Publication
Title
Financial disclosures by SMEs listed on a semi-regulated market : evidence from the Euronext free market
Author
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
Language
English
Source (journal)
Small business economics: an international journal. - Dordrecht
Publication
Dordrecht : 2014
ISSN
0921-898X
Volume/pages
42:2(2014), p. 361-385
ISI
000330866600010
Full text (Publisher's DOI)
Full text (publisher's version - intranet only)
UAntwerpen
Faculty/Department
Research group
Publication type
Subject
Affiliation
Publications with a UAntwerp address
External links
Web of Science
Record
Identification
Creation 11.02.2014
Last edited 28.07.2017
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