprise were very significant. The respondents considered that through e commerce the enterprises will improve its information exchange with customers, increase the loyalty and retention of the customers, and increase the service to the customer as well as the revenue. Moreover, e commerce is very important in the improvement of the competitive position to the enterprise and also the enhancement of the image of enterprise. Dr. Maiden Grace Anquilo Gan "Local Small Scale Enterprises: Expectations and Potential Benefits on e-Commerce Landscape" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-3 , April 2022, URL: https://www.ijtsrd.com/papers/ijtsrd49705.pdf Paper URL: https://www.ijtsrd.com/management/business-and-retail-research/49705/local-small-scale-enterprises-expectations-and-potential-benefits-on-ecommerce-landscape/dr-maiden-grace-anquilo-gan
AN EVALUATION OF THE PERCEIVED BENEFITS OF ELECTRONIC BUSINESS ADOPTION IN TH...ectijjournal
The study evaluated the perceived benefits of electronic business adoption in the Zimbabwean service sector in Harare. A qualitative case study was adopted. The interview technique was deployed as a data gathering instrument. Purposive sampling was used to select 100 service sector companies registered on the Zimbabwe Stock Exchange (SZE).The findings revealed that electronic business is a catalyst to organisational profitability and productivity. The study also discovered that electronic business improves communication and open economy at national and international level. The study recommended that in order for the sustainable growth of electronic business to take place, the institutional environment requires to be in favour of the online trading systems.
AN EVALUATION OF THE PERCEIVED BENEFITS OF ELECTRONIC BUSINESS ADOPTION IN TH...ectijjournal
The study evaluated the perceived benefits of electronic business adoption in the Zimbabwean service sector
in Harare. A qualitative case study was adopted. The interview technique was deployed as a data gathering
instrument. Purposive sampling was used to select 100 service sector companies registered on the Zimbabwe
Stock Exchange (SZE).The findings revealed that electronic business is a catalyst to organisational
profitability and productivity. The study also discovered that electronic business improves communication
and open economy at national and international level. The study recommended that in order for the
sustainable growth of electronic business to take place, the institutional environment requires to be in favour
of the online trading systems.
04 07 2010 Washington Dc Xbrl A Language Of The Government WorldWorkiva
1. The document discusses how XBRL (eXtensible Business Reporting Language) is being adopted by governments around the world to improve transparency and reduce costs of financial reporting.
2. Key examples discussed include the Standard Business Reporting initiative in Australia, bills in the US Congress to require federal agencies to use XBRL, and the European Commission's support for using XBRL to interconnect business registers across Europe.
3. The benefits of XBRL for governments include making financial data more accessible, comparable, and able to be automatically processed and analyzed. This allows both businesses and governments to save money on reporting and handling financial information.
This document provides an overview of chapter 1 from the textbook "Management Information Systems: Managing the Digital Firm". It discusses how information systems are transforming business and why they are essential. It defines what an information system is, including its organizational, management, and technology components. It also discusses new developments in information systems like cloud computing, big data, mobile platforms, and how firms can achieve strategic objectives through information systems like operational excellence, new products/services, customer intimacy, improved decision making, competitive advantage, and survival.
This document provides an overview of chapter 1 from the textbook "Management Information Systems: Managing the Digital Firm". It discusses how information systems are transforming business and why they are essential. It defines what an information system is, including its organizational, management, and technology components. It also discusses new developments in information systems like cloud computing, big data, mobile platforms, and how firms can achieve strategic objectives through information systems.
The G20 e-Trade Readiness Index, a new ranking published by The Economist Intelligence Unit and sponsored by eBay, looks at how prepared G20 countries are to capitalise on global e-trade opportunities.
At the top, the index shows Australia’s all-round strength, particularly its affordable Internet access, high smartphone penetration and use of electronic payment methods. Island nations fared well, making up three of the top five spots—as well as Australia, the UK came in fourth and Japan in fifth. These economies have long relied on international trade and look well-positioned to continue this with e-trade opportunities.
The report also warns that customs and regulatory restrictions could hamper SMEs’ ability to grow through e-trade. SMEs tend to ship smaller parcels to a variety of locations and cannot always benefit from shipping in bulk. Customs procedures in some countries can also be more trouble than they are worth for small packages.
Similar to Brennan, Niamh and Hourigan, Denis [2000] Corporate Reporting on the Internet by Irish Companies, Irish Accounting Review 7(1): 37-68. (20)
Brennan, Niamh and Clarke, Peter [1985] Objective Tests in Financial Accounti...Prof Niamh M. Brennan
A multiple choice questionnaire (MCQ) style examination typically consists of 20/30 short statements, each of which is followed by a number of alternative answers. Only one answer is strictly correct. This allows the examiner to mark candidates' responses in an objective rather than subjective fashion. This style of examination question has recently been adopted by the Institute of Chartered Accountants in Ireland and is also used in third level institutions.
MCQs have a number of advantages over traditional examination formats. First, they allow the examiner to ask questions on every topic on the syllabus and thus test the candidates range of knowledge. Perhaps more importantly, correction of answers is entirely objective and comparatively easy. Large numbers of scripts can be objectively tested in a short space of time.
Objective tests can also be an effective teaching tool. The topics covered in each chapter are logically sequenced so that as the student progresses through the chapter they build up their know¬ledge and skills in relation to that topic. In addition, the book emphasises problem areas and attempts to help students avoid common mistakes in financial accounting. Thus the tutor can indicate the correct solution and also explain or seek responses as to why other plausible answers are incorrect to the given statement. Such a process should ensure greater understanding of the topic under discussion.
This book is suitable for students taking introductory financial accounting examinations of the professional accountancy bodies, third level accounting students or other students studying introductory financial accounting courses. The three revision examinations at the end of this book are reproduced with the kind permission of the Institute of Chartered Accountants in Ireland.
03 14 brennan merkl davies accounting narratives and impression managementProf Niamh M. Brennan
This chapter examines impression management in accounting communication through four theoretical perspectives: economic, psychological, sociological, and critical. Impression management refers to organizations constructing impressions to appeal to audiences like shareholders and stakeholders. Discretionary accounting narratives in corporate reports are analyzed for seven communication choices that could constitute impression management. The chapter concludes by discussing implications for corporate reporting practice and suggestions for future research on how impression management may undermine reporting quality and influence stakeholder perceptions.
Brennan, Niamh M., Merkl-Davies, Doris M., and Beelitz, Annika [2013] Dialogi...Prof Niamh M. Brennan
We conceptualise CSR communication as a process of reciprocal influence between organisations and their audiences. We use an illustrative case study in the form of a conflict between firms and a powerful stakeholder which is played out in a series of 20 press releases over a two-month period to develop a framework of analysis based on insights from linguistics. It focuses on three aspects of dialogism, namely (i) turn-taking (co-operating in a conversation by responding to the other party), (ii) inter-party moves (the nature and type of interaction action characterising a turn i.e., denial, apology, excuse), and (iii) intertextuality (the intensity and quality of verbal interaction between the parties). We address the question: What is the nature and type of verbal interactions between the parties? First we examine (a) whether the parties verbally interact and then (b) whether the parties listen to each other.
We find evidence of dialogism suggesting that CSR communication is an interactive process which has to be understood as a function of the power relations between a firm and a specific stakeholder. Also, we find evidence of intertextuality in the press releases by the six firms which engage in verbal interaction with the stakeholder. We interpret this as linguistic evidence of isomorphic processes relating to CSR practices resulting from the pressure exerted by a powerful stakeholder. The lack of response by ten firms that fail to issue press releases suggests a strategy of ‘watch-and-wait’ with respect to the outcome of the conflict.
Brennan, Niamh M. and Flynn, Maureen A. [2013] Differentiating Clinical Gover...Prof Niamh M. Brennan
This document proposes new definitions to distinguish between clinical governance, clinical management, and clinical practice. It analyzes 29 existing definitions of "clinical governance" and finds they confuse governance, management, and practice roles. The document suggests 3 new separate definitions: clinical governance focuses on accountability, oversight, and setting standards; clinical management focuses on efficient service delivery through processes and resources; and clinical practice focuses on delivering high-quality care. Clearer distinctions between these roles could help implement clinical governance more effectively.
Brennan, Niamh M. and Conroy, John P. [2013] Executive Hubris: The Case of a ...Prof Niamh M. Brennan
Purpose – Can personality traits of Chief Executive Officers (CEOs) be detected at-a-distance? Following newspaper speculation that the banking crisis of 2008 was partly caused by CEO hubris, this paper analyses the CEO letters to shareholders of a single bank over ten years for evidence of CEO personality traits, including: (i) narcissism (a contributor to hubris), (ii) hubris, (iii) overconfidence and (iv) CEO-attribution. Following predictions that hubris increases the longer individuals occupy positions of power, the research examines whether hubristic characteristics intensify over time.
Design/methodology/approach – This paper takes concepts of hubris from the clinical psychology literature and applies them to discourses in CEO letters to shareholders in annual reports. The research comprises a longitudinal study of the discretionary narrative disclosures in the CEO letters to shareholders in eight annual reports, benchmarked against disclosures in the CEO letters to shareholders of the previous and subsequent CEOs of the same organisation.
Findings – Results point to evidence of narcissism and hubris in the personality of the Bank CEO. Over half the sentences analysed were found to contain narcissistic-speak. In 45% of narcissistic-speak sentences, there were three of more symptoms of hubris – what Owen and Davison (2009) describe as extreme hubristic behavior. In relation to CEO overconfidence, only seven (2%) sentences contained bad news. More than half of the good news was attributed to the CEO and all the bad news was attributed externally. The research thus finds evidence of hubris in the CEO letters to shareholders, which became more pronounced the longer the CEO served.
Research limitations/implications – The analysis of CEO discourse is highly subjective, and difficult to replicate.
Originality/value – The primary contribution of this research is the adaptation of the 14 clinical symptoms of hubris from clinical psychology to the analysis of narratives in CEO letters to shareholders in annual reports to reveal signs of CEO hubris.
Craig, Russell J. and Brennan, Niamh M. [2012] An Exploration of the Relation...Prof Niamh M. Brennan
This paper proposes a taxonomy to assist in more clearly locating research on aspects of the association between corporate reputation and corporate accountability reporting. We illustrate how our proposed taxonomy can be applied by using it to frame our exploration of the relationship between measures of reputation and characteristics of the language choices made in CEO letters to shareholders. Using DICTION 5.0 software we analyse the content of the CEO letters of 23 high reputation US firms and 23 low reputation US firms. Our results suggest that company size and visibility each have a positive influence on the extent to which corporate reputation is associated with the language choices made in CEO letters. These results, which are anomalous when compared with those of Geppert and Lawrence (2008), highlight the need for caution when assessing claims about the effects on corporate reputation arising from the language choice in narratives in corporate annual reports.
Merkl-Davies and Brennan A Conceptual Framework of Impression Management: New...Prof Niamh M. Brennan
In this paper we develop a conceptual framework, based on the concepts of rationality and motivation, which uses theories and empirical research from psychology/behavioural finance, sociology and critical accounting to systematise, advance and challenge research on impression management. The paper focuses on research which departs from economic concepts of impression management as opportunistic managerial discretionary disclosure behaviour resulting in reporting bias or as ‘cheap talk’. Using alternative rationality assumptions, such as bounded rationality, irrationality, substantive rationality and the notion of rationality as a social construct, we conceptualise impression management in alternative ways as (i) self-serving bias, (ii) symbolic management and (iii) accounting rhetoric. This contributes to an enhanced understanding of impression management in a corporate reporting context.
Brennan, Niamh [1996] Disclosure of Profit Forecasts during Takeover Bids. Do...Prof Niamh M. Brennan
This thesis examines disclosure of 250 profit forecasts in 701 UK takeover bids in the period 1988 to 1992 against five research issues:
• Factors influencing disclosure of forecasts
• Influence of prevailing market expectations
• Effect of disclosure of forecasts on the outcome of bids
• Factors influencing disclosure content in forecasts
• Whether forecasts disclosed convey good news
Logit analysis and negative binomial regression are the two primary statistical techniques used to analyse the results.
Results show the domination of the takeover-context of the research. Two variables accounted for almost all the influence on disclosure of forecasts for both bidders and targets: bid horizon and type of bid. Probability of disclosure of a forecast is greater the shorter the bid horizon and during contested bids.
In addition to bid horizon and type of bid, for bidders, year, value of bid and purchase consideration were significant, and for targets value of bid and industry were significant in one of the two models estimated.
Evidence supporting the hypothesis that forecast disclosure is more likely when market expectations are out of line with actual results is provided.
There is some evidence that forecasts by targets affect the outcome of bids, but there is no such evidence for bidders.
Takeover-context variables and forecast-related variables were most relevant in determining disclosures in forecasts. Disclosure content in forecasts was significantly greater during contested bids, in voluntary forecasts and in longer period forecasts. Significantly more assumptions were disclosed by target forecasters and in longer horizon forecasts.
Evidence shows a tendency to disclose good news, with some disclosure of bad news. Good news forecasts are more likely during contested bids. Targets are more likely to disclose bad news forecasts, but when bidders disclose bad news it tends to be worse on average than targets’ bad news.
Merkl-Davies, Doris M., Brennan, Niamh M. and McLeay, Stuart J. [2011] Impres...Prof Niamh M. Brennan
Purpose – Prior accounting research views impression management predominantly though the lens of economics. Drawing on social psychology research, we provide a complementary perspective on corporate annual narrative reporting as characterised by conditions of ‘ex post accountability’ (Aerts, 2005, p. 497). These give rise to (i) impression management resulting from the managerial anticipation of the feedback effects of information and/or to (ii) managerial sense-making by means of the retrospective framing of organisational outcomes.
Design/methodology/approach – We use a content analysis approach pioneered by psychology research (Newman et al., 2003) which is based on the psychological dimension of word use to investigate the chairmen’s statements of 93 UK listed companies.
Findings – Results suggest that firms do not use chairmen’s statements to create an impression at variance with an overall reading of the annual report. We find that negative organisational outcomes prompt managers to engage in retrospective sense-making, rather than to present a public image of organisational performance inconsistent with the view internally held by management (self-presentational dissimulation). Further, managers of large firms use chairmen’s statements to portray an accurate (i.e., consistent with an overall reading of the annual report), albeit favourable, image of the firm and of organisational outcomes (i.e., impression management by means of enhancement).
Research limitations – The content analysis approach adopted in the study analyses words out of context.
Practical implications – Corporate annual reporting may not only be understood from a behavioural perspective involving managers responding to objectively determined stimuli inherent in the accountability framework, but also from a symbolic interaction perspective which involves managers retrospectively making sense of organisational outcomes and events.
Originality/value – Our approach allows us to investigate three complementary scenarios of managerial corporate annual reporting behaviour: (i) self-presentational dissimulation, (ii) impression management by means of enhancement, and (iii) retrospective sense-making.
