Political connections and voluntary disclosure: Evidence from around the world

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Motivated by the international business literature that examines the interactions between political forces and business environments, we investigate whether and how political connections affect managers' voluntary disclosure choices. We show that compared to non-connected firms, connected firms issue fewer management earnings forecasts. In addition, relative to non-connected firms, connected firms have a greater increase in the frequency of management forecasts subsequent to the elections that damage their political ties. Further analyses suggest that lack of capital market incentives, reduced litigation risk, and lower proprietary costs shape politically connected firms' unique voluntary disclosure choices.
Publisher
PALGRAVE MACMILLAN LTD
Issue Date
2018-04
Language
English
Article Type
Article
Keywords

MANAGEMENT EARNINGS FORECASTS; DISCRETIONARY ACCRUALS; CORPORATE TRANSPARENCY; INFORMATION ASYMMETRY; LISTED FIRMS; CORRUPTION; COST; LITIGATION; GOVERNANCE; OWNERSHIP

Citation

JOURNAL OF INTERNATIONAL BUSINESS STUDIES, v.49, no.3, pp.272 - 302

ISSN
0047-2506
DOI
10.1057/s41267-017-0139-z
URI
http://hdl.handle.net/10203/244328
Appears in Collection
MT-Journal Papers(저널논문)
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