The financial reporting environment: Review of the recent literature

• 成果类型: Article
• 署名作者: Beyer, Anne; Cohen, Daniel A.; Lys, Thomas Z.; Walther, Beverly R.
• 署名单位: Northwestern University; Stanford University; University of Texas System; University of Texas Dallas
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2010.10.003
• 发表日期: 2010
• 关键词: regulation fair disclosure; analysts earnings forecasts; Sarbanes-Oxley Act; pro forma earnings; STOCK OPTION AWARDS; marking-to-market; voluntary disclosure; information-content; CONFERENCE CALLS; CORPORATE DISCLOSURE

摘要

The corporate information environment develops endogenously as a consequence of information asymmetries and agency problems between investors, entrepreneurs, and managers. We review current research on the three main decisions that shape the corporate information environment in capital market settings: (1) managers' voluntary disclosure decisions, (2) disclosures mandated by regulators, and (3) reporting decisions by analysts. We conclude that, in the last ten years, research has generated several useful insights. Despite this progress, we call for researchers to consider interdependencies between the various decisions that shape the corporate information environment and suggest new and interesting issues for researchers to address. (C) 2010 Elsevier B.V. All rights reserved.