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Corporate financial disclosure measurement in the empirical accounting literature: a review article.

Hassan, Omaima A.G.; Marston, Claire


Claire Marston


This paper develops a framework for corporate financial disclosure measurement to identify and evaluate common measures of financial disclosure employed in prior empirical accounting studies. It identifies two approaches: (i) a disclosure-based approach that investigates actual disclosure, operationalizes the concept of disclosure in terms of its main dimensions such as the quantity and quality of disclosure, and develops methods to measure them such as the disclosure index and textual analysis, and (ii) a non-disclosure-based approach that uses the values of some observable variables to proxy for disclosure such as market-based disclosure measures. The study also discusses some empirical challenges related to causal claims and the extent to which the reliability and validity of these different measures of disclosure are tested. The purposes of this review are (i) to help future researchers identify exemplars and select or develop their own suitable disclosure measures, and (ii) to identify measurement issues relating to corporate financial disclosure and provide avenues for future research.


HASSAN, O.A.G. and MARSTON, C. 2019. Corporate financial disclosure measurement in the empirical accounting literature: a review article. International journal of accounting [online], 54(2), article ID 1950006. Available from :

Journal Article Type Review
Acceptance Date Oct 29, 2018
Online Publication Date Aug 15, 2019
Publication Date Jun 30, 2019
Deposit Date Nov 2, 2018
Publicly Available Date Jul 1, 2020
Journal International journal of accounting
Print ISSN 1094-4060
Electronic ISSN 2213-3933
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 54
Issue 2
Article Number 1950006
Keywords Accounting information; Financial disclosure; Financial reporting; Measurement; Reliability; Validity
Public URL


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