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Medientyp:
E-Artikel
Titel:
Less timely earnings announcements and voluntary disclosure
Beteiligte:
Cho, Hyunkwon;
Choi, Sunhwa;
Kim, Robert
Erschienen:
Wiley, 2023
Erschienen in:Journal of Business Finance & Accounting
Sprache:
Englisch
DOI:
10.1111/jbfa.12642
ISSN:
1468-5957;
0306-686X
Entstehung:
Anmerkungen:
Beschreibung:
<jats:title>Abstract</jats:title><jats:p>The release of earnings information has become less timely in recent years partly because firms increasingly disclose earnings concurrently with their periodic reports (e.g., 10‐Ks, 10‐Qs). We examine whether firms use voluntary disclosure to mitigate the negative economic consequences of less timely earnings announcements (EAs). We find that firms with less timely EAs are more likely to provide voluntary 8‐K filings over the period leading to the EA. We also find that investors’ demand for timely information, the nature of earnings news and litigation risk affect the extent to which firms provide voluntary disclosure to compensate for less timely EAs. The negative effect of less timely EAs on information asymmetry is attenuated when firms provide voluntary 8‐K filings prior to EAs. Overall, our findings suggest that firms voluntarily communicate with investors using voluntary disclosure when their EAs are less timely.</jats:p>