Do Higher Value Firms Voluntarily Disclose More Information? Evidence from China

Chen, Jean Jinghan; Yue-jin, Tan; Cheng, Xinsheng; Gong, Stephen

doi:10.2139/ssrn.2205403

Cited by 13 publications

(26 citation statements)

References 67 publications

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“…Regarding the effect of Tobin's q, it is found in almost all cases that the firm's value does not affect the dissemination level of environmental information a result that is consistent to Clarkson et al (2008) and non in line with this of De Villiers and Van Staden (2011) and Chen et al (2014). However, it should be pointed out that in Model 4, Tobin's q has a negative impact on the disclosure level (accepting H 3 ) -a result that is consistent to De Villiers and Van Staden (2011) and Chen et al (2014) where firms eliminate the disclosure level as it can outweigh the discourse's benefit and, probably, they may not have any potential private information to provide.…”

Section: Discussion Of Resultssupporting

confidence: 75%

“…However, it should be pointed out that in Model 4, Tobin's q has a negative impact on the disclosure level (accepting H 3 ) -a result that is consistent to De Villiers and Van Staden (2011) and Chen et al (2014) where firms eliminate the disclosure level as it can outweigh the discourse's benefit and, probably, they may not have any potential private information to provide.…”

Section: Discussion Of Resultssupporting

confidence: 74%

“…Tobin's Q is used widely in prior researches as a proxy for corporate valuation (Al-Akra, Ali 2012; Garay et al 2013;Chen et al 2014). Prior researches are limited regarding the effect of corporate value on environmental disclosure.…”

Section: Firm Valuementioning

confidence: 99%

“…Drobetz et al (2014) found that there is a positive relationship between CSR disclosure and Tobin's q, implying that the portfolio performance can be improved by including firms which enhance CSR disclosure. Chen et al (2014) focused on the Chinese business environment found that a negative relation between firm value and non-financial disclosure for firms taking into account guanxi (interpersonal ties, relationships or connections) in the new investment projects. De Villiers and Van Staden (2011) found that Tobin's q affects negatively the information level of environmental information on annual report while Clarkson et al (2008) revealed an insignificant effect of firm value on environmental disclosure.…”

Section: Firm Valuementioning

confidence: 99%

“…As CSR initiatives and score has generated a growing interest by financial investment analysts , it is intended to point out how the dissemination level of environmental information changes by analyst stock recommendation. Moreover, studies that investigate the effect of firm value on the extent of non-financial disclosure found controversial results (Drobetz et al 2014;De Villiers, Va Staden 2011, Chen et al 2014, for instance, Tobin's Q variable is reconsidered in the proposed model to ascertain the effect on the extent of environmental disclosure.…”

Section: Introductionmentioning

confidence: 99%

See 4 more Smart Citations

Determinants of Dissemination of Environmental Information: An Empirical Survey

Giannarakis

Zafeiriou

Sariannidis

et al. 2016

Journal of Business Economics and Management

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Abstract. The major objective of the present paper is to identify the factors that influence the dissemination of environmental information. In particular, analyst stock recommendation, country level risk, corporate value and environmental performance are surveyed as determinants of the environmental dissemination level. The survey was based on a sample of 92 multinational firms for the period 2009-2013, longer than that used in most past works. The methodology employed on our data is the panel data analysis with fixed effects. As proxies, for the dissemination level of environmental information, two different environmental disclosure indexes are used the Environmental Disclosure Score and Carbon Disclosure Leadership Index. According to our findings, the environmental performance in terms of Emission Reduction Initiatives and the country's risk premium affects in a positive way the dissemination of environmental disclosures while the results regarding the stock analyst recommendation are controversial. Another important finding is that the firm's value is validated as an insignificant factor for the dissemination level of environmental information. The aforementioned results provide the corporate managers with a tool to attract environmental friendly investors. The novelty on the present manuscript stands on the use of proxies for the environmental performance; namely the first one is based on outcome -objective while the second one refers to the corporate intention, elements that enrich the existing literature in the field of environmental behavior and dissemination of the environmental information of a firm.

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Section: Discussion Of Resultssupporting

confidence: 75%

Section: Discussion Of Resultssupporting

confidence: 74%

Section: Firm Valuementioning

confidence: 99%

Section: Firm Valuementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Determinants of Dissemination of Environmental Information: An Empirical Survey

Giannarakis

Zafeiriou

Sariannidis

et al. 2016

Journal of Business Economics and Management

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Multinational investment and voluntary disclosure: Project-level evidence from the petroleum industry

Cannizzaro

Weiner

2015

Accounting, Organizations and Society

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Content and context: “fair” values in China

Balfoort

Baskerville

Fülbier³

2017

AAAJ

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Purpose The evolution of International Financial Reporting Standards (IFRS) was nurtured by economists and accountants loyal to the philosophical basis of what is often referred to as “Western” market economies, being classical and neoclassical contracting theories. The purpose of this paper is to illustrate how a particular Asian cultural attribute (guānxì ) impacts on the efficacy of fair value measurement. Design/methodology/approach Using a literature review and research of studies of the adoption of IFRS in China, studies of both guānxì and fair value in Chinese accounting research, this study unbundles Williamson’s governance structure and contracting theory to examine how guānxì is positioned orthogonally to fair value (market-oriented valuation) principles for financial reporting. This is followed by a case study of the events surrounding the collapse of China Medical Technologies. Findings Guānxì is integral to Asian economies and economic transactions. Resulting conditions, characterised by relational contracting, may not meet the qualitative characteristics of neutrality and faithful representation in fair value measurement of assets and liabilities. The same may be true when insider or “trusted party transaction” values prevail for large ticket transactions among entities in any jurisdiction. Research limitations/implications Future research on the impact of guānxì may be constrained by its often hidden, and yet dynamic, character; and the varieties of its manifestations. Originality/value This study highlights how difficult it may be to achieve both comparability and relevance in the asset and liability recognition and measurement rules in Asian (and possibly also other) economies adopting accounting principles that are developed in a Western context.

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Do Higher Value Firms Voluntarily Disclose More Information? Evidence from China

Cited by 13 publications

References 67 publications

Determinants of Dissemination of Environmental Information: An Empirical Survey

Determinants of Dissemination of Environmental Information: An Empirical Survey

Multinational investment and voluntary disclosure: Project-level evidence from the petroleum industry

Content and context: “fair” values in China

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