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The differential effects of proprietary cost on the quality versus quantity of voluntary corporate disclosures.

机译：专有成本对自愿性公司披露的质量与数量的不同影响。

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摘要

Recent analytic research distinguishes between the quantity and quality of public information and demonstrates their independent roles in affecting cost of capital. However, there exists no empirical evidence on the differences between the two. This study decomposes voluntary disclosure decisions into the quantity decision and the quality decision and examines their differential relations with disclosure determinants such as proprietary cost in a joint determination system.; I find strong evidence of contrasting effects of proprietary cost on the quantity versus quality of voluntary disclosures. Firms with high proprietary cost provide more frequent but less precise and less accurate information disclosures than firms with lower proprietary cost, consistent with the explanations that high proprietary cost firms lower disclosure quality to reduce the usefulness of the information to competitors and instead they use a high quantity of disclosures to resolve information asymmetry in the capital market in response to investors' demand for information. Three-stage least squares (3SLS) regression results reveal a substitute relation between quantity and quality of disclosures for firms facing high proprietary cost.; Results of this study highlight the importance of the distinction between quantity and quality of information in discretionary disclosure research. Future research may examine the differential capital market consequences of the quantity and quality of voluntary disclosures.
机译：最近的分析研究区分了公共信息的数量和质量，并证明了它们在影响资本成本中的独立作用。但是，没有关于两者之间差异的经验证据。这项研究将自愿公开决策分解为数量决策和质量决策，并研究了它们与联合决定系统中与公开决定因素（例如专有成本）的微分关系。我发现有力的证据表明专有成本对自愿披露的数量与质量的影响是相反的。与专有成本较低的公司相比，专有成本较高的公司提供的信息披露频率更高，但准确性和准确性较差，这与高专有成本公司降低披露质量以降低信息对竞争对手的实用性的解释一致，相反，解决投资者市场对信息需求的信息披露数量，以解决资本市场中的信息不对称问题。三阶段最小二乘（3SLS）回归结果揭示了面临高专有成本的公司的披露数量和质量之间的替代关系。这项研究的结果突出了在酌情披露研究中区分信息数量和质量的重要性。未来的研究可能会检查自愿披露的数量和质量对资本市场的不同影响。

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  • 作者

    Zhang, May Hongmei.;

  • 作者单位

    The University of Texas at Austin.;

  • 授予单位 The University of Texas at Austin.;
  • 学科 Business Administration Accounting.
  • 学位 Ph.D.
  • 年度 2005
  • 页码 102 p.
  • 总页数 102
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 财务管理、经济核算;
  • 关键词

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