Title
Financial disclosures by SMEs listed on a semi-regulated market : evidence from the Euronext free market Financial disclosures by SMEs listed on a semi-regulated market : evidence from the Euronext free market
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
Dordrecht ,
Subject
Economics
Source (journal)
Small business economics: an international journal. - Dordrecht
Volume/pages
42(2014) :2 , p. 361-385
ISSN
0921-898X
ISI
000330866600010
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
This study investigates the financial disclo- sure 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 i nformation. We investigate the determinants of voluntary fi nancial disclosure and its influence on stock liquidity. Our results suggest that firms disclose more financial info rmationwhentheyarelikely 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
E-info
https://repository.uantwerpen.be/docman/iruaauth/c924ef/39d81855cd2.pdf
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Handle