An Examination of the Development of Financial Information Disclosure Requirements in New Zealand to 1976

Abstract

This thesis examines financial information disclosure requirements as prescribed by regulators in New Zealand. There is a historical review up to 1976 of regulation of disclosure requirements by each of Legislation, the Stock Exchange and the Accountancy Profession. In addiion, there is an examination of events leading to the establishment, in 1976, of the Securities Commission. There is an examination of the hypothesis of Eckert (1970 and 1973) concerning the behaviour of regulators. Eckert predicts that differing patterns of regulation will be generated by differing types of regulator, particularly when the regulation is by commissions as opposed to civil servants. An analysis of the role and performance of the main regulatory bodies in New Zealand confirms the hypothesis. The part time nature of most regulators in New Zealand is seen to be a mjaor factor influencing their decisions.