IDEAS home Printed from https://ideas.repec.org/a/bla/jbfnac/v37y2010i9-10p1115-1144.html
   My bibliography  Save this article

Comprehensive Disclosure of Compensation and Firm Value: The Case of Policy Reforms in an Emerging Market

Author

Listed:
  • Her‐Jiun Sheu
  • Huimin Chung
  • Chih‐Liang Liu

Abstract

We set out in the present study to examine the market value of comprehensive disclosure of information relating to the compensation paid to directors and executives. Under the theory of self selection, firms with higher levels of board independence will tend to provide comprehensive disclosure of compensation, thereby leading to lower agency conflicts. Since the authorities in Taiwan chose to adopt a policy of gradual enforcement of compensation disclosure, firms are provided with discretion with regard to any greater levels of transparency that they may choose to provide. We therefore exploit this unique natural experimental setting to examine the effects of compensation disclosure on market value. The evidence indicates that the market provides a higher valuation only to those firms which elect to voluntarily disclose comprehensive information on their compensation practices. However, we also find that even where such disclosure is in excess of the minimum mandatory requirements, lower levels of transparency in the overall disclosure of compensation practices are of very little help with regard to the creation of market value.

Suggested Citation

  • Her‐Jiun Sheu & Huimin Chung & Chih‐Liang Liu, 2010. "Comprehensive Disclosure of Compensation and Firm Value: The Case of Policy Reforms in an Emerging Market," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 37(9‐10), pages 1115-1144, November.
    • Handle: RePEc:bla:jbfnac:v:37:y:2010:i:9-10:p:1115-1144
    DOI: 10.1111/j.1468-5957.2010.02213.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1468-5957.2010.02213.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1468-5957.2010.02213.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Brick, Ivan E. & Palmon, Oded & Wald, John K., 2006. "CEO compensation, director compensation, and firm performance: Evidence of cronyism?," Journal of Corporate Finance, Elsevier, vol. 12(3), pages 403-423, June.
    2. William P. Rees, 1997. "The Impact of Dividends, Debt and Investment on Valuation Models," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 24(7‐8), pages 1111-1140, September.
    3. Re‐Jin Guo & Baruch Lev & Nan Zhou, 2004. "Competitive Costs of Disclosure by Biotech IPOs," Journal of Accounting Research, Wiley Blackwell, vol. 42(2), pages 319-355, May.
    4. James W. Bannister & Harry A. Newman, 2006. "Disclosure biases in proxy performance graphs," Review of Accounting and Finance, Emerald Group Publishing Limited, vol. 5(1), pages 30-44, January.
    5. Wendy Beekes & Philip Brown, 2006. "Do Better-Governed Australian Firms Make More Informative Disclosures?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(3-4), pages 422-450.
    6. Martin Ward, 1998. "Director Remuneration: a gap in the disclosure rules," Corporate Governance: An International Review, Wiley Blackwell, vol. 6(1), pages 48-51, January.
    7. Martin J. Conyon, 2001. "The Disclosure of UK Boardroom Pay: the March 2001 DTI proposals," Corporate Governance: An International Review, Wiley Blackwell, vol. 9(4), pages 276-285, October.
    8. Anil K. Makhija & James M. Patton, 2004. "The Impact of Firm Ownership Structure on Voluntary Disclosure: Empirical Evidence from Czech Annual Reports," The Journal of Business, University of Chicago Press, vol. 77(3), pages 457-492, July.
    9. Vafeas, Nikos, 2000. "Board structure and the informativeness of earnings," Journal of Accounting and Public Policy, Elsevier, vol. 19(2), pages 139-160, June.
    10. Lo, Kin, 2003. "Economic consequences of regulated changes in disclosure: the case of executive compensation," Journal of Accounting and Economics, Elsevier, vol. 35(3), pages 285-314, August.
    11. Michael C. Jensen, 2010. "The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Applied Corporate Finance, Morgan Stanley, vol. 22(1), pages 43-58, January.
