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What explains variation in voluntary disclosure? A study of the annual reports of corporations listed on the Stockholm Stock Exchange
Department of Business Administration, School of Economics and Management, Lund University.
School of Business and Engineering, Halmstad University.
Linnaeus University, Faculty of Business, Economics and Design, Linnaeus School of Business and Economics. (The Corporate Governance Research Group at Linnæus University)ORCID iD: 0000-0001-5098-1618
2010 (English)In: Journal of Management and Governance, ISSN 1385-3457, E-ISSN 1572-963X, Vol. 14, 351-377 p.Article in journal (Refereed) Published
Abstract [en]

The demand for information and transparency from listed corporations

has recently increased. In spite of an increased demand for mandatory disclosures

from regulators, corporations choose to voluntarily disclose additional information

in order to satisfy demands from the capital market. However, the extent and

content of information in those voluntary disclosures vary across corporations. The

aim of this study is to explain the variation in the content of information in voluntary

disclosures by listed corporations. The analyses are based on data collected

from 431 annual reports from corporations listed on the Stockholm Stock Exchange

during the years 2002 and 2005. The findings support explanations from agency

theory and positive accounting theory that size and the debt ratio are positively

correlated with the content of information in voluntary disclosures. Corporations

with a high share of management ownership disclosed less information than corporations

with a low share of management ownership. The study also shows that

variations in voluntary disclosures can be explained by factors derived from institutional

theory and ‘international capital market pressures’. The results indicate that

foreign ownership and international listing to some extent have a positive effect on

the content of information in voluntary disclosures. Industry was another factor that

had a significant influence on voluntary disclosures. One important finding is that

regulation to some extent can stimulate voluntary disclosures; our results did not

indicate an ‘unintended chilling effect’ due to too much regulation. In general, the

corporations disclosed more voluntary information after the introduction of IFRS.

Place, publisher, year, edition, pages
2010. Vol. 14, 351-377 p.
Keyword [en]
voluntary disclosure
National Category
Business Administration
Research subject
Economy, Business administration
Identifiers
URN: urn:nbn:se:lnu:diva-15260DOI: 10.1007/s10997-009-9104-yOAI: oai:DiVA.org:lnu-15260DiVA: diva2:452492
Projects
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Available from: 2011-10-31 Created: 2011-10-31 Last updated: 2015-05-26Bibliographically approved

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Collin, Sven-Olof Yrjö
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CiteExportLink to record
Permanent link

Direct link
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