The Impact of Voluntary Disclosure on Firm’s Value

• 발행기관: 한국유통과학회
• 저자명: Md. QAMRUZZAMAN Ishrat JAHAN Salma KARIM
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 8 No.6, 671~685쪽, 전체 15쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2021.06.30

영문 초록

Financial reporting includes disclosures as prescribed by regulators, but few companies go beyond mandatory requirements and provide additional information voluntarily. This study evaluates the potential impact of voluntary information disclosure on the value of firms listed on the Dhaka Stock Exchange for the period 2017–2019. The study applies GLS and system-GMM (Two-stage) estimation for detecting the magnitude of voluntary disclosure information on the firms’ value. Study findings reveal a positive and significant relationship between voluntary disclosure relating to financial statistics, social responsibility information, corporate governance, and the firms’ value as measured by Tobin’s Q. However, there is a negative and significant relationship between company information, accounting policies, and the firms’ value as measured by Tobin’s Q. Study findings suggest that the impact of voluntary disclosure on the value of the firms varies with the appropriate selection of proxy measures. Nonetheless, it is believed that voluntary disclosure plays a major role in projecting a clean image in the market and in attracting potential investors with a positive note about the company’s prospects.

목차

1. Introduction

2. Literature Review

3. Methodology

4. Empirical Results

5. Discussion

6. Conclusion

키워드

Voluntary Disclosure Firm’s Value Two-stage GLS System-GMM