Firms’ Financial Reporting Transparency and the Rank of Financial Reporting Transparency

摘要

Financial crisis in global stock exchange especially September incident in 1997 and following Enron’s financial disgrace and some European and American corporations at 2000 were caused that professional communities pay attention to information transparency issue in financial reporting process. Foreclosing public confidence from capital markets allows above countries to codify and amend rules that guarantee investors’ confidence to commercial cycles and presented information by them. Sanction regulations such as Cadbury’s reports (1992); Greenbury (1998) and Hampel (1998) in England, publication of Vinute’s report (1996-1998) in France and financial security principle (2003); SOX in US (2002); KonTraG (1998); Berlinz (2000) and KapAEG (2005) in Germany show a new wave from attention to modifying strategic system frameworks that existed along increasing shareholders’ right in stock exchange and enhancing external information quality (Estiger and Volf Gang 2008).