Towards the Association of Voluntary Disclosures and Value of Firms:Evidence Revisited in India
作者机构：Chandigarh UniversityMohaliIndia
出 版 物：《Journal of Modern Accounting and Auditing》 (现代会计与审计（英文版）)
年 卷 期：2019年第15卷第3期
页 面：113-142页
学科分类：030505[法学-思想政治教育] 12[管理学] 03[法学] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 0305[法学-马克思主义理论]
主 题：voluntary disclosure volatility stock exchange cost of capital
摘 要：The information disclosed by the companies in their annual reports reveals much about company’s performance and prospects. Investors take the information as base for decision for investment. Under such circumstance, companies choose to disclose beyond what is mandatorily required. Theories like agency theory, capital need theory and signaling theory support the need of voluntary disclosure. This study is about the relationship between voluntary disclosure and value of Indian pharmaceutical companies listed on World’s oldest stock exchange, Bombay Stock Exchange (BSE). Objectives: Twofold : First, to investigate the extent of voluntary disclosure practices prevailing in pharma sector of India, Second, to study the impact of voluntary disclosure on Value of companies (value as measured by Weighted Average Cost of Capital, Stock Volatility and Price to Book Ratio) for the year 2010-2011 to 2017-2018. Research Methodology: To understand the extent of disclosure, a disclosure checklist is constructed and descriptive statistics are carved to reach the results. To understand the impact, Panel data regression (Fixed effect model, Random effect model, Hausman test) are run. Observation: Voluntary disclosure does not affect WACC but are negatively related to stock volatility and Price to Book Ratio in Indian scenario.
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