    12. L. A. A. Van den Berghe & Abigail Levrau, 2004. "Evaluating Boards of Directors: what constitutes a good corporate board?," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(4), pages 461-478, October.
    13. Tarun Khanna & Krishna G. Palepu & Suraj Srinivasan, 2004. "Disclosure Practices of Foreign Companies Interacting with U.S. Markets," Journal of Accounting Research, Wiley Blackwell, vol. 42(2), pages 475-508, May.
    14. Mahmud Hossain & Kamran Ahmed & Jayne M. Godfrey, 2005. "Investment Opportunity Set and Voluntary Disclosure of Prospective Information: A Simultaneous Equations Approach," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(5-6), pages 871-907.
    15. Mine Aksu & Arman Kosedag, 2006. "Transparency and Disclosure Scores and their Determinants in the Istanbul Stock Exchange," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(4), pages 277-296, July.
    16. Norman Strong, 2000. ""Discussion" Restructuring and Firm Value: The Effects of Profitability and Restructuring Purpose," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 27(9&10), pages 1131-1137.
    17. Russell Lundholm & Linda A. Myers, 2002. "Bringing the Future Forward: The Effect of Disclosure on the Returns‐Earnings Relation," Journal of Accounting Research, Wiley Blackwell, vol. 40(3), pages 809-839, June.
    18. Aboody, David, 1996. "Market valuation of employee stock options," Journal of Accounting and Economics, Elsevier, vol. 22(1-3), pages 357-391, October.
    19. Perotti, Enrico C. & Von Thadden, Ernst-Ludwig, 2003. "Strategic Transparency and Informed Trading: Will Capital Market Integration Force Convergence of Corporate Governance?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(1), pages 61-86, March.
    20. Paul Hribar, 2004. "Discussion of Competitive Costs of Disclosure by Biotech IPOs," Journal of Accounting Research, Wiley Blackwell, vol. 42(2), pages 357-364, May.
    21. Ryan, Harley Jr. & Wiggins, Roy III, 2004. "Who is in whose pocket? Director compensation, board independence, and barriers to effective monitoring," Journal of Financial Economics, Elsevier, vol. 73(3), pages 497-524, September.
    22. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
    23. Zhou, Xianming, 1999. "Executive compensation and managerial incentives: A comparison between Canada and the United States1," Journal of Corporate Finance, Elsevier, vol. 5(3), pages 277-301, September.
    24. Nagar, Venky & Nanda, Dhananjay & Wysocki, Peter, 2003. "Discretionary disclosure and stock-based incentives," Journal of Accounting and Economics, Elsevier, vol. 34(1-3), pages 283-309, January.
    25. Andjelkovic, Aleksandar & Boyle, Glenn & McNoe, Warren, 2002. "Public disclosure of executive compensation: Do shareholders need to know?," Pacific-Basin Finance Journal, Elsevier, vol. 10(1), pages 97-117, January.
    26. Leuz, C & Verrecchia, RE, 2000. "The economic consequences of increased disclosure," Journal of Accounting Research, Wiley Blackwell, vol. 38, pages 91-124.
    27. Huddart, Steven & Hughes, John S. & Brunnermeier, Markus, 1999. "Disclosure requirements and stock exchange listing choice in an international context," Journal of Accounting and Economics, Elsevier, vol. 26(1-3), pages 237-269, January.
    28. Chih‐Ying Chen, 2003. "Investment Opportunities and the Relation Between Equity Value and Employees’ Bonus," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(7‐8), pages 941-974, September.
    29. Indrarini Laksmana, 2008. "Corporate Board Governance and Voluntary Disclosure of Executive Compensation Practices," Contemporary Accounting Research, John Wiley & Sons, vol. 25(4), pages 1147-1182, December.
    30. Evelyn Korn & Ulf Schiller, 2003. "Voluntary Disclosure of Nonproprietary Information: A Complete Equilibrium Characterization," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(9‐10), pages 1327-1339, December.
    31. Christine Mallin, 2002. "The Relationship between Corporate Governance, Transparency and Financial Disclosure," Corporate Governance: An International Review, Wiley Blackwell, vol. 10(4), pages 253-255, October.
