Annual report disclosure and corporate legitimacy management: A study of Singapore companies' responses to the government's call for venturing abroad

Near the end of 1992, the Singapore government vigorously urged local companies to invest overseas. Publicly listed companies faced substantial institutional pressure to respond to the government's call, otherwise they might lose legitimacy in the eyes of their stakeholders. According to the st...

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Bibliographic Details
Published in:Asia Pacific journal of management 2001, Vol.18 (1), p.27
Main Author: Tsang, Eric W K
Format: Article
Language:English
Subjects:
Annual reports
Content analysis
Disclosure
Economic development
Foreign investment
Joint ventures
Legitimacy
Prime ministers
Strategic management
Studies
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Summary:Near the end of 1992, the Singapore government vigorously urged local companies to invest overseas. Publicly listed companies faced substantial institutional pressure to respond to the government's call, otherwise they might lose legitimacy in the eyes of their stakeholders. According to the strategic perspective of legitimacy, a company's immediate response to such institutional pressure would be partly reflected in lengthening the description of its foreign activities in the annual report. Content analysis was conducted on 174 annual reports of 29 companies to test whether there was a significant increase in such descriptions in the annual reports published after the call. The results were generally found to be affirmative and therefore supported the strategic perspective.
ISSN:0217-4561
1572-9958
DOI:10.1023/A:1010661105944