Content items typically range from mainstream accounting elements such as the chairman’s

56 9. Content items typically range from mainstream accounting elements such as the chairman’s

statement, balance sheets and auditor reports through to internal control systems, health and safety policy and financial calendars. User support items usually include the availability of site maps, internal search engines, links to the stock exchange, options to “add to favourites” etc. Presentation items generally relate to specific information technology-related criteria such as use of PDF, HTML, XBRL, etc., formats, graphics, real-time rolling news and the provision of chat room facilities. The complete index is shown in Table V.

10. For example, banks are controlled and supervised by the Central Bank of Egypt, while insurance companies’ financial statements are prepared in accordance with EAS related to insurance and reinsurance and law no. 10 of 1981 (Ahmed, 2013).

11. FASB (2000) argued that “Internet-months are like years in the sense that things change so quickly. It has been said that 18 Internet weeks ¼ 1 normal year” (p. 17).

12. An important decision from the Egyptian Financial Supervisory Authority (EFSA) on 21 February 2012 mandated companies listed on the EGX to set up a website to publish their annual and interim financial statements in addition to notes to the accounts, the auditor’s report and other information required by the EGX. The investor relations department will be responsible for these websites, which must be operational by the end of March 2013. Thus, this decision could lead to a considerable increase in the number of companies practicing CIR over the time frame covered by this study.

13. As a result of the onset of the “Arab Spring” protests in early 2011, the Egyptian Exchange was closed down from the 27 January until the 23 March. On re-opening, the exchange index

immediately lost nearly 9 per cent of its value.

14. Industry type also loses significance in 2011 for presentation score, again consistent with the notion of inter-industry disclosure practices converging to some degree during the crisis.

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