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The effect of international subsidiaries on voluntary disclosure - evidence from natural disasters

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  • David Oesch
  • Felix Urban

Abstract

This paper documents that managers of multinational companies adjust voluntary disclosure after significant events at international subsidiaries. We show an increase in the likelihood and frequency of management forecasts following natural disasters in regions where companies operate subsidiaries. The exogenous and staggered nature of natural disasters as well as our research design choices substantially raise the hurdle for alternative explanations of our result. Further analyses suggest that the effect is particularly strong for companies that rely on equity financing. Our paper contributes to the nascent literature on transmission effects within international business groups.

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  • David Oesch & Felix Urban, 2022. "The effect of international subsidiaries on voluntary disclosure - evidence from natural disasters," Accounting and Business Research, Taylor & Francis Journals, vol. 52(3), pages 223-253, April.
    • Handle: RePEc:taf:acctbr:v:52:y:2022:i:3:p:223-253
    DOI: 10.1080/00014788.2021.1889351
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