97 research outputs found
Mandatory IFRS Reporting Around the World: Early Evidence on the Economic Consequences
International Financial Reporting Standards and Earnings Quality: The Myth of Voluntary vs. Mandatory Adoption
Heterogeneity in earnings quality between different classes of companies after IFRS adoption: evidence from Brazil
Voluntary disclosure of corporate strategy: determinants and outcomes. An empirical study into the risks and payoffs of communicating corporate strategy.
Business leaders increasingly face pressure from stakeholders to be transparent. There
appears however little consensus on the risks and payoffs of disclosing vital information
such as corporate strategy. To fill this gap, this study analyzes firm-specific determinants
and organisational outcomes of voluntary disclosure of corporate strategy. Stakeholder
theory and agency theory help to understand whether companies serve their interest to
engage with stakeholders and overcome information asymmetries. I connect these
theories and propose a comprehensive approach to measure voluntary disclosure of
corporate strategy. Hypotheses from the theoretical framework are empirically tested
through panel regression of data on identified determinants and outcomes and of
disclosed strategy through annual reports, corporate social responsibility reports,
corporate websites and corporate press releases by the 70 largest publicly listed
companies in the Netherlands from 2003 through 2008. I found that industry,
profitability, dual-listing status, national ranking status and listing age have significant
effects on voluntary disclosure of corporate strategy. No significant effects are found for
size, leverage and ownership concentration. On outcomes, I found that liquidity of stock
and corporate reputation are significantly influenced by voluntary disclosure of corporate
strategy. No significant effect is found for volatility of stock. My contributions to theory,
methodology and empirics offers a stepping-stone for further research into understanding
how companies can use transparency to manage stakeholder relations
Some personal observations on the debate on the link between financial reporting quality and the cost of equity capital
Evidences of International Financial Reporting Standards (IFRS) Implementation in Brazil: The Case of Derivatives
Does IFRS Adoption Accelerate M&A? The Consequences of Different Goodwill Accounting in Japan
Do U.S. Analysts Improve the Local Information Environment of Cross-Listed Stocks? Evidence from Recommendation Revisions
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