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Do Higher Value Firms Voluntarily Disclose More Information?

Di: Henry

The voluntary disclosure following information shocks contains more verifiable, financial information and is more value relevant to investors as measured by absolute announcement

(PDF) Voluntary disclosure and corporate governance: substitutes or ...

Moreover, SOEs voluntarily disclose less than non-SOEs on average but they are more willing to disclose once EPU increases. Combined, our findings suggest that firms in We posit that when the proportion of state ownership is relatively small (usually in privately controlled firms), less state ownership means more uncertainty and more competition, Specifically, our findings imply that higher returns predict lower future voluntary disclosure for firms with high innovation volatility, high persistence in cash flows, more

Disclosure regulation, cost of capital, and firm values

Michael Ebert, Ulrich Sch ̈afer† and Georg Schneider‡ We study managers’ decisions to voluntarily disclose information to the capital market when they face a risk of information Information disclosure is a potential means through which a firm’s management can inform outside investors of the firm’s performance and governance. Information disclosure is In three conditional tests, we find that voluntary disclosure is associated with fewer patents and fewer patent citations in the following three years, especially for firms in

In this study, we examine the effect of the disclosure of climate change risk exposure on firm market value. We analyze different categories of climate risks to see how Consistent with information asymmetry concern, disclosure is more likely when firms are seeking external finance or operating with a more

The treatment effects are concentrated among firms with higher information asymmetry and lower investor demand, firms with greater financial constraints, and firms with

  • Project-Level Disclosure and Investment Efficiency: Evidence From China
  • Do higher value firms voluntarily disclose more information?
  • Voluntary disclosure, excess executive compensation, and firm value
  • Do ESG progress disclosures influence investment decisions?

Several theories explain why firms voluntarily disclose information. Hope (2003, p. 220) argues that “disclosure is inherently a complex phenomenon and a single theory can only

Information regarding firms‘ data assets and stock pricing has been more closely related when data is integrated into firms‘ value creation processes. However, since data asset

We also find that companies that voluntarily disclose climate change risks following environmental shareholder activism achieve a higher valuation postdisclosure, suggesting that investors show that firms value Firms frequently provide voluntary environmental, social, and governance (ESG) reports. Our study focuses on the effect of ESG disclosures on investment decisions. We

Does firms‘ ESG information disclosure have contagion effect?

In evaluating the effect of voluntary CSR disclosure on firm value, scholars frequently show higher firm value for firms that voluntarily make CSR disclosures (Bucaro et

1. Introduction Recent years have marked a global move toward business sustainability in creating shared value and communicating it to all firms‘ stakeholders.

(PDF) Role of Voluntary Disclosure and Transparency in Financial Reporting

However, this paper shows that, when firms‘ cash flows are correlated and their disclosures are endogenous, the common practice in disclosure regulation—mandating that Using a unique hand-collected sample from proxy statement disclosures consisting of 10,060 observations from 2003 to 2013 in the U.S., 5 we first show that firms purchasing ?Why do Firms Voluntarily Disclose Information? Introduction Since modern corporate governance principles give first priority to shareholder values, today firms tend to disclose their

We examine whether the capital market rewards firms’ voluntary carbon disclosure. Voluntary carbon disclosure is measured as firms’ propensity to voluntarily disclose carbon Firms operating in carbon-intensive industries experience a more pronounced negative reaction on voluntary carbon disclosure.

The paper investigates incentives for firms to voluntarily disclose private information about future outcomes. A voluntary disclosure model that encompasses a competitive product

  • The determinants and value-relevance of voluntary disclosure
  • Information Leaks and Voluntary Disclosure
  • Voluntary Corporate Disclosure
  • Disclosure regulation, cost of capital, and firm values
  • Voluntary Disclosure Incentives and Earnings Informativeness

The corporate finance and accounting information theories contend that firms are interested in enhancing the information environment by means of disclosure practices, as well (2) Our results are more pronounced for firms with higher disclosure quality and better governance practices, assured by external auditors and complied with GRI standards.

Our results reveal that firms with more voluntary climate action disclosures experience more positive stock market reactions, indicating that investors value transparency Moreover, SOEs voluntarily disclose less than non-SOEs on average but they are more climate action willing to disclose once EPU increases. Combined, our findings suggest that firms in The study finds that there is a contagion effect in the level of firms‘ ESG disclosure, that is, when other firms in the same industry have a higher average ESG

Consistent with information asymmetry concern, disclosure is more likely when firms are seeking external finance or operating with a more concentrated supply chain where the needs of

Sci-Hub | Do higher value firms voluntarily disclose more information? Evidence from China. The British Accounting Review, 46 (1), 18–32 | 10.1016/j.bar.2013.06.003 to open science ↓ save In addition, the nature and extent of the information requested in the present time are larger and different than in the past, which means that the variance in the information that

The voluntary disclosure following information shocks contains more verifiable, financial information and is more value relevant to investors as measured by absolute announcement Different from studies that use rough proxies for aggregate accounting information quality to investigate its impact on investment efficiency, we construct a project

Time-varying DID analyses based on the evidence from the short selling deregulation program in China reveal intriguing findings: Facing short-selling pressure, firms would engage in “partial