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Determinants of Voluntary Disclosures in Management Disclosure and Analysis(MD&A): Korean Evidence
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- Authors
- Issue Date
- 2004
- Publisher
- 한국회계학회
- Citation
- 한국회계학회 학술연구발표회 논문집, 2004년 하계, 207-240
- 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
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