Abstract:

This study attempt to identify the determinants of the African firm Web disclosures. An efficient market supposes overall regular information at all time and disseminated to all investors. Due to the development of internet all around the world, information by the web or e-information seems to be a good tool to reach this goal. In this study, we examine the online investor relations activities on websites of African blue ship companies.  Using an improved Hedlin’s three stage model (1999), we find that African stock exchanges obtain an average score of 54.8% and African companies obtain an average score of 43%. Results show that there is no size effect contrarely to the litterature in this domain.  The determinant of online disclosures is the requirement for the firm to be quoted on another place than its domestic market.