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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
- Issue Date
- 2005
- Publisher
- 한국회계학회
- Citation
- 회계학연구, 30, pp.33-78
- 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 managements 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
https://hdl.handle.net/10371/67991
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