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Determinants of Voluntary Disclosures in Management Disclosure and Analysis(MD&A): Korean Evidence

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Authors
Ahn, Tae-Sik; Lee, Junghun
Issue Date
2004
Publisher
한국회계학회
Citation
한국회계학회 2004년도 하계학술발표대회 발표논문집(상권), 207-240
Keywords
voluntary disclosuremanagement discussion and analysisownership structure
Abstract
This study examines the economic determinants of the voluntary disclosure of
management disclosure and analysis (MD&A). The MD&A disclosures in Korea
provide a unique setting to test the economic motives of voluntary disclosure because
there are no regulations on MD&A contents and formats in Korea. We measure the
level of voluntary disclosure by the number of words in an MD&A and the frequency
of financial and nonfinancial information keywords within the MD&A. We find the
levels of MD&A disclosure are positively associated with external financing, industry
concentration, firm size, ownership of small investors, and top management's
involvement in MD&A disclosure. These associations are robust to controlling industry
membership and using change variables instead of level variables. Our results suggest
managers use an MD&A as an information medium to communicate to the public even
in the absence of mandatory requirements for MD&A disclosure.
ISSN
1229-3288
Language
English
URI
https://hdl.handle.net/10371/62341
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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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