Perceived competition, profitability and the withholding of information about sales and the cost of sales

• 成果类型: Article
• 署名作者: Dedman, Elisabeth; Lennox, Clive
• 署名单位: Nanyang Technological University; University of Bath
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2009.07.003
• 发表日期: 2009
• 关键词: Disclosure policy; market-structure; FIRMS; incentives; determinants; PROPRIETARY; association; performance; industry

摘要

We investigate the relation between perceived competition and voluntary disclosure in the absence of capital market incentives by examining private UK companies, which have the option to withhold sales and costs of sales information from their publicly-filed accounts. We survey managers about their companies' competitive environments and we calculate archival measures of industry competition. We find that managers are more likely to withhold information about sales and costs if they perceive that current or potential competition is strong. Consistent with disclosure being costlier for successful firms, we also find that more profitable companies are more likely to withhold information. (C) 2009 Elsevier B.V. All rights reserved.