Voluntary Disclosure of Sales by Small and Medium Sized Enterprises PDF Download
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Author: Patricia van de Wiele
Publisher:
ISBN:
Category :
Languages : en
Pages : 210
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Book Description
Author: Patricia van de Wiele
Publisher:
ISBN:
Category :
Languages : en
Pages : 210
Get Book Here
Book Description
Author: Patricia van de Wiele
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
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Book Description
Author: Patricia van de Wiele
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
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Author: Patricia van de Wiele
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Stefanie Ceustermans
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
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Book Description
Small companies are the backbone of the economy in many countries. In Europe, for example, small companies represent more than 90% of all companies. Despite the fact that these companies represent such an important portion of the economy, few studies have been examining voluntary disclosure decisions by this type of companies. Since small companies possess certain unique characteristics as compared with their larger counterparts, the general applicability of past voluntary disclosure studies to small companies is questionable. Drawing on agency, signalling and proprietary cost theory, this study investigates whether ownership, competition and accountant factors influence the decision to disclose financially sensitive information on a voluntary basis. Our results (using an e-mail questionnaire, n=1,102) show that nearly 40% of the responding companies are not even aware of their disclosure behaviour. For the companies that are aware of their disclosure behaviour, the logistic regression analysis shows that the ownership structure of the company is the most important determinant of voluntary disclosure. This is followed by perceived competition and the type of accounting software.
Author: Stefanie Ceustermans
Publisher:
ISBN:
Category :
Languages : en
Pages : 25
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Book Description
The purpose of this paper is to provide generalizable evidence on the determinants influencing the voluntary disclosure of sales in the abbreviated financial statements of small private companies. We estimate our model separately for micro-entities and non-micro small companies. The existing literature examining voluntary disclosure behavior does so mainly in a context of capital markets, leaving voluntary disclosure incentives of small and private companies largely unexplored. As we observe that many small private companies in Belgium disclose more financial information than required, understanding the benefits associated with higher disclosure levels is important. We empirically show on a sample of 243,633 small companies, which includes 163,686 micro-entities, that small private companies have incentives to disclose financially sensitive information on a voluntary basis.
Author: Stefanie Ceustermans
Publisher:
ISBN:
Category :
Languages : en
Pages : 19
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Book Description
We examine the association between voluntary financial disclosure and the amount of obtained trade credit in a sample of small and young private Belgian companies. We argue that voluntary disclosure can help small private companies in mitigating information asymmetries that arise between the company and their suppliers. We focus on young companies because information asymmetries, and therefore finance constraints, are especially important in the early life of a company. We exploit a large and detailed database with information of more than 90,000 small private companies over the period 2010 till 2012. Our results indicate that voluntary financial disclosure by small and private companies is positively related to the level of trade credit, which is in line with the traditional view that asymmetric or incomplete information restricts access to external funds. In addition, we find that trade credit is negatively related to age, profitability, solvency, the level of total bank loans and tangible fixed assets and positively related to growth, the level of inventories and accounts receivable.
Author: Illinois. Department of Revenue
Publisher:
ISBN:
Category : Disclosure of information
Languages : en
Pages : 2
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Author: Kai Wai Hui
Publisher:
ISBN:
Category :
Languages : en
Pages :
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This study examines the importance of sales executives in firms' disclosure policies. Our findings show that the fixed effects of sales executives are significant in explaining the properties of both revenue-related financial and non-financial disclosures after we control for economic determinants and the effects of CEOs and CFOs. We also find that sales executives are more important than those of CEOs and CFOs in deciding revenue forecasts, and when firms have higher prosperity costs and operating complexity. Our evidence is consistent when exogenous executive turnovers are applied in the test. Finally, our findings are robust after we control for the endogeneity of whether firms' sales executives are in top-five management teams. In summary, our study contributes to the literature by documenting sales executives as an important determinant of disclosure decisions.
Author: Denise A. Jones
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Disclosures about R&D activities could potentially help market participants understand the future prospects of R&D intensive firms, but at the same time could be costly to make if the disclosure is related to proprietary information. I examine R&D-related disclosures made by R&D intensive firms in their annual report, as well as throughout the year to financial analysts. I find that the level of R&D-related voluntary disclosure is higher when proprietary costs are lower and when the book to market ratio is lower, perhaps because the basic financial statements are less informative about market value. In addition, after controlling for the level of general disclosure and forward looking disclosure, I find a negative relation between disclosures about development stage R&D and both analysts' one-year-ahead sales forecast error and dispersion. This is consistent with disclosures about development stage R&D reducing analyst uncertainty about one-year-ahead sales. I find mixed evidence about earnings forecasts. A higher level of disclosure about both R&D projects in progress and development stage R&D is associated with less error in analysts' one-year-ahead earnings forecasts. However, I find no evidence of a relation between R&D-related disclosure and the dispersion in one-year-ahead earnings forecasts.
