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Internet Financial Reporting in Bosnia and Herzegovina

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Internet Financial Reporting in Bosnia and Herzegovina A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Zaimovic, Tarik; Zaimovic, Azra; Fazlic, Anela Article Internet Financial Reporting in Bosnia and Herzegovina Economic Review: Journal of Economics and Business Provided in Cooperation with: Faculty of Economics, University of Tuzla Suggested Citation: Zaimovic, Tarik; Zaimovic, Azra; Fazlic, Anela (2015) : Internet Financial Reporting in Bosnia and Herzegovina, Economic Review: Journal of Economics and Business, ISSN 1512-8962, University of Tuzla, Faculty of Economics, Tuzla, Vol. 13, Iss. 2, pp. 21-34 This Version is available at: http://hdl.handle.net/10419/193849 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu . Economic Review – Journal of Economics and Business, Vol. XII, Issue 2, November 2015 /// INTERNET FINANCIAL REPORTING IN BOSNIA AND HERZEGOVINA Zaimović Tarik *, Zaimović Azra **, Fazlić Anela *** ABSTRACT Internet Financial Reporting practices of companies traded on two stock markets in BiH. Using the Internet as a communication channel between a company and its stakeholders is a Keywords: the Internet financial reporting, norm in today's economy, and the Web-based SASE, BLSE, BiH company reports have long replaced traditional forms of corporate reporting. Most investors JEL: G32 base their entire first impression of a company INTRODUCTION on information available on its Web page, and often, an entire initial performance assessment As the Internet becomes an irreplaceable part is based on data available on-line. Internet of life, the need for on-line visibility and Financial Reporting (IFR), in its broadest form, promotion becomes a never-ending story for has become one of the pivotal factors in companies' management. Investors ranging effective functioning of capital markets. from small to intuitional are looking at the Building on earlier studies, we analyzed the IFR Internet as a one-way window to companies’ practices of companies traded on two stock profile, market approach and financial status. exchanges in Bosnia and Herzegovina by These investors will often base their entire estimating multiple regressions separately for first impression of organization on its Web both stock exchanges. Our findings clearly show promotion. Financial statements in their that voluntary disclosure of reports and other broadest sense are one of the primary sources forms of company information for analyzed of publicly- available information for companies is still simplistic. Furthermore, our company's performance and business estimations revealed that profitability activities. Thus, financial reporting on the measured by return on equity and market Internet becomes one of the pivotal factors in activity represented by share turnover effective functioning of capital markets. The significantly affect the IFR index for companies late 1990s have seen some of the first traded on the Banja Luka Stock Exchange assessments of what would become "the (BLSE); with companies traded on the Sarajevo Internet Financial Reporting" (henceforth, Stock Exchange (SASE), size measured by total IFR). Over time, the IFR concept has changed asset, as well as market activity measured by and now it entails usage of the Internet in share turnover, have a positive effect on the IFR providing information about overall financial index. On both stock exchanges, companies performance of a company – not just in from the financial industry have on average mandatory disclosures but also higher IFR scores than other companies. With comprehensive reporting and information respect to expanding earlier studies, this study sharing on all financial and market activities. used an extended sample for Bosnian and The content of IFR often includes annual and Herzegovinian assessments, and as a result, quarterly reporting, media statements, observed additional factors related to the information about stock price and trading, * School of Economics and Business Sarajevo, [email protected] ** School of Economics and Business Sarajevo, [email protected] *** [email protected] /// 21 /// . Zaimović T., Zaimović A., Fazlić A. different reports and analyses, as well as which is mandatory and voluntary financial ownership, management and employee data, reporting. An important step forward in etc. harmonizing accounting practices was made with the EU Council of Ministers in 2002 with a Building on earlier papers about IFR, decision requiring companies whose shares are especially Bartulović and Pervan (2014), this traded on capital markets in the EU to apply study extends prior research conducted in accounting standards of the IASB starting in Bosnia and Herzegovina (henceforth, BiH) by 2005. This Decision by the EU has secured analyzing a larger sample and focusing on IFR greater business transparency, easier financial practices of companies traded on both stock analysis and ultimately faster investment markets: the Sarajevo and Banja Luka Stock decisions (Pervan, 2005). Exchanges. Based on previous studies' findings, we develop a multiple regression In the Federation of BiH (henceforth, FBiH), model appropriate for this market. In all, our which is a sub-federal entity in BiH, sample has included a total of 88 companies accounting and financial reporting is and next to their IFR scores, our analysis regulated by the Law on Accounting and reveals specific determinants related to IFR Auditing. The obligation to prepare and scores for each of two analyzed markets present financial statements for legal entities (stock exchanges of two BiH entities: with the mandatory application of Federation of BiH and Republic of Srpska1). International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) is prescribed by Articles 33-37 of the 1. IFR FRAMEWORK IN BIH Law. Additional provisions on financial reporting are subject to the Regulation on One of the principle objectives of financial Disclosure of Information and Reporting. This reporting is to inform interested groups about requires all listed joint stock companies to company’s financial position and its business make disclosures of their semi-annual and performance. At its core, financial reporting is annual reports on operations and the reports the product of accounting systems, but today it of external auditors on the official website, as often represents a key communication channel well as to submit them to the Sarajevo Stock between the company and its shareholders, Exchange (henceforth, SASE) for publication stakeholders and potential investors. A on stock exchange’s website. Companies are financial reporting framework in the broad also required to publish reports and sense refers to all the regulations governing statements on events which significantly financial reporting in any given country. As impact financial performance on company's individual countries have developed official website. In addition, all listed joint differently, the differences in the financial stock companies should publish quarterly and reporting practices have differed. In order to nine-month operating reports and make them harmonize different approaches, the FASB2 and available on-line. the IASB3 have issued a number of norms and rulings with the aim of aligning existing As in FBiH, the Law on Accounting and accounting standards and practices, among Auditing regulates this area in Republic of Srpska (henceforth, RS). According to RS Law 1 According to BiH Constitution, the state has two the preparation and the publication of rather independent entities with two financial financial statements shall adhere to markets and two stock-exchanges in Sarajevo and International Performance Standards for Banja Luka. 2 Financial Accounting Standards Board Financial Reporting. Financial reporting for 3 International Accounting Standards Board listed joint stock companies is further /// Economic Review – Journal of Economics and Business, Vol. XII, Issue 2, November 2015 22 . Internet Financial Reporting in B&H /// regulated by the Law on Securities and the USA, showed that 70% of companies were Regulations on disclosure of information for reporting their financial information on the listed joint stock companies. Listed joint-stock Internet (Ashbaugh et al., 1999). Furthermore, companies are obliged to publish annual Lymer et al. (1999) found that disclosure of financial reports, half-yearly financial financial information on the Internet has statements, audit
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