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Unveiling Transparency: An Empirical
Analysis of Voluntary Disclosure Practices in the Indian Banking Sector |
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| Paper Id :
18913 Submission Date :
2024-05-10 Acceptance Date :
2024-05-22 Publication Date :
2024-05-25
This is an open-access research paper/article distributed under the terms of the Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. DOI:10.5281/zenodo.11409147 For verification of this paper, please visit on
http://www.socialresearchfoundation.com/innovation.php#8
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| Abstract |
Transparency and disclosure play an essential role in the
Indian banking sector serving as key elements in fostering trust and confidence
among depositors, investors and regulators. Voluntary disclosure provides
in-depth information about financial and non-financial aspects which is very significant
for the stakeholders in their decision-making process. In this research paper,
the researchers have tried to provide an empirical analysis of voluntary
disclosure practices in the Indian Banking Sector, shedding light on the
extent, determinants and consequences of voluntary disclosure. This study will
employ a combination of quantitative and qualitative methods to analyze the
data collected from various banks (Public and Private sector) in India,
providing a comprehensive overview of voluntary disclosure practices within the
Indian Banking Industry. The study
encompasses top six commercial banks of which, three from public sector (SBI,
PNB and Bank of Baroda) and three from private sector (HDFC, ICICI and Axis
bank). Charts, diagrams, descriptive statistics, content analysis etc has been
used to support the study. The findings of the study will not only enhance our
understanding of why and how the public and private sector banks are disclosing
their information voluntarily but also provide valuable insights for bank
management, policy makers and regulators. At the end, this study aims to give
its contribution to the ongoing efforts to improve transparency and disclosure
in the Indian Banking sector, which is fundamental aspect for maintaining
financial stability and fostering trust of stakeholders. |
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| Keywords | Voluntary Disclosure Practices, Stakeholders, Indian Banking Sector, Transparency and Disclosure, Financial Stability etc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Introduction | In order to disclose the results of a corporate
enterprise's business activities, corporate financial reporting in annual
reports is a means of communication between the management and the user-groups
of the financial statements. Additionally, it aims to prove the credibility,
accountability, and reliability of its disclosures. Corporate financial
reporting has two components in the "Indian" context: statutory
(mandated) and non-statutory (optional/voluntary) disclosures. I. Statutory Disclosure: Legal disclosures: In India, under clause 49 of the listing guidelines, both the company act and the securities and exchange rules, established by the SEBI, must be complied with. "The basic requirements for disclosure and reporting applicable to all corporations (or companies) incorporated in India" are provided by the company act. According to the law, corporations must create financial statements that present a "true-and-fair" picture of the financial situation. The statute mandates that all organizations keep specific sets of books of account for recording financial transactions and periodically publish their annual accounts in the format specified. II. Non-statutory (voluntary) Disclosures: According to the Securities and Exchange Commission, voluntary disclosures are "at par in importance with statutory disclosure to give the complete idea of the corporations business and future prospects." Items of voluntary disclosure can be categorized into items that are historical, current, and prognosticative depending on the past, present, or future performance of the business. It is 'discretionary' to share information, nevertheless. Information provided in the yearly reports that is not required by law and is entirely voluntary. It centred on the corporation's disclosure policy. The management uses a variety of sources, including
prospectuses, press releases, newspapers, magazines, websites, etc., to share
information about the bank's performance and upcoming policies and programs.
Despite these, the annual report of banks is acknowledged as the most significant
source for both financial and non-financial information. The degree of
disclosure's sufficiency cannot be measured accurately, but it can be assessed
in relation to the needs, demands, and goals of the users. Buzby (1974) believes
that five factors are obligatory to recognize the true nature of adequate
disclosure. Questions that need to be addressed include: 1. for whom is the
information to be disclosed? 2. What is the purpose
of the information? 3. How much information
should be disclosed? 4. How should the information
be disclosed? 5. When should the
information be disclosed? The Concept of Voluntary Disclosure Voluntary disclosure in corporate reporting represents a
fundamental aspect of a firm's communication with its stakeholders beyond what
is required by regulatory mandates. It involves the dissemination of
information beyond the minimum legal requirements, typically through financial
reports, press releases, sustainability reports, and various other mediums.
