By Michael H. R. Erkens
Michael Erkens analyzes the determinants and results of data disclosure. He offers an empirical research of company chance administration disclosures of approximately four hundred organizations from 20 ecu nations. the consequences express that international locations’ institutional settings and cultural values are primary components why corporations reveal info on their threat administration practices. In one other research, the writer analyzes the commercial results linked to the booklet of an annual file in English by means of eu corporations from non-English conversing nations. He unearths that the discharge of English annual studies draws extra analysts and international traders to the company, and reduces details asymmetries among insiders and outsiders of the firm.
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Additional resources for Disclosure Behavior of European Firms around the Adoption of IFRS
As Rosenbaum and Rubin (1983) showed, if the propensities were known for each firm year, they would incorporate all the information about possible self-selection issues, and propensity score matching could achieve optimal efficiency and consistency. In practice, the propensity must be estimated and selection is not only on observables, so the estimator may be both biased and inefficient. At the general level, we hypothesize that the decision to issue an ARE is driven by external financing needs, as suggested by Jeanjean et al.
382 Panel B Zero Daily Return coef. 060 Panel C Analyst Following coef. 003 Panel D Foreign Ownership coef. 190 The difference-in-differences analysis is based on all companies issuing an English version of their annual report and selected control companies with data available over the period. Control firms are comparable with treatment firms on the basis of a propensity score matching (same country, same year). The table reports regression results for the dependent variables, independent variables and control variables.
3 Methodology, Variable Description and Sample 29 30 2. 1, Panel A, from this initial database of 3,543 firms (11,338 firmyear observations over the period 2004-2007), we analyzed the external language(s) used for each firm-year observation (Local language/English/Both). 5% publish only local-language annual reports. From the GR database, we were able to identify firms which issued a local-language annual report and an ARE between 2004 and 2007. 9 Even if the choice of language is independent of the decision to adopt different accounting policies10, we believe that companies listed in the US or UK will be tempted to publish an ARE to facilitate understanding of their financial statements by US or UK investors, and consequently we excluded cross-listed firms from our sample.
Disclosure Behavior of European Firms around the Adoption of IFRS by Michael H. R. Erkens