The Dark Side of Disclosure : Evidence of Government Expropriation from Worldwide Firms

This paper studies the effects of voluntary accounting information disclosure through auditing on firm access to finance, exposure to corruption, and sales growth. Relying on a data set of more than 70,000 firms in 121 countries, the analysis finds...

Full description

Bibliographic Details
Main Authors:	Liu, Tingting, Ullah, Barkat, Wei, Zuobao, Xu, Lixin Colin
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	GROWTH RATES LINE OF CREDIT DEPOSIT LINES OF CREDIT COMPETITORS RED TAPE INSTITUTIONAL ENVIRONMENT FINANCIAL MARKET DEVELOPMENT FINANCING INFORMAL SECTOR COUNTRY FIXED EFFECTS INCOME FOREIGN OWNERSHIP CONSUMER PRICE INDICES PRIVATIZATION GOVERNMENT PROPERTY RIGHTS EXCHANGE LIQUIDITY DEVELOPING COUNTRIES TAX COLLECTION POLITICAL ECONOMY CAPITAL STRUCTURE WORLD DEVELOPMENT INDICATORS COMPANIES FINANCIAL STATEMENTS INFORMATION SHARING LOAN FINANCIAL STATEMENT FIRM SIZE PRICE TAX CORRUPTION INVESTMENT OPPORTUNITY DISCLOSURE INDEPENDENCE BANK LENDING EXTERNAL FINANCE SMALL BUSINESS STATES FUTURE PROSPECTS STATE OWNERSHIP CREDIT RATINGS LEGAL CONSTRAINTS CURRENCY INITIAL PUBLIC OFFERINGS MARKET DEVELOPMENT FINANCIAL INSTITUTION REAL GROWTH RATE FOREIGN COMPANY FINANCIAL OBSTACLES CORPORATE FINANCE MARKETS FIRM GOVERNANCE INDICATORS LENDERS PRIVATE SECTOR DEVELOPMENT ECONOMIC REFORMS LICENSING ENTERPRISES TAX COLLECTIONS AGENCY COSTS CAPITAL INVESTMENTS FINANCIAL HEALTH TAXES INFORMATION ASYMMETRY INVESTMENT DECISIONS EXPENDITURE CLIENT FISCAL INVESTORS FIRMS INDIVIDUAL FIRM ECONOMIC PERFORMANCE BUSINESS ENVIRONMENTS OWNERSHIP STRUCTURE TRANSPARENCY STATE GOVERNMENT FINANCIAL CRISIS STARTUPS PARTIES FUTURE REPUTATION COUNTRY DUMMY STATE-OWNED ENTERPRISES UNDERDEVELOPED MARKETS ENTERPRISE FIRM PERFORMANCE TAX RATES MARKET LOCAL CURRENCY GOVERNMENT EXPROPRIATION COMPANY REGULATION FINANCIAL OBSTACLE DIVERSIFICATION CITIZENS GOVERNANCE EXPOSURE INSURANCE SOCIAL CAPITAL TAXATION MANUFACTURING INDUSTRIES ECONOMIC DEVELOPMENT STATE INVESTOR GOVERNMENT OWNERSHIP FIXED ASSETS SECURITY FINANCIAL DEVELOPMENT LEGAL SYSTEM FINANCIAL MARKET GROWTH RATE INVESTMENT FINANCIAL INTERMEDIATION SHARE INVESTOR PROTECTION GOVERNANCE INDICES FINANCIAL INFORMATION SALES GROWTH BUSINESS ENVIRONMENT BANKING BUSINESS LICENSING INSTITUTIONAL DEVELOPMENT FOREIGN COMPANIES LAW INVESTMENTS EXTERNAL FINANCING CORPORATