Confrontation between Supply and Demand for Voluntary Information in the Annual Reports in an Emerging Country: The Tunisian Case

Abstract

In this paper, we compare the usefulness of 72 items of voluntary information of 40 Tunisian Financial Analysts and Portfolios Managers (TFAPM) and the degree of their disclosure in the annual reports (AR) of 24 companies listed on the Stock Exchange Securities of Tunisia (SEST). It is an extension of the work of (Myburgh, 2001; McNally et al. 1982; Buzby, 1974). The results show that the voluntary information content of the (AR) does not meet the informational needs of the (TFAPM). More specifically, the provision (ie. supply) of 29 items in the (AR) diverges completely with their application (ie. demand) by the (TFAPM). Most of these items are items whose disclosure is voluntary and not closely linked to the mandatory one. However, the results reveal that the majority of the 9 items, for which the offer in the (AR) and the demand of the (TFAPM) converge, are items whose disclosure is voluntary and closely linked to the mandatory one.