    32. Noe, Christopher F., 1999. "Voluntary disclosures and insider transactions," Journal of Accounting and Economics, Elsevier, vol. 27(3), pages 305-326, July.
    33. John Holland, 1998. "Private Voluntary Disclosure, Financial Intermediation and Market Efficiency," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 25(1&2), pages 29-68.
    34. John Holland, 1998. "Private Voluntary Disclosure, Financial Intermediation and Market Efficiency," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 25(1‐2), pages 29-68, January.
    35. Saeed Akbar & Andrew W. Stark, 2003. "Deflators, Net Shareholder Cash Flows, Dividends, Capital Contributions and Estimated Models of Corporate Valuation," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(9-10), pages 1211-1233.
    36. Dulacha G. Barako & Phil Hancock & H. Y. Izan, 2006. "Factors Influencing Voluntary Corporate Disclosure by Kenyan Companies," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(2), pages 107-125, March.
    37. Hallock, Kevin F., 1997. "Reciprocally Interlocking Boards of Directors and Executive Compensation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 32(3), pages 331-344, September.
    38. Core, John E., 2001. "A review of the empirical disclosure literature: discussion," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 441-456, September.
    39. Fabrizio Cerbioni & Antonio Parbonetti, 2007. "Exploring the Effects of Corporate Governance on Intellectual Capital Disclosure: An Analysis of European Biotechnology Companies," European Accounting Review, Taylor & Francis Journals, vol. 16(4), pages 791-826.
    40. Leftwich, Richard, 1980. "Market failure fallacies and accounting information," Journal of Accounting and Economics, Elsevier, vol. 2(3), pages 193-211, December.
    41. Cubbin, John S & Leech, Dennis, 1983. "The Effect of Shareholding Dispersion on the Degree of Control in British Companies: Theory and Measurement," Economic Journal, Royal Economic Society, vol. 93(37), pages 351-369, June.
    42. Bushee, BJ & Noe, CF, 2000. "Corporate disclosure practices, institutional investors, and stock return volatility," Journal of Accounting Research, Wiley Blackwell, vol. 38, pages 171-202.
    43. Chih-Ying Chen, 2003. "Investment Opportunities and the Relation Between Equity Value and Employees' Bonus," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30, pages 941-974.
    44. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-264, April.
    45. Shuping Chen & Xia Chen & Qiang Cheng, 2008. "Do Family Firms Provide More or Less Voluntary Disclosure?," Journal of Accounting Research, Wiley Blackwell, vol. 46(3), pages 499-536, June.
    46. Jeroen Suijs, 2005. "Voluntary Disclosure of Bad News," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(7-8), pages 1423-1435.
    47. Gordon, Teresa & Fischer, Mary & Malone, David & Tower, Greg, 2002. "A comparative empirical examination of extent of disclosure by private and public colleges and universities in the United States," Journal of Accounting and Public Policy, Elsevier, vol. 21(3), pages 235-275.
    48. Steven F. Cahan & Stephen M. Courtenay & Paul L. Gronnewoller & David R. Upton, 2000. "Value Relevance of Mandated Comprehensive Income Disclosures," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 27(9&10), pages 1273-1302.
    49. Jeroen Suijs, 2005. "Voluntary Disclosure of Bad News," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(7‐8), pages 1423-1435, September.
    50. Christine A. Botosan & Marlene A. Plumlee, 2002. "A Re‐examination of Disclosure Level and the Expected Cost of Equity Capital," Journal of Accounting Research, Wiley Blackwell, vol. 40(1), pages 21-40, March.
    51. Irene Karamanou & George P. Nishiotis, 2009. "Disclosure and the Cost of Capital: Evidence from the Market's Reaction to Firm Voluntary Adoption of IAS," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(7‐8), pages 793-821, September.
    52. Darren Henry, 2008. "Corporate Governance Structure and the Valuation of Australian Firms: Is There Value in Ticking the Boxes?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(7‐8), pages 912-942, September.
