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Title
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Financial disclosures by SMEs listed on a semi-regulated market : evidence from the Euronext free market
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Author
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Abstract
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| 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 |
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Language
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English
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Source (journal)
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Small business economics: an international journal. - Dordrecht
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Publication
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Dordrecht
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2014
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ISSN
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0921-898X
[print]
1573-0913
[online]
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DOI
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10.1007/S11187-013-9484-X
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Volume/pages
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42
:2
(2014)
, p. 361-385
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ISI
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000330866600010
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Full text (Publisher's DOI)
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Full text (publisher's version - intranet only)
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