Author: Patricia van de WielePublisher:
ISBN:
Category :
Languages : en
Pages : 38
Book Description
An Empirical Analysis of Voluntary Disclosure of Sales by Small and Medium Sized Enterprises
Author: Patricia van de WielePublisher:
ISBN:
Category :
Languages : en
Pages : 38
Book Description
Voluntary Disclosure of Sales by Small and Medium Sized Enterprises: an Extented Analytical Model
Author: Patricia van de WielePublisher:
ISBN:
Category :
Languages : en
Pages : 29
Book Description
Corporate Disclosure Strategies Before Business Failure: the Case of Voluntary Disclosure of Sales by Small and Medium-sized Enterprises
Author: Patricia van de WieleThe Entrepreneurial View on Voluntary Disclosure of Sales in Small Private Companies
Author: Stefanie CeustermansPublisher:
ISBN:
Category :
Languages : en
Pages : 26
Book Description
Small companies are the backbone of the economy in many countries. In Europe, for example, small companies represent more than 90% of all companies. Despite the fact that these companies represent such an important portion of the economy, few studies have been examining voluntary disclosure decisions by this type of companies. Since small companies possess certain unique characteristics as compared with their larger counterparts, the general applicability of past voluntary disclosure studies to small companies is questionable. Drawing on agency, signalling and proprietary cost theory, this study investigates whether ownership, competition and accountant factors influence the decision to disclose financially sensitive information on a voluntary basis. Our results (using an e-mail questionnaire, n=1,102) show that nearly 40% of the responding companies are not even aware of their disclosure behaviour. For the companies that are aware of their disclosure behaviour, the logistic regression analysis shows that the ownership structure of the company is the most important determinant of voluntary disclosure. This is followed by perceived competition and the type of accounting software.
Voluntary Disclosure of Sales by Small and Medium Sized Enterprises
Author: Patricia van de WielePublisher:
ISBN:
Category :
Languages : en
Pages : 210
Book Description
An Empirical Analysis of the Effect of Voluntary Disclosure on the Indirect Costs of Financial Distress of Companies in Indonesia
Author: Wijantini WijantiniAn Investigation of the Causal Effect of Voluntary Disclosure Quality on Cost of Equity Capital
Author: Andreas ZweifelPublisher: GRIN Verlag
ISBN: 3668410623
Category : Business & Economics
Languages : en
Pages : 100
Book Description
Master's Thesis from the year 2012 in the subject Economics - Finance, grade: 5.5, University of Zurich (Department of Banking and Finance), course: Economics and Finance, language: English, abstract: Does voluntary disclosure quality pay off? And if so, what are the driving forces behind the relationship of voluntary disclosure quality and the cost of equity capital? This study addresses these and other questions in the context of analyzing the determinants of the cost of equity capital for Swiss firms. The relation between voluntary disclosure quality and cost of equity capital is widely known to be affected by self-selection. Potential endogeneity bias is controlled for by adopting a two-stage least squares approach in a cross-sectional setting. Voluntary disclosure quality is proxied by the annual reports disclosure scores for a well-diversified sample of Swiss firms as developed by the Department of Banking and Finance of the University of Zurich. Further, an ex-ante cost of capital metric derived from the dividend discount model is used in this study. Empirical evidence shows that the association between voluntary disclosure quality and cost of equity differs with a firm's stock listing history. While the relation is predicted to be negative for firms at the IPO stage, it is likely reversed at some point in a firm's stock listing history. These results suggest that analysts' information processing activities negatively moderate the impact of voluntary disclosure quality on firm value. Importantly, the predicted interaction between voluntary disclosure quality and stock listing history remains significant when adjusting for endogeneity.
Determinants of Voluntary Disclosure of Sales by Small Private Companies
Author: Stefanie CeustermansPublisher:
ISBN:
Category :
Languages : en
Pages : 25
Book Description
The purpose of this paper is to provide generalizable evidence on the determinants influencing the voluntary disclosure of sales in the abbreviated financial statements of small private companies. We estimate our model separately for micro-entities and non-micro small companies. The existing literature examining voluntary disclosure behavior does so mainly in a context of capital markets, leaving voluntary disclosure incentives of small and private companies largely unexplored. As we observe that many small private companies in Belgium disclose more financial information than required, understanding the benefits associated with higher disclosure levels is important. We empirically show on a sample of 243,633 small companies, which includes 163,686 micro-entities, that small private companies have incentives to disclose financially sensitive information on a voluntary basis.
Author: Kimitaka Nishitani
Author: Chan Fei Ho