Research on the risk effects of accounting information disclosure

Yuhao Xiong and Yonghai Wang

International Review of Economics & Finance, 2024, vol. 95, issue C

Abstract: Drawing upon accounting-based asset pricing model and insights from theories of information asymmetry and cognitive psychology, this study investigates the risk implications of accounting information disclosure from dual perspectives: firm-specific risk and market risk. Our findings reveal a positive association between earnings management and both firm-specific and market risk effects of accounting information, underscoring the presence of post-disclosure risk effects. Heterogeneity analysis further uncovers the moderating roles of factors such as accounting firm size, company tenure, and regional economic growth in firm-specific risk effects, while corporate governance structures influence market risk effects. This study enriches the theoretical literature on accounting information and risk effects.

Keywords: Accounting information; Risk effects; Market risk effects; Firm-specific risk effects (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:95:y:2024:i:c:s1059056024004428

DOI: 10.1016/j.iref.2024.103450

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