BOZEC, Richard <br/><br/>
The impact of reform in canadian state-owned enterprises on voluntary disclosure in annual reports 

 - Toronto :  IPAC,  Fall 2004 
<br/><br/> This study examines the impact of reform in Canadian state-owned enterprises (SOEs) onthe level of information disclosure intheir annual reports. Reform in SOEs encompasses two criticalstages: commercialization andprivatization. Comemrcialization instils into SOEs commonprinciples and practices typical of the private sector. As a result, the mandate of the firmshifts away fromsocial towards profitability objective.s Privatization refers to the legaltransfer of public ownership to private hands. The author argues that SOE reform leads to greater information asymmetries betweenmanagement and stakeholders (creditors and shareholders), increasing financial costs for businesses. In accountingliterature, this factor is considered a component that positively influences disclosure. The study's findings support such a proposition. More precisely, the results suggest that commercialization and privatization do provide incentive for managers to disclose additional information in their annual reports. Most of the incremental disclosure is financial