Credit ratings and corporate disclosure behaviour: evidence from regulation fair disclosure in Korea

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This article provides evidence that firms with high market expectations disclose more information to investors, utilizing the fair disclosure regulation in Korea to proxy for their disclosure choices. This finding is consistent with the argument that in order to retain their dominant positions, highly evaluated firms are more concerned about the market's perception of them as providers of timely and detailed disclosure. We also find that the impact of market expectations on disclosure is more pronounced for chaebol firms. Combined with prior research on the relationship between firm performance and voluntary disclosure, we provide important implications for the determinants of corporate disclosure
Publisher
ROUTLEDGE JOURNALS
Issue Date
2017
Language
English
Article Type
Article
Keywords

VOLUNTARY DISCLOSURE; EARNINGS FORECASTS; BUSINESS GROUPS; REPUTATION EVIDENCE; FAMILY FIRMS; INFORMATION; COST; QUALITY; CREDIBILITY; ENVIRONMENT

Citation

APPLIED ECONOMICS, v.49, no.35, pp.3481 - 3494

ISSN
0003-6846
DOI
10.1080/00036846.2016.1262521
URI
http://hdl.handle.net/10203/223970
Appears in Collection
MT-Journal Papers(저널논문)
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