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ID:456307
大小:52.00 KB
页数:8页
时间:2017-08-04
《自愿性信息披露和公司治理对企业盈利预测的实证分析【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、外文翻译原文VoluntaryInformationDisclosureandCorporateGovernanceTheEmpiricalEvidenceonEarningsForecastsMaterialSource:HitotsubashiJournalofEconomics50(2),59-74Author:NaohitoAbe,YessicaC.Y.ChungAbstractThisstudyinvestigatesthedeterminantsofcompanies’voluntaryinformationdisclosure.Employingalargea
2、nduniquedatasetonthecompanies’ownearningsforecastsandtheirfrequencies,weconductedanempiricalanalysisoftheeffectsofafirm’sownership,board,andcapitalstructuresoninformationdisclosure.Ourfindingisconsistentwiththehypothesisthatthecustomofcross-holdingamongcompaniesstrengthensentrenchmentbyman
3、agers.Wealsofindthatbankdirectorsforcemanagerstodiscloseinformationmorefrequently.Inaddition,ourresultsshowtheborrowingratioispositivelyassociatedwithinformationfrequency,suggestingthatthemanagerislikelytorevealmorewhenhisorherfirmborrowsmoneyfromfinancialinstitutions.However,additionalbor
4、rowingsbeyondtheminimumlevelofeffectiveborrowingsdecreasethemanagement’sdisclosingincentive.Keywords:VoluntaryinformationDisclosure;CorporateGovernance;managementearningsforecast;1.IntroductionThecorporategovernanceliteraturehasdiscussedmanymechanismsforresolvingthefundamentalissue:theagen
5、cyproblem.Perhapsthemostpervasiveandimportantfactorcausingtheagencyproblembetweenamanagerandaninvestoristheinformationalasymmetriesbetweenthem.Ifmanagerswhoarebetterinformedabouttheirfutureprospectshavedivergentincentiveswiththeirinvestors,theymayexpropriateinvestors’benefitsfortheirprivat
6、eobjectives.Oneoftheprincipalremediestoagencyproblemsisthelaw.Regulatoryinterventionscouldgiveoutsideinvestorscertainpowerstoprotecttheirinvestmentagainstexpropriationbyinsiders,andmeanwhile,requirecorporateinsidersto7enforceinvestorprotections,particularlyonconveyinginsideinformation.InJa
7、pan,companiesaccessingcapitalmarketsarerequiredtofollowTheCommercialCodeandtheSecuritiesandExchangeLaw.TheCommercialCoderequiresallkindsofcompaniestoprepareindividualfinancialstatements,consistingofabalancesheet,anincomestatement,andaproposalfordistributionand
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