“Annual report is a good proxy for the level of voluntary disclosure a company provides across all different forms of disclosure, e.g. press releases, initial public offerings (IPOs), web sites, company brochures, newsletters”(Gelb, 2002). It principally bases on the set of enterprise activities, using financial statements as the main sources of information to analysis and synthesis the enterprise process. Its purpose is to understand the past, evaluate now and predict the future, helping report users…
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