    53. William P. Rees, 1997. "The Impact of Dividends, Debt and Investment on Valuation Models," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 24(7&8), pages 1111-1140.
    54. Pascal Frantz & Norvald Instefjord, 2006. "Voluntary Disclosure of Information in a Setting in which Endowment of Information has Productive Value," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(5‐6), pages 793-815, June.
    55. Verrecchia, Robert E., 1983. "Discretionary disclosure," Journal of Accounting and Economics, Elsevier, vol. 5(1), pages 179-194, April.
    56. Art Durnev & E. Han Kim, 2005. "To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation," Journal of Finance, American Finance Association, vol. 60(3), pages 1461-1493, June.
    57. repec:bla:jfinan:v:59:y:2004:i:4:p:1553-1583 is not listed on IDEAS
    58. Core, John E. & Holthausen, Robert W. & Larcker, David F., 1999. "Corporate governance, chief executive officer compensation, and firm performance," Journal of Financial Economics, Elsevier, vol. 51(3), pages 371-406, March.
    59. James W. Bannister & Harry A. Newman, 2006. "Disclosure biases in proxy performance graphs: The influence of performance and compensation committee composition," Review of Accounting and Finance, Emerald Group Publishing, vol. 5(1), pages 30-44, February.
    60. Norman Strong, 2000. "Discussion Restructuring and Firm Value: The Effects of Profitability and Restructuring Purpose," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 27(9‐10), pages 1131-1137, November.
    61. Evelyn Korn & Ulf Schiller, 2003. "Voluntary Disclosure of Nonproprietary Information: A Complete Equilibrium Characterization," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(9-10), pages 1327-1339.
    62. Coles, Jeffrey L., 2008. "Disclosure policy: A discussion of Leuz, Triantis and Wang (2008) on "going dark"," Journal of Accounting and Economics, Elsevier, vol. 45(2-3), pages 209-220, August.
    63. Bushman, Robert M. & Smith, Abbie J., 2001. "Financial accounting information and corporate governance," Journal of Accounting and Economics, Elsevier, vol. 32(1-3), pages 237-333, December.
    64. Eva Parum, 2005. "Does Disclosure on Corporate Governance Lead to Openness and Transparency in How Companies are Managed?," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(5), pages 702-709, September.
    65. Wagenhofer, Alfred, 1990. "Voluntary disclosure with a strategic opponent," Journal of Accounting and Economics, Elsevier, vol. 12(4), pages 341-363, March.
    66. repec:bla:jfinan:v:53:y:1998:i:1:p:27-64 is not listed on IDEAS
    67. Peter Collett & Sue Hrasky, 2005. "Voluntary Disclosure of Corporate Governance Practices by Listed Australian Companies," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(2), pages 188-196, March.
    68. Pascal Frantz & Norvald Instefjord, 2006. "Voluntary Disclosure of Information in a Setting in which Endowment of Information has Productive Value," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(5-6), pages 793-815.
    69. Paul M. Healy & Krishna G. Palepu, 2003. "The Fall of Enron," Journal of Economic Perspectives, American Economic Association, vol. 17(2), pages 3-26, Spring.
    70. Saeed Akbar & Andrew W. Stark, 2003. "Deflators, Net Shareholder Cash Flows, Dividends, Capital Contributions and Estimated Models of Corporate Valuation," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(9‐10), pages 1211-1233, December.
    71. Bushee, Brian J. & Leuz, Christian, 2005. "Economic consequences of SEC disclosure regulation: evidence from the OTC bulletin board," Journal of Accounting and Economics, Elsevier, vol. 39(2), pages 233-264, June.
    72. Healy, Paul M. & Palepu, Krishna G., 2001. "Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 405-440, September.
    73. Jennifer Hill, 1997. "Remuneration Disclosure in Australia and the United States," Corporate Governance: An International Review, Wiley Blackwell, vol. 5(2), pages 60-66, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Chiu, Junmao & Chen, Chin-Ho & Cheng, Chung-Chieh & Hung, Shih-Chang, 2021. "Knowledge capital, CEO power, and firm value: Evidence from the IT industry," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
    2. Rita Wijayanti & Doddy Setiawan, 2022. "Social Reporting by Islamic Banks: The Role of Sharia Supervisory Board and the Effect on Firm Performance," Sustainability, MDPI, vol. 14(17), pages 1-25, September.
