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When and how is voluntary disclosure quality reflected in equity prices?
Eugster, Florian; Wagner, Alexander F. - 2011
This paper investigates the extent to which voluntary disclosure quality (VDQ) of firms is reflected in equity prices. As a novel contribution, we explore the idea that the speed with which equity prices reflect any benefits or costs of VDQ varies across firms. We find that in environments where...
Persistent link: https://www.econbiz.de/10009295768
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Social Preference, Product Market Competition, and Firm Value
Jiao, Yawen - 2014
competition. We construct a score measuring a firm's effort of catering to customers' social preference and find it is positively …, higher SP scores lead to superior operating and competition performance in competitive industries. Second, higher SP scores … lower financial distress risk in presence of competition pressures. The results suggest social investments can benefit …
Persistent link: https://www.econbiz.de/10013064510
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Competition, Managerial Slack, and Corporate Governance
Golan, Limor - 2014
We model the interaction between product market competition and internal governance at firms. Competition makes it more … changes in the level of slack. We also provide conditions under which increased competition leads all firms to switch from …
Persistent link: https://www.econbiz.de/10013068416
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The value relevance of disclosing a single corporate target : an explorative empirical analysis
Cools, Cornelis; Praag, Mirjam van - 2003
This paper explores the relationship between disclosing corporate targets and value creation. Our empirical results show the value relevance of voluntarily disclosing a low number of targets, whereas there is a clear additional positive effect of disclosing exactly one corporate target in the...
Persistent link: https://www.econbiz.de/10011453249
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Does innovation in environmental, social, and governance disclosures pay off in China? : an integrated reporting perspective
Sun, Yanqi; Xu, Cheng; Ding, Rui; Cao, Yuanyuan - In: Borsa Istanbul Review 23 (2023) 3, pp. 600-613
This paper explores whether Chinese capital providers can benefit from the integrated reporting (IR) approach. Using a sample of 7168 observations selected from 1169 firms listed in China between 2006 and 2019, we examine the relation between the integration level of ESG disclosures and firm...
Persistent link: https://www.econbiz.de/10014308774
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Product market competition, corporate investment, and firm value : scrutinizing the role of economic policy uncertainty
Olalere, Oluwaseyi Ebenezer; Mukuddem-Petersen, Janine - In: Economies : open access journal 11 (2023) 6, pp. 1-18
This study examines the effects of product market competition on corporate investment and firm value and the moderating …, our results depict that product market competition significantly influences corporate investment and firm value in BRIC … competition on corporate investment and firm value at Brazilian, Russian, Indian, and Chinese firms. The study's findings …
Persistent link: https://www.econbiz.de/10014321091
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Common ownership, competition, and top management incentives
Antón, Miguel; Ederer, Florian; Giné, Mireia; … - 2016
We show theoretically and empirically that executives are paid less for their own firm's performance and more for their rivals' performance if an industry's firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We...
Persistent link: https://www.econbiz.de/10011561142
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Common Ownership, Competition, and Top Management Incentives
Anton, Miguel - 2020
When one firm's strategy affects other firms' value, optimal executive incentives depend on whether shareholders have interests in only one or in multiple firms. Performance-sensitive contracts induce managerial effort to reduce costs, and lower costs induce higher output. Hence, greater...
Persistent link: https://www.econbiz.de/10012854854
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Jurisdictional Competition for Corporate Charters and Firm Value : A Reexamination of the Delaware Effect
Anderson, Anne M. - 2017
, the Financial Crisis, and foreign incorporations. We attribute this change to increasing charter competition, both within …
Persistent link: https://www.econbiz.de/10012946695
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Shareholder monitoring and discretionary disclosure
Nagar, Venky; Schoenfeld, Jordan - 2021
Theories of delegated monitoring predict that when public disclosure is costly, monitoring by a large investor leads management to supply more private information to that investor, and less public disclosure to other similarly aligned investors who free-ride off the monitor. We test this...
Persistent link: https://www.econbiz.de/10012584426