13 • 18 CORPORATE FINANCIAL DISCLOSURE: A GLOBAL ASSESSMENTExhibit 13.8. Industry and Geographic Segment Disclosures in 1993/94 Annual Reports.a
aRefer to Frost and Ramin (1997) for sample selection details and empirical results. The
mean market capitalization for each country subsample of 40 companies ranged from US$
2.48 billion (Japan) to US$ 2.76 billion (France).
bTwo U.K. firms stated that disclosure of segment net assets (and, for one firm, segment
profits) would seriously prejudice their interests. A third U.K. firm stated that analysis of net
assets would not be meaningful.
cOne U.S. firm stated that disclosure of geographic segment profits would not provide
meaningful information.
France Germany Japan U.K.bU.S.cNumber of Companies 40 40 40 40 40
A. Industry Segments
Firms Disclosing Revenues, Assets and Profits 9 2 0 33 16
Revenues, Assets and Profits not all disclosed
Firms Disclosing Profits 4 4 7 2 0
Firms Do Not Disclose Profits
But Do Disclose—
Revenue Only 21 31 25 1 0
Assets Only 0 0 0 0 0
Assets and Revenue 1 0 0 0 0
Firms Disclosing Some Segment Information 35 37 32 36 16
B. Geographic Segments
Firms Disclosing Revenues, Assets and Profits 12 1 0 34 25
Revenues, Assets and Profits not all disclosed
Firms Disclosing Profits 1 3 1 2 0
Firms Do Not Disclose Profits
But Do Disclose—
Revenue Only 18 31 6 1 0
Assets Only 0 0 0 0 0
Assets and Revenue 3 1 0 0 1
Firms Disclosing Some Segment Information 34 36 7 37 26
Exhibit 13.9. Cash Flow and Funds Flow Statements in 1993/94 Annual Reportsa
aRefer to Frost and Ramin (1997) for sample selection details and empirical results. The
mean market capitalization for each country subsample of 40 companies ranged from US$
2.48 billion (Japan) to US$ 2.76 billion (France).
France Germany Japan U.K. U.S.Number of Companies 40 40 40 40 40
Number of Firms Presenting Cash Flow 18 5 17 40 40
Statement
Number of Firms Presenting Funds (Noncash) 12 21 1 0 0
Flow Statement
Number of Firms Presenting Neither Cash nor 10 14 22 0 0
Funds Flow Statement
Number of Firms Presenting Definition of Cash 16 1 11 2 35
(or Funds)