Brennan, Niamh M., Daly, Caroline A. and Harrington, Claire S. [2010] Rhetori...Prof Niamh M. Brennan
This exploratory study extends the analysis of narrative disclosures from routine reporting contexts such as annual reports and press releases to non-routine takeover documents where the financial consequences of narrative disclosures can be substantial. Rhetoric and argument in the form of impression management techniques in narrative disclosures are examined. Prior thematic content analysis methods for analysing good and bad news disclosures are adapted to the attacking and defensive themes in the defence documents of target companies subject to hostile takeover bids. The paper examines the incidence, extent and implications of impression management in ten hostile takeover defence documents issued by target companies listed on the London Stock Exchange between 1 January 2006 and 30 June 2008. Three impression management strategies – thematic, visual and rhetorical manipulation – are investigated using content analysis methodologies. The findings of the research indicate that thematic, visual and rhetorical manipulation is evident in hostile takeover defence documents. Attacking and defensive sentences were found to comprise the majority of the defence documents analysed. Such sentences exhibited varying degrees of visual and rhetorical emphasis, which served to award greater or lesser degrees of prominence to the information conveyed by target company management.
While exploratory in nature, this paper concludes with suggestions for future more systematic research allowing for greater generalisations from the findings.
Brennan, Niamh M., Guillamon-Saorin, Encarna and Pierce, Aileen [2009] Impres...Prof Niamh M. Brennan
Purpose – This paper develops a holistic measure for analysing impression management and for detecting bias introduced into corporate narratives as a result of impression management.
Design/methodology/approach – Prior research on the seven impression management methods in the literature is summarised. Four of the less-researched methods are described in detail, and are illustrated with examples from UK Annual Results’ Press Releases (ARPRs). A method of computing a holistic composite impression management score based on these four impression management methods is developed, based on both quantitative and qualitative data in corporate narrative disclosures. An impression management bias score is devised to capture the extent to which impression management introduces bias into corporate narratives. An example of the application of the composite impression management score and impression management bias score methodology is provided.
Findings – While not amounting to systematic evidence, the 21 illustrative examples suggest that impression management is pervasive in corporate financial communications using multiple impression management methods, such that positive information is exaggerated, while negative information is either ignored or is underplayed.
Originality/value – Four impression management methods are described in detail, illustrated by 21 examples. These four methods are examined together. New impression management methods are studied in this paper for the first time. This paper extends prior impression management measures in two ways. First, a composite impression management score based on four impression management techniques is articulated. Second, the composite impression management score methodology is extended to capture a measure for bias, in the form of an impression management bias score. This is the first time outside the US that narrative disclosures in press releases have been studied.
Brennan, Niamh M. and Solomon, Jill [2008] Corporate Governance, Accountabili...Prof Niamh M. Brennan
Purpose – This paper reviews traditional corporate governance and accountability research, to suggest opportunities for future research in this field. The first part adopts an analytical frame of reference based on theory, accountability mechanisms, methodology, business sector/context, globalisation and time horizon. The second part of the paper locates the seven papers in the special issue in a framework of analysis showing how each one contributes to the field. The paper presents a frame of reference which may be used as a 'roadmap' for researchers to navigate their way through the prior literature and to position their work on the frontiers of corporate governance research.
Design/methodology/approach – The paper employs an analytical framework, and is primarily discursive and conceptual.
Findings – The paper encourages broader approaches to corporate governance and accountability research beyond the traditional and primarily quantitative approaches of prior research. Broader theoretical perspectives, methodological approaches, accountability mechanism, sectors/contexts, globalisation and time horizons are identified.
Research limitations/implications – Greater use of qualitative research methods are suggested, which present challenges particularly of access to the “black box” of corporate boardrooms.
Originality/value – Drawing on the analytical framework, and the papers in the special issue, the paper identifies opportunities for further research of accountability and corporate governance.
Merkl-Davies, Doris M. and Brennan, Niamh M. [2007] Discretionary Disclosure ...Prof Niamh M. Brennan
This paper reviews and synthesizes the literature on discretionary narrative disclosures. We explore why, how, and whether preparers of corporate narrative reports use discretionary disclosures in corporate narrative documents and why, how, and whether users react thereto. To facilitate the review, we provide three taxonomies based on: the motivation for discretionary narrative disclosures (opportunistic behavior, i.e. impression management, versus provision of useful incremental information); the research perspective (preparer versus user); and seven discretionary disclosure strategies.
Brennan, Niamh M. and McGrath, Mary [2007] Financial Statement Fraud: Inciden...Prof Niamh M. Brennan
This document summarizes a research paper that studied 14 cases of financial statement fraud from the US and Europe. It found that senior management was usually responsible, and the most common method of fraud was recording false sales to meet external earnings forecasts. Fraud was typically discovered by management, either existing or new management taking over.
Brennan, Niamh and Kelly, John [2007] A Study of Whistleblowing Among Trainee...Prof Niamh M. Brennan
Over the last number of years whistleblowers have been gaining prominence. This paper investigates some of the factors that influence the propensity or willingness to blow the whistle among trainee auditors. Three categories of factors are examined: audit firm organisational structures, personal characteristics of whistleblowers and situational variables.
A survey of 240 final year students of the Institute of Chartered Accountants in Ireland was undertaken. Trainee auditors (just about to sit their finals) were asked about their confidence in internal and external reporting structures in their firms. Using four scenarios, audit trainees were questioned on their willingness to challenge an audit partner’s inappropriate response to concerns raised during the audit. Finally, audit trainees were asked about the influence of legal protection on their likelihood of whistleblowing.
Results indicate that where firms have adequate formal structures for reporting wrongdoing, trainee auditors are more likely to report wrongdoing and have greater confidence that this will not adversely affect their careers. Training increases this confidence. Trainee auditors also express a willingness to challenge an audit partner’s unsatisfactory response to wrongdoing. Significant differences were found in attitudes depending on whether the reports of wrongdoing were internal or external. The willingness to report wrongdoing externally reduces for older (aged over 25) trainees.
Brennan, Niamh [2006] Boards of Directors and Firm Performance: Is there an E...Prof Niamh M. Brennan
Reflecting investor expectations, most prior corporate governance research attempts to find a relationship between boards of directors and firm performance. This paper critically examines the premise on which this research is based. An expectations gap approach is applied for the first time to implicit expectations which assume a relationship between firm performance and company boards. An expectations gap has two elements: A reasonableness gap and a performance gap. Seven aspects of boards are identified as leading to a reasonableness gap. Five aspects of boards are identified as leading to a performance gap. The paper concludes by suggesting avenues for empirically testing some of the concepts discussed in this paper.
Brennan, Niamh and Gray, Sidney J. [2005] The Impact of Materiality: Accounti...Prof Niamh M. Brennan
This paper comprises a review of the literature on materiality in accounting. The paper starts by examining the context in which materiality is relevant, and the problems arising from applying the concept in practice. Definitions of materiality from legal, accounting and stock exchange sources are compared. The relevance of materiality to various accounting situations is discussed. Methods of calculating quantitative thresholds are described and illustrated. Prior research is reviewed, focussing on materiality thresholds, and on the materiality judgments of auditors, preparers and financial statement users. The paper concludes with some suggestions for future research and for policy makers concerning this best kept accounting secret.
Brennan, Niamh [2005] Accounting Expertise in Litigation and Dispute Resoluti...Prof Niamh M. Brennan
This document summarizes the role of expert witnesses in litigation, with a focus on accounting experts. It discusses how expert witnesses are used to assist courts in resolving complex issues outside the knowledge of judges and juries. The expert's primary duty is to the court, not to the hiring party. The summary also outlines important qualities of expert testimony like being unbiased, relevant, reliable, and cost-effective. It notes that experts can face civil liability for negligence if these qualities are lacking. Finally, it provides an overview of the process for selecting and engaging expert witnesses.
Brennan, Niamh and McDermott, Michael [2004] Alternative Perspectives on Inde...Prof Niamh M. Brennan
This paper examines the issue of independence of boards of directors and non-executive direc¬tors of companies listed on the Irish Stock Exchange. Based on information published in annual reports, the study found that most Irish listed companies were complying with the Combined Code’s recommendations for a balanced board structure, albeit with only 60 per cent having majority-independent boards. The study found a lack of consistency in inter-preting the definition of “independence”, a lack of disclosure of information and, by apply¬ing criteria generally regarded as prerequisite to independence of non-executive directors, certain situations which imposed upon their independence.
