Stock Exchange Listing Rules and Disclosure of Reserves in the Extractive Industries

Mirza, Malik (2001) Stock Exchange Listing Rules and Disclosure of Reserves in the Extractive Industries. Oil, Gas and Energy Quarterly, 50(1), pp. 57-79.

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Managers of oil and gas and mining firms face a trade-off when disclosing quantum of reserves in the annual reports. The disclosure is likely to reduce the firm's cost of equity and debt. On the other hand, information about the firm’s reserves is likely to attract competitors' attention. Therefore, managers aim to achieve an optimum level of disclosure in the firms' annual reports. This study examines the impact of a change in Australian Stock Exchange listing rules regarding disclosure of reserves. The change in the rules does not seem to have much effect on the frequency of disclosure. Instead, the disclosure is influenced by firm's size, auditor quality, stage of growth, project financing, and reserves' measurement costs. Earlier studies focused on disclosure of reserves by firms in the oil and gas industry. This study extends the previous work by focusing on oil and gas firms as well as mining firms.

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ID Code: 5074
Item Type: Journal Article
Refereed: Yes
Additional Information: Access to the author-version is currently restricted pending permission from the publisher. For more information, please refer to the journal's website (see link) or contact the author. Author contact details:
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Keywords: Disclosure, Reserves, Extractive industries, Stock exchange listing rules, Information asymmetry
ISSN: 1096-9195
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > Financial Accounting (150103)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Copyright Owner: Copyright 2001 Mathew Bender
Deposited On: 05 Oct 2006 00:00
Last Modified: 05 Jan 2011 13:27

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