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Firms’ Disclosure Policies and Capital Investment Constraints: Evidence from Reg FD

Zhang, Yunyan
http://rave.ohiolink.edu/etdc/view?acc_num=osu1312309779

Abstract Details

2011, Doctor of Philosophy, Ohio State University, Accounting and MIS.
Information asymmetry between managers and outside capital suppliers can affect how firms finance capital investment. Disclosure of material information is one mechanism through which managers can reduce information asymmetry. This study examines how a firm’s disclosure policy affects its capital investment constraints by using an exogenous regulation shock- Regulation Fair Disclosure (Reg FD) to the information environment. Reg FD prevents managers from releasing material information only to a selected group. Post-Reg FD, some firms choose to replace selective disclosure with non-disclosure. I find that these firms’ capital investments are more constrained to their internal cash flow post-Reg FD than they were pre-Reg FD, relative to firms that choose to replace selective disclosure with public disclosure. The differential effect is stronger for financially constrained firms. These findings suggest that disclosure policy can have real implications for a firm’s investment.
Anne Beatty (Committee Chair)
Anil Arya (Committee Member)
Darren Roulstone (Committee Member)
Haiwen Zhang (Committee Member)
65 p.
Accounting
Reg FD; Disclosure; Investment

Recommended Citations

Citations

  • Zhang, Y. (2011). Firms’ Disclosure Policies and Capital Investment Constraints: Evidence from Reg FD [Doctoral dissertation, Ohio State University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=osu1312309779

    APA Style (7th edition)

  • Zhang, Yunyan. Firms’ Disclosure Policies and Capital Investment Constraints: Evidence from Reg FD. 2011. Ohio State University, Doctoral dissertation. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=osu1312309779.

    MLA Style (8th edition)

  • Zhang, Yunyan. "Firms’ Disclosure Policies and Capital Investment Constraints: Evidence from Reg FD." Doctoral dissertation, Ohio State University, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=osu1312309779

    Chicago Manual of Style (17th edition)

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© 2011, all rights reserved.
This open access ETD is published by The Ohio State University and OhioLINK.