Discretionary Disclosure and External Financing in a Relationship Financing Environment

Seppänen, Harri J.

doi:10.2139/ssrn.204668

Cited by 2 publications

(1 citation statement)

References 34 publications

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“…Clarkson et al (1999) report that higher disclosure scores in the Management Discussion and Analysis section of annual reports are associated with increases in financing activity. Seppänen's (2000) analysis of disclosure suggests that managers do make disclosures to facilitate capital raisings at a lower capital cost. Hence, there is evidence that an intention to raise funds is one factor that explains managers' decisions to increase voluntary disclosure levels in their annual reports.…”

Section: Voluntary Disclosure and Capital Market Consequencesmentioning

confidence: 99%

Voluntary Disclosure of Corporate Governance Practices by Listed Australian Companies

Collett

Hrasky

2005

Corporate Governance

130

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This study examines the relationship between the voluntary disclosure of information about corporate governance practices and the intention to raise external finance. This relationship is examined by using corporate governance disclosures in the annual reports of Australian companies in 1994. Data from this year are used because in subsequent years Australian Stock Exchange regulations influenced listed companies to make disclosures about their corporate governance practices. Regression analysis indicates that the voluntary disclosure of corporate governance information is positively associated with the intention to raise equity capital, but not with the intention to raise debt capital. Copyright Blackwell Publishing Ltd 2005.

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Section: Voluntary Disclosure and Capital Market Consequencesmentioning

confidence: 99%

Voluntary Disclosure of Corporate Governance Practices by Listed Australian Companies

Collett

Hrasky

2005

Corporate Governance

130

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Corporate governance quality, incentive factors and voluntary corporate governance disclosures in annual reports of Malaysian publicly listed companies

Lokman¹,

Cotter²,

Mula³

2012

COC

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This paper investigates the relationship between corporate governance quality and voluntary disclosure of corporate governance information for listed companies in Malaysia. The moderating impacts of incentive factors (capital market transactions and stock-based incentives) on this relationship are also examined. Corporate governance quality is measured using a comprehensive index. The empirical evidence of this study is broadly consistent with the notion that high corporate governance quality is positively related to a greater extent of voluntary disclosure. Stock-based compensation significantly influences the relationship between corporate governance quality and voluntary disclosures; however the other incentive factors examined do not appear to influence the relationship

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Discretionary Disclosure and External Financing in a Relationship Financing Environment

Cited by 2 publications

References 34 publications

Voluntary Disclosure of Corporate Governance Practices by Listed Australian Companies

Voluntary Disclosure of Corporate Governance Practices by Listed Australian Companies

Corporate governance quality, incentive factors and voluntary corporate governance disclosures in annual reports of Malaysian publicly listed companies

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