Download Corporate Disclosures and Financial Risk Assessment: A by Philipp Kissing PDF

By Philipp Kissing

This book hyperlinks info asymmetries and determination techniques of monetary traders via quantitative types. the purpose is to investigate empirical observations and synthesize outputs with a purpose to upload new educational insights with sensible pertinence. Multivariate scoring types and statistical analyses examine events out there point that permits companies to reduce their capital expenditures if particular stipulations are met. situation suggestions and additional econometrical versions are utilized to analyze the microeconomic level.

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Additional resources for Corporate Disclosures and Financial Risk Assessment: A Dichotomous Data-Analytical Approach Using Multivariate Scoring Models and Scenario Techniques

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In this way, the first hypothesis can be formulated as follows: H1: Large companies publish more comprehensive disclosures than smaller companies. Secondly, the leverage effect due to financial debt is taken into consideration. While the academic literature regarding the leverage effect in financial markets is very rich and many studies research different capital structures and their consequence, it could initially be proved that financing decisions are not relevant in perfect markets as the firm value is determined by corporate assets and not by splitting the cash flows (Modigliani and Miller, 1958).

Emissions along the corporate value chain can increase the basis of taxations or comparable costs. The trading in emission rights can be named as an example. As corporations have two options to avoid additional costs which are relocating their emission intensive activities abroad or introducing environmental improvements, investors are interested in the corporate decision making process due to its financial consequences. Comparable aspects can be discussed with reference to employees’ rights at corporations or their suppliers.

This determinant was tested successfully for companies from different backgrounds (Cormier et al. 2005). However, the firm size is not measured consistently. Most studies use the market capitalization but some focus on book values, sales figures or other more specific values. This limits the comparability of the results among the different studies. Additionally, Cormier et al. (2005) found evidence for large German companies that the ownership structure, the fixed asset age and the previous reporting behavior affect 27 the environmental disclosure quality.

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