    3. Luminita Enache & Khaled Hussainey, 2020. "The substitutive relation between voluntary disclosure and corporate governance in their effects on firm performance," Review of Quantitative Finance and Accounting, Springer, vol. 54(2), pages 413-445, February.
    4. B. Charumathi & Latha Ramesh, 2020. "Impact of Voluntary Disclosure on Valuation of Firms: Evidence from Indian Companies," Vision, , vol. 24(2), pages 194-203, June.
    5. Abeer Hassan & Ahmed A. Elamer & Suman Lodh & Lee Roberts & Monomita Nandy, 2021. "The future of non‐financial businesses reporting: Learning from the Covid‐19 pandemic," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(4), pages 1231-1240, July.
    6. Kanapathippillai, Sutharson & Johl, Shireenjit K. & Wines, Graeme, 2016. "Remuneration committee effectiveness and narrative remuneration disclosure," Pacific-Basin Finance Journal, Elsevier, vol. 40(PB), pages 384-402.
    7. Shailesh Rastogi & Bhakti Agarwal, 2023. "Transparency and disclosure (TD) and valuation of Indian banks," Bank i Kredyt, Narodowy Bank Polski, vol. 54(5), pages 519-540.
    8. Chung, Huimin & Judge, William Q. & Li, Yi-Hua, 2015. "Voluntary disclosure, excess executive compensation, and firm value," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 64-90.
    9. Ho, Kung-Cheng & Lee, Shih-Cheng & Sun, Ping-Wen, 2022. "Disclosure quality, price efficiency, and expected returns," The North American Journal of Economics and Finance, Elsevier, vol. 59(C).
    10. Hsu, Shufang & Lin, Shih-Wei & Chen, Wei-Peng & Huang, Jhao-Wei, 2021. "CEO duality, information costs, and firm performance," The North American Journal of Economics and Finance, Elsevier, vol. 55(C).
    11. Venkata Mrudula Bhimavarapu & Shailesh Rastogi & Jagjeevan Kanoujiya & Aashi Rawal, 2023. "Repercussion of financial distress and corporate disclosure on the valuation of non-financial firms in India," Future Business Journal, Springer, vol. 9(1), pages 1-19, December.
    12. Venkata Mrudula Bhimavarapu & Shailesh Rastogi & Rebecca Abraham, 2022. "The Influence of Transparency and Disclosure on the Valuation of Banks in India: The Moderating Effect of Environmental, Social, and Governance Variables, Shareholder Activism, and Market Power," JRFM, MDPI, vol. 15(12), pages 1-17, December.
    13. Chii-Shyan Kuo & Jow-Ran Chang & Shih-Ti Yu, 2013. "Effect of mandatory pro forma earnings disclosure on the relation between CEO share bonuses and firm performance," Review of Quantitative Finance and Accounting, Springer, vol. 40(2), pages 189-215, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chung, Huimin & Judge, William Q. & Li, Yi-Hua, 2015. "Voluntary disclosure, excess executive compensation, and firm value," Journal of Corporate Finance, Elsevier, vol. 32(C), pages 64-90.
    2. Beyer, Anne & Cohen, Daniel A. & Lys, Thomas Z. & Walther, Beverly R., 2010. "The financial reporting environment: Review of the recent literature," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 296-343, December.
    3. Chien-Chi Chu & Kung-Cheng Ho & Chia-Chun Lo & Andreas Karathanasopoulos & I-Ming Jiang, 2019. "Information disclosure, transparency ranking system and firms’ value deviation: evidence from Taiwan," Review of Quantitative Finance and Accounting, Springer, vol. 53(3), pages 721-747, October.
    4. Michael Seamer, 2014. "Does Effective Corporate Facilitate Continuous Market Disclosure?," Australian Accounting Review, CPA Australia, vol. 24(2), pages 111-126, June.
