Perceived competition, profitability and the withholding of information about sales and the cost of sales
Perceived competition, profitability and the withholding of information about sales and the cost of sales
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DOI：
10.1016/j.jacceco.2009.07.003
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发表时间：
2009-12
影响因子：
5.9
通讯作者：
E. Dedman;C. Lennox
中科院分区：
文献类型：
--
作者：
E. Dedman;C. Lennox
我们调查之间的关系感知竞争和自愿披露的资本市场激励措施的情况下，通过检查英国私营公司，可以选择扣留销售和销售成本的信息，从他们的公开提交的帐户。我们调查经理们对他们公司的竞争环境，我们计算行业竞争的档案措施。我们发现，管理者更有可能隐瞒有关销售和成本的信息，如果他们认为，目前或潜在的竞争是强大的。与成功公司的信息披露成本更高一致，我们还发现，盈利能力更强的公司更有可能隐瞒信息。
We investigate the relation between perceived competition and voluntary disclosure in the absence of capital market incentives by examining private UK companies, which have the option to withhold sales and costs of sales information from their publicly-filed accounts. We survey managers about their companies’ competitive environments and we calculate archival measures of industry competition. We find that managers are more likely to withhold information about sales and costs if they perceive that current or potential competition is strong. Consistent with disclosure being costlier for successful firms, we also find that more profitable companies are more likely to withhold information.