Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.

12( 2)1*

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Internet Financial Reporting and Company Characteristics: a Case of Quoted Companies in Nigeria
Ade+i,"e &. -,oren( I.enna /. Asogwa0 1e"art,ent of Accounting( Facult2 of 3usiness Ad,inistration( -ni4ersit2 of -2o( !. 5. 3. 1)17 -2o( A.wa I+o, State( Nigeria. 0 /-,ail of the corres"onding author6 asogwai.enna72ahoo.co, Abstract 8his stud2 was conducted to anal29e the a+ilit2 of Nigerian listed co,"anies to co,,unicate financial infor,ation 4ia the internet. 8he result shows that $).$: of listed co,"anies in Nigeria ha4e we+sites while 19.2: did not ha4e we+sites or their we+sites was not accessi+le. 8he financial sector has the highest nu,+er of co,"anies ;;# with official we+sites while the ,anufacturing sector has the highest nu,+er of co,"anies 1%# without official we+sites. 8he result of the regression anal2sis shows that co,"an2 si9e log of total assets# and industrial sector ha4e significant association with internet financial re"orting IFR# inde<. =owe4er( "rofita+ilit2( auditor t2"e and co,"an2 age were not found to +e significant e<"lanator2 4aria+les for IFR inde<. Key words: Internet Financial Re"orting( >o,"an2 >haracteristics( Nigerian ?isted >o,"anies 1 Introduction 8he "ercentage of "eo"le using the Internet continues to grow worldwide@ statistics "ro4ided +2 the International 8eleco,,unications -nion re4eal that o4er 2.7 +illion "eo"le across the se4en continents of /uro"e( Australia( North and South A,erica( Asia( Africa( and Antarctica are now using the Internet I8-( 2)1*#. 8here had +een an increase of o4er 17.%: fro, 2)12 when the internet usage was onl2 2.* +illion. 8he nu,+er of internet users has increased drasticall2 in +oth the de4elo"ed and de4elo"ing nations Nigeria has not +een left out. 8he Nigerian >o,,unications >o,,ission N>># showed that as at A"ril 2)1* the acti4e internet su+scri"tions in Nigeria was +2 *%(929(77) "eo"le an increase of *7.61: fro, 2)12 N>>(2)1*#. 8here had +een the growing use of internet +2 households( schools( "ri4ate co,"anies( and "u+lic sector organi9ations for a 4ariet2 of "ur"oses. 8he Internet has also +eco,e an increasingl2 attracti4e ,ar.et "lace with esti,ated worldwide usage of 32> eco,,erce as A1.22 trillion in 2)1* while the esti,ated usage +2 2)16 is A1.$7 e5ar.eter( 2)1*#. 8here had +een a growing significance of the Internet and its rele4ance to financial re"orting. 8he internet is a technolog2 with the influence to transfor, e<ternal re"orting. It "ro4ides a sea,less infor,ation deli4er2 channel and ,a.es "h2sical and national +oundaries less ,eaningful Biao and Jones( 2));#. Internet Financial Re"orting has nu,erous +enefits@ it hel"s to attract local and foreign in4estors( "ro,ote the co,"an2 to the "u+lic( "ro4ide wider co4erage and is +etter at "ro,oting trans"arenc2 co,"ared to the traditional for, of annual re"orts Chan( Is,ail and Da.uan( 2)1*#. 'arious co,"anies worldwide are currentl2 re"orting all or "art of their financial infor,ation on their we+sites +ecause the internet has +eco,e one of in4estors ,ost freEuentl2 used sources of cor"orate infor,ation =indi and Rich( 2)1)#. 8he internet "ro4ides an e<clusi4e for, of cor"orate 4oluntar2 disclosure that ena+les organi9ations to "ro4ide infor,ation instantaneousl2 to glo+al audience A+delsala, et al.( 2))7#. Notwithstanding the growing use of the internet as a ,ediu, for the disse,ination of financial and non-financial infor,ation( so,e co,"anies either do not ha4e a cor"orate we+site( or are not using their we+site to "ro4ide such infor,ation Ag2ei-5ensah( 2)12#. In order to .now how this role had +een enhanced researchers fro, 4arious countries ha4e e<a,ined the incenti4es and deter,inants of the le4el of internet disclosure. 8he deter,inants of Internet financial re"orting disclosure were tested +2 "rior studies in the de4elo"ed nations +2 >ra4en and 5arston 1999# for -nited Cingdo,@ Ash+augh et al 1999# for -nited States of A,erica@ 5arston 2))*# for Ja"an@ &2elere et al 2))*# for New Dealand( 3onson and /sco+er 2))6# for /astern /uro"e and A+delsala, et al.( 2))7# for ?ondon. &ther studies in the de4elo"ing nations include Al2( Si,on and =ussaine2 2)1)# for /g2"t( =ossain( 5o,in and ?eo 2)12# for Fatar( Ag2ei-5ensah 2)12# for Ghana and Ag+oola and Salawu 2)12# for Nigeria. /,"irical studies in IFR in Nigeria are li,ited@ there is a need for additional e,"irical e4idence on IFR. Against this +ac. ground( this stud2 see.s to e,"iricall2 e<a,ine the relationshi" +etween internet financial re"orting "ractices and co,"an2 characteristics( which includes fir, si9e( "rofita+ilit2( co,"an2 age( auditor si9e and t2"e of industr2. 8he re,ainder of this "a"er are organi9ed as follows. 8he ne<t section "ro4ides the theoretical fra,ewor. and re4iewed "rior literature in the area of 4oluntar2 disclosure and internet re"orting and focuses on h2"otheses de4elo",ent. 8he research ,odel for the stud2 are "ro4ided in section three Section four "resents the results and discussion of findings. Finall2( section fi4e "ro4ides conclusions and reco,,endations.

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Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.12( 2)1*

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! "heoretical Framewor# and $ypotheses %e&elopment Agenc2 theor2 was de4elo"ed +2 Jenson and 5ec.ling 1976# to e<"lain the relationshi" +etween ,anagers and owners. 5an2 disclosure studies ha4e used agenc2 theor2 to e<"lain 4oluntar2 disclosure "ractice Al-Sha,,ari( 2));( Hatson et al.2))2#. &wners face ,oral dile,,as +ecause ,ost ti,es there are usuall2 conflict of interest +etween the I"rinci"alJ owners# and IagentsJ ,anagers#. 8his conflict of interest results to Iagenc2 "ro+le,J whose resolution incurs agenc2 costs Al-Sha,,ari( 2));#. Agenc2 costs can +e reduced +2 increasing the le4els of cor"orate disclosure. Hatson et al. 2))2# further stated that agents ha4e incenti4es to increase disclosure to induce shareholders that the2 are acting o"ti,all2 +ecause the2 .now that shareholders see. to li,it the a+nor,al +eha4iour of ,anagers through +onding and ,onitoring acti4ities. &n the contrar2( ,anagers +ecause of their selfish interest ,a2 fail to ,a.e "ro"er disclosure not in the interest of the owners. Signalling theor2 "ro"oses that co,"anies use financial state,ent as a signalling tool to e<"ress their e<"ectations and intentions. Singh4i and 1esai 1971# narrated that cor"oration ,a2 disclose ,ore infor,ation when its "rofita+ilit2 is a+o4e industr2 a4erage in order to signal to the owners a+out the cor"orationJs strong "osition to sur4i4e. According to >ra4en and 5arston 1999#( fir,s tries to ado"t the sa,e le4el of disclosure as other fir,s within the sa,e industr2 in order not to +e "ercei4ed +2 sta.eholders as hiding +ad news. >or"orate internet disclosure is a signal of high Eualit2 and can +e used to .ee" "ace with other fir,s in the sa,e industr2. It signals that the fir, is current rather than old fashioned and conser4ati4e. AdeEuate and accurate disclosure hel"s cor"orations in raising long ter, ca"ital funds at reasona+le costs Singh4i( 196$#. >hoi 197*# "ro"agated the K>a"ital needsL theor2 +2 ad4ocating that cor"orations will +e ,oti4ated to u"grade their Eualit2 of disclosure in order to o+tain scarce ,one2 su""l2. According to S"ero 1979# additional disclosure ,a2 assist in reducing infor,ational ris. and there+2 lowering the cost of ca"ital. ?arger organisations are li.el2 to realise the "ossi+le +enefits of disclosures +ecause the2 reEuire to "resent their financial state,ents to acEuire funds through ca"ital ,ar.ets Singh4i and 1esai( 1971#. 8hese financial state,ents had traditional for, of "a"er-+ased Ihard co"2J re"orting. 8his for, of re"orting has its li,itations such as li,ited geogra"hical dis"ersion and cost ineffecti4eness. Hith the ad4ent of glo+ali9ation( the orientation of cor"orate re"orting has changed. 8he internet has re4olutionali9ed infor,ation disse,ination and significantl2 i,"acted accounting disclosure Ag2ei-5ensah( 2)12#. Internet +ased re"orting is found to +e fle<i+le in for,at( fastness( cost effecti4eness( and accessi+ilit2 to 4arious users all o4er the glo+e =aniffa and A+.Rashid( 2))%#. 8his "a"er de4elo"s h2"otheses concerning the association +etween the internet financial re"orting and fi4e co,"an2 characteristics which affect disclosure decisions of Nigerian co,"anies. >urrentl2 there is no law in Nigeria that ,andates listed co,"anies to disclose financial infor,ation through the internet. 3ased on "re4ious literature( the co,"an2 characteristics selected are6 >o,"an2 si9e( "rofita+ilit2( auditor si9e( co,"an2 age and industr2 t2"e. 2.1 >o,"an2 Si9e /,"irical e4idence regarding the association +etween co,"an2 si9e and disclosure re4eals that co,"an2 si9e "ositi4el2 and significantl2 influences disclosure "ractices. /4idences are found in the wor.s of Sing4i and 1esai 1971#( >how and Hong-3oren 19$7#( >oo.e 19$9#( Hallace and Naser 199;#( Inchausti 1997#( &wusu-Ansah 199$#( Ferguson et al. 2))2# and -,oren 2))9#. Studies on internet cor"orate re"orting "ractices also confir, sa,e. /<a,"les are 5arston and ?eow 199$#( Ash+augh et al 1999#( >ra4en and 5arston 1999#( &2elere et al 2))*#( =aniffa and A+.Rashid 2))%#( =ossain et al. 2)12# and Ag+oola and Salawu 2)12#. 8he o4erwhel,ing su""ort for a "ositi4e relationshi" +etween fir, si9e and le4el of disclosure can +e argued that large co,"anies usuall2 o"erate o4er wide geogra"hical areas and deal with ,ulti"le "roducts and ha4e se4eral di4isional units( the2 are li.el2 to ha4e well +uilt infor,ation s2ste, that ena+les the, to trac. all financial and non-financial infor,ation for o"erational( tactical and strategic "ur"oses. Full disclosure can enhance their co,"etiti4e "ositions. Singh4i and 1esai( 1971#( states that this "ositi4e relationshi" ,a2 +e attri+uted to three +asic reasons. First( the cost of acEuiring detailed infor,ation is ,ore for s,all fir,s@ second( ,anage,ent of larger fir,s is li.el2 to reali9e the "ossi+le +enefits of disclosure@ and lastl2( larger fir,s feel that. =ence( our first h2"othesis states that6 =16 8here is a "ositi4e significant association +etween co,"an2 si9e and le4el of internet financial re"orting disclosure +2 co,"anies in Nigeria. 2.2 !rofita+ilit2 5an2 studies ha4e tested the association +etween "rofita+ilit2 and e<tent of disclosure. Such studies are A.htaruddin 2));#( >erf 1961#( >oo.e 19$9#( Inchausti 1997#( Iatridis 2))7#( 5ee. et al( 199;#( Singh4i and 1esai 1971#(and -,oren 2))9M. Signalling theor2 suggests that co,"anies with +etter "erfor,ance use cor"orate infor,ation to send signals to the ,ar.et Singh4i and 1esai 1971# argued that non-"rofita+le fir,s ,a2 disclose less infor,ation in order to co4er u" declining "rofit and losses. >or"orate ,anagers are usuall2

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Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.12( 2)1*

