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Identifier to cite or link to this item: https://hdl.handle.net/10086/13578

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Title
Voluntary Information Disclosure and Corporate Governance: The Empirical Evidence on Earnings Forecasts
Creator
Creator Name
Abe, Naohito Abe, Naohito
阿部, 修人 阿部, 修人
アベ, ナオヒト アベ, ナオヒト
Affiliation
Affiliation Name
Hitotsubashi University
Creator Name
Chung, Yessica C.Y. Chung, Yessica C.Y.
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
社会科学における統計分析拠点構築 = Research Unit for Statistical Analysis in Social Sciences
Key Word
Voluntary information Disclosure
Corporate Governance
management earnings forecast
JEL
G10
G14
G18
Abstract
This study investigates the determinants of companies' voluntary information disclosure. Employing a large and unique dataset on the companies' own earnings forecasts and their frequencies, we conducted an empirical analysis of the effects of a firm's ownership, board, and capital structures on information disclosure. Our finding is consistent with the hypothesis that the custom of cross-holding among companies strengthens entrenchment by managers. We also find that bank directors force managers to disclose information more frequently. In addition, our results show the borrowing ratio is positively associated with information frequency, suggesting that the manager is likely to reveal more when his or her firm borrows money from financial institutions. However, additional borrowings beyond the minimum level of effective borrowings decrease the management's disclosing incentive.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2007-01
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
Hi-Stat Discussion paper series, No. 203
Sponsorship
21世紀COEプログラム = 21st-Century COE Program
Appears in Collections
Hi-Stat Discussion paper series
URL
https://hdl.handle.net/10086/13578