Voluntary disclosure is pivotal in building trust, enhancing corporate
governance, and ensuring transparency and accountability in the corporate
world. Fig. 1 Theoretical Foundations
i. Agency Theory: As per
principle of agency, managers are given power by shareholders (the principals)
to govern the organization on their behalf. Due to conflicting interests, this
delegation, however, results in a principal-agent issue. It is believed that
voluntary disclosure can reduce this information asymmetry by bringing agents'
interests into line with the principals. ii. Signalling Theory: As per
signalling theory, managers can reduce uncertainty and information asymmetry by
using voluntary disclosure to share important information with stakeholders.
Firms utilize disclosures to influence stakeholders' opinions and decisions by
sending signals about their financial standing, prospects for the future, or
managerial skill. iii. Stakeholder Theory:
Stakeholder
theory emphasizes the prominence of considering a broader range of stakeholders
beyond stockholders, encompassing staff members, clients, vendors, and the
general public. Voluntary disclosure in this context is viewed as a mechanism
to demonstrate corporate social responsibility, responsiveness to stakeholder
concerns, and sustainable business practices. Determinants of Voluntary Disclosure Similar to every industry, the Indian banking sector is
affected by a variety of factors that fall under the classifications of
internal and external determinants. These factors are essential to
comprehending why and how many Indian banks opt to voluntarily provide
information beyond what is necessary by law. It's crucial to keep in mind that
these drivers may alter over time depending on how essential they are and how
much of an impact they have on the market, the economy, and organizational
strategies. Some crucial factors of voluntary disclosure in Indian banking
sector are as follows:
Fig.2 Determinants of Voluntary Disclosure
i. Firm Characteristics: The volume and type of voluntary disclosure depends on a number of firm-specific factors. Bigger companies with greater resources and visibility generally make more voluntary disclosures. Additionally, the level of voluntary disclosure is significantly influenced by profitability, leverage, growth possibilities, and industry type. ii. Regulatory
Environment: The volume and type of voluntary disclosures are greatly
influenced by the regulatory environment. Companies that operate in highly
regulated sectors or in nations with strict reporting requirements may make
more voluntary disclosures in order to comply with the law and societal norms. iv. Market Competition and Structure: Voluntary disclosure procedures in India are influenced by both the level of market competition and the banking sector's organizational structure. Banks may expand disclosure to obtain a competitive edge, foster investor confidence, and improve their market standing. v. Financial Performance and Health: To demonstrate their monetary steadiness and health, banks may voluntarily provide information on their financial performance, capital sufficiency, asset quality, and liquidity positions. Increased investor confidence and possible investor interest can result from transparent reporting. vi. Pressure from Stakeholders: Banks may raise their voluntary disclosures in response to pressure from stakeholders such as investors, analysts, customers, and civil society. It is essential for sustaining good relationships and reputations to satisfy the information demands and expectations of these stakeholders. Need of Disclosure in Banking Sector Most people would agree that
the annual report is the most crucial tool for communicating with investors.
The degree of adequate disclosure in the yearly reports could be a significant
factor in determining the calibre of investment decision-making specifically,
and distribution of economic resources overall. Despite the fact that these
reasons apply to all types of organizations, financial institutions have failed
to give them enough consideration up to this point. It is widely acknowledged
that banks' reporting standards still fall short of those of non-financial
firms (Kahl & Belkaoui, 1981). Commercial and development
banks are examples of business enterprises. Instead of manufacturing goods,
they create and market financial services. They are referred to as financial
intermediaries or financial institutions in this way. They carry out the role
of middleman by pooling surplus resources from the sector of saving surplus and
direct them toward the sector of saving deficit. A bank's problems impact the
community as a whole. They rely on confidence to survive, and the strongest
indication of that confidence is sound financial standing. They must always
demonstrate that there is not even a hint regarding their financial situation.
This explains why unique rules for the creation and presentation of bank
financial statements are included in banking laws across the globe. Therefore, banks are a vital
component of a nation's financial system, and the economy depends on them being
healthy. Furthermore, the fact that most individuals deposit their money in
banks and the degree of confidence that these institutions require means that
the good method of disclosure for banks. Impact and Benefits of Voluntary Disclosure The annual report is typically seen as being the most momentous
form of stockholder communication. The degree of disclosure adequacy in the
annual reports may play a major role in determining the usefulness of economic
resource allocation in general and investment decision making in particular.
The impact and benefits of voluntary disclosure are as follows-
Fig. 3 Benefits of Voluntary Disclosure
i. Market Valuation: According to previous researches, businesses that make broad voluntary disclosures typically see their stock prices rise and their investor base grow more confident. Stock prices and trading volumes may be favourably impacted by clear and transparent communication. ii. Cost of Capital: Investors may perceive lesser risk and better credibility as a result of transparent disclosure methods, which can cut the cost of capital and potentially lower the required rate of return. iii. Stakeholder Relations: By demonstrating a commitment to transparency, voluntary disclosure improves connections with stakeholders and builds the firm's reputation and confidence with a variety of stakeholder groups. With regard to stakeholders, a voluntary disclosure practice plays a significant role because it generates high-quality both non-financial and financial data that is helpful for stakeholders to make decisions. As a result, it is essential that every bank make timely and complete disclosures in the annual reports of the banks (Shailaja B. 2021) |
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| Objective of study | The following are the study's objectives: 1. To investigate the
voluntary disclosure policies of specific Indian commercial banks. 2. To investigate and
contrast the voluntary disclosure practices of selected Indian banks in
the public and private sectors. |
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| Review of Literature | Collett and Hrasky (2005) examined
the connections between firms' intentions to seek capital on the financial
markets and their voluntary disclosure of CG information. 299 companies from
the "Australian" stock markets were included in the sample.
According to the research, "just 29 Australian firms made optional CG
disclosure, with different corporations disclosing different amounts of
information. Corporate transparency is essential for addressing
knowledge asymmetry and minimizing agency issues. In instance, businesses can
reduce capital costs, boost investor trust, and enhance the marketability of their
shares by disclosing both required and optional information to the capital
market. (Meek et al., 1995, Kristandl
and Bontis, 2007). The disclosure of governance information by the
"Canadian" banks was the subject of a study conducted by Maingot
and Zeghal in 2008. The authors concentrated on disclosing the CG practices
utilized by eight institutions. According to their data, "the bigger the
bank, the more disclosure there is. Overall, their findings imply that
management's strategic considerations have an effect on the decisions about
what information to publish and how much. In a further study, Hossain and
Hammami (2009) empirically analysed the factors that contributed to
voluntary disclosure in the AR of 25 listed companies on the Doha Securities
Market in "Qatar." Multiple regression analysis was used for
statistical analysis after developing a disclosure checklist with 44 voluntary
elements of information. They conclude that "age, size, complexity, and
assets-in-place are significant and other variable profitability is
insignificant in explaining the level of voluntary disclosure". By enhancing corporate governance and transparency
through the use of voluntary disclosure systems, businesses are undoubtedly
able to draw in more potential investors, increasing their investment appeal on
the global market. (Bhasin, Rashid R. & Orazalin. 2012) A key component of the "modern"
corporate-regulatory system is corporate governance disclosure, which involves
making "governance" information available to the public in a variety
of ways. The voluntary CG practices of 50 firms are examined in this study in
addition to the mandatory section 49 of the listing agreement criteria. A
"content analysis" was conducted in order to analyze the voluntary CG
disclosure procedures, and then a "CG disclosure" index was created.
Corporations from the software, textiles, sugar, and paper industries have been
chosen in order to provide a comparison "across" industries. The
finding of this research reveals that Corporations are following less than half
of the items of CG disclosure index. (Bhasin, M.L. and Shaikh, J.M. 2013). The factors influencing companies to disclose voluntary
information in their annual reports of Textile Manufacturing Companies in
Bangladesh were examined by Rouf, et.al (2014) in their research paper
titled "Financial Reporting Practices in the Textile Manufacturing Sectors
of Bangladesh." The link between the dependent variable and the
independent variables was investigated using an ordinary least squares (OLS)
regression model. For the study, a voluntary index comprising 68 elements was
created. The study's findings show a strong correlation between total assets
and voluntary disclosure, as well as a favourable correlation between board
size and voluntary disclosure. Additionally, it displays that the proprietorship
structure is negatively correlated with the degree of voluntary disclosure. Hawashe (2016) measured the degree of voluntary
information disclosure in Libyan commercial banks' annual reports that are
listed and those that are not in his article titled "Voluntary Information
Disclosure in the Annual Reports of Libyan's Commercial Banks: A Longitudinal
Analysis Approach." To look for any appreciable changes in the levels of
voluntary disclosure in the annual reports, longitudinal analysis is used. A
63-item voluntary disclosure index was created. The findings show that
corporate social information is the bottom level of voluntary disclosure in
annual reports; on the other hand, the level with the greatest number of voluntary
disclosures over the periods is background information. Mangala D & Isha (2019) have
looked at how much information is disclosed in annual reports of Indian stock
market companies. To gauge the degree of transparency in chosen corporations'
annual reports, seven disclosure indices have been developed. The analysis
finds that, the average disclosure score across all information categories,
with the exception of corporate financial data improved between 2008–09 and
2017–18. The maximum mean disclosure score through all categories for the whole
study period is for the corporate governance data. The least amount of
information is reported in the group of forward-looking information in company
annual reports. Due to greater corporate knowledge and responsible
reporting standards employed by the corporations, year-over-year overall
transparency has also increased. Saha, R., & Kabra, K. C. (2022) The
top-listed corporations in India were the focus of the researchers' investigation
of the impact of voluntary disclosure on market value. To accomplish this, a
sample of the top 100 non-financial and non-utility companies listed on the
Bombay Stock Exchange over a five-year period (2014–2018) is used in the study.
The analysis's findings indicate that a greater level of voluntary disclosure
greatly raises the market value of the sample companies. The study goes on to
analyze voluntary disclosure further by breaking it down into its
sub-components. The results show that three voluntary disclosure sub-components,
such as corporate and strategic disclosure, forward-looking disclosure, and
corporate governance disclosure, positively affect firms' market values, while
the remaining sub-components, such as human and intellectual capital disclosure
and financial and cap Overall, the result indicates that investors believe the
voluntary disclosure deemed relevant by the
sample companies. V.R Naveenan & etal, (2024) in their research article entitled “Analyzing corporate disclosure in
Indian banks: assessing compliance, corporate attributes, and performance
implications” stated that for many stakeholders to make the best judgments
possible, corporate disclosure is essential. Depending on the characteristics
of the company, disclosure policies may differ. Their research focuses on
examining how business characteristics affect disclosure. This research article
reaffirms that banks ought to be open and cognizant of the importance of
information disclosure and corporate qualities. It promotes corporate
disclosure as crucial, as it helps practitioners and policymakers win over
stakeholders' trust, which opens up business prospects and sheds light on the
bank's operations. Research Gap As the literature review above makes clear, research on
voluntary disclosure has been done in extensive detail in the past and there is
still more to learn. It is considerable that numerous studies have been
conducted in both developed and developing countries on voluntary disclosure in
corporate sector. Very few researches have carried out to provide an empirical
analysis of voluntary disclosure practices in the Indian Banking Sector, illuminating
the scope of determinants and consequences of voluntary disclosure. Hence, in
this research paper, the researchers have tried to provide an empirical
analysis on the voluntary disclosure in Indian Banking sector. |
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| Hypothesis | H0: The voluntary disclosure practices of Indian banks in the public and private sectors do not differ greatly from one another. H1: The voluntary disclosure practices of Indian banks in the public and private sectors are differing greatly from one another. |
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| Methodology | i. Data Sources: Secondary data provide the basis of the current investigation. For the research analysis, annual reports of the selected banks (top three public and private sector) were collected from their official websites. |
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| Sampling |
Sampling Technique: Purposive sampling method has been applied for the current study. Out of the six largest commercial banks in India, the top three banks from both the public and private sectors have been selected which are as follows.
Period of the Study: The study's time range is three financial years i.e., 2020-21, 2021-22 & 2022–2023. For investigation, annual reports of the selected banks were downloaded/ collected from their websites. |
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| Analysis | Data Analysis Methods: Top Indian
commercial banks have employed content analysis to clarify their voluntary
disclosure procedures. The voluntary disclosure index has been created and
examined for this purpose. Voluntary Disclosure Index Construction: The
information items chosen and supplied voluntarily by selected banks in their
websites or annual reports serves as the initial step in the creation of the
voluntary disclosure index. A Basel III norm is also a comprehensive package of
reform initiatives to improve regulation, supervision, and risk management.
Pillar 3 of Basel III has been taken into consideration for the purpose of
analysing information that is voluntary. For the analysis, ten variables in all
have been chosen. Hence, overall number of voluntary
disclosures for the study is 154 items, as in (Shailaja B. 2021). Table: 1 Voluntary
Disclosure Variables Index (Post-Basel III)
Source: annual reports and website of concerned banks Calculating the Voluntary Disclosure Index: In light of this research, the weighted disclosure index was employed
to calculate how much information was voluntarily disclosed. The unweighted
technique assigns a score to each bank using a dichotomous process; a bank
receives a "1" if an item is disclosed in the annual reports or
website, and a "0" if it is not. Numerous previous empirical
disclosure studies have employed this methodology. This strategy is predicated
on the idea that all readers of business annual reports will value each piece
of information in the disclosure index equally. Total voluntary disclosure
index score (TVDIS) of each bank for the chosen study period is computed after
scoring. TVDIS = Total Disclosure Score Obtained/Maximum
Obtainable Score. Results and Interpretation Three banks from the public and three from the private
sectors comprise the top 6 commercial banks selected for this study. The study
looked at the voluntary disclosure practices used by a group of the top 6
public and private sector banks during the study period. Additionally, the
TVDIS and Mean disclosure scores are presented. The rank has also been provided
appropriately. The Post-Basel III Voluntary Disclosure Score, TVDIS
percentage, and ranking of the public and private sector banks included in the
study are all displayed in the following table- Table:2 TVDIS of Selected Public and Private
Sector Banks (Post-BASEL III)
Source: Compiled data from the annual report and website The aforementioned table shows that during the study
period, the TVDIS percentage of public sector banks was higher than that of
private sector banks. The State Bank of India is in first place among all other
banks and is ranked as such because it made the most voluntary disclosures
throughout the time (97.61%), while Punjab National Bank is in second place and
is responsible for 95.67% of voluntary disclosures. The third is Bank of Baroda
with a 92.42 percent. Regardless of whether they are in the public or private
sectors, the State Bank of India leads all other banks. In terms of voluntary
disclosures, all public sector banks outperform other studied private sector
banks. In a similar vein, HDFC leads the study's private sector banks with a
percentage of 91.98, followed by ICICI bank with a percentage of 90.90. With a
percentage of 88.74, the Axis bank has the lowest ranking among all banks in
the research. |
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| Conclusion |
In this study, the extent of India's private and public
sector banks' voluntary disclosure procedures have been empirically
investigated. Banks in the public sector release more data than banks in the
private sector. In addition, when compared to private sector banks, public
sector banks disclose voluntary information with greater transparency. The
State Bank of India has the best disclosure rating over the course of the
investigation. In contrast, Axis Bank had the lowest score among private sector
banks in the survey when compared to other private sector banks. In comparison
to the other private banks in the survey, HDFC Bank is more open with its
information disclosure. The research period saw an expansion in voluntary
disclosure policies. Additionally, private sector banks require focusing more
on providing detailed information and increasing transparency in their banking
operations. |
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