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

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dc.contributor.author Brown, Philip en_US
dc.contributor.author Taylor, Stephen en_US
dc.contributor.author Walter, Terry en_US
dc.contributor.editor en_US
dc.date.accessioned 2010-05-28T09:54:54Z
dc.date.available 2010-05-28T09:54:54Z
dc.date.issued 1999 en_US
dc.identifier 2007003395 en_US
dc.identifier.citation Brown Philip, Taylor Stephen, and Walter Terry 1999, 'The impact of statutory sanctions on the level and information content of voluntary corporate disclosure', Wiley-Blackwell Publishing Asia, vol. 35, no. 2, pp. 138-162. en_US
dc.identifier.issn 0001-3072 en_US
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/10232
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. en_US
dc.language en_US
dc.publisher Wiley-Blackwell Publishing Asia en_US
dc.title The impact of statutory sanctions on the level and information content of voluntary corporate disclosure en_US
dc.parent Abacus: a journal of accounting, finance and business studies en_US
dc.journal.volume 35 en_US
dc.journal.number 2 en_US
dc.publocation Australia en_US
dc.identifier.startpage 138 en_US
dc.identifier.endpage 162 en_US
dc.cauo.name BUS.School of Accounting en_US
dc.conference Verified OK en_US
dc.for 150103 en_US
dc.personcode 0000018515 en_US
dc.personcode 104690 en_US
dc.personcode 104692 en_US
dc.percentage 50 en_US
dc.classification.name Financial Accounting en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords Disclosure; Information; Sanctions. en_US
dc.staffid 104692 en_US


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