Publication: Accountability Styles in State-Owned enterprises : The good, the bad, the
ugly ... And the pretty
Authors
Royoa, Sonia ; Yetano, Ana ; García-Lacalle, Javier
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DOI
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info:eu-repo/semantics/article
Description
Abstract
Ensuring public access to the information that State-Owned Enterprises (SOEs) produce is necessary and
corporate websites should be used for this purpose. However, there is a lack of research analyzing the accountability of SOEs. This paper aims to identify different accountability patterns among SOEs by carrying
out an assessment of the e-disclosure levels of Spanish SOEs. For this purpose, a comprehensive website
content analysis of 91 SOEs owned by the Spanish central government was carried out. Each website was
analyzed for 60 items classified into 4 dimensions: 1) financial information, 2) information about objectives and strategies, 3) corporate governance and 4) usability. In order to identify different accountability
patterns among SOEs, cluster, multidimensional scaling and Pro-Fit analyses were carried out. Results
show that e-disclosure practices among Spanish SOEs are still in their infancy. Financial accountability
is the main focus of SOEs disclosures and most are silent about their policies, objectives and corporate
governance structures. The majority of them are still anchored in a narrow accountability style that only
considers shareholders as the key stakeholders and they are a long way from fulfilling the OECD recommendation that they should be as transparent as listed companies. Furthermore, results show that enforcement
of transparency-related legislation is scarce in Spain. Based on these findings, some recommendations to
improve e-disclosure practices among SOEs are suggested.
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