Accounting and Business Research ( IF 2.326 ) Pub Date : 2021-06-18 , DOI: 10.1080/00014788.2021.1889351 David Oesch 1 , Felix Urban 2
This paper documents that managers of multinational companies adjust voluntary disclosure after significant events at international subsidiaries. We show an increase in the likelihood and frequency of management forecasts following natural disasters in regions where companies operate subsidiaries. The exogenous and staggered nature of natural disasters as well as our research design choices substantially raise the hurdle for alternative explanations of our result. Further analyses suggest that the effect is particularly strong for companies that rely on equity financing. Our paper contributes to the nascent literature on transmission effects within international business groups.
中文翻译:
国际子公司对自愿披露的影响——来自自然灾害的证据
本文记录了跨国公司管理人员在国际子公司发生重大事件后调整自愿披露的情况。我们发现,在公司经营子公司的地区发生自然灾害后,管理层预测的可能性和频率有所增加。自然灾害的外生和交错性质以及我们的研究设计选择大大提高了对我们的结果进行替代解释的障碍。进一步的分析表明,对于依赖股权融资的公司来说,这种影响尤其强烈。我们的论文为有关国际商业集团内部传播效应的新兴文献做出了贡献。