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The Relationship between Voluntary Disclosure, External Financing, and Financial Status

In English

Författare

  • Håkan Jankensgård

Summary, in English

Using unique Swedish disclosure data from 2007 to 2012, this paper reports three important sets of findings with regard to the relationship between firms’ voluntary disclosure, external financing, and financial status. First, financially strong firms disclose more than weaker ones. Second, firms that obtain new financing (equity or debt) disclose more than firms that do not. Third, the association between voluntary disclosure and financing events is stronger in financially weak firms. This last finding is new in the literature. Perhaps financially weak firms that obtain external funding have higher disclosure to counteract contracting and valuation problems in the financial markets.

Publiceringsår

2015

Språk

Engelska

Publikation/Tidskrift/Serie

Journal of Business Finance & Accounting

Volym

Forthcoming

Dokumenttyp

Working paper

Ämne

  • Business Administration

Nyckelord

  • Voluntary disclosure
  • financial status
  • external finance
  • debt overhang

Status

Published