La Influencia del tamaño y la Cotización en la Publicación de Información Voluntaria: Un Análisis Basado en Percepciones de Costes y Beneficios
The Impact of Size and Listing Status on Voluntary Disclosure: an Analysis Based on Costs and Benefits Perceptions
Resumen
Este trabajo tiene por objetivo analizar las percepciones de los directivos de una muestra de empresas españolas acerca de la importancia de los beneficios y costes que pueden derivarse de la presentación de información voluntaria, con la finalidad de determinar si tales percepciones se ven il1fluenciadas por las dos características de la empresa, tamaño y cotización, que han sido identificadas como los principales factores explicativos de la variabilidad en la presentación de infon1lación por parte de las empresas. Los resultados de nuestro análisis ponen de manifiesto que, aunque las percepciones relativas a costes son similares en todas las empresas analizadas, las cotizadas y las de mayor tamaño perciben mayores beneficios, por lo que cabe esperar una relación coste-beneficio más favorable en estas empresas, lo que explica su mayor propensión a presentar información.
Descargas
Citas
BAIMAN, S. y VERRECCHIA, R. (1996): "The Relation among Capital Markets, Financial Disclo sure, Production Efficiency, and Insider Trading", Journal of Accounting Research, primavera, p. 1-22.
BARTH, M., MCNICHOLS, M. y WILSON, G. (1997): "Factors Influencing Firms' Disclosures about Environmental Liabilities", Review of Accounting Studies, vol. 2, p. 35-64.
BOTOSAN, C. A. (1997): "Disclosure Level and the Cost of Equíty Capital", The Accounting Review, vol. 72, No. 3, julio, p. 323-349.
BOTOSAN, C. A. y PLUMLEE, M.A. (2002): "A Re-examination of Disclosure Level and the Expected Cost of Equity Capital", Journal of Accounting Research, vol. 40, No. 1, marzo, p. 21-40.
BUZBY, S.L. (1975): "Company Size versus Unlisted Stocks and the Extent of Financial Disclosure", Journal of Accounting Research, primavera, p. 16-37.
CERF, A.R. (1961): Corporate Reporting and Investment Decisions, University of California, California.
CHANDRA, G. (1974): "A Study of the Consensus on Disclosure Among Public Accountants and Security Analysts", The Accounting Review, octubre, p. 733-742.
CHOI, F.D.S. (1973): "Financial Disclosure and Entry to the European Capital Market", Journal of Accounting Research, otoño, p. 159-175.
CHOW, C.W. y WONG-BOREN, A. (1987): "Voluntary Financial Disclosure by Mexican Corporatíons", The Accounting Revíew, 62 (3), p. 533-541.
CLARKSON, P., KAO, J. y RICHARDSON, G. (1994): "The Voluntary Inclusion of Forecasts in the MD&A Section of Annual Reports", Comtemporary Accounting Research, vol. 11, No. 1 otoíío, p. 423-450.
COMITÉ OLIVENCIA (1998): Informe del Comité Olivencia sobre el Gobierno de las Sociedades.
COOKE, T.E. (1989): An Empirical Study of Financial Disclosure by Swedish Companies, Garland Publíshing, New York.
COOKE, T.E. (1991): "An Assessment ot Voluntary Disclosure in the Annual Reports of Japanese Corporations", The International Journal of Accounting, vol. 26, p. 174-189.
CORE, J.E. (2001): "A Review of the Empirical Disclosure Literature: Discussion", Journal of Accounting and Economics, vol. 31, p. 441-456.
CORMIER, D. y MAGNAN, N. (1999): "Corporate Environmental Disclosure Strategies: Determinants, Costs and Benefits", Journal of Accounting, Auditing and Finance, Vol.14, No. 4, p. 429- 451.
DARROUGH, M.N. y STOUGHTON, N. (1990): "Financial Disclosure Policy in an Entry Game", Journal of Accounting and Economics, No. 12, January, p. 219-243.
DEPOERS, F. (2000): "A Cost-Benefit Study of Voluntary Disclosure: Some Empirical Evidence from French Listed Companies", The European Accounting Review, vol. 9, No. 2, p. 245-263.
DIAMOND, D.W. y VERRECCHIA, R.E. (1991): "Disclosure, Liquidity and the Cost of Capital", The Journal of Finance, vol. XLVI, No. 4, September, p. 1325-1359.
DONTOH, A. (1989): "Voluntary Disclosure", Journal of Accounting, Auditíng and Finance, vol. 4, otoño, p. 480-511.
DYE, R.A. (2001): "An Evaluation of "Essays on Disclosure" and the Disclosure Literature in Accounting", Journal of Accounting and Economics, vol. 32, p. 181-235.
ECCLES, R. y MAVRINAC, S. (1995): "Improving the Corporate Disclsue Process", Sloan Management Review, summer, p. 11-25.
EDWARDS, P. (1995): "Segmental Reporting: a Preparers'Perspectíve", Accounting and Business Research, vol 25, No. 99, p. 151-161.
EDWARDS, P. y SMITH, R. (1996): "Competítíve Disadvantage and Voluntary Disclosures: The Case of Segmental Reporting", British Accounting Review, No. 28, p. 155-172.
ELLIOT, R. y JACOBSON, P. (1994): "Costs and Benefits of Business Information Disclosure", Accounting Horizons, December, p. 80-96.
FELTHMAN, G. y XIE, J. (1992): "Voluntary Disclosure in an Entry Game with Continua of Type", Contemporary Accounting Research, vol. 9, No. 1, p. 46-80.
FINANCIAL ACCOUNTING STANDARDS BOARD (2001): Improving Business Reporting: Insights into Enhancing Voluntary Disclosures, Steering Committee Report, January.
FIRTH, M. (1978): "A Study of the Consensus of the Perceived Importance of Disclosure oflndividual Items in Corporate Annual Reports", The International Journal of Accounting, winter, p. 57-70.
FIRTH, M. (1979): "The Impact of Size, Stock Market Listing and Auditors on Voluntary Disclosure in Corporate Annual Accounts", Accounting and Business Research, fall, p. 273-280.
FRANCIS, J., PHILBRICK, D. y SCHIPPER, K. (1994): "Shareholder Litigation and Corporate Disclosures", Journal of Accounting Research, vol. 32, No. 2, fall, p. 137-164.
FRANKEL, F., MCNICHOLS, M. y WILSON, G.P. (1995): "Discretionay Disclosure and External Financing", Tite Accounting Review, vol. 70, No. 1, January, p. 135-150.
GARCÍA BENAU, M.A. y MONTERREY MAYORAL, J. (1993): "La Revelación Voluntaria en las Compañías Españolas Cotizadas en Bolsa", Revista Española de Financiación y Contabilidad, No. 74, p. 53-70.
GARCÍA BENAU, M.A. y MONTERREY MAYORAL, J. (1997): "Análisis de la Información Previsional y Cualitativa" Revista de Contabilidad, vol. O, No. O, enero-diciembre, p. 125-166.
GELB, D. y ZAROWIN, P. (2002): "Corporate Disclosure Policy and the Informativeness of Stock Prices", Review of Accounting Studies, vol. 7, No. 1, March, p. 33-52.
GIBBINS, M., RICHARDSON, A. y WATERHOUSE, J. (1990): "The Management of Corporate Financial Disclosure: Opportunism, Ritualism, Policies and Processes", Journal of Accounting Research, vol. 28, No. 1, p. 121-143.
GIGLER, F. (1994): "Self-Enforcing Voluntary Disclosures", Journal of Accounting Research, vol. 32, No. 2, fall, p. 224-240.
GINER INCHAUSTl, B. (1997): "The Influence of Company Characteristics and Accounting Regulation on Information Disclosed by Spanish Firms", The European Accounting Review, vol. 6, No. 1, p. 45-68.
GRAY, S.J. y ROBERTS, C. (1989): "Voluntary Information Disclosure and the Brítish Multinationals: Corporate Perceptions of Costs and Benefits", incluido en Hopwood (ed.): International Pressures far Accoimting Change, Prentice Hall, Hertfordshire.
GRAY, S.J. y ROBERTS, C. (1995): "Voluntary Information Disclosure: The Attitudes of UK Multinationals", incluido en Gray, S.J., Coenenberg, A.G. y Gordon, P.D., International Group Accounting, Issues in European Harmonization, Routledge, Londres.
GRAY, S.J.; RADEBAUGH, L.H. y ROBERTS, C.B. (1990): "International Perceptions of Cost Constraints on Voluntary Information Disclosures: A Comparative Study of U.K. and U.S. Multinationals", Journal of International Business Studies, cuarto trimestre, p. 597-622.
GROSSMAN, S. (1981): "The Role of Warranties and Private Disclosure about Product Quality", Journal of Law and Economics, 3, p. 461-483.
HAYES, R. y LUNDHOLM, R. (1996): "Segment Reporting to the Capital Market in the Presence of a Competitor", Journal of Accounting Research, vol. 34, No. 2, fall, p. 261-280.
HEALY, P.M. y PALEPU, K.G. (1993): "The Effect of Firms' Financial Disclosure Strategies on Stock Prices", Accounting Horizons, vol. 7, No. 1, March, p. 1-11.
HEALY, P.M.; HUTTON, A. y PALEPU, K.G. (1999): "Stock Performance and Intermediation Change Surrounding Sustained Increases in Disclosure", Contemporary Accounting Research, vol. 16, No. 3, fall, p. 485-520.
HEALY, P.M. y PALEPU, K.G. (2001): "Information Asymmetry, Corporate Disclosure and the Capital Markets: A Review of the Empirical Disclosure Literature", Journal of Accounting and Economics, vol. 31, p. 405-440.
JOHNSON, M.F., K.ASZNIK, R. y NELSON, K.K. (2001): "The Impact of Securities Litigation Reform on the Disclosure of Forward-Looking Information by High Technology Firms", Journal of Accounting Research, vol. 39, No. 2, September, p. 297-327.
KASZNIK, R. y LEV, B. (1995): "To Warn or Not to Warn: Management Disclosures ín the Face of an Earnings Surprise", The Accounting Review, vol. 70, No. 1, January, p. 113-134.
KIM, O. y VERRECCHIA, R. E. (1994): "Market Liquidity and Volume arround. Earnings Announcements", Journal of Accounting and Economics, No. 17, January, p. 41-68.
KLUMPES, P. (2000): "Incentives and Disincentíves for Voluntary Disclosure by Pension Funds: International Evidence", Accountíng and Business Research, vol. 30, No. 4, p. 287-298.
LANG, M. (1999): "Discussion of "Stock Performace and Intermediation Changes Surroundigu Sustained Increases in Disclosure", Contemporary Accounting Research, fall, p. 521-524.
LANG, M. y LUNDHOLM, R.J. (1993): "Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosure", Journal of Accounting Research, vol. 31, No. 2, fall, p. 246-271.
LANG, M. y LUNDHOLM, R.J. (1996): "Corporate Disclosure Policy and Analyst Behavior", The Accounting Review, vol. 71, No. 4, October, p. 469-492.
LANG, M. y LUNDHOLM, R.J. (2000): "Voluntary Disclosure and Equity Offerings: Reducing Information Asymmetry or Hyping the Stock?", Contemporary Accounting Research, vol. 17, No. 4, p. 623-662.
LEUZ, C. (1999): "Proprietary versus Non-Proprietary Disclosures: Voluntary Cash Flow Statements and Business Segments Reports in Germany", Working Paper, Johann Wolfgang Goethe Universitat, March.
LEUZ, C. y YERRECCHIA, R. (2000): "The Economic Consequences of Increased Disclosure", Journal of Accounting Research, vol. 38, supplement, p. 91-125.
LEV, B. (1992): "Information Disclosure Strategy", Califomia Management Review, vol. 34, No. 4, summer, p. 9-33.
LEV, B. (1995): "Disclosure and Litigation", California Management Review, vol. 37, No. 3, spring, p. 8-28.
LEV, B. y PENMAN, S.H. (1990): "Voluntary Forecast Disclosure, Nondisclosure and Stock Prices", Journal of Accounting Research, vol. 23, No. 1, spring, p. 49-76.
LI, Y.; RICHARDSON, G. y THORNTON, D. (1997): "Corporate Disclosure of Environmental Liability Information: Theory and Evidence", Contemporary Accounting Research, fall, p. 435-474.
MARQUARDT, C. y WIEDMAN, C. (1998): "Voluntary Disclosure, Information Asymmetry, and Insider Selling through Secondary Equity Offerings", Contemporary Accounting Research, winter, p. 505-537.
MCKINNON, S.M. (1984): "A Cost-benefit Study of Disclosure Requirements for Multinational Corporations", Journal of Business Finance & Accounting, winter, p. 451-468.
MCNALLY, G.M., HOCK ENG, L. y HASSELDINE, C.R. (1982): "Corporate Financial Reporting in New Zealand: An Analysis of User Preferences, Corporate Characteristics and Disclosure Practices for Discretionary Information", Accounting and Business Research, winter, p. 11-20.
MEEK, G.K., ROBERTS, C.B. y GRAY, S.J. (1995) "Factors Influencing Voluntary Annual Report Disclosures by U.S., U.K. and Continental European Multinational Corporations", Journal of International Business Studies, vol. 26, No.3.
MILGROM, P. (1981): "Good News and Bad News: Representation Theorems and Applications", Bell Journal of Economics, fall, p. 380-391.
NEWMAN, P. y SANSING, R.(1993): "Disclosure Policies with Multiple Users", Journal of Accounting Research, spring, p. 92-112.
OWUSU-ANSAH, S. (1997): "The Determinants of Voluntary Financial Disclosure by Swiss Listed Companies: A Comment", The European Accounting Review, 6, No.3, p. 487-492.
RAFFOURNIER, B. (1995): 'The Determinants of Voluntary Financial Disclosure by Swiss Listed Companies", The European Accounting Review, vol. 4, No. 2, p. 261-280.
RULAND, W.,-TUNG, S. y GEORGE, N.E. (1990): "Factors Associated with the Disclosure of Managers' Forecasts", The Accounting Review, vol. 65, No. 3, July, p. 710-721.
SAUDAGARAN, S. y MEEK, G. (1997): "A Review of Research on the Relationship between International Capital Markets and Financial Reporting by Multinational Firms", Journal of Accounting Literature, vol. 16, p. 127-159.
SCOTT, T. (1994): "Incentives and Disincentives for Financial Disclosure: Voluntary Disclosure of Defined Benefit Pension Plan Information by Canadian Firms", The Accounting Review, vol. 69, No. 1, January, p. 26-43.
SENGUPTA, P. (1998): "Corporate Disclosure Quality and the Cost of Debt", The Accounting Review, vol. 73, No. 4, October, p. 459-474.
SINGHVI, S.S. y DESAI, H.B. (1971): "An Empirical Analysis of the Quality of Corporate Financial Disclosure", The Accounting Review, January, p. 129-138.
SKINNER, D. J. (1994): "Why Firms Voluntarily Disclose Bad News", Journal of Accounting Research, vol. 32, No. 1, spring, p. 38-60.
SKINNER, D. J. (1997): "Earning Disclosures and Stockholder Lawsuits", Journal of Accounting and Economics, No. 23, p. 249-282.
VERRECCHIA, R. (1983): "Discretionary Disclosure", Journal of Accounting and Economics, 5, p. 179-194.
VERRECCHIA, R. (1990): "Endogenous Proprietary Costs Through Firm Interdependence", Journal of Accounting and Economics, vol. 12, p. 245-250.
VERRECCHIA, R. (2001): "Essays on Disclosure", Journal of Accounting and Economics, vol. 32, p. 97-180.
WAGENHOFER, A. (1990): "Voluntary Disclosure with a Strategic Opponent", Journal of Accountíng and Economics, March, p. 341-363.
WALLACE, R.S.O., NASER, K y MORA ENGUIDANOS, A. (1994): "The Relationship Between the Comprehensiveness of Corporate Annual Reports and Firm Characteristics in Spain", Accounting and Business Research, vol. 25, No. 97, p. 41-53.
WELKER, M. (1995): "Disclosure Policy, Information Asymmetry and Liquidity in Equity Markets", Contemporary Accounting Research, vol. 11, No. 2, p. 801-827.
Las obras que se publican en esta revista están sujetas a los siguientes términos:
1. Ediciones de la Universidad de Murcia (EDITUM) y ASEPUC conservan los derechos patrimoniales (copyright) de las obras publicadas, y favorece y permite la reutilización de las mismas bajo la licencia de uso indicada en el punto 2.
2. Las obras se publican en la edición electrónica de la revista bajo una licencia de Creative Commons Reconocimiento-NoComercial-SinObraDerivada 4.0 Internacional. Permite copiar, distribuir e incluir el artículo en un trabajo colectivo (por ejemplo, una antología), siempre y cuando no exista una finalidad comercial, no se altere ni modifique el artículo y se cite apropiadamente el trabajo original. Esta revista no tiene tarifa por la publicación Open Access. ASEPUC y EDITUM financian los costes de producción y publicación de los manuscritos.
3. Condiciones de auto-archivo. Se permite y se anima a los autores a difundir electrónicamente la versión publicada de sus obras, ya que favorece su circulación y difusión y con ello un posible aumento en su citación y alcance entre la comunidad académica.
