ROMANIAN COMPANIES’ WEB-BASED DISCLOSURE
            CHOICES AND CAPITAL MARKETS

                       Victoria Bogdan, Associate Professor PhD
                                  University of Oradea
                                 vicbogdan@yahoo.com

                         Cosmina Mădălina Pop, Lecturer PhD
                               University of Oradea,
                              cosminapop@yahoo.com


ABSTRACT: This article aims to investigate the web-based disclosure choices and
practices among Romanian companies listed on Bucharest Stock Exchange. Web-
based disclosure offers advantages that are absent in paper-based voluntary
disclosure: it can be accessed globally at much lower costs and it can be updated
much more timely also at much lower costs. Another goal of the paper is to establish
the criteria in order to select properly the sample companies. After presenting the
advantages and eventual risks of Internet Financial Reporting and analyzing previous
investigative reports and articles, this paper investigates the degree to which
Romanian listed companies to disclose financial and non-financial information are
using the Internet. The web sites of these companies were examined throughout May
2007 to May 2008, with a view to determining which companies present voluntary
financial or non-financial data in addition to the Annual Report and Accounts.

Keywords: internet financial reporting, mandatory and voluntary disclosure, capital markets,
listed companies

JEL Codes: G10, G14, M14, M41