Brennan, Niamh [2003] Accounting in crisis: A story of auditing, accounting, ...Prof Niamh M. Brennan
Recent accounting scandals are the product of multiple failings of auditing, accounting, corporate governance and of the market. In discussing the many factors that led to failure, this paper attempts to provide insights on regulatory inadequacies that contributed to these problems. At the centre is human failure – in particular greed and weakness. Reforms in progress are briefly examined, with the caveat that no reforms will ever fully cater for human weakness.
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Brennan, Niamh and Hourigan, Denis [2000] Corporate Reporting on the Internet by Irish Companies, Irish Accounting Review 7(1): 37-68.
1. Corporate Reporting on the Internet by Irish Companies
Niamh Brennan
University College Dublin
Denis Hourigan
ARI Duty Free
(Published in the Irish Accounting Review, Vol. 7, No. 1, 1999 pp. 37-68
Address for correspondence: Prof. Niamh Brennan, Quinn School of Business, University College Dublin, Belfield,
Dublin 4. Ph. +353-1-716 4707; e-mail Niamh.Brennan@ucd.ie
2. ABSTRACT
The use of the Internet for financial reporting purposes by 109 Irish companies in 1998 is
examined. The relationship between Internet disclosure and size, leverage, demand for
corporate information and industry is analysed.
Results show that 35 (37 per cent) listed and 15 (100 per cent) semi-state companies had a
Web site. Larger companies, with larger annual report print runs, were significantly more
likely to have a Web site. There was no association between presence of an Internet site and
leverage or number of shareholders. Companies in the services and financial industries were
significantly more likely to have a Web site.
3. INTRODUCTION
The Internet was created in the United States of America in the late 1960s as a means of
enabling government researchers and contractors to share computer files relating to military
projects. The Internet also facilitated communication between academic institutions. It was
not, however, until the early 1990s that business users began to use the Internet for
commercial applications (Lymer, 1997).
The convergence of commerce and technology has meant profound changes in both business
communications and the way business is conducted. Technology can greatly assist companies
in conducting business on a global basis. Globalisation has meant that companies must now
operate in a global market for capital. Operating in such an environment has pressurised
companies into having the ‘highest international standards of disclosure’ (Myners, 1998, p.
27). Growing internationalisation of shareholder bases has meant that companies are seeking
more effective and efficient means of communicating with their stakeholders.
The Internet is seen as one of the most valuable tools for investor relations. Potentially, the
Internet allows information previously only available to large institutional investors to be
available to individual shareholders. The Internet as a medium for investor relations should
also ensure that smaller companies can access global capital markets by allowing a low cost
solution to dissemination of financial information.
Organisations world-wide have successfully adopted the medium of the Internet for business
communication, in particular for the purposes of marketing services and products (Lymer and
Tallberg, 1997). The Internet as a communications medium has facilitated dramatic changes
over recent years and corporate reporting has not been immune to such change. The debate on
how best to present financial information has recently gained new impetus based on the belief
that the Internet can act as a mechanism to deliver a “new look” financial report based on
relational databases driven by the needs of users (Lymer, 1997; Schneider and Bowen, 1997).
The potential impact of the Internet on the future of financial reporting could be dramatic with
traditional forms of financial information being replaced by financial and non-financial
databases, permitting the user as decision maker to access more relevant information. In this
scenario, the distinction between historic and current information would blur (Baker and
Wallage, 1998).
The Financial Accounting Standards Board has recently created a Web site
(http://www.rutgers.edu/Accounting/raw/fasb/tech/index.html) for a mythical company
FauxCom, Inc., for the purpose of inviting comments on the Internet’s role in business
information reporting (Journal of Accountancy, 1998). In February 1999, the International
Accounting Standards Committee announced the establishment of a project on electronic
financial reporting to examine issues such as the different means of corporate electronic
reporting, what standards and what type of standards are needed. More radically, use of the
Internet to allow users to access corporate databases, including records and minutes of
company meetings, has been suggested by the Institute of Chartered Accountants of
Scotland’s Research Committee (1999).
The Accounting Standards Board (ASB) encourages the trend of making financial information
available electronically in its non-mandatory statement Preliminary Announcements, noting
1
4. that ‘companies should explore the use of electronic means (eg the Internet), as a way of
disseminating the preliminary announcement to a wider audience without delay’ (ASB, 1997).
The technology of the Internet is constantly evolving. Recent developments include “push
technology” which enables users to receive information automatically. In addition, the Internet
has enabled “corporate dialogue” – the multidirectional process of communication with
companies and stakeholders in two way communication rather than the traditional one way
process of corporate reporting (Spaul, 1997).
At the same time, technology for financial reporting on the Internet is also developing. The
American Institute of Certified Public Accountants has recently established a Web site to
encourage the application of eXtensible Markup Language (XML) to Financial Reporting
(XFRML) to facilitate standard methods of maintaining, using and exchanging financial data
(see http://www.xfrml.org). Baldwin-Morgan and Williams (1999) consider the use of
intelligent Internet agents for financial reporting purposes, including for navigating regulatory
filings, for tracking company performance through stock quotes and for searching annual
reports and other statements for financial data.
Costs and benefits of reporting on the Internet
The Investors Relations Society in the UK provided estimates of the initial costs of providing
financial information on the Internet. However, because the complexity and volume of
information drive cost, the variability of these estimates is substantial. A summary of these
costs is shown in Table 1. This table suggests that it costs between £20,000 and £30,000 per
annum to maintain financial information on a Web site.
Table 1: Estimated costs of provision of financial Web site
Level of financial information Cost estimate
Basic interim results Stg£ 1,000 - 2,000
Extracts from annual report Stg£ 5,000 - 10,000
- Profit and Loss Account, Balance Sheet,
- Cash flow, Five year review
Enhanced treatment of annual report Stg£ 15,000 - 20,000
To retain results as archive on site Stg£50 - Stg£100 p.a.
Source: Investor Relations Society (1998)
The benefits of using the Internet in corporate reporting include:
• Low cost distribution
• Instant access
• Provides a mass communication medium
• Facilitates dynamic updating
• Greater flexibility in presentation
• The possibility of exporting data for later manipulation by users.
Investor relations managers in the UK have estimated that the average cost to despatch a copy
of the annual report to shareholders, researchers etc. is Stg£5 (Investor Relations Society,
2
5. 1998). There is anecdotal evidence that companies reporting on the Internet can reduce the
number of hard copies of the annual report. Companies will continue to be required by
company law to send shareholders hard copies of their annual reports, but general enquiries
from the public can be re-directed to company Web sites. Some countries (e.g. UK, USA and
Canada) are currently debating how these laws can be changed to remove this constraint. No
such debate is happening in Ireland.
Based on the above estimates, a company could recover the annual costs of maintaining a Web
site (£30,000) by a reduction of 6,000 in the annual report print run.
Ireland aspires to embrace the concept of the information society (International Data
Corporation, 1998). One of the fundamental indicators of the level of information awareness is
the level of Internet usage. There have been several international surveys of financial reporting
practices on the Internet. The purpose of this study is to conduct a similar examination of
corporate reporting practices on the Internet by Irish listed and semi-state companies. A
comprehensive quantitative and qualitative analysis of the Internet reporting practices is
reported. Three research issues are examined:
• The level of Internet usage by Irish companies
• Corporate reporting practices of Irish companies on the Internet
• Corporate characteristics exhibited by companies with Web sites
The findings of the study are then benchmarked against empirical evidence from other
international studies.
This paper is the first survey in Ireland of financial reporting on the Internet. A by-product of
the research is the list of Internet addresses of the 50 Irish companies with Web sites in
Appendices 1 and 2.
