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EnglishDespite accounting literature demonstrates that country- and firm-related factors drive disclosure in financial statements, whether transaction-specific features also affect the extent of disclosure is still unclear. In this paper, we examine such issue by investigating the association between the disclosure offered on M&A and multiple determinants incidental to the M&A itself. Referring to the unique Italian setting, showing high discretion and potential sensitivity toward disclosure, we document that acquirers increase disclosure for larger M&A and reduce disclosure for increasing M&A materiality and extreme amounts of goodwill recognized on the transaction. By disentangling mandatory and voluntary disclosure, empirical evidence shows that the latter is sensitive to more M&A-specific features than the former. Additional analyses and robustness tests support our main findings. The study contributes to accounting literature by highlighting the importance to include transaction-specific features when modelling for transaction-related disclosure, and has practical implications for investors, standard-setters, and regulators.
Florio, C., Lionzo, A., Corbella, S., Beyond Firm-level Determinants: The Effect of M&A Features on the Extent of M&A Disclosure, <<JOURNAL OF INTERNATIONAL ACCOUNTING RESEARCH>>, 2018; 17 (3): 87-113. [doi:10.2308/jiar-52226] [http://hdl.handle.net/10807/127648]
| Autori: | ||
| Titolo: | Beyond Firm-level Determinants: The Effect of M&A Features on the Extent of M&A Disclosure | |
| Digital Object Identifier (DOI): | http://dx.doi.org/10.2308/jiar-52226 | |
| URL: | http://aaajournals.org/doi/abs/10.2308/jiar-52226 | |
| Data di pubblicazione: | 2018 | |
| Abstract: | Despite accounting literature demonstrates that country- and firm-related factors drive disclosure in financial statements, whether transaction-specific features also affect the extent of disclosure is still unclear. In this paper, we examine such issue by investigating the association between the disclosure offered on M&A and multiple determinants incidental to the M&A itself. Referring to the unique Italian setting, showing high discretion and potential sensitivity toward disclosure, we document that acquirers increase disclosure for larger M&A and reduce disclosure for increasing M&A materiality and extreme amounts of goodwill recognized on the transaction. By disentangling mandatory and voluntary disclosure, empirical evidence shows that the latter is sensitive to more M&A-specific features than the former. Additional analyses and robustness tests support our main findings. The study contributes to accounting literature by highlighting the importance to include transaction-specific features when modelling for transaction-related disclosure, and has practical implications for investors, standard-setters, and regulators. | |
| Lingua: | Inglese | |
| Rivista: | ||
| Citazione: | Florio, C., Lionzo, A., Corbella, S., Beyond Firm-level Determinants: The Effect of M&A Features on the Extent of M&A Disclosure, <<JOURNAL OF INTERNATIONAL ACCOUNTING RESEARCH>>, 2018; 17 (3): 87-113. [doi:10.2308/jiar-52226] [http://hdl.handle.net/10807/127648] | |
| Appare nelle tipologie: | Articolo in rivista, Nota a sentenza |
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