By Michael H. R. Erkens
Michael Erkens analyzes the determinants and effects of knowledge disclosure. He offers an empirical research of company possibility administration disclosures of approximately four hundred agencies from 20 eu international locations. the implications express that international locations’ institutional settings and cultural values are most important components why businesses divulge details on their hazard administration practices. In one other examine, the writer analyzes the industrial outcomes linked to the booklet of an annual record in English via ecu corporations from non-English talking nations. He reveals that the discharge of English annual stories draws extra analysts and overseas traders to the enterprise, and reduces details asymmetries among insiders and outsiders of the firm.
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Extra resources for Disclosure Behavior of European Firms around the Adoption of IFRS
The use of a control group and the computation of time differences (before and after the change) provide natural controls for any confounding factors, such as the adoption of IFRS in 2005. The following table indicates the predicted value of an economic consequence for each of the possible scenarios. Predicted Economic consequence Time = 0 Time = 1 Treatment = 0 0 0 2 Treatment = 1 0 1 0 1 2 3 In the regression, 0 represents the average for control companies before the initiation of an ARE, 1 represents the difference between the two groups before the initiation, 2 represents the time trend in the control group, and 3 represents the difference in the change over time between the treatment and control groups.
1, Panel B that English adopters are smaller than other listed firms and have more growth opportunities. Since these factors are potentially correlated with the economic consequences analyzed, we implement a propensity score matching (PSM) procedure initially proposed by Rosenbaum and Rubin (1983). Despite the possibility to control for time trends and common company characterisitics by choosing an appropriate set of control firms, the DiD estimator nevertheless can result in downward-biased standard errors due to a potential auto-correlation of the outcome variable (Bertrand et al.
Despite the possibility to control for time trends and common company characterisitics by choosing an appropriate set of control firms, the DiD estimator nevertheless can result in downward-biased standard errors due to a potential auto-correlation of the outcome variable (Bertrand et al. 2004). What is important for DiD to work is that the difference between treatment and control group is relatively stable over time in absence of the treatment. This can be examined by comparing the outcome variable before the treatment between treatment and control group.
Disclosure Behavior of European Firms around the Adoption of IFRS by Michael H. R. Erkens