PRIOR LITERATURE
Level of Internet usage
Prior research suggests a growing level of Internet usage by companies. Of the top Fortune
150 companies, Louwers, Pasewark and Typpo (1996) found that 97 (65 per cent) had a Web
site while Petravick and Gillett (1996) found that 103 (69 per cent) had a Web site. Of the top
50 companies in the UK, Lymer (1997) found that 46 (92 per cent) had corporate Web sites.
Lymer and Tallberg (1997) surveyed 72 companies in Finland and established that 65 (90 per
cent) of these companies had corporate Web sites. Deller, Stubenrath and Weber (1999)
studied samples from the US, the UK and Germany – that form the respective country’s stock
market 100 index (i.e. S&P 100, FTSE 100, DAX 100). They found that 95 (95 per cent) of
US corporations, 85 (85 per cent) of German companies and 72 (72 per cent) of UK
companies had Web sites. Marston and Leow (1998) found in 1996 that 63 of the FTSE 100
companies had Web sites. By the time of Hussey, Gulliford and Lymer’s (1998) survey, this
number had increased to 71 Web sites. Craven and Marston (1999) combined the Marston and
Leow (1998) sample with the top 200 UK companies and found that 154 (75 per cent) of the
206 sample companies had Web sites. Ashbaugh, Johnstone and Warfield (1999) found that
253 (87 per cent) of the 290 US firms surveyed in 1998 had a Web site.
3
6. Extent of financial information disclosed on Web sites
Of the top 50 (by capitalisation) UK companies surveyed, Lymer (1997) found that 26 (52 per
cent) had full or summary accounts on their Web site. Lymer and Tallberg (1997) found that
44 (61 per cent) of 72 Finnish companies surveyed had full or summary financial statements.
Deller et al. (1999) found that 90 per cent of US companies surveyed had financial data on
their Web site compared with 74 per cent of UK companies. Of the 63 companies with Web
sites, Marston and Leow (1998) found that 45 (71 per cent) disclosed financial data, while
Hussey et al. (1998) found financial data in 63 (89 per cent) of Web sites. Company Annual
Reports On Line (CAROL) (1999) found that 67 per cent of the top 1,000 European
companies have financial reports on the Web. Of these, 80 per cent provide other financial
information in addition to annual reports. A detailed annual report was disclosed on 67 (32 per
cent) of Craven and Marston’s (1999) sample Web sites, while 42 (20 per cent) reported parts
or summaries of annual reports on their sites. Ashbaugh et al. (1999) defined firms as Internet
reporting firms if they provided comprehensive financial statements on their Web site or a link
to its annual report elsewhere. Of the 253 firms with Web sites, 177 (71 per cent) were
classified as Internet reporting firms.
Characteristics of companies reporting on the Internet
Marston and Leow (1998) looked at the extent of Internet financial disclosure by the FTSE
100 companies in 1996 and tested for a relationship between Internet disclosure and two
company characteristics, size and industry. Six industry categories were examined. They
found significant differences between large and small company disclosure practices on the
Internet. They also found significant differences in industry classification and in the format of
financial information – whether summary or full accounts. Services and utilities were
significantly more likely to disclose financial information. While size was also found by
Craven and Marston (1999) to be associated with use and extent of disclosure on the Internet,
they found no association between industry and Internet disclosure. CAROL (1999) found that
companies in the electronics, transport and utilities industries were most likely to use the Web
for financial reporting. Of the European countries studied, UK and German companies were
best users of the Web.
4
7. Ettredge, Richardson and Scholz (1998) studied 234 US companies listed by the Association
for Investment Management and Research (i.e. firms heavily followed by analysts) and 207
US companies listed on the Standard & Poor’s Compustat PC Plus data base (i.e. high tech
companies generally smaller than the AIMR companies with greater retail ownership). The
study examined whether investor relations material provided by company Web sites varied by
(i) level of individual (“retail”) ownership, (ii) level of press coverage and (iii) level of analyst
following. Companies with high levels of retail ownership were more likely to feature
information adapted for users with relatively low levels of financial information expertise.
These included discussions of advantages of holding the company’s shares, directors’ or
investor relations officers’ speeches, current share price and information about the company’s
dividend reinvestment plan. In contrast, companies with greater analyst following provided
financial information more suited to sophisticated users, including annual reports, links to
EDGAR (a Web site featuring US Securities and Exchange Commission filings) and
information on the firm’s stock transfer agent. Companies with heavy press coverage also
tailored the content of their Web site to business journalists, featuring annual reports, quarterly
reports, directors’ or investor relations officers’ speeches and current stock prices.
RESEARCH QUESTIONS
This paper examines three issues: (i) Level of use of the Internet by Irish companies for
corporate reporting; (ii) Content analysis of financial information on Irish company Web sites;
and (iii) Company characteristics that may be common to Irish companies reporting on the
Internet.
Four corporate characteristics are specifically examined to establish whether companies that
use the Internet for reporting have common traits: Size, Leverage, Demand for corporate
information and Industry.
Size
Previous studies have suggested many reasons why large companies might disclose more
information than other companies. Disclosure is less costly for larger companies (SEC, 1977).
Large firms may have a greater need for disclosure as their shares are more widely traded.
Small firms may be more reluctant to disclose because this may place them at a competitive
disadvantage.
Most prior research has documented a greater level of disclosure of financial accounting
information by larger firms (see Marston and Shrives (1991) for a review of some of this
research).
Economies of scale in disclosure and litigation deterrence (larger firms are more exposed to
litigation as they are seen to have “deeper pockets”) are two reasons put forward by Kasznik
and Lev (1995) explaining why size might be related to disclosure. They found firm size to be
a significant explanatory variable for their group of good news as well as bad news firms.
Size proxies for many variables. As Ball and Foster (1982) point out, results confirming a size
hypothesis may have alternative explanations. Care must be taken in interpreting the results of
tests including this variable.
5
8. H1: Larger firms are more likely to have a Web site than smaller firms.
Leverage
Jensen and Meckling (1976) and Smith and Warner (1979) have observed that agency costs
are higher for firms with proportionally more debt in their capital structure. As the proportion
of debt increases, shareholders, and managers acting on behalf of shareholders, have greater
incentives to transfer wealth from lenders. As leverage increases, lenders and shareholders
may demand more information in order to assess the probability of a firm meeting its debt
obligations. This suggests a positive relationship between voluntary disclosure and leverage.
Under the free cash flow model of Jensen (1986) the lower the free cash flow, the higher the
debt and, consequently, the lower the monitoring costs between shareholders and
management. Firms’ management are to some extent controlled and disciplined by the
providers of debt. Shareholders are supposed to have superior monitoring and bonding
facilities in contrast to all equity financed firms. Thus, the direction of the relationship
between leverage and disclosure is not clear from the literature.
A positive association between financial leverage and voluntary segment disclosures (Salamon
and Dhaliwal, 1980; Bradbury, 1992) and financial leverage and voluntary current cost
disclosures (Wong, 1988) has been found, but the evidence is not unanimous (Leftwich, Watts
and Zimmerman, 1981; Bazley, Brown and Izan, 1985; Kelly, 1994). Given the weight of
evidence linking leverage with increased disclosure, firms with greater financial leverage are
hypothesised to be more likely to disclose more information through the Internet.
H2: Firms with high debt-equity ratios are more likely to have a Web site than firms with low
debt-equity ratios.
Demand for corporate information
Agency theory explains managerial motives in firms where ownership of the firm is separated
from the control function which is carried out by managers acting on behalf of shareholders.
Disclosure of information narrows the information gap, consequently decreasing agency costs.
Leftwich, Watts and Zimmerman (1981) and Bradbury (1992) included size to proxy for
agency costs of capital held by outsiders on the assumption that the proportion of outside
capital tends to be higher for larger firms.
