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A cost benefit study of voluntary disclosure: some empirical evidence from French listed companies

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  • Florence Depoers
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    Abstract

    The aim of this paper is to relate the extent of disclosure in the annual reports of French listed companies to some economic determinants. The sample includes the 1995 annual reports of 102 randomly selected industrial and commercial firms. The extent of disclosure is measured by an index based on financial and non-financial discretionary information. The model of hypothesis explaining voluntary disclosure is defined as the interplay of contradictory forces: inducements deriving principally from agency theory and limitations imposed by information costs. The results reveal that voluntary disclosure is significantly related to size, foreign activity and to a proxy for proprietary costs.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09638180050129891
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    Bibliographic Info

    Article provided by Taylor and Francis Journals in its journal European Accounting Review.

    Volume (Year): 9 (2000)
    Issue (Month): 2 ()
    Pages: 245-263

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    Handle: RePEc:taf:euract:v:9:y:2000:i:2:p:245-263

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    References

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    1. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
    2. Verrecchia, Robert E., 1983. "Discretionary disclosure," Journal of Accounting and Economics, Elsevier, vol. 5(1), pages 179-194, April.
    3. Darrough, Masako N. & Stoughton, Neal M., 1990. "Financial disclosure policy in an entry game," Journal of Accounting and Economics, Elsevier, vol. 12(1-3), pages 219-243, January.
    4. Paul R. Milgrom, 1979. "Good Nevs and Bad News: Representation Theorems and Applications," Discussion Papers 407R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    6. Wagenhofer, Alfred, 1990. "Voluntary disclosure with a strategic opponent," Journal of Accounting and Economics, Elsevier, vol. 12(4), pages 341-363, March.
    7. Verrecchia, Robert E., 1990. "Information quality and discretionary disclosure," Journal of Accounting and Economics, Elsevier, vol. 12(4), pages 365-380, March.
    8. Pascal Frantz, 1997. "Information Disclosure to Employees and Rational Expectations: A Game-Theoretical Perspective," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 24(9&10), pages 1421-1431.
    9. Bernard Raffournier, 1995. "The determinants of voluntary financial disclosure by Swiss listed companies," European Accounting Review, Taylor and Francis Journals, vol. 4(2), pages 261-280.
    10. Smith, Clifford Jr. & Warner, Jerold B., 1979. "On financial contracting : An analysis of bond covenants," Journal of Financial Economics, Elsevier, vol. 7(2), pages 117-161, June.
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    Cited by:
    1. 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.
    2. Timothy Fogarty & Garen Markarian & Antonio Parbonetti, 2006. "It's a Small World After All: The Convergence of Disclosure Practices Across Legal Regimes over Time," "Marco Fanno" Working Papers 0014, Dipartimento di Scienze Economiche "Marco Fanno".
    3. Abul Hassan & Sofyan Syafri Harahap, 2010. "Exploring corporate social responsibility disclosure: the case of Islamic banks," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing, vol. 3(3), pages 203-227, August.
    4. Corinne Bessieux-Ollier & Elisabeth Walliser, 2012. "Why firms listed on an unregulated financial market comply voluntarily with IFRS: An empirical analysis with French data," Post-Print hal-00690935, HAL.
    5. DING, Yuan & STOLOWY, Hervé & FU, Linghui & WANG, Huiwen, 2004. "Disclosure and determinants studies : an extension using the divisive clustering method (DIV)," Les Cahiers de Recherche 798, HEC Paris.
    6. Emilio Passetti & Andrea Tenucci & Lino Cinquini & Marco Frey, 2008. "Communicating Intellectual Capital: Evidence from Social and Sustainability Reporting," Working Papers 200805, Scuola Superiore Sant'Anna of Pisa, Istituto di Management.
    7. Isabel-María García Sánchez & Luis Rodríguez Domínguez & Isabel Gallego Álvarez, 2011. "Corporate governance and strategic information on the internet: A study of Spanish listed companies," Accounting, Auditing & Accountability Journal, Emerald Group Publishing, vol. 24(4), pages 471-501, May.
    8. Giulio Greco, 2011. "Determinants of board and audit committee meeting frequency: Evidence from Italian companies," Managerial Auditing Journal, Emerald Group Publishing, vol. 26(3), pages 208-229, March.

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