NDLI: External Finance, Firm Growth and the Benefits of Information Disclosure: Evidence from Finland

Content Provider	Springer Nature Link
Author	Hyytinen, Ari Pajarinen, Mika
Copyright Year	2005
Abstract	In this paper we study the relation between firm-level disclosure quality and the availability of external finance to firms. Using data on Finnish firms that are mostly private and small, we first estimate ‘excess growth‘ made possible by external finance. We then show that the excess growth is associated with the quality of disclosure, and that at least a part of the association arises because firms with excess growth self-select. The association seems to be strongest for a priori financially constrained firms. Taken together, the results of our empirical analysis identify a specific mechanism through which firms in need for external finance voluntarily look for good disclosure quality. They look for it, because it reduces barriers to external finance. These empirical findings have implications for policy-makers who consider whether firms should be forced to ‘talk’
Starting Page	69
Ending Page	93
Page Count	25
File Format	PDF
ISSN	09291261
Journal	European Journal of Law and Economics
Volume Number	19
Issue Number	1
e-ISSN	15729990
Language	English
Publisher	Kluwer Academic Publishers
Publisher Date	2005-01-01
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	corporate finance information disclosure auditing financial constraints Commercial Law European Integration Public Finance & Economics Law and Economics
Content Type	Text
Resource Type	Article
Subject	Business and International Management Law Economics and Econometrics

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
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3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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