Corporate Disclosures and Financial Risk Assessment A Dichotomous Da
This publication links information asymmetries and decision processes of financial investors through quantitative models. The aim is to analyze empirical observations and synthesize outputs in order to add new academic insights with practical pertinence.&
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Philipp Kissing
Corporate Disclosures and Financial Risk Assessment A Dichotomous Data-Analytical Approach Using Multivariate Scoring Models and Scenario Techniques
Philipp Kissing Menden, Germany
ISBN 978-3-658-12459-5 ISBN 978-3-658-12460-1 (eBook) DOI 10.1007/978-3-658-12460-1 Library of Congress Control Number: 2015960844 Springer Gabler © Springer Fachmedien Wiesbaden 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, speci¿cally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on micro¿lms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a speci¿c statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer Gabler is a brand of Springer Fachmedien Wiesbaden Springer Fachmedien Wiesbaden is part of Springer Science+Business Media (www.springer.com)
Table of Contents List of Figures ......................................................................................... List of Tables ..........................................................................................
VII IX
List of Abbreviations ..............................................................................
XI
1 Introduction ........................................................................................ 2 Theoretical Foundation and Previous Research Approaches .............
1 3
2.1 Theoretical Foundations of Corporate Disclosures ..................... 2.1.1 Asymmetric Information and Agency Cost Theory ............ 2.1.2 Stakeholder Theory .............................................................
3 3 7
2.1.3 Information Cost Theory ..................................................... 2.1.4 Further Specific Theories and Overview ............................ 2.2 Previous Research Approaches .................................................... 2.2.1 Financial Effects of Corporate Disclosures......................... 2.2.2 Non-financial Effects of Corporate Disclosures .................
11 16 21 21 25
2.2.3 Quality Determinants of Corporate Disclosures ................. 2.2.4 Academic Voids ..................................................................
27 30
3 Conceptual Framework and Research Approach ..................
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