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Determinants and consequences of voluntary disclosure in an emerging market: Evidence from China

Kun Wang, Sewon O and M. Cathy Claiborne

Journal of International Accounting, Auditing and Taxation, 2008, vol. 17, issue 1, 14-30

Abstract: In this paper we examine empirically the determinants of voluntary disclosure in the annual reports of Chinese listed firms that issue both domestic and foreign shares and determine if the cost of debt capital is related to the extent of voluntary disclosure. We find the level of voluntary disclosure is positively related to the proportion of state ownership, foreign ownership, firm performance measured by return on equity, and reputation of the engaged auditor. There is no evidence, however, that companies benefit from extensive voluntary disclosure by having a lower cost of debt capital.

Keywords: Voluntary disclosure; Emerging market; Stock ownership; Auditor type (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1016/j.intaccaudtax.2008.01.001

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