Is Voluntary Disclosure Value Relevant Evidence From Italian Listed Companies
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Is Voluntary Disclosure Value Relevant Evidence From Italian Listed Companies
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Author : Davide Scaltrito
language : en
Publisher:
Release Date : 2016
Is Voluntary Disclosure Value Relevant Evidence From Italian Listed Companies written by Davide Scaltrito and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The paper aims to assess the level of voluntary disclosure in companies listed on the Italian Stock Exchange and understand the relationship between the quality of voluntary disclosure and market value of Italian listed companies. Voluntary disclosure refers to the discretionary release of financial and non-financial information, which companies are not obliged to disclose by accounting standard setting bodies. In particular, this paper analyzes the effect that disclosure of voluntary information could have on the stock market value of Italian listed companies. To do this, 203 annual reports of Italian listed companies for the year 2012 were analyzed. A voluntary disclosure index index is created to measure the extent of disclosure. The index is used in an ordinary least squares model, as a dependent variable, to understand relationships between the above-mentioned determinants. The disclosure score is composed mainly of 38 items per firm.A total of 7,714 items were collected and analyzed.Results show the level of voluntary disclosure provided by Italian listed companies in their 2012 annual reports positively and significantly affect the value relevance of Italian listed companies.
The Value Relevance Of Corporate Voluntary Disclosure
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Author : Rupjyoti Saha
language : en
Publisher:
Release Date : 2020
The Value Relevance Of Corporate Voluntary Disclosure written by Rupjyoti Saha and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
The purpose of this study is to examine whether or not voluntary disclosure made by Indian listed companies are value-relevant in the capital market. The sample consists of top 100 non-financial, non-utility companies based on market capitalization listed on the Bombay Stock Exchange (BSE) over the period 2014-2017. Data regarding voluntary disclosure level has been collected by analyzing the contents of annual reports. In order to investigate the impact of voluntary disclosure on firm value, fixed-effect panel data regression model is employed. Furthermore, Two Stage Least Squares (2SLS) regression model with instrumental variables is used as a robustness test to alleviate the endogeneity issue. The findings of the study reveal that voluntary disclosure is value-relevant, i.e., impacts the firm value. The more the voluntary disclosure made by the companies, the higher the value they have in terms of market capitalization. Therefore, this finding provides impetus to managers to disclose more information voluntarily to meet the information needs of the stakeholders. By evaluating the value relevance of overall voluntary disclosure, the study contributes to the relevant literature, as there is paucity of studies regarding how the market participants perceive voluntary disclosure in an emerging market such as India, which is subjected to market imperfections.
Proprietary Costs And Determinants Of Voluntary Segment Disclosure
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Author : Annalisa Prencipe
language : en
Publisher:
Release Date : 2008
Proprietary Costs And Determinants Of Voluntary Segment Disclosure written by Annalisa Prencipe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
This paper aims to identify new determinants of the extent of voluntary segment disclosure by using the theoretical framework of the Proprietary Costs Theory, which states that companies limit voluntary disclosure because of proprietary costs, such as preparation and competitive costs. On the basis of the existing literature on this theory and on segment reporting, three hypotheses are theoretically derived, each correlating the level of segment disclosure to a new determinant, specifically the correspondence between the segments and legally identifiable subgroups of companies, the growth rate and the listing status age. The paper also provides further evidence to test the impact of some "traditional" determinants, introduced in the study as control variables. The hypotheses formulated are empirically verified. The analysis is carried out with reference to Italy, because of its limited legal and professional provisions on the topic. For the empirical test, a sample of 64 Italian listed companies is selected and a multiple regression model is used. Results show that, except for the growth rate, the two other new determinants are significantly related to the extent of segment disclosure. These findings confirm that proprietary costs are particularly relevant and limit the incentive for companies to provide segment information to the market.
Who Benefits From Voluntary Disclosure Evidence From Italian Market Microstructure Data
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Author : Claudia Gabbioneta
language : en
Publisher:
Release Date : 2017
Who Benefits From Voluntary Disclosure Evidence From Italian Market Microstructure Data written by Claudia Gabbioneta and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Using proprietary market microstructure data of Milan Stock Exchange and strategic plan presentations of Italian firms as disclosure events we explore the distributional effects of voluntary disclosure. We document systematic trading patterns around our disclosure events that on average generate two-month positive abnormal returns of 5.9% for investors trading large shares, while investors trading small shares experience negative abnormal returns of 5.3%. This economically large wealth distribution effect is triggered by large investors increasing their stakes in disclosing firms prior to news arrival irrespective of the nature of the news. Around news arrival, they sell their inventory to small investors in case of bad news. Our findings are particularly pronounced for smaller firms with event-related media coverage, and are consistent with sophisticated investors systematically exploiting attention-based trading behavior of unsophisticated investors triggered by the public dissemination of voluntary disclosure information in the Italian market.