    5. Van Geyt, Debby & Van Cauwenberge, Philippe & Vander Bauwhede, Heidi, 2014. "Does high-quality corporate communication reduce insider trading profitability?," International Review of Law and Economics, Elsevier, vol. 37(C), pages 1-14.
    6. Hichem Khlif & Kamran Ahmed & Mohsen Souissi, 2017. "Ownership structure and voluntary disclosure: A synthesis of empirical studies," Australian Journal of Management, Australian School of Business, vol. 42(3), pages 376-403, August.
    7. Shu-Miao Lai & Chih-Liang Liu & Taychang Wang, 2014. "Increased disclosure and investment efficiency," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 21(3), pages 308-327, September.
    8. Rupjyoti Saha & K. C. Kabra, 2020. "Corporate Governance and Voluntary Disclosure: A Synthesis of Empirical Studies," Business Perspectives and Research, , vol. 8(2), pages 117-138, July.
    9. Omaima Hassan & Claire Marston, 2010. "Disclosure measurement in the empirical accounting literature - a review article," Accountancy Discussion Papers 1004, Accountancy Research Group, Heriot Watt University.
    10. Armstrong, Christopher S. & Guay, Wayne R. & Weber, Joseph P., 2010. "The role of information and financial reporting in corporate governance and debt contracting," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 179-234, December.
    11. Stephan Hollander & Maarten Pronk & Erik Roelofsen, 2010. "Does Silence Speak? An Empirical Analysis of Disclosure Choices During Conference Calls," Journal of Accounting Research, Wiley Blackwell, vol. 48(3), pages 531-563, June.
    12. Chii-Shyan Kuo & Jow-Ran Chang & Shih-Ti Yu, 2013. "Effect of mandatory pro forma earnings disclosure on the relation between CEO share bonuses and firm performance," Review of Quantitative Finance and Accounting, Springer, vol. 40(2), pages 189-215, February.
    13. Christian Leuz & Peter D. Wysocki, 2016. "The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research," Journal of Accounting Research, Wiley Blackwell, vol. 54(2), pages 525-622, May.
    14. Heitzman, Shane & Wasley, Charles & Zimmerman, Jerold, 2010. "The joint effects of materiality thresholds and voluntary disclosure incentives on firms' disclosure decisions," Journal of Accounting and Economics, Elsevier, vol. 49(1-2), pages 109-132, February.
    15. Butler, Marty & Kraft, Arthur & Weiss, Ira S., 2007. "The effect of reporting frequency on the timeliness of earnings: The cases of voluntary and mandatory interim reports," Journal of Accounting and Economics, Elsevier, vol. 43(2-3), pages 181-217, July.
    16. Nikolaev, V. & van Lent, L.A.G.M., 2005. "The Endogeneity Bias in the Relation Between Cost-of-Debt Capital and Corporate Disclosure Policy," Discussion Paper 2005-67, Tilburg University, Center for Economic Research.
    17. Luo, Shuqing & Courtenay, Stephen M. & Hossain, Mahmud, 2006. "The effect of voluntary disclosure, ownership structure and proprietary cost on the return-future earnings relation," Pacific-Basin Finance Journal, Elsevier, vol. 14(5), pages 501-521, November.
    18. Nikolaev, V. & van Lent, L.A.G.M., 2005. "The Endogeneity Bias in the Relation Between Cost-of-Debt Capital and Corporate Disclosure Policy," Other publications TiSEM 5960a342-0adc-4f85-bf87-2, Tilburg University, School of Economics and Management.
    19. Jeremy Bertomeu & Igor Vaysman & Wenjie Xue, 2021. "Voluntary versus mandatory disclosure," Review of Accounting Studies, Springer, vol. 26(2), pages 658-692, June.
    20. Pamela Kent & Kim Kercher & James Routledge, 2018. "Remuneration committees, shareholder dissent on CEO pay and the CEO pay–performance link," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(2), pages 445-475, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jbfnac:v:37:y:2010:i:9-10:p:1115-1144. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.