It has been argued that the Internet is best suited for communication with private shareholders
(Myners, 1998; Deller et al., 1999). Electronic reporting will enable democratisation of
shareholder information such that even the smallest shareholder will be able to access the
same information as the largest institution. The greater the demand for such communication,
the more likely a company is to disclose financial information through the Web.
H3: Firms with higher demand for corporate information are more likely to have a Web site
than firms with lower shareholder numbers.
6
9. Industry
Differences in industry have been found to be related to disclosure on the Internet (Marston
and Leow, 1998; CAROL, 1999). This may be due to different industries having different
proprietary costs of disclosure. Some may be more technologically advanced than others.
H4: Different proportions of firms in different industries will have Web sites.
RESEARCH METHODOLOGY
Sample
This study is based on a sample of 94 public companies listed on the Irish Stock Exchange as
recorded on the daily official list on 9 July 1998. A non-random sample of 15 commercial
semi-state companies was also included. Appendices 1, 2 and 3 list the companies in the
sample.
Survey of Web sites
An on-line search of the Web sites of sample companies was conducted. The initial problem
was to identify the Web addresses of the relevant listed and semi-state companies. Most
addresses could be established intuitively, using the address suffix of either ‘.ie’ or ‘.com’. For
example, the Web site address of Elan was www.elan.ie. Where this approach proved
unsuccessful, Web search engines such as Yahoo, Alta Vista etc. were used to locate Web
addresses.
Where the preliminary survey did not identify a company’s Web site, that company was
contacted by telephone to verify that no corporate Web site existed. These telephone calls
revealed several companies which possessed unusual Web addresses or whose Web sites were
hosted by their Internet service providers.
Content analysis
Corporate Web sites were subject to a two-stage, in-depth content analysis. Initially, the
following data was extracted: (i) company background data, (ii) service / product information,
(iii) presence of financial information (e.g. annual report / investor relations pages), (iv) press
releases, (v) directors’ biographies, and (vi) employment opportunities with the company.
Secondly, financial information provided on Web sites was further analysed. Elements
outlined in the London Stock Exchange and Investor Relations Society Best Internet Annual
Report Guidelines and briefing papers (Investor Relations Society, 1998) were considered.
Content was analysed with respect to (i) the nature (financial highlights or full accounts) and
(ii) the type of financial statements available (chairman’s and chief executive’s reviews;
financial statements, notes to accounts; segmental analysis; five year trends; corporate
governance documents, directors’ information etc.).
7
10. Company characteristics
Four company characteristics were measured: Size, Leverage, Demand for corporate
information and Industry. Four proxies were used to measure company size: Market
capitalisation, Turnover, Profitability and Number of employees. Leverage was measured by
the debt / equity ratio.
Demand for corporate information was proxied in two ways: (i) by the size of the print run of
the most recent annual report; and (ii) by the number of shareholders. This was used as an
approximation of the number of users of corporate information. It is accepted that this proxy
has limitations as the Internet has widened the demand for corporate information beyond
existing shareholders to a broader group of interested users.
Companies were classified into the same six industry categories used by Marston and Leow
(1998): Mineral extraction, General industrial, Consumer goods, Services, Utilities and
Financials.
Information on Market capitalisation, Turnover, Profitability and Leverage was obtained
variously from company annual reports, Business & Finance (1998) and O’Neill (1998). Data
on the number of shareholders and the number of printed copies of the most recent annual
report was obtained by writing to each company in July 1998 with follow up telephone
requests for the information where necessary.
Statistics
Basic descriptive univariate and nonparametric bivariate statistics were calculated, including
Mann-Whitney U tests of differences in mean rankings of variables for companies with /
without Web sites. Spearman bivariate correlations for all independent variables were
calculated. Simple two-way crosstabulation was performed to calculate bivariate correlations
between the categorical Industry variable and companies with / without Web sites. Related
Pearson chi-square statistics are reported.
RESULTS
Level of Internet usage by Irish companies
Table 2 shows that 50 (46 per cent) of 109 companies in the sample had a Web site. There
were 35 (37 per cent) listed companies with Web sites (see Appendix 1). Semi-state
companies had a higher level of Internet usage – all had Web sites. These findings are
consistent with the results of a similar survey conducted by Interface Business Information in
November 1997, which found that approximately one third of their sample of 300 of medium
to large sized companies had a Web site (Dunne, 1997).
8
11. Table 2: Level of Internet usage by Irish companies
Listed1 Semi-state Total
No. % No. % No. %
Sample 94 100 15 100 109 100
Web site 35 37 15 100 50 46
No Web site / no response 59 63 0 0 59 54
94 100 15 100 109 100
Content analysis
Table 3 shows the types of information disclosed in Web sites. The two highest-ranking
categories are company background and products / services. Approximately two thirds of sites
disclosed financial information. There were 24 (69 per cent) listed company Web sites
disclosing financial information. Public companies are better at using their Web sites for
financial reporting purposes. Only 8 (53 per cent) semi-state company sites incorporated
financial information.
Table 3: Type of information on Web sites
Listed Semi-state Total
No. % No. % No. %
Number of Web sites 35 100 15 100 50 100
Company background 30 86 11 73 41 82
Product / Service 31 89 8 53 39 78
Financial 24 69 8 53 32 64
Press releases 21 60 8 53 29 58
Director information 9 26 4 27 13 26
Employment 8 23 1 7 9 18
Table 4 analyses those entities reporting financial information on the Web. Nine (8 per cent)
companies reproduced the financial statements (profit and loss account and / or balance sheet
only). Interestingly, the UK Society of Investor Relations has as its guideline for awards that
merely replicating the printed form of financial statements on the Internet will not go far in
their competition. A detailed content analysis of the sites containing financial information is
also shown in Table 4. The profit and loss account and balance sheet ranked the most
common financial disclosures at 75 per cent.
9
12. Table 4: Analysis of financial information on Web sites
Listed Semi- Total
state
Nature of financial information No. % No. % No. %
Financial highlights only 5 21 5 63 10 31
Financial statements only 8 33 1 12 9 28
Financial highlights and financial
statements 11 46 2 25 13 41
Sites with financial information 24 100 8 100 32 100
Type of financial statements No. % No. % No. %
Chairman’s statement 14 58 4 50 18 56
Chief executive’s review 11 46 5 63 16 50
Profit and loss account 21 88 3 38 24 75
Balance sheet 21 88 3 38 24 75
Cash flow statement 13 54 3 38 16 50
Notes to accounts 9 38 3 38 12 38
Non-financial performance indicators 2 8 - - 2 6
Financial ratios 1 4 2 25 3 9
Five / ten year summary 9 38 - - 9 28
Multiple currency 1 4 - - 9 28
Segmental analysis 11 46 - - 11 34
Corporate governance 8 33 2 25 10 31
Directors’ report 8 33 3 38 11 34
Directors’ information 9 38 4 50 13 41
The following comments are relevant to the quality of financial information provided on the
Internet by the Irish companies:
• The location of financial information was not always obvious to the user. In some cases,
although the site included a financial section, the information was in the press releases
area (see, for example, Avonmore Waterford Group (www.awg.ie)
• Many sites did not hyperlink pages. This facility would have been particularly helpful in
moving from the balance sheet and profit and loss account to the associated notes
• Few listed companies made use of graphics. It was not clear whether this was due to
omission or a design decision to minimise time to download pages
• The format and content of financial information was not adapted to the new medium. The
majority of companies present information in “page” rather than screen format. In some
sites, the user was obliged to scroll back and forward through large volumes of data to
assemble information
• Where the user wished to make use of the pdf format to download and view documents,
files were lengthy resulting in long download times (one to two hours for average modem
speeds)
• Sites with incomplete financial information left the reader with little option but to request
a hard copy of the accounts.
