The impact of statutory sanctions on the level and information content of voluntary corporate disclosure

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Show simple item record Brown, PR Taylor, SL Walter, TS 2010-05-28T09:54:54Z 1999-01
dc.identifier.citation Abacus: a journal of accounting, finance and business studies, 1999, 35 (2), pp. 138 - 162
dc.identifier.issn 0001-3072
dc.identifier.other C1UNSUBMIT en_US
dc.description.abstract This article examines the effect of statutory civil and criminal sanctions on voluntary corporate disclosures by firms listed on the Australian Stock Exchange (ASX). Apart from direct investigation of the quantity of voluntary disclosure, we also investigate several possible consequences of altered corporate disclosure policies, namely properties of analysts' forecasts, the degree to which share prices anticipate the information content of periodic earnings reports, and the relationship between volatility and corporate disclosures. Results suggest that, post-sanctions, any increase in voluntary disclosure is confined to smaller firms and those which performed relatively poorly. Moreover, analysts' earnings forecasts did not become more accurate or less diverse following the introduction of statutory sanctions, and there was no statistically significant increase in the weight placed on each disclosure's ability to explain return volatility. There is some evidence that share prices have anticipated earlier the value relevant components of annual periodic accounting data, although this result is again confined to smaller firms. Although the tests used are not independent and have a limited time period post-sanctions, the results cast doubt on the extent to which the imposition of substantive civil or criminal sanctions affects corporate disclosure policy.
dc.format No Code
dc.publisher Wiley-Blackwell Publishing Asia
dc.title The impact of statutory sanctions on the level and information content of voluntary corporate disclosure
dc.type Journal Article
dc.parent Abacus: a journal of accounting, finance and business studies
dc.journal.volume 2
dc.journal.volume 35
dc.journal.number 2 en_US
dc.publocation Australia en_US
dc.identifier.startpage 138 en_US
dc.identifier.endpage 162 en_US BUS.School of Accounting en_US
dc.conference Verified OK en_US
dc.for 150303 Corporate Governance and Stakeholder Engagement
dc.for 150103 Financial Accounting
dc.for 1501 Accounting, Auditing and Accountability
dc.personcode 104690
dc.personcode 104692
dc.percentage 50 en_US Financial Accounting en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US en_US
dc.location.activity en_US
dc.description.keywords Disclosure; Information; Sanctions. en_US
dc.description.keywords Disclosure
dc.description.keywords Information
dc.description.keywords Sanctions.
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/Finance
pubs.organisational-group /University of Technology Sydney/Strength - Corporate Governance
utslib.copyright.status Closed Access 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)
utslib.collection.history Finance (ID: 371)

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