Investor protection and disclosure. Quantitative evidence
AbstractThe paper surveys research in the area of measuring the level of accounting disclosure and of exploring various issues associated with accounting disclosure. In particular, the ques-tion of how the disclosure is connected to investor protection is investigated. This issue is shown in the context of the countries’ legal systems and in the relation to corporate govern-ance. New results presented in the paper include composition and application of Polish Corpo-rate Disclosure Index (PCDI). PCDI has been evaluated for 48 companies listed on Warsaw Stock Exchange for the years 2005, 2006 and 2007. Subsequently PCDI was used as the re-gressor variable in a number of models explaining various investor protection measures. The outcome of this research is that PCDI is significantly associated with the variables represent-ing investor protection. Higher values of PCDI are linked with the lower variability of stock prices, with the better the category of auditor as well as with the better management and the better perception of the company by the market.
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Bibliographic InfoPaper provided by Department of Applied Econometrics, Warsaw School of Economics in its series Working Papers with number 48.
Length: 19 pages
Date of creation: 07 Nov 2010
Date of revision:
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More information through EDIRC
accounting disclosure; corporate disclosure; investor protection; accounting re-search;
Find related papers by JEL classification:
- C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- M41 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Accounting
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- Rafael La Porta & Florencio Lopez-deSilanes & Andrei Shleifer & Robert W. Vishny, 1999. "Investor Protection: Origins, Consequences, and Reform," NBER Working Papers 7428, National Bureau of Economic Research, Inc.
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