Impact Of Voluntary Disclosure Research Articles

The Effect of Voluntary Disclosure on the Market Value of the Shares of Companies Listed in the Iraq Stock Exchange

This research focused on the clarification and impact of voluntary disclosure on the market price of the shares of economic units in the Iraq Stock Exchange. As well as determining the market price of the share and the factors affecting it and analyzing the role played by voluntary disclosure in the stability of themarket value of shares. To achieve the research objectives, (50) questionnaires were distributed, The standard deviation and the arithmetic mean were extracted for each axis of the questionnaire to achieve the objectives and hypothesis of the research. Through this study, several conclusions were reached, The most important of which is that voluntary disclosure affects the market price of the share and thus leads to an increase in the market share of companies. Furthermore, voluntary disclosure increases the confidence and degree of uncertainty of decision-makers from investors and stakeholders. Moreover, the market price of a share is not only affected by the type of partial factors involved to the company's internal environment. However, other factors affect it. Several recommendations were reached, representing That disclosure is voluntary should receive attention appropriately from the Iraqi The economic units present in the stock market in IraqThe management of the companies must prepare the financial statements and the clarifications attached to them honestly Which reflects the result of the balance sheet of the economic unit.

The Impact of Voluntary Disclosure on Firm's Value: Evidence from Manufacturing Firms in Bangladesh

The Impact of Voluntary Disclosure on Firm's Value: Evidence from Manufacturing Firms in Bangladesh

Impact of Voluntary Disclosure on Valuation of Firms: Evidence from Indian Companies

This article investigates the effect of voluntary corporate disclosures on the firm value from the market value perspective. Financial reporting includes disclosures as prescribed by regulators, but few companies go beyond mandatory requirements and provide additional information voluntarily. This study empirically tests the extent of such voluntary disclosures using Corporate Voluntary Disclosure Index containing 81 items of both financial and non-financial information and panel data regression to test the hypotheses. The sample for this study is the non-financial companies in the BSE 100 Index and the period is five financial years from 2010–2011 to 2014–2015. This study finds a positive association between voluntary disclosures and firm value as measured by Tobin’s Q. Especially the market gives a higher valuation for companies disclosing optional information on social and environmental, corporate governance and financial information. This finding has a significant implication for emerging economies like India and it supports various disclosure theories such as agency, stakeholders and positive accounting theories.

Voluntary disclosures and peer-to-peer lending decisions: Evidence from\xa0the repeated game

This study investigates the effect of voluntary disclosures on lending decisions in the repeated game. Using a unique dataset from a peer-to-peer lending platform, “ppdai” (paipaidai), we document that voluntary disclosures in the repeated game play a stronger role in promoting funding success than those in the one-shot game. We argue that voluntary disclosures improve the bidding activity in the repeated game through which they increase funding success. In addition, the greater impact of voluntary disclosures on funding success in the repeated game only holds for loans without a personal guarantee attribution. Our extended results suggest that the subjective voluntary disclosures in the repeated game have greater information content only when borrowers have a successful borrowing experience. We also point out that voluntary disclosures in the repeated game are associated with a lower probability of default. Our results are robust to the Heckman two-step estimation that addresses the self-selection effect and a specification designed to rule out the alternative explanation from reputation in the repeated game. Our study provides new insights into the real effects of costless, voluntary and unverifiable disclosures on lending decisions.

The Impact of Voluntary Disclosure and Accounting Earnings Quality on the Company Value in Listed of Iraqi Companies

The Impact of Voluntary Disclosure and Accounting Earnings Quality on the Company Value in Listed of Iraqi Companies

The Impact of Voluntary Risk Management Disclosure, The Composition of the Board of Independent Commissioners Toward Firm Value on Indonesian Property ,Real Estate and Building Construction Companies

This study aims to examine the impact of voluntary disclosure of non financial risk management, and the composition of the board of independent commissioners toward firm value. The population of this study is the property, real estate and building construction sector companies listed on the Indonesia Stock Exchange (IDX) using Purposive Sampling. Data analysis method is multiple regression methods. The results of the study are voluntary non financial risk management disclosure has negatively significant impact to firm value while the composition of independent commissioners does not affect the value of the Company. Keywords: Voluntary risk management disclosures, composition of independent commissioners, Firm Value DOI : 10.7176/JESD/10-8-19 Publication date : April 30 th 2019

Impact of Voluntary Disclosures on Corporate Brand Equity

Voluntary disclosures by firms have been gaining traction among the stakeholders as the inadequacies of mandatorily disclosed information are getting conspicuous. The customers are one of the most important stakeholder groups for any firm. This paper looks at how the extent and quality of voluntary disclosures by the supplier firms influence the impression that is formed in the minds of the users/buyers in the customer firms is manifested through the strength of the supplier brand. Consequently, we probe the effect voluntary disclosures have on corporate brand equity. This study has assessed the corporate brand equity of the firms directly from their customers which lends authenticity to the measured strength of the brand. This way the self-reporting bias is precluded from our research. The study was done on Indian B2B firms which is very crucial because business buyers pay more critical attention to the disclosures of their vendors. The findings strongly support that the better and more are the disclosures, stronger is the brand equity of the brands.

STUDI EMPIRIS TERKAIT DENGAN PENGUNGKAPAN SUKARELA, KUALITAS AUDIT DAN ASIMETRI INFORMASI TERHADAP STOCK RETURN PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR PADA BURSA EFEK INDONESIA

This study used data of manufacturing companies listed on the Jakarta Stock Exchange (JSX) as unit of analysis. The purpose of this study is to find out the influence of voluntary disclosures and audit quality on information asymmetry. This study also aims to determine the effect of voluntary disclosure, audit quality and information asymmetry on stock return. In addition, this study aims to find out the ability of information asymmetry to mediate the effect of voluntary disclosure and audit quality on information asymmetry.This research used verificative-descriptive method with quantitative approach. The analytical method used in statistical data processing was path analysis. There are 132 manufacturing companies listed on JSX became the research samples of this study.The testing results shows that there are significant impact of voluntary disclosure and audit quality on information asymmetry. The testing results also show that there are significant impact of voluntary disclosure and information asymmetry on stock return, while the audit quality has no significant impact on stock return. At the same time, information asymmetry is significant to be the mediating variable on the impact of voluntary disclosure and audit quality towards stock return. Voluntary disclosure, audit quality and information asymmetry can be the determinant variables on Stock Return of manufacturing companies, listed on JSX.

Corporate Voluntary Disclosure and Cost of Equity in an Emerging Country: Evidence from Indonesia

This study aims to examine the impact of voluntary disclosure on cost of equity of Indonesian firms. Using a sample of LQ45 listed firms in the period 2010–2011; we find that increasing voluntary disclosure reduces firms’ cost of equity capital. The result persists even after we control with other common variables influencing cost of equity. This result supports findings from prior research in emerging countries. Thus, it could be conjectured that, regardless of the efficiency of the financial reporting environment, voluntary disclosure does reduce information asymmetry, which leads to lower cost of equity. Further analysis shows that based on voluntary disclosure categorization by Botosan only a firm’s background information significantly reduces the firm’s cost of equity, while other voluntary disclosures appear to be unrelated to cost of equity. The result is explained by institutional theory.

The impact of voluntary disclosure on a firm’s investment policy

In this paper we provide a model which describes how voluntary disclosure impacts on the timing of a firm’s investment decisions. A manager chooses a time to invest in a project and a time to disclose the investment return in order to maximise his monetary payoff. We assume that this payoff is linked to the level of the firm’s stock price. Prior to investing, the profitability of the project and the market reaction to the disclosure of the investment return are uncertain, but the manager receives signals at random points in time which assist in resolving some of this uncertainty. We find that a manager whose objective can only be achieved through voluntarily disclosing the return is motivated to invest at a time that would be sub-optimal for an identical manager with a profit maximising objective.

Impact of Voluntary Disclosure on the Relevance of Accounting Information

Information disclosure by firms has grown considerably. The increased level of firms’ disclosure has been accompanied by the loss of relevance of accounting information over time (Lev, 1989, Ramech and Thiagarajan, 1995, Lev and Zarowin, 1999, Brown and al, 1999, Chang, 1999 and Chalmers and al, 2011). Our objective is to determine whether the voluntary disclosure explains the low relevance of accounting information. We find that medium-technology companies have the highest level of relevance of accounting information. However, the relevance of the accounting model is low for lowtechnology firms and high technology firms. The introduction of the overall disclosure index and subindexes of disclosure has an effect on the relevance of the accounting model (this effect is significant only in some cases for low-tech firms). Furthermore, the addition of variables of disclosure to the accounting model makes the accounting variables relevant to investors for low-tech firms. For medium-tech firms, book values and earnings are relevant. While, for high technology firms, only the earnings are relevant. We also show that the introduction of intangible expenses, the weight of intangibles and the index of disclosure on intangibles is growing, but not significantly the relevance of the accounting model.

The impact of voluntary disclosure on cost of equity capital estimates in a temporal setting

Purpose – This paper aims to investigate the association between the level of voluntary disclosure and cost of equity capital (COEC).Design/methodology/approach – Two disclosure indices following Botosan and Hail are developed and applied in an OLS regression on 95 listed companies from Austria, Germany, Sweden, and Denmark; the indices are defined according to the temporal context (historical, forward‐oriented) of information provided in annual reports.Findings – An expected negative relationship is found between the level of forward‐oriented information and COEC, and an unexpected positive relationship is found between the level of historical information and COEC.Research limitations/implications – The sample is restricted to 95 listed companies in 2005. The disclosure index and COEC are not directly observable, and thus rely on constructs. Methodological drawbacks might include an endogeneity bias as well as investors not having homogeneous expectations and knowledge about capital markets.Practical imp...

DAMPAK PENGUNGKAPAN SUKARELA DAN MANAJEMEN LABA TERHADAP INFORMASI ASIMETRI

The objectives of the research are to find out empirical evidence of he impact of voluntary disclosures and earnings management on the information asymmetry. The population of this study was public companyof manufacturing sector listed at Jakarta Stock Exchange, and the sample as determined based on the following criteria: (a) the annual reportended 31 December; and (b) book value of equity is positive. There were 92 companies meeting the criteria. Data analysis was carried out in terms of pool cross-section covering stock transaction and annual financial report during 2001-2002. The research hypotheses were tested using the regression analysis. The result of this research show that: (1) voluntary disclosures had significantly negative influence on information asymmetry, is finding gives empirical evidence that supports the theory that voluntary disclosures had impact on increasing investor's belief so that information asymmetry is diclined; (2) earnings management had no impact on information asymmetrykeywords: Voluntary disclosures, Earnings management

Disclosure level and cost of equity capital: evidence from the banking industry

AbstractThe impact of voluntary disclosures on cost of equity capital is of significant interest to investors and managers. Using a disclosure scoring model this association is examined for 135 banks from Europe, North America and Australia. After controlling for the cross‐sectional variation in beta, firm size, price to book value and price to earnings ratios, the study found that higher disclosure levels are associated with a reduction in cost of equity capital. Disclosures about risk management practices seem to most influence the reduction in the cost of equity capital. European banks show greater reduction in the cost of equity capital from improved disclosures compared to their non‐European counterparts. Copyright © 2005 John Wiley & Sons, Ltd.