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Mandatory Disclosure and Its Impact on the Company Value

机译：强制披露及其对公司价值的影响

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摘要

This study investigated the association between mandatory disclosure and company value expressed in share price anticipation of earnings by using a sample of UK companies included in the FTSE 350 Index for a period of five years, from 2006 to 2010. A mandatory disclosure index was developed according to the IFRSs, which the companies listed in the stock market were obliged to adopt since 2005, and was utilized for the quantification of the extent of mandatory disclosure. The relationship between mandatory disclosure and some specific company characteristics was also investigated. The analysis revealed a high level of disclosure by UK companies indicating that managers do not treat mandatory disclosure as a routine obligation, but they strive to be strictly compliant with all reporting requirements imposed by the regulatory authorities. Moreover, the extent of disclosure was significantly correlated with company value, leverage and age, which justifies that market mechanism is also essential in disclosure practice. However, the correlation between mandatory disclosure and listing status, earnings and size is not statistically significant.
机译：本研究调查了强制性披露与公司价值之间的关联，在2006年至2010年，使用富时350指数中包括在富时350指数中的股价预计收益的股价期限。强制披露指数正在制定到自2005年以来，股票市场上市公司所列公司的IFRS有义务，并用于量化强制披露程度。还调查了强制披露与一些特定公司特征之间的关系。该分析揭示了英国公司的高水平披露，表明管理人员不会将强制披露作为例行义务，但他们努力严格符合监管机构所施加的所有报告要求。此外，披露程度与公司价值，杠杆和年龄有明显相关，这证明了市场机制在披露实践中也是必不可少的。但是，强制披露与上市状况，收益和规模之间的相关性并不统计学意义。

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