In another study, Cooke and Wallace (1990) conclude that the level of corporate financial disclosure regulation in many developed countries is likely to be determined more by internal factors, whereas that of many developing countries is likely to be determined more by external factors. Eccher and Healy (2000) investigated the influence of international accounting standards in corporate disclosures in transitional economies, with special reference to China. However, they found that international accounting standards did not dominate disclosure practices in China. On the other hand, Hope (2003), based on a sample from 22 countries, found positive relations between firm-level disclosure practices, enforcement of accounting standards, and analysts’ forecast accuracy.