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Financial disclosure by SMEs listed on a semi-regulated mark
This study investigates the financial disclosure policy of small and medium-sized enterprises listed on a stock market with very low disclosure requirements: the Free Market of the Euronext Stock Exchange. In contrast to firms listed on a regulated stock market, firms on the Free Market do not have...
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| Format: | Article |
| Language: | English |
| Published: |
2014
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| Subjects: |
| LEADER | 01387nab a22001937a 4500 | ||
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| 008 | 160615b2014 xxu||||| |||| 00| 0 eng d | ||
| 100 | |a Lardon, Andy | ||
| 245 | |a Financial disclosure by SMEs listed on a semi-regulated mark |c evidence from the Euronext Free Market / Lardon, Andy. | ||
| 260 | |c 2014 | ||
| 300 | |a 361-385 | ||
| 520 | |a This study investigates the financial disclosure policy of small and medium-sized enterprises listed on a stock market with very low disclosure requirements: the Free Market of the Euronext Stock Exchange. In contrast to firms listed on a regulated stock market, firms on the Free Market do not have any obligation to disclose periodic or price-sensitive information. We investigate the determinants of voluntary financial disclosure and its influence on stock liquidity. Our results suggest that firms disclose more financial information when they are likely to benefit from disclosure. Firms especially disclose when they issue equity. Voluntary disclosure also has a significant positive effect on stock liquidity, consistent with disclosure reducing information asymmetry. | ||
| 650 | |a Euronext Free Market | ||
| 650 | |a Stock Liquidity | ||
| 650 | |a Smes | ||
| 650 | |a Small And Medium-Sized Enterprises | ||
| 650 | |a Financial Disclosure Regulation | ||
| 650 | |a Financial Disclosure | ||
| 773 | |a Small Business Economics |d February | ||
| 999 | |c 41615 |d 41615 | ||