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Voluntary Disclosure of Firm-Specific Information: The Role of Equity-Market Estimations for the Emergence and Diffusion of Disclosure Practices
Växjö University, Faculty of Humanities and Social Sciences, School of Management and Economics.ORCID iD: 0000-0001-6123-7886
2006 (English)In: EAA 29th annual congress, Dublin, 22-24 mars., 2006Conference paper, Published paper (Refereed)
Abstract [en]

This paper addresses the issue of why, in general, managers choose to voluntarily disclose firm-specific information that is not regulated, e.g. forecasts and environmental information. The literature on the subject has primarily argued that managers choose to voluntary disclose in order to legitimise corporate behaviour and existence or that managers wish to disclose fully but are constrained by considerations of proprietary costs. This paper takes as its departure point the assumptions of self-interest seeking and opportunism as present in positive accounting theory and agency theory. A model is developed and analysed that shows that voluntary disclosure can be a rational response to market estimations of future cash flows under uncertainty that deviates negatively from the self-interest of management. More specifically, management of comparatively strong performers is likely experience a cost due to undervaluation by the equity market that may induce the disclosure of firm-specific information. This, in turn, increases this cost as borne by other similar firms, that then may be induced to disclose the same type of information. The model provides a partial explanation on why managers may wish to disclose firm-specific information under normal circumstances and makes empirical predictions on the diffusion of voluntary disclosure of a particular item.

Place, publisher, year, edition, pages
2006.
National Category
Business Administration
Research subject
Economy, Ekonomistyrning
Identifiers
URN: urn:nbn:se:vxu:diva-4438OAI: oai:DiVA.org:vxu-4438DiVA, id: diva2:204396
Available from: 2007-03-30 Created: 2007-03-30 Last updated: 2016-05-03Bibliographically approved

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Jansson, Andreas

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf