Ownership, competition, and financial disclosure

Birt, Jacqueline L., Bilson, Chris M., Smith, Tom and Whaley, Robert E. (2006) Ownership, competition, and financial disclosure. Australian Journal of Management, 31 2: 235-263.

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Author Birt, Jacqueline L.
Bilson, Chris M.
Smith, Tom
Whaley, Robert E.
Title Ownership, competition, and financial disclosure
Journal name Australian Journal of Management   Check publisher's open access policy
ISSN 0312-8962
1327-2020
Publication date 2006-12
Sub-type Article (original research)
Open Access Status File (Author Post-print)
Volume 31
Issue 2
Start page 235
End page 263
Total pages 29
Place of publication London, United Kingdom
Publisher Sage Publications
Language eng
Abstract A firm's incentive to disclose has been linked empirically to a range of variables, including information asymmetry, agency costs, political costs, and proprietary costs. While the intuition underlying each of the variables seems plausible, Verrecchia (2001) argues that disclosure models can be characterized as an eclectic mingling of highly idiosyncratic economic-based models, and challenges researchers to take the first steps to unification. First, we investigate the role of ownership and competition variables in explaining voluntary segment disclosures in Australian firms and find support for both these variables. Second, drawing on theory supported by the corporate governance, strategic management and industrial organization literatures, we introduce a new economic variable that unifies both ownership and competition variables. We find that the unifying variable performs better than our model focusing on ownership and competition variables alone. We conduct a series of robustness tests on the model and find that its significance is not affected by the inclusion of disclosure control variables identified in prior literature, the change in standard, and acquisitions and disposals of physical assets.
Keyword Voluntary disclosures
Ownership
Competition
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status Non-UQ

Document type: Journal Article
Sub-type: Article (original research)
Collection: UQ Business School Publications
 
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Created: Thu, 24 May 2012, 09:15:18 EST by Karen Morgan on behalf of UQ Business School