When You Talk, I Remain Silent: Spillover Effects of Peers' Mandatory Disclosures on Firms' Voluntary Disclosures

• 成果类型: Article
• 署名作者: Breuer, Matthias; Hombach, Katharina; Mueller, Maximilian A.
• 署名单位: Columbia University; Carl von Ossietzky Universitat Oldenburg; University of Cologne
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/TAR-2019-0433
• 发表日期: 2021
• 页码: 155-186
• 关键词: PRIVATE FIRMS; MARKET; INFORMATION; QUALITY; externalities; equilibrium; INVESTMENT; FUTURE; cost

摘要

We predict and find that regulated firms' mandatory disclosures crowd out unregulated firms' voluntary disclosures. Consistent with information spillovers from regulated to unregulated firms, we document that unregulated firms reduce their own disclosures in the presence of regulated firms' disclosures. We further find that unregulated firms reduce their disclosures more the greater the strength of the regulatory information spillovers. Our findings suggest that a substitutive relationship between regulated and unregulated firms' disclosures attenuates the effect of disclosure regulation on the market-wide information environment.