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The Relationship between Voluntary Disclosure, External Financing, and Financial Status

Jankensgård, Håkan LU (2015) In Journal of Business Finance & Accounting Forthcoming.
Abstract
Using unique Swedish disclosure data from 2007 to 2012, this paper reports three important sets of findings with regard to the relationship between firms’ voluntary disclosure, external financing, and financial status. First, financially strong firms disclose more than weaker ones. Second, firms that obtain new financing (equity or debt) disclose more than firms that do not. Third, the association between voluntary disclosure and financing events is stronger in financially weak firms. This last finding is new in the literature. Perhaps financially weak firms that obtain external funding have higher disclosure to counteract contracting and valuation problems in the financial markets.
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author
organization
publishing date
type
Working paper/Preprint
publication status
published
subject
keywords
Voluntary disclosure, financial status, external finance, debt overhang
in
Journal of Business Finance & Accounting
volume
Forthcoming
language
English
LU publication?
yes
id
78e393bc-4a7e-4c45-88ee-57506f57dde7 (old id 4729183)
date added to LUP
2016-04-04 13:45:25
date last changed
2025-04-04 15:26:55
@misc{78e393bc-4a7e-4c45-88ee-57506f57dde7,
  abstract     = {{Using unique Swedish disclosure data from 2007 to 2012, this paper reports three important sets of findings with regard to the relationship between firms’ voluntary disclosure, external financing, and financial status. First, financially strong firms disclose more than weaker ones. Second, firms that obtain new financing (equity or debt) disclose more than firms that do not. Third, the association between voluntary disclosure and financing events is stronger in financially weak firms. This last finding is new in the literature. Perhaps financially weak firms that obtain external funding have higher disclosure to counteract contracting and valuation problems in the financial markets.}},
  author       = {{Jankensgård, Håkan}},
  keywords     = {{Voluntary disclosure; financial status; external finance; debt overhang}},
  language     = {{eng}},
  note         = {{Working Paper}},
  series       = {{Journal of Business Finance & Accounting}},
  title        = {{The Relationship between Voluntary Disclosure, External Financing, and Financial Status}},
  volume       = {{Forthcoming}},
  year         = {{2015}},
}