Managing Risk To Enhance Stakeholder Value
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Author :
language : en
Publisher:
Release Date : 2002
Managing Risk To Enhance Stakeholder Value written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Corporate governance categories.
Corporate Governance And Organisational Performance
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Author : Naeem Tabassum
language : en
Publisher: Springer Nature
Release Date : 2020-06-28
Corporate Governance And Organisational Performance written by Naeem Tabassum and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-28 with Business & Economics categories.
Establishing a corporate governance strategy that promotes the efficient use of organisational resources is instrumental in the economic growth of a country, as well as the successful management of firms. This book reviews existing literature and identifies board structural features as key variables of an effective corporate governance system, establishing a multi-theoretical model that links Board structural characteristics with firm performance. It then, using a comprehensive empirical study of 265 companies listed on the Karachi Stock exchange, tests this conceptual model. This research serves as a significant milestone, reflecting the socio-economic setting of emerging economies, and highlighting the need for the corporate sector in emerging markets to move away from a 'tick-box' culture. It argues that the sector needs to implement corporate governance as a tool to mitigate business risks; appoint and empower non-executive directors to achieve an effective monitoring of management; and establish their own ethical and governance principles, applicable to the Board of Directors. Based on an extensive data base, collected painstakingly over five years, this book offers new insights and conceptual framework for further research in this area. Given the breadth and width of the research, it is a useful source of future reference for students, researchers and policy makers.
Mandatory And Discretional Non Financial Disclosure After The European Directive 2014 95 Eu
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Author : Francesco De Luca
language : en
Publisher: Emerald Group Publishing
Release Date : 2020-06-04
Mandatory And Discretional Non Financial Disclosure After The European Directive 2014 95 Eu written by Francesco De Luca and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-04 with Business & Economics categories.
The aim of the EU Directive 2014/95/EU, requiring the mandatory disclosure of non-financial information (NFI) by large undertakings and groups, is to rebuild trust with stakeholders. This book aims to summarize the relevant literature about company information with particular reference to the voluntary vis a vis mandatory NFI.
Value Relevant Disclosures Value Reporting
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Author : Wolfgang Schultze
language : en
Publisher:
Release Date : 2008
Value Relevant Disclosures Value Reporting written by Wolfgang Schultze and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
The objective of this paper is threefold. First we develop a comprehensive framework for valuerelevant disclosures (Value Reporting)to serve as the theoretical background for Business Reporting in order to give guidance for preparers and standard setters in their task to structure the information presented in management reports concerning valuation issues. From this framework we derive a comprehensive list of information contents needed by investors for making capital allocation decisions. In the second part we use these criteria to analyze the disclosure practice of the 100 largest German listed companies. From this analysis we obtain an overall level of disclosure which in the third step we relate to economic determinants. The results show a significant influence of the firms business objective, but no influence of firm size, auditor size and the application of international accounting standards on the level of value-relevant voluntary disclosures.
Earnings Quality
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Author : Jennifer Francis
language : en
Publisher: Now Publishers Inc
Release Date : 2008
Earnings Quality written by Jennifer Francis and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business & Economics categories.
This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.
Do Higher Value Firms Voluntarily Disclose More Information Evidence From China
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Author : Jean Jinghan Chen
language : en
Publisher:
Release Date : 2013
Do Higher Value Firms Voluntarily Disclose More Information Evidence From China written by Jean Jinghan Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
This paper examines the effect of guanxi on the relation between firm value and voluntary disclosure of information about new investment projects in China's institutional setting. We find a negative relation between firm value and voluntary disclosure for firms that rely more heavily on guanxi in their value creation (e.g. non-high-tech firms, and firms located in regions with underdeveloped institutions). This type of firms refrains from detailed voluntary disclosures for fear of revealing sensitive information that may harm their guanxi. They may more incline to use guanxi to lower information asymmetry and the cost of capital. Therefore, they have less motivation of voluntary disclosure. By contrast, for firms that rely less heavily on guanxi and more on other sources of core competencies (e.g. high-tech firms, and firms in high-marketization regions), we find a positive relation between firm value and voluntary disclosure. This type of firms more replies on voluntary disclosure to reduce information asymmetry and financing cost. Such incentives are particularly strong for high value firms. The moderating role of guanxi on the relation between firm value and voluntary disclosure is explained by firms conscientiously balancing the costs and benefits of voluntary disclosure relative to guanxi. Our evidence has implications for research on motives for disclosure and regulation of financial reporting.