文章基本信息

标题：The Impact of Voluntary Disclosure on Firm's Value: Evidence from Manufacturing Firms in Bangladesh
本地全文：下载
作者：QAMRUZZAMAN, Md. ; JAHAN, Ishrat ; KARIM, Salma 等
期刊名称：Journal of Asian Finance, Economics and Business
印刷版ISSN：2288-4637
电子版ISSN：2288-4645
出版年度：2021
卷号：8
期号：6
页码：671-686
DOI：10.13106/jafeb.2021.vol8.no6.0671
语种：English
出版社：Korean Distribution Science Association
摘要：Financial reporting includes disclosures as prescribed by regulators, but few companies go beyond mandatory requirements and provide additional information voluntarily. This study evaluates the potential impact of voluntary information disclosure on the value of firms listed on the Dhaka Stock Exchange for the period 2017-2019. The study applies GLS and system-GMM (Two-stage) estimation for detecting the magnitude of voluntary disclosure information on the firms' value. Study findings reveal a positive and significant relationship between voluntary disclosure relating to financial statistics, social responsibility information, corporate governance, and the firms' value as measured by Tobin's Q. However, there is a negative and significant relationship between company information, accounting policies, and the firms' value as measured by Tobin's Q. Study findings suggest that the impact of voluntary disclosure on the value of the firms varies with the appropriate selection of proxy measures. Nonetheless, it is believed that voluntary disclosure plays a major role in projecting a clean image in the market and in attracting potential investors with a positive note about the company's prospects.
关键词：Voluntary Disclosure;Firm's Value;Two-stage GLS;System-GMM