10
13. Benchmarking of results against other studies
Results of prior studies of corporate reporting on the Internet are summarised in Table 5. The
studies are listed according to the date on which the research was carried out. This shows the
rapid increase over time of companies with Web sites.
Table 5: Benchmarking of results against other studies
Web site No Balance Profit Cash
Authors Population/ Sample (%)1 financial sheet2 & Notes2 flow2
(Date of study) data2 Loss2
Louwers, Pasewark and Typpo (1996) US Fortune 150 companies 97 (65%) 43% 36% 36% n/a n/a
(March 1996)
Petravick and Gillett (1996) US Fortune 150 companies 103 (69%) 19% 45% 45% n/a n/a
(May 1996)
Marston and Leow (1998) FTSE-100 Companies 63 (63%) 29% n/a n/a n/a n/a
(November 1996)
Lymer (1997) Top 50 UK Companies 46 (92%) 43% 13% 13% n/a n/a
(February 1997)
Lymer and Tallberg (1997) All 72 Finnish listed companies 65 (90%) 11% 37% 37% n/a n/a
(February 1997)
Ashbaugh, Johnstone, and Warfield (1999) 290 US firms 253 (87%) n/a n/a n/a n/a n/a
(January 1998)
Deller, Stubenrath and Weber (1999) Top 100 US listed companies 95 (95%) n/a 93% 93% 92% 92%
(January 1998) Top 100 UK listed companies 72 (72%) n/a 74% 75% 60% 64%
Top 100 German listed companies 85 (85%) n/a 65% 63% 42% 30%
Hussey, Gulliford and Lymer (1998) FTSE-100 Companies 71 (71%) 11% 86% 86% n/a n/a
(March 1998)
Craven and Marston (1999) 206 UK largest firms 154 (75%) 29% n/a n/a n/a n/a
(July 1998)
Brennan and Hourigan (2000) All 94 Irish listed companies 35 (37%) 31% 60% 60% 26% 37%
(July 1998)
CAROL (1999) European top 1000 companies n/a 33% n/a n/a n/a n/a
(November/December 1998)
n/a: Information not available
1
% of sample
2
% of total number of Web sites found
In general, a considerably lower proportion of Irish companies have Web sites (37 per cent)
compared with their corporate counterparts in the US (87 per cent Ashbaugh et al. (1999), 95
per cent Deller et al., (1999)) and in the UK (63 per cent Marston and Leow (1998), 92 per
cent Lymer (1997), 72 per cent Deller et al. (1999) and 71 per cent Hussey et al. (1998)). This
may, in part, be due to differences in sample composition – the top 100/150 listed companies
in the UK/US are likely to be considerably larger, on average, that the 94 Irish listed
companies. For example, the average size of Marston and Leow’s FTSE 100 companies was:
Turnover £2,845 million, Employees 20,663 and Market capitalisation £3,243 million
(compared with average sizes for the 94 Irish listed companies of Turnover IR£647 million,
Employees 4,516 and Market capitalisation £1,146 million – between one-fifth to one-third
the size of the UK sample).
Table 5 also shows that most company Web sites contain financial data.
11
14. Descriptive statistics for each variable are shown for listed companies in Table 6. The
skewness statistics shows that the distribution properties of the data are not normal.
Consequently, non-parametric statistical tests are used in subsequent analyses.
Table 6: Descriptive statistics of continuous independent variables for listed companies
Variable Mean Median Skewness1 Standard No. Missing
deviation values
Size: Market capitalisation (£million) 1,146 126 5.84 3,937 90 4
Size: Turnover (£million) 647 70 6.40 2,487 86 8
Size: Profitability (£million) 57 7 6.24 206 90 4
Size: Number of employees 4,516 542 6.14 16,263 88 6
Leverage: Debt/Equity ratio 1.30 0.36 8.73 5.15 90 4
Demand for corporate information:
Number of annual reports 28,128 5,000 6.08 96,483 93 1
Demand for corporate information:
Number of shareholders 20,756 2,500 6.68 73,324 93 1
1
These values (compared with values given in tables by Kanji (1993)) would indicate that assumptions that
the variables are distributed normally are inappropriate.
Spearman bivariate correlations for all independent variables were calculated and are shown in
Table 7. The four size variables are highly correlated (ranging from 0.92 to 0.66).
Correlations between the four size variables and the remaining variables is lower (ranging
from 0.42 to 0.13). Correlation between the size of the annual reports print run and the
number of shareholders is high at 0.83. Because of the high correlation among the independent
variables, no multivariate analysis was performed.
Table 7: Bivariate Spearman correlations of independent variables
Market Turnover Profit Employees Leverage Annual
Capitalisation Reports
Turnover 0.71**
Profit 0.80** 0.92**
Employees 0.66** 0.86** 0.80**
Leverage 0.42** 0.35** 0.39** 0.36**
Annual Reports 0.54** 0.39** 0.39** 0.41** 0.15
Shareholders 0.43** 0.32** 0.28** 0.32** 0.13 0.83**
** Significant at < 0.01
Number of cases varied depending on availability of data on each pair of variables
Table 8 reports Mann-Whitney U test results of differences in mean rankings of the
continuous variables of listed companies with / without Web sites. Results indicate that larger
listed companies (as defined by market capitalisation, turnover, profits and employees) are
significantly more likely to use the Internet. Their objective may be to deliver timely, cost
12
15. effective financial information to their current shareholders and potential investors, thus
providing a higher quality of investor relations and informational service.
No association was found between leverage and disclosure on the Internet. The relationship
between presence of a Web site and number of annual reports is significant at 2 per cent. It is
interesting to note that there is no statistical difference between the number of shareholders in
listed companies with Web sites and in those with no Web sites.
Table 8: Mann-Whitney U tests of differences in mean rankings between
listed companies with / without Web site
Mean rank
Web site No Web site Z-stat. Two-tailed prob.
Market capitalisation 63 35 -4.86 0.00**
Turnover 54 37 -3.23 0.00**
Profit 61 37 -4.27 0.00**
Employees 57 37 -3.58 0.00**
Leverage 50 43 -1.36 0.17
Annual Reports 56 42 -2.35 0.02*
Shareholders 52 44 -1.46 0.15
** Significant at < 0.01 * Significant at < 0.05
Analysis by industry in Table 9 reveals significant differences in the industries of companies
with and without Web sites. A Web site is significantly more likely in the services and
financial industries. This may be because financial institutions and businesses in the service
industry are interfacing with the public more to sell their products/services via the Internet.
Table 9: Differences in industry between companies with / without
Web sites
Web site No Web site Total
Industry
Oil and mining 2 ( 6%) 18 ( 31%) 20 ( 21%)
General Industrial 6 ( 17%) 19 ( 32%) 25 ( 27%)
Consumer Goods 4 ( 11%) 8 ( 14%) 12 ( 13%)
Services 12 ( 34%) 9 ( 15%) 21 ( 22%)
Utilities 2 ( 6%) 0 ( 0%) 2 ( 2%)
Financials 9 ( 26%) 5 ( 8%) 14 ( 15%)
35 (100%) 59 (100%) 94 (100%)
Pearson chi-square 19.62 (d.f. 5) Significance 0.00**
** Significant at < 0.01
To summarise, these results indicate that the small to medium-sized listed companies, as
defined by market capitalisation, turnover, profit and employees, are not realising the potential
of the new technology to overcome the possible disadvantages of their smaller size.
13
16. DISCUSSION AND CONCLUSIONS
The primary motivation for this exploratory research was to conduct a quantitative and
qualitative analysis of financial reporting practices of Irish listed and semi-state companies on
the Internet.
The following summarises the findings:
• Results show that 50 companies (46 per cent) (37 per cent of listed companies and 100 per
cent of semi-state companies) provided a Web site, which compares poorly with other
countries
• Of the 50 companies with Web sites, 32 (64 per cent) provided some form of financial
information
• Larger listed companies, with larger annual report print runs, were significantly more
likely to have a Web site. No association was found between leverage and presence of a
Web site
• There was no significant association between Internet usage and the total number of
shareholders
• Companies in the services and finance industry are significantly more likely to have a Web
site.
As expected, Irish listed companies lag behind their US, UK and German corporate
counterparts. The ‘wait-and-see’ approach being adopted during this period of rapid change
could put Irish listed companies, and users of their financial information, at a comparative
disadvantage. For Irish listed companies to succeed in global terms, more effective use of the
Internet, and all associated technologies, is needed to communicate financial information.
Future developments
Interest in the Internet for financial reporting purposes is increasing. The number of Internet
users is growing rapidly. The total number of people estimated to be online worldwide in June
1999 is 179 million, with 350 million expected by the year 2005 (Nua, 1999). The number of
Irish adults with Internet access is estimated at 380,000 in June 1999 and was expected to
reach 518,000 by the end of 1999. Nua (1999) predicts that 829,000 adults will be online in
Ireland by 2001. Debreceny and Gray (1999) predict that Web-based financial statements will
become the primary means of information dissemination, with printed versions occupying a
secondary, archival role.
Lymer (1999) summarises the issues created as a result of Internet-based reporting, ranging
from management of the process, regulation, standard setting, validity and reliability of data,
liability for errors and demand for additional disaggregated corporate information. The
Internet in its current form is unregulated. Ashbaugh et al. (1999) have found substantial
variations in the quality of firms’ Internet financial reporting practices and they call for
regulation of financial information disseminated via the Internet.
Financial information on the Internet is not subject to independent verification. Statements do
not have to be audited prior to posting on the Internet. Confidence in the Internet for financial
reporting purposes may be undermined due to concerns about the reliability of the financial
information thereon (KPMG, 1999). Debreceny and Gray (1999) draw attention to the ease
14
17. with which data can be altered without any indication that a change has been made. Web site
security is an additional concern. Only 35 per cent of US firms surveyed provide assurance to
users on the accuracy of data on their Web site (Ashbaugh et al., 1999).
In summary, it is likely that over the next few years further developments in financial
reporting are likely to take place in terms of format and presentation of information on the
Internet, and in regulation and auditing of this information.
ACKNOWLEDGEMENTS
Participants at the 12th Annual Conference of the Irish Accounting and Finance Association,
Cork, provided helpful comments on an earlier draft of this paper. The authors are grateful to
the anonymous referees for their constructive suggestions.
NOTE
1
By July 1999 (exactly one year since the research in this paper was carried out), the
proportion of companies with Web sites had doubled, with 66 (67 per cent) of the 99 Irish
companies listed on the Irish stock exchange having a Web site (Brennan and Kelly, 1999).
15
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20. Appendix 1
Listed company Web sites
Company Web site Industry
1. Allied Irish Banks plc www.aib.ie 6
2. Anglo Irish Bank Corporation plc www.angloirishbank.ie 6
3. Arnotts plc www.iol.ie/arnotts 4
4. Avonmore Waterford Group plc www.awg.ie 3
(now Glanbia plc)
5. Bank of Ireland plc www.bankofireland.ie 6
6. BCO Technologies Group plc www.bco-technologies.com/ 4
7. CRH plc www.crh.ie 2
8. DCC plc www.dccplc.com 6
9. Diageo plc www.diageo.com 3
10. Dragon Oil plc www.dragonoil.com 1
11. Elan Corporation plc www.elan.ie 3
12. Fitzwilton plc www.fitzwilton.ie 6
13. Fyffes plc www.fyffes.com 3
14. Hibernian Group plc www.hibernian-group.ie 6
15. Icon CMT www.icon-icr.com 4
16. Independent Newspapers plc www.independent.ie 4
17. Iona Technologies plc www.iona.ie 4
18. Irish Continental Group plc www.irishferries.ie 4
19. Irish Life plc www.irishlife.ie 6
20. Irish Permanent plc www.irishpermanent.ie 6
21. ITG Group plc www.itg.ie 5
22. Jurys Hotel Group plc www.jurys.com 4
23. Kingspan Group plc www.kingspan.com 2
24. Marlborough International plc www.marlborough.ie 4
25. Norwich Union plc www.norwich-union.ie 6
26. Oglesby & Butler plc www.kol.ie/oglesby 2
27. Ormonde Mining plc www.info-mine.com/ormonde 1
28. Powerscreen International plc www.powerscreen.co.uk 2
29. Rapid Technology Group plc www.rt-interface.com 4
30. Ryan Hotels plc www.ryan-hotels.com 4
31. Smurfit (Jefferson) plc www.smurfit.ie 2
32. Tesco plc www.tesco.co.uk 4
33. Ulster Television plc www.utvlive.com 4
34. Unidare plc www.unidare.ie 2
35. Viridian Group plc www.viridiangroup.co.uk 5
18
21. Appendix 2
Semi-state company Web sites
1. ACC Bank plc www.accbank.ie
2. Aer Lingus plc www.aerlingus.ie
3. Aer Rianta cpt www.aer-rianta.ie
4. An Post www.anpost.ie
5. Bord Gais Eireann www.bordgais.com
6. Bord Na Mona www.bnm.ie
7. Coillte Teo www.coillte.ie
8. Electricity Supply Board www.esb.ie
9. ICC Bank plc www.icc.ie
10. National Lottery Company www.lotto.ie
11. RTE www.rte.ie
12. Shannon Free Airport Development
Company Limited www.shanon-dev.ie
13. Telecom Eireann www.telecom.ie
14. TSB Bank www.tsbbank.ie
15. Voluntary Health Insurance Board www.vhi.ie
19
22. Appendix 3
Listed companies not responding / with no Web site at time of survey
Company Industry Company Industry
1. Abbey plc 2 31. IAWS Group plc 3
2. Adare Printing Group plc 4 32. IFG Group plc 2
3. Aminex plc 1 33. ILP Group plc 4
4. Arcon International Resources plc 1 34. Ivernia West plc 1
5. Ardagh plc 2 35. IWP International plc 2
6. Athlone Extrusions plc 2 36. Jermyn Investment Properties plc 6
7. Barlo Group plc 2 37. Jones Group (The) plc 2
8. Boxmore International plc 2 38. Kenmare Resources plc 1
9. Bridgend Group plc 2 39. Kerry Group plc 3
10. Bula Resources (Holdings) plc 1 40. Lamont Holdings plc 2
11. Celtic Resources Holdings plc 1 41. Mackie International plc 2
12. Clondalkin Group plc 2 42. McInerney Holdings plc 2
13. Crean (James) plc 2 43. Minmet plc 1
14. Dana Petroleum plc 1 44. Navan Resources plc 1
15. Donegal Creameries plc 3 45. Norish plc 4
16. Dunloe House Group plc 6 46. Ovoca Resources plc 1
17. Ennex International plc 1 47. Peterhead Group plc 4
18. European Leisure plc 4 48. Premier Oil plc 1
19. Ewart plc 6 49. Providence Resources plc 1
20. FBD Holdings plc 6 50. Qualceram plc 2
21. Fishers International plc 4 51. Readymix plc 2
22. Gaelic Resources plc 1 52. Reflex Group plc 4
23. Galen Holdings plc 3 53. Ryanair Holdings plc 4
24. Glencar Mining plc 1 54. Seafield plc 2
25. Golden Vale plc 3 55. Silvermines Group plc 1
26. Grafton Group plc 2 56. Tullow Oil plc 1
27. Green Property plc 6 57. Tuskar Resources plc 1
28. Greencore Group plc 3 58. United Drug plc 3
29. Hampden Group plc 4 59. Waterford Wedgwood plc 3
30. Heiton Holdings plc 2
20