Measurement and Analysis of Disclosure Level: The Case of Bangladesh
information in the financial highlight section, cement companies are disclosing more information in the balance sheet section and food companies are disclosing more information in cash flow statement section among sample companies. Therefore, it can be said that pharmaceutical companies are in a better position in disclosure level.
Analysis of Disclosure Level
The following table provides us information about weak disclosure area, strong disclosure area, ODI and CV of each company as well as sector wise and overall disclosure index of sample companies.
Summary of Disclosure
Companies’ Disclosure Position
Serial No.
Company Name
Descriptive Statistics
Range
Company wise
ODI
SD
CV
Sector wise ODI
Overall Disclosure Index
Min
Max
Value
Section
Value
Section
Textile Sector
0.67
1
HR Textile Mills Limited
0.19
API
0.90
GDI
0.56
0.26
0.46
0.63
2
BEXTEX Limited
0.55
CFI
0.93
CPI
0.76
0.14
0.19
3
Apex Weaving and Finishing Ltd
0.40
CFI
0.79
ISI
0.66
0.14
0.22
4
Saiham Textile Mills Ltd.
0.23
FHI
0.70
GDI
0.49
0.16
0.33
5
Alltex Industries Ltd.
0.35
API
0.82
DRI
0.69
0.15
0.22
Pharmaceuticals Sector
6
The Ibn Sina Pharmaceutical Industry Ltd.
0.48
CFI
0.90
GDI
0.74
0.16
0.21
0.72
7
Libra Infusions Ltd.
0.54
CFI
0.86
ISI
0.73
0.13
0.17
8
Square Pharmaceuticals ltd.
0.54
FHI
1.00
CPI
0.80
0.14
0.18
9
Beximco Pharnaceuticals Ltd.
0.39
FHI
0.93
ISI
0.71
0.18
0.26
10
Orion Infusion Ltd.
0.36
FHI
0.80
GDI
0.62
0.16
0.26
Cement Sector
11
Heidelberg cement Bangladesh Ltd.
0.71
CFI
1.00
DRI
0.81
0.10
0.12
0.67
12
Meghna Cements Mills Ltd.
O.33
CPI
0.93
ISI
0.62
0.20
0.33
13
Aramit Cement Ltd.
0.38
FHI
0.79
ISI
0.62
0.15
0.24
14
Confidence Cement Ltd.
0.49
CFI
0.75
DRI
0.63
0.09
0.14
15
Lafrage Surma Cement Ltd.
0.42
API
0.80
CPI
0.65
0.15
0.24
Food and Allied Sector
16
Apex Foods Ltd
0.61
CFI
0.93
ISI
0.74
0.10
0.14
0.66
17
Fu-Wang Foods Ltd
0.33
FHI
0.8
GDI
0.66
0.15
0.22
18
Gulf Foods Ltd
0.42
FHI
0.79
ISI
0.65
0.13
0.20
19
Fine Foods Ltd
0.39
FHI
0.79
ISI
0.61
0.15
0.24
20
Rahima Foods Corporation Ltd
0.29
FHI
0.86
ISI
0.65
0.21
0.33
Overall Disclosure Index as a whole.
Consistency level in disclosing information (company wise)
Overall Disclosure Index (company wise).
Strong area of disclosure of each company.
Weak area of disclosure of each company.
Overall Disclosure Index (sector wise).
Ranking of sample companies
Ranking of the sample companies were made on the basis of their consistency level in disclosing information in their annual reports. The results are as