The Association beteween Voluntary Disclosures and Unexpected Earnings

• Main Authors: Chyun-Fang Tai, 戴群芳
• Other Authors: Chung-Huey Huang
• Format: Others
• Language: zh-TW
• Published: 2001
• Online Access: http://ndltd.ncl.edu.tw/handle/40448165322840051666

碩士 === 國立臺北大學 === 會計學系 === 89 === This study provides evidence on corporate voluntary disclosure practices through an examination of revenue-related disclosures made by a sample of 384 listed firms during 1997~1999. The voluntary disclosures include (1) monthly earnings, (2) annual earnings forecasts, (3) earnings or sales-related quantitative disclosures and, (4) qualitative disclosures. We investigate whether unexpected-earnings is a main factor of management disclosure behavior. We use T-tests and Kolmogorov-Smirnov tests to examine the differences in disclosure frequencies and types between firms with good and bad news, large and small-unexpected earnings. We then use Poisson regressions and Ordered logit regression to find out the determinants of management disclosure behavior.The empirical results are as follows：(1)、The sign and the amount of earnings surprises are associated with the disclosure frequency of monthly earnings but not forecated-related disclosure.(2)、Firms with positive earnings surprises tend to use “hard” statements to disclose the news. On the other hand firms with large negative earnings surprises will decrease their disclosure frequencies or simply keep silence.(3)、Firms running steadily often disclose their monthly earnings. Big companies tend to disclose all kinds of earnings and sales-related information.(4)、The industries of Chemicals, Electrical &Machinery and Rubber disclose monthly earnings more frequently than Electronics. Yet the Electronics industries disclose more of forecast-related information.