Going-Public and the Influence of Disclosure Environments

Teye Marra () and Jeroen Suijs ()
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Teye Marra: University of Groningen
Jeroen Suijs: Tilburg University

Review of Accounting Studies, 2004, vol. 9, issue 4, No 5, 465-493

Abstract: Abstract This paper analyzes how differences in disclosure environments affect the firm’s choice between private and public capital. Disclosure requirements prescribe to what extent the firm has to release private information that may lead to the firm incurring proprietary costs. We examine which firm types go public in equilibrium, and how the equilibrium outcomes change with changes in the disclosure environments. Our findings show that in a partial financing equilibrium, should such an equilibrium exist, good firms finance privately. This result is robust to changes in the disclosure environment.

Keywords: going-public decision; disclosure environments; proprietary cost (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1007/s11142-004-7793-7

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