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    Investment Opportunity Set and Voluntary Disclosure of Prospective Information: A Simultaneous Equations Approach

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    Fulltext not available
    Authors
    Hossain, Mahmud
    Ahmed, K.
    Godfrey, J.
    Date
    2005
    Type
    Journal Article
    
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    Citation
    Hossain, M. and Ahmed, K. and Godfrey, J. 2005. Investment Opportunity Set and Voluntary Disclosure of Prospective Information: A Simultaneous Equations Approach. Journal of Business Finance and Accounting. 32 (5-6): pp. 871-907.
    Source Title
    Journal of Business Finance and Accounting
    DOI
    10.1111/j.0306-686X.2005.00616.x
    ISSN
    0306-686X
    URI
    http://hdl.handle.net/20.500.11937/46659
    Collection
    • Curtin Research Publications
    Abstract

    This paper examines empirically the relationship between the level of disclosure of prospective information and the investment opportunity set for firms in New Zealand. Using a systems (two-stage least squares) approach that explicitly controls for potential endogeneity between disclosure and IOS, we find that the level of prospective information disclosure is significantly and positively related to IOS in both specifications in our simultaneous analysis. Further, we document that prospective information disclosure is positively related to firm size and new security offerings, and is not related to inside ownership and firm profitability. IOS is positively impacted by a firm's investments in fixed assets and its profitability. Finally, we find that forward looking disclosure levels are positively related to the proportion of outside directors on the board and negatively related to barriers to entry, but these findings are not robust across alternative model specifications.

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