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Determinants of Voluntary Disclosures in Overview of Operations - Korean Evidence
영업의 개황을 통한 자발적 공시의 결정요인 - 한국 기업에 대한 실증 연구-

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Authors
안태식; 이정훈
Issue Date
2005
Publisher
한국회계학회
Citation
회계학연구, 30, pp.33-78
Keywords
overview of operationsvoluntary disclosurenarrative disclosureownership structure
Abstract
This study examines the economic determinants of voluntary disclosures
in the ‘Overview of Operations’ section of the published annual report. The overview
disclosures in Korea provide a unique setting for testing the economic motives of
voluntary disclosures because there are no explicit regulations for the overview
contents and format in Korea. We measure the level of voluntary disclosures by the
number of words and the frequency of value-related keywords in an overview disclosure.
We find that the levels of overview disclosure are positively associated with the
degree of external financing, industry concentration, firm size, ownership of minority investors, and top management’s involvement in the overview disclosures. Meanwhile,
we find no consistent association between the level of overview disclosure and firm
performance, ownership of largest/institutional/ foreign shareholders, return volatility,
return-earnings correlation, and leverage. We find less significant associations
when we use change variables instead of level variables or when we control for
industry membership. Our results suggest that managers use the overview of operations
as an information medium to communicate value-related information to the stakeholders
even in the absence of mandatory requirements for the narrative disclosures.
ISSN
12293288
Language
English
URI
http://scholar.dkyobobook.co.kr/searchDetail.laf?barcode=4010019108280

http://hdl.handle.net/10371/67991
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College of Business Administration/Business School (경영대학/대학원)Dept. of Business Administration (경영학과)Journal Papers (저널논문_경영학과)
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