Corporate Disclosures and Financial Risk Assessment (eBook)

Philipp Kissing graduated from the Universities of Mannheim and Münster with a major in quantitative finance. In parallel to his professional activities at the investment management of a German insurance company, he was engaged in a research group in Paris and attained his PhD.

Table of Contents 5
List of Figures 7
List of Tables 8
List of Abbreviations 9
1 Introduction 10
2 Theoretical Foundation and Previous Research Approaches 12
2.1 Theoretical Foundations of Corporate Disclosures 12
2.1.1 Asymmetric Information and Agency Cost Theory 12
2.1.2 Stakeholder Theory 16
2.1.3 Information Cost Theory 20
2.1.4 Further Specific Theories and Overview 25
2.2 Previous Research Approaches 30
2.2.1 Financial Effects of Corporate Disclosures 30
2.2.2 Non-financial Effects of Corporate Disclosures 34
2.2.3 Quality Determinants of Corporate Disclosures 36
2.2.4 Academic Voids 39
3 Conceptual Framework and Research Approach 41
3.1 Conceptual Framework of Voluntary Disclosures 41
3.2 Underlying Assumptions 43
3.3 Derivation of Research Approach 45
4 Corporate Disclosures of Mid-Caps and Market Risk Indicators 48
4.1 Framework 48
4.2 Theoretical Development 50
4.2.1 Theses Development of Disclosure Determinants 50
4.2.2 Theses Development of Disclosure Consequences 54
4.3 Research Design 57
4.3.1 Data Collection 57
4.3.2 Sample Description 58
4.3.3 Structural Analysis Method 61
4.3.4 Statistical Analyses and Models 62
4.4 Research Findings 66
4.4.1 Descriptive and Explorative Statistics 66
4.4.2 Hypotheses Testing 71
4.4.3 Further Remarks on Corporate Disclosure Analyses 74
4.5 Discussion and Limitations 77
5 Corporate Disclosures and the Decision-Making Process of Financial Investors 84
5.1 Framework 84
5.2 Theoretical Development 85
5.2.1 Theses Development of Scenario-based Behavior, Justification and Confidence 86
5.2.2 Theses Development of Determinants that impact Decision Process 89
5.2.3 Theses Development to link the Intention, Probability to change and personalRisk Aversion 92
5.4 Research Findings 109
5.4.1 Testing of Scenario-based Hypotheses 110
5.4.2 Testing of overall Decision-Making Hypotheses 113
5.4.3 Testing of Intention, Changing Probability and Risk Attitude Hypotheses 122
5.5 Discussion and Limitations 125
6 Synthesis of Developed Models 128
7 Synopsis 132
Appendix 134
Bibliography 144