(Anonymous, 1988). This finally resulted in the permanent closure of 56 finance
companies at the beginning of December 1997. The financial system thus has
undergone a severe liquidity crunch since 1997. In times of duress it is quite
possible to argue that non-essential reporting (nor other activities of a non essential)
will be curtailed, this is supported by Mathews (1995) who argued that the volume
of corporate social disclosure varies with economic conditions; and that survival
may be place ahead of “social reporting” in periods of economic stress.