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unwilling to gi4e detailed infor,ation a+out a non-"rofita+le "roduct or outlet@ hence the2 ,ight decide to disclose onl2 a lu," "rofit attri+uta+le to the whole co,"an2. It can also +e argued that un"rofita+le co,"anies will +e inclined to release ,ore infor,ation in defence of "oor "erfor,ance. In accordance with 5ee. et al 199;# and Inchausti 1997#( "rofita+le fir,s will want to distinguish the,sel4es +2 disclosing detailed infor,ation so as to ena+le the, to o+tain ca"ital on the +est a4aila+le and in order to a4oid under4aluation of co,"an2Js shares. !rofita+ilit2 is also found as a 4alua+le factor in deter,ining internet financial re"orting "ractices. /<a,"les are Ag+oola and Salawu 2)12#( Ag2ei-5ensah 2)12#( Ash+augh et al. 1999#. &2elere et al 2))*# and Biao et al 2))%#. 8hus@ our second h2"othesis states that6 =16 8here is a "ositi4e significant association +etween "rofita+ilit2 and le4el of internet financial re"orting disclosure +2 co,"anies in Nigeria. 2.* >o,"an2 Age >o,"an2 Age has +een found +2 ,an2 researchers to ha4e an association with financial disclosure. !ositi4e associations are found +2 A.htaruddin 2));#( Al-Sha,,ari 2));#( =aniffa and >oo.e 2))2#( &wusu Ansah 199$#( !renci"e 2))%# while negati4e association was found +2 Glau, and Street 2))*#. 8he "ositi4e association is +ased on the "re,ise that older( e<"erienced and well-esta+lished co,"anies are li.el2 to disclose ,ore infor,ation +ecause the2 ha4e esta+lished and cost effecti4e re"orting s2ste,s whereas the negati4e association on the contrar2( signifies that 2ounger co,"anies disclose ,ore infor,ation to +oost in4estor confidence and reduce s.e"tic,. Studies on internet financial re"orting ha4e also used co,"an2 age as a deter,inant. Such can +e found in the wor.s of =ossain et al 2)12# and Ag+oola and Salawu 2)12#. 8herefore our third h2"othesis states that6 =16 8here is a "ositi4e significant association +etween co,"an2 age and le4el of internet financial re"orting disclosure +2 co,"anies in Nigeria. 2.% Auditor Si9e 8he si9e of the audit fir, influences the a,ount and Eualit2 of infor,ation disclosed in annual re"orts. In 1976( Jenson and 5ec.ling narrated that auditing is a wa2 of reducing agenc2 costs. ?o"es and Rodrigues 2))7# su""orted this 4iew +2 stating the fact that these +ig auditing fir,s ha4e a good .nowledge of local and international standards and the costs of i,"le,enting the standards are lower than for the s,aller fir,s. Singh4i and 1esai 1971# and Street and Gra2 2))1# found "ositi4e association +etween audit fir, si9e and the e<tent of disclosure( while 5arston and Ro+son 1997# and &wusu-Ansah 199$# did not recognise significant relationshi". For studies relating to IFR "ractice( Ag+oola and Salawu 2)12# found "ositi4e association +etween auditor si9e and internet re"orting "ractices whereas Al2 2)1)# and Ag2ei-5ensah 2)12# did not find such relationshi". =ence our fourth h2"othesis states that6 =16 8here is a "ositi4e significant association +etween auditor si9e and le4el of internet financial re"orting disclosure +2 co,"anies in Nigeria. 2.; Industr2 82"e Signalling theor2 suggests there are industr2 differences in disclosure "ractices. >ra4en and 5arston ad4ocates that a co,"an2 that fails to follow the disclosure "attern of others within the sa,e industr2 ,ight +e hiding +ad news. According to &wusu-Ansah 199$#( disclosure "ractices are li.el2 to 4ar2 +2 industr2. For e<a,"le highl2 regulated co,"anies ,a2 +e su+Nect to ,ore rigorous controls. 8he association +etween industr2-t2"e and disclosure ha4e +een tested +2 se4eral researchers such as >oo.e 19$9( 1991( and 1992# and Ah,ed 2));# for hard co"2 +ased disclosures and >ra4en and 5arston 1999#( 1e+recen2 et al. 2))2#( and &2elere et al 2))*# for internet +ased disclosures. Signalling theor2 suggests industr2 differences in disclosure. >o,"anies within an industr2 will follow the disclosure "ractices of others in the sa,e industr2( otherwise( then it ,a2 +e inter"reted that the co,"an2 is hiding +ad news >ra4en and 5arston( 1999#. 8hus our fifth h2"othesis states that6 =16 8here is a "ositi4e significant association +etween industr2 t2"e and le4el of internet financial re"orting disclosure +2 co,"anies in Nigeria. ' Research (ethodology 8he sa,"le consist all the listed co,"anies on the Nigerian Stoc. /<change as at *1St 1ece,+er( 2)11. As a result of delistings fro, the /<change( the nu,+er of listed co,"anies dro""ed to 19$ in 2)11 &.o2e( 2)12#. 8he co,"anies was classified into ; sectors( na,el2( i# 5anufacturingO8radingOSer4ice@ ii# 3an.ingOInsuranceO5ortgage@ iii# Agriculture O!etroleu, O >he,icals@ i4# Food and =ealth and 4# /ngineeringO>onstruction. All co,"anies were assessed +etween June 2)1* and Jul2 2)1*. 8heir we+ was +rowsed to esta+lish whether the co,"anies ha4e we+sites or not. 8he co,"anies with we+sites were further +rowsed to .now if the2 "ro4ide internet financial re"orts or not. 1ata relating to financial re"orting was collected fro, the we+sites of these co,"anies. In addition data was collected fro, www.securities.co, on total assets( return on assets( 2ear of incor"oration( auditor t2"e and industr2 t2"e. =owe4er( after collation of all data( co,"anies with "artial infor,ation on the inde"endent 4aria+les were eli,inated and onl2 $; co,"anies were

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Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.12( 2)1*

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used for the regression ,odel. 8he e,"irical ,odel is s"ecified as follows6 IFR P f SID/( !R&( AG/( A-1( IN1#QQQQQQQ. 1# 8he e,"irical ,odel is s"ecified into a ,ulti"le regression eEuation as +elow6 IFRN P )) R )1SID/N R )2!R&N R )*AG/N R )%A-1NR );IN1NR SN QQQQQQQQQQQ. 2# 8he Ia "riori e<"ectations are6 )1 T )@ i,"l2ing that the higher the SID/( the higher the IFR inde<( )2 T )@ i,"l2ing that the higher the !R&( the higher the IFR inde<( )* T )@ i,"l2ing that the higher the AG/( the higher the IFR inde<( )% T )@ i,"l2ing that the higher the A-1( the higher the IFR inde<( ); T )@ i,"l2ing that the higher the IN1( the higher the IFR inde<( *.1 1e"endent 'aria+le 8he de"endent 4aria+le is re"resented +2 an inde< na,ed IFR inde<( it ,easures the e<tent of internet re"orting +2 the listed co,"anies in Nigeria. 8he researcher +uilt u" a chec. list containing ten ite,s and ado"ting the unweighted a""roach for the scoring. >oo.e 19$9 is the "ioneer of the unweighted ,odel hence this ,odel is generall2 referred to as >oo.e inde<. 8he unweighted a""roach is "referred +ecause it is +ased on the assu,"tion that each ite, of disclosure is eEuall2 i,"ortant( it "ro4ides a neutral assess,ent of ite,s and re,o4es su+Necti4it2. 8his a""roach utili9es a dichoto,ous scoring sche,e to ca"ture the le4el of disclosure. An ite, is scored 1 if it is disclosed and ) if otherwise. 8he internet financial re"orting inde< can +e ,athe,aticall2 shown as follows@ IFRP 81O8!1( Hhere IFR is Internet financial re"orting inde<@ 81 is total disclosure score( and 8!1 is the total "ossi+le disclosure score for each co,"an2. 8a+le 16 Su,,ar2 of 1e"endent and Inde"endent 'aria+les !ro<2 >ode /<"ected Serial 1escri"tion of signs nu,+er Inde"endent and 1e"endent 'aria+les 1 Internet Financial 1isclosure score of internet financial IFR Re"orting Inde< re"orting disclosures 2 >o,"an2 Si9e ?og 8otal Assets SID/ R * !rofita+ilit2 Return on assets i.e. !38O8otal Assets !R& R % >o,"an2 Age Uear of Incor"oration AG/ R 6 Auditor 3ig Audit Fir, 1#or non +ig )# A-1 R 7 Industr2 1# 5anufacturingO8radingOSer4ice@ 2# IN1 R 3an.ingOInsuranceO5ortgage@ *# Agriculture O!etroleu, O >he,icals@ %# Food and =ealth and ;# /ngineeringO>onstruction. *.2 Inde"endent 'aria+les 8he e<"lanator2 4aria+les are co,"an2 si9e( "rofita+ilit2( co,"an2 age( and auditor si9e and industr2 t2"e. 8he "ro<ies are as illustrated in 8a+le 1 a+o4e. >o,"an2 si9e is re"resented +2 the log of total assets( "rofita+ilit2 +2 "rofit +efore ta< di4ided +2 total assets( age +2 2ear of incor"oration as featured on www.securities.co,. Auditor si9e is re"resented +2 1 if affiliated to the 3ig % international fir,s( that is( !ricewaterhouse>oo"ers( /rnst and Uoung( C!5G and A.intola Hillia,s and 1eloitte and +2 ) if otherwise. Industr2 t2"e is re"resented +2 1# 5anufacturingO8radingOSer4ice@ 2# 3an.ingOInsuranceO5ortgage@ *# Agriculture O!etroleu, O >he,icals@ %# Food and =ealth and ;# /ngineeringO>onstruction. *.* 1ata Anal2sis 8echniEue 8he data is anal2sed using descri"ti4e anal2sis( which includes "ercentages( ,ean and standard de4iation. &rdinar2 ?east SEuare &?S# regression is used in deter,ining the relationshi" +etween internet financial re"orting and the e<"lanator2 4aria+les. * Results and %iscussion According to the industr2 classification ;7 2$.$:# co,"anies are in 5anufacturing O8radingOSer4ice sector@ 6) *).*:# are in 3an.ingOInsuranceO5ortgage sector( *1 1;.7:# are in Agriculture O!etroleu, O >he,icals sector( *6 1$.2:# are in Food and =ealth sector( while and 1% 7.1:# are in the /ngineeringO>onstruction sector. 8a+le 2 shows the 4arious no of co,"anies with or without we+sites classified "er sector.

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Research Journal of Finance and Accounting ISSN 2222-1697 !a"er# ISSN 2222-2$%7 &nline# 'ol.%( No.12( 2)1*

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8a+le 26 Su,,ar2 of >o,"anies with or without we+sites Industr2 >lassification No of co,"anies with No of co,"anies 8otal we+sites without we+sites 5anufacturingO8radingOSer4ice %* 7;.%:# 1% 2%.6:# ;7 2$.$:# 3an.ingOInsuranceO5ortgage ;; 91.7:# ; $.*:# 6) *).*:# Agriculture O!etroleu, >he,icals 2; $).6:# 6 19.%:# *1 1;.7:# Food and =ealth 27 7;:# 9 2;:# *6 1$.2:# /ngineeringO>onstruction 1) 71.%:# % 2$.6:# 1% 7.1:# 8otal 16) $).$:# *$ 19.2:# 19$ 1)):# 8he ta+le 2 a+o4e re4eals the nu,+er of Nigerian co,"anies with or without official we+sites. &f all the 19$ co,"anies onl2 16) $).$:# ha4e we+sites( the re,aining *$ 19.2:# ha4e no we+sites or their we+sites are not assessa+le. 8his finding is an i,"ro4e,ent to the ;%.1: of the listed Nigerian co,"anies found +2 Salawu 2))9# to ha4e official we+sites( with %;.9: without official we+sites. 8he financial sector has the highest nu,+er of co,"anies with official we+sites while the ,anufacturing sector has the highest nu,+er of co,"anies without official we+sites. 8he anal2sis of IFR ite,s is as indicated on 8a+le *. It shows the "ercentage of co,"anies that disclosed the internet financial disclosure ite,s. 8a+le *6 8he "ercentage of co,"anies that disclosed the IFR ite,s SONo IFR ite,s !ercentage of >o,"anies 1 1ownloada+le 2)1) financial re"orts %6.;%: 2 1ownloada+le 2)11 financial re"orts 61: * 1ownloada+le 2)12 financial re"orts %1.;1: % Fuarterl2 re"orts 29.6: ; Financial highlights *1: 6 >or"orate go4ernance "age 22.6: 7 1irectors Infor,ation 67.9: $ 5anage,ent Infor,ation 66.7: 9 Share Infor,ation 2).1: 1) >or"orate social res"onsi+ilit2 "age *2.7: 11 /n4iron,ental "olic2 1).1: 12 Sustaina+ilit2 re"ort )*.$: &f the 1;9 co,"anies with official we+sites onl2 %6.;%:( 61: and %1.;1: of co,"anies ha4e downloada+le financial re"orts of 2)1)( 2)11 and 2)12 res"ecti4el2. 8he highest "ercentage was for 2)11 financial 2ear( where the listed co,"an2 sites "ro4ided 2)11 annual re"orts for their in4estors. 8he ,ost recent annual re"orts of 2)12 were not a4aila+le on the He+. 8his is ,eant to +e in IFRS for,at. Fuarterl2 re"orts are "resented +2 onl2 29.6: of all the co,"anies while onl2 *1: "resents financial highlights. >o,"anies with cor"orate go4ernance "age also recorded a low turnout of 22.6:. 3oth the directors and ,anage,ent infor,ation on the cor"orate we+site ha4e an a+o4e a4erage "ercentage of 67.9: and 66.7: res"ecti4el2. &nl2 few co,"anies "ro4ided share and cor"orate social res"onsi+ilit2 infor,ation 2).1: and *2.7:#. 8he least infor,ation "ro4ided was en4iron,ental "olic2 1).1:# and sustaina+ilit2 re"orts *.$:#. 8his re4eals that Nigerian co,"anies hardl2 "ro4ide en4iron,ental infor,ation. 5ost of the we+sites were used in ad4ertising the co,"an2Js "roductsOser4ices and to enhance their cor"orate i,age. 8he descri"ti4e statistics 8a+le %# for the de"endent 4aria+le re4eals a ,ean disclosure inde< of .2$99( ,ini,u, of )( ,a<i,u, of 1 and a standard de4iation of ).2762. 8he a4erage result of 2$.99: is 4er2 disa""ointing. It indicates that ,ost Nigerian fir,s that ha4e we+sites do not use it to "ro4ide accounting infor,ation for in4estors to ,a.e ti,el2 decisions. 8his is in line with the "re4ious studies of Ag+oola and Salawu 2)12#. 1escri"ti4e statistics of the e<"lanator2 4aria+le re4eals log of total assets is 7.21$9 with a ,ini,u, of %.99 and ,a<i,u, of 9.*9 with a standard de4iation of ).$6;6. 8he "rofita+ilit2 has a ,ini,u, 4alue of Return on Assets as -2;.$) and a ,a<i,u, of %9.); with a ,ean of %.*$( a s.ewness of ).91 and .urtosis of ;.)9;. 8his see,s to +e high +ecause the "erfor,ance of listed co,"anies was generall2 "oor in 2)11. Nigerian stoc. ,ar.et last 2ear recorded a total loss of N1.*$ trillion re"resenting 17.%2 "er cent loss &.o2e( 2)12#. 8he range of age "ro<ied +2 the 2ear of incor"oration is +etween 192* and 2))$. 8he statistics of the audit fir, shows that %$: 9;# of the listed fir,s engage the affiliates of the 3ig-% audit fir,s while ;2: 1)*# engage non-+ig % audit fir,s. &f these %$ co,"anies( 11 are audited +2 C!5G( ; +2 /rnst and Uoung( 21 +2 !ricewaterhouse>oo"ers and ;$ +2 A.intola Hillia,s 1eloitte. 8he industr2 details are as anal2sed at the +eginning of the section( with *).*:

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of the fir,s classified as financial fir,s and 69.7: are classified as non- financial fir,s. 8a+le %6 1escri"ti4e Statistics 5ini,u, 5a<i,u, 5ean Standard S.ewness Curtosis 1e4iation IFR inde< ) 1 .2$99 .27621 .6** -).7)2 ?og of %.99 9.*9 7.22 .$6;6 .;2; .2)* Assets Return on -2;.$) %9.); %.*$ 9.;9 .91) ;.)9; Assets >o,"an2 192* 2))$ 19$2 16.97 -.$*2 .;;; Age Auditor ) 1 .%79$ .;))$ .)$1 -2.)1% Industr2 1 ; 2.%% 1.2722 .%92 -.927 Since ,ulti"le regression anal2sis is +ased on the assu,"tion that the inde"endent 4aria+les are not correlated with one another( it is therefore necessar2 to 4erif2 the correlation +etween the inde"endent 4aria+les +efore running the regression anal2sis. 8a+le ;6 >orrelations SID/ !R& AG/ A-1 IN1 S"ear,anVs rho logsi9e >orrelation 1.))) -.)%; .2)* .%1)00 .2)9 >oefficient .6$6 .)62 .))) .);; Sig. 2-tailed# !R& >orrelation -.)%; 1.))) -.1*% .)%% .*;100 >oefficient .6$6 .22) .692 .))1 Sig. 2-tailed# AG/ >orrelation 2)* -.1*% 1.))) -.1)7 -.)$; >oefficient .)62 .22) .*2$ .%%1 Sig. 2-tailed# A-1 >orrelation .%1)00 .)%% -.1)7 1.))) .16% >oefficient .))) .692 .*2$ .1** Sig. 2-tailed# IN1 >orrelation .2)9 .*;100 -.)$; .16% 1.))) >oefficient .);; .))1 .%%1 .1** Sig. 2-tailed# 8a+le ; "resents the correlation a,ong the e<"lanator2 4aria+les in order to diagnose ,ulti-collinearit2. S"ear,anJs rho correlation is used +ecause it is a "owerful non-"ara,etric ,ethod of anal2sing data. 8he result a+o4e shows that log of si9e has a significant relationshi" with auditor t2"e at ).)1 le4el and also "rofita+ilit2 has a significant relationshi" with industr2. -sing a cut-off of ).; as an indication of high correlation( these results ).%1) and ).*;1# does not see, to show ,ulti-colinearit2 threat since the2 are +oth less than the cut off. &ther 4aria+les did not show an2 significant relationshi". Hith this result o+tained we could then "roceed to conduct the regression anal2sis. 8he "otential effect of collinearit2 on the regression was assessed using the tolerance le4el and 'ariance Inflation Factor 'IF#. 8he 'IF is +etween 1.1$) and 1.% +elow ;# for all the 4aria+les while tolerance is +etween ).71% and ).$%7 a+o4e ).2#. 8he 'IF and tolerance diagnosis signif2 that there is no threat of ,ulticolinearit2. 8he 'IF should +e lower than 1) and tolerance should not +e +elow ).2 Field( 2));#. 1ur+inHatson statistic was used in testing autocorrelation. 8he 1u+in-Hatson 4alue of 1.76; suggest the ,odel is ro+ust( the closer the 4alue to 2( the +etter Field( 2));#. 8he goodness of fit shows an adNusted R2 of ).*;6( indicating that *;.6: of the 4ariance in the inde"endent 4aria+le is e<"lained +2 the inde"endent 4aria+les. 8he F-4alue 4alue of 1).2$7 at a significance of " W ).))1 shows that the o4erall ,odel is well fit. 8a+le 6 +elow shows the coefficients and t 4alues "arentheses# of the e<"lanator2 4aria+les. 8he t-statistics of si9e is "ositi4e. 8his is as "redicted +2 =2"othesis 1. Si9e is also found to +e significantl2 associated with IFR inde<( so =2"othesis 1 is su""orted. 8his "ositi4e and significant association with internet financial re"orting inde< is in line with "re4ious researches on Nigeria listed co,"anies Ag+oola and Salawu( 2)12#( on -S co,"anies Ash+augh et al. 1999#( on Fatar co,"anies =ossain et al 2)12#( on -C co,"anies 5arston and ?eow 199$#( and on New Dealand co,"anies &2elere( ?aswad and Fisher(2))*#. =owe4er( it differs fro, the findings of Ag2ei X 5ensah 2)12# on Ghanaian co,"anies. 8his results show that co,"an2 si9e ,oti4ates the "ro4ision of IFR. 8he larger a co,"an2 is( the ,ore li.el2 it is to engage in IFR.

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8a+le 66 Regression Result /<"ected signs Interce"t >o,"an2 Si9e !rofita+ilit2 >o,"an2 Age Auditor 82"e Industr2 82"e R2 AdNusted R2 F-Statistics R R R R R Regression Result -*.*92 -1.196# R.1$; ;.;6#00 R.))1 .;17# R.))1 .$$9# R.)*1 .;*2# -.);1 -2.%)1#0 ).*9% ).*;6 1).2$7 ! ).)))#

0Significant at ;:( 00 Significant at 1: Source Researchers( 2)1*# !rofita+ilit2 has a "ositi4e co-efficient +ut is not significantl2 associated with IFR inde<. 8his does not su""ort the =2"othesis 2( that there is a "ositi4e significant association +etween "rofita+ilit2 and le4el of internet financial re"orting disclosure +2 co,"anies in Nigeria. 8he findings is consistent with the outco,es re"orted +2 Ag+oola and Salawu 2)12# in Nigeria( =ossain et al 2)12# in Fatar and &2elere et al 2))*# +ut inconsistent with the studies of Ag2ei X 5ensah 2)12#. 8his i,"lies that the dis"la2 of financial infor,ation on the internet does not de"end on the "rofita+ilit2 or non "rofita+ilit2 of the co,"anies. >o,"an2 age is "ositi4e +ut not significantl2 associated with internet financial re"orting disclosure "ractices. 8his does not su""ort the h2"othesis that older co,"anies will ha4e a high "ro"ensit2 to disclose financial infor,ation on the internet. =2"othesis * is not su""orted. 8he result co,"ares fa4oura+l2 with si,ilar studies of Ag+oola and Salawu 2)12# in Nigeria and =ossain et al 2)12# in Fatar. Auditor t2"e also does not su""ort our earlier =2"othesis % that there is a "ositi4e significant association +etween auditor t2"e and le4el of internet financial re"orting disclosure. 8his result gi4es credence to the stud2 of Ag2ei X 5ensah 2)12# that found that auditor t2"e is not a significant e<"lanator2 4aria+le for internet re"orting inde<. =owe4er( the sufficient inconsistence with si,ilar studies of Ag+oola and Salawu 2)12# in Nigeria. Industr2 sector showed a negati4e +ut significant relationshi" with le4el of internet financial re"orting disclosure at ;: le4el. 8he e<"ected sign is "ositi4e +ut the results turned out negati4e. 8his significant association is si,ilar to the findings of Al2 et al 2)1)# for /g2"tian co,"anies( &2elere et al on New Dealand co,"anies and Biao et al 2))%# for >hinese co,"anies. + Conclusion 8his stud2 was carried out to deter,ine the e<tent of disclosure of financial infor,ation on the internet +2 Nigerian co,"anies. It also deter,ined the 4aria+les influencing such decisions. 8he stud2 concludes that a+out $1: of listed co,"anies in Nigeria ha4e we+sites +ut do not full2 "resent their financial infor,ation on the internet. Further( it is concluded that large si9e fir, disclose ,ore infor,ation on the internet than the s,all ones. 8his su""ort the earlier findings of Ag+oola and Salawu( 2)12#( Ash+augh et al. 1999#( =ossain et al 2)12#( 1e+recen2 et al 2))2#( 5arston and ?eow 199$#( and &2elere( ?aswad and Fisher(2))*#. Industr2 t2"e was also found to +e a significant 4aria+le. A+out 92: of the co,"anies in the financial sector ha4e we+sites and disclose rele4ant financial infor,ation co,"ared with their counter"arts( which are the non-financial sector. =owe4er( "rofita+ilit2( auditor t2"e and co,"an2 age were not found to +e significantl2 associated with the disclosure le4el. >onsidering the fact that internet usage has increased drasticall2 o4er the 2ears in +oth the de4elo"ed and de4elo"ing nations 5anage,ent of Nigerian Euoted co,"anies should e,+race the internet as a tool for co,,unicating with sta.eholders( such as in4estors( regulators( creditors and e,"lo2ees. 8he2 should i,"ro4e their sta.eholder relations criteria and i,"ro4e on their sites to "ro4ide sta.eholders with as ,uch rele4ant financial infor,ation as "ossi+le. 8he "ro"er utili9ation of internet will engender co,"etition and can +e used as a "anacea to +usiness growth. 8he +enefits are nu,erous( it is less costl2 than the "a"er-+ased re"orts( it encourages fle<i+le for, of "resentations( it "er,its co,,unication with wide s"read "otential and e<isting sta.eholders( it disse,inates infor,ation faster in large 4olu,es and also increases the ti,eliness and 7$

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trans"arenc2 of financial re"orting. 1ue to the incessant changing glo+al en4iron,ent( "a"er-+ased re"orts ha4e +eco,e less ti,el2 and useful to decision ,a.ers( therefore "olic2 ,a.ers should set "olices and guidelines rele4ant to the changing ti,es +2 regulating infor,ation on cor"orate we+sites. References A+delsala,( &.=.( 3r2ant( S. 5.( Y Street( 1.?. 2))7#. An e<a,ination of co,"rehensi4eness of cor"orate internet re"orting "ro4ided +2 ?ondon-listed co,"anies. Journal of International Accounting Research. 6 2#(1**. Ag+oola( A. A.( Y Salawu( 5. C. 2)12#. 8he deter,inants of internet financial re"orting6 /,"irical e4idence fro, Nigeria. Research Journal of Finance and Accounting. * 11#. Ag2ei-5ensah( 3.C. 2)12#. >or"orate financial re"orting6 Fir, characteristics and the use of internet as a ,ediu, of co,,unication +2 listed fir,s in Ghana. African Journalof Business Management. 6 6#( 2299-2*)9. A.htaruddin( 5. 2));#. >or"orate ,andator2 disclosure "ractices in 3angladesh. International Journal of Accounting( %)( *99- %22. Al-Sha,,ari( 3.A. 2));#. >o,"liance with IAS +2 listed co,"anies in the Gulf >o-o"eration ,e,+er States6 An e,"irical stud2( -n"u+lished !h.1 8hesis( -ni4ersit2 of Hest Australia. Al2( 1.( Si,on J.( Y =ussaine2( C. 2)1)#. 1eter,inants of cor"orate internet re"orting. Managerial Auditing Journal. 2; 2#( 1$*-2)2. Ash+augh( =.( Johnstone( C.5.( Y Harfield( 8.1. 1999#. >or"orate re"orting on the internet. Accounting Horizons 1* *#( 2%1-2;7. 3onson( /.( Y /sco+ar( 8. 2))6#. 1igital re"orting in /astern /uro"e6 An e,"irical stud2. International Journal of Accounting Infor,ation S2ste,. 7( 299-*1$. >erf( A. R. 1961#. Corporate reporting and investment decisions. 3er.ele2( -ni4ersit2 of >alifornia !ress. >hoi( F.1.S. 197*#. Financial disclosure and entr2 to the /uro"ean ca"ital ,ar.et. Journal of Accounting Research( 11 2#( 1;9-17;. >how( >.H.( Y Hong-3oren( A. 19$7#. 'oluntar2 financial disclosure +2 5e<ican cor"orations. The Accounting Revie ( 62 *#( ;**-;%1. >oo.e( 8. /. 19$9#. 1isclosure in the cor"orate annual re"orts of Swedish co,"anies. Accounting and Business Research( 19 7%#( 11*-12%. >oo.e( 8./. 1992#. 8he i,"act of si9e( stoc. ,ar.et listing and industr2 t2"e on disclosure in the annual re"orts of Ja"anese listed cor"orations. Accounting and Business Research! 22 $7#( 229 -2*7. >oo.e( 8. /. 199*#. 1isclosure in Ja"anese cor"orate annual re"orts. Journal of Business Finance " Accounting! 2) %#( ;21-;*;.>ra4en( 3.5. Y 5arston( >.?. 1999#. Financial re"orting on the internet +2 leading -C >o,"anies. The #uropean Accounting Revie ( $ 2#( *21-***. 1e+recen2( R.(. Gra2( G. ? and Rah,an( A. 2))2#. 8he deter,inants of Internet financial re"orting. Journal of Accounting and $u%lic $olic& 21( *71-*9%. e5ar.eter 2)1*#( 32> /co,,erce >li,+s Horldwide( as /,erging 5ar.ets 1ri4e Sales =igher. Z&nline[ A4aila+le htt"6OOwww.e,ar.eter.co,OArticleO32>-/co,,erce->li,+s-Horldwide-/,erging-5ar.ets-1ri4eSales-=igherO1)1)))%\,4BHt8<<gRGw$<E'.99. Jul2 ;( 2)1*# Ferguson( 5. J.( ?a,( C.>.C. Y ?ee( G.5. 2))2#. 'oluntar2 disclosure +2 state owned enter"rises listed on the stoc. e<change of =ong Cong( Journal of International Financial Management and Accounting! 1* 2#( 12;1;2. Field( A. 2));#(1isco4ering Statistics -sing S!SS6 and Se<( 1rugs and Roc. KnL Roll#( Sage( ?ondon Glau,( 5. Y Street( 1. 2))*#. >o,"liance with the disclosure reEuire,ent of Ger,anJs new ,ar.et( IAS 'ersus -S GAA!. Journal of International Financial Management and Accounting! 1% 1#( 6%-1)). =aniffa 5.= and A+. Rashid =. 2))%#. 8he deter,inants of 4oluntar2 disclosures in 5ala2sia6 8he case of internet financial re"orting. -ni4ersiti 8enaga Nasional. International 3usiness 5anage,ent >onference. =aniffa( R.5 Y >oo.e( 8./. 2))2#. >ulture( cor"orate go4ernance and disclosure in 5ala2sian cor"orations. A%acus! *$ *#( *17-*%9. =indi N5( Rich J 2)1)#. Financial re"orting on the internet6 /4idence fro, the fortune 1)). Management Accounting. 'uarterl&( 11 2#611-21 =ossain 5.( 5o,in 5.A Y ?eo( S. 2)12#. Internet financial re"orting and disclosure +2 listed co,"anies6 Further e4idence fro, an e,erging countr2. Corporate ( nership and Control. 9 %#( *;)-*66. Inchausti( 3. G. 1997#. 8he influence of co,"an2 characteristics and accounting regulation on infor,ation disclosed +2 S"anish fir,s. The #uropean Accounting Revie ! 6 1#( %; X 6$. Iatridis( G. 2))$#. Accounting disclosure and fir,sV financial attri+utes6 /4idence fro, the -C stoc. ,ar.et. International Revie of Financial Anal&sis! 17 2#( 219-2%1. I8- 2)1*#6 8he Horld in 2)1*6 I>8 Facts and Figures. . Z&nline[ A4aila+le htt"6OOwww.itu.intOenOI8--

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1OStatisticsO1ocu,entsOfactsOI>8FactsFigures2)1*."df. Jul2 ;( 2)1*# Jenson( 5.> Y 5ec.ling( H. =. 1976#. 8heor2 of the fir,6 ,anagerial +eha4ior( agenc2 costs and ownershi" structure. Journal of Financial #conomics! * %#( *);-*6). Chan 5( Is,ail N. and N. Da.uan 2)1*#( 3enefits of internet financial re"orting in de4elo"ing countries6 /4idence fro, 5ala2sia( African Journal of Business Management ( 7 9#( 719-72. ?o"es( !.8. Y Rodrigues( ?.?. 2))7#. Accounting for financial instru,ents6 An anal2sis of the deter,inants of disclosure in the !ortuguese Stoc. /<change( International Journal of Accounting! %2( 2;-;6. 5arston > 2))*#. Financial re"orting on the internet +2 leading Ja"anese co,"anies. >or"orate >o,,unication6 Int. J.( $ 1#6 2*-*%. 5arston >( Y ?eow( >.U. 199$#. Financial re"orting on the internet +2 leading -C co,"anies. !a"er "resented at the 21st Annual >ongress of the /uro"ean Accounting Association( Antwer" 3erlgiu,. 5ee.( G. >.( Ro+erts( 3. Y Gra2( J. 199;#. Factors influencing 4oluntar2 annual re"ort disclosures +2 -.S.( -.C. and >ontinental /uro"ean ,ultinational cor"orations. Journal of International Business )tudies! 26 *#( ;;;-;72. N>> 2)1*#6 Industr2 data. Z&nline[ A4aila+le htt"6OOwww.ncc.go4.ngOinde<."h"]o"tionPco,^contentY4iewParticleYidP6$YIte,idP7) Jul2 ;( 2)1*# &.o2e( >. 2)12#. Nigerian stoc. ,ar.et records N1.*$ loss in 2)11( Z&nline[ A4aila+le htt"6OOtheecono,2ng.co,Onews1%9.ht,l Jul2 2*( 2)1*#. &wusu-Ansah( S. 199$#. 8he i,"act of cor"orate attri+utes on the e<tent of ,andator2disclosure and re"orting +2 listed co,"anies in Di,+a+we. The International Journal of Accounting! ** ;#( 6);-6*1. &2elere !( ?aswad F( Y Fisher R 2))*#. 1eter,inants of Internet Financial Re"orting +2New Dealand >o,"anies. Journal of International. Financial. Management. Accounting. 1% 1#626-61. !renci"e( A. 2))%#. !ro"rietar2 costs and deter,inants of 4oluntar2 seg,ent disclosure6 /4idence fro, Italian listed co,"anies. #uropean Accounting Revie ! 1* 2#( *19 X*%). Salawu( R. 2))9# Financial Re"orting on the Internet +2 Fuoted >o,"anies in Nigeria( Repositioning African Business and *evelopment for the +,st Centur&! Si,on Sigu_ /d.#( !roceedings of the 1)th Annual >onference( IAA31 Singh4i( S.S.Y 1esai( =.3. 1971#. An e,"irical anal2sis of the Eualit2 of cor"orate financial disclosure. The Accounting Revie ( %6 1#( 129-1*$. S"ero( ?. ?. 1979# 8he /<tent and >auses of 'oluntar2 1isclosure of Financial Infor,ation in 8hree /uro"ean >a"ital 5ar.ets6 An /<"lorator2 Stud2( 1octoral 1issertation( =ar4ard -ni4ersit2 Graduate School of 3usiness. Street( 1 Y S Gra2 2))1#. &+ser4ance of International Accounting Standards6 Factors /<"laining Nonco,"liance( A>>A Reaserch !a"er No 7%. 8he Association of >hartered >ertified Accountants. ?ondon. -C -,oren A. & 2))$# Accounting disclosure and cor"orate attri+utes. A stud2 of Nigerian ?isted >o,"anies( -n"u+lished !h1 thesis( >o4enant -ni4ersit2( Nigeria Hallace( R.S.& Y Naser( C. 199;#. Fir,-s"ecific deter,inants of the co,"rehensi4eness of ,andator2 disclosure in the cor"orate annual re"orts of fir,s listed on the Stoc. /<change of =ong Cong. Journal of Accounting and $u%lic $olic&( 1%( *11-*6$. Hatson A( Shri4es !.=. Y 5arton >. 2))2#. 'oluntar2 disclosure of accounting ratios in the -.C.! British Accounting Revie ! *%( 2$9-*1*. Biao( J. D.( Uang( =. Y >how( >. H. 2))%#( 8he deter,inants and characteristics of 4oluntar2 internet-+ased disclosures +2 listed >hinese co,"anies. Journal of Accounting " $u%lic $olic&! 2* *#( 191-22;. Biao( J. D Y 5.J. Jones 2));#( A conce"tual fra,ewor. for in4estigating the i,"act of the internet on cor"orate financial re"orting( The International Journal of *igital Accounting Research! ; 1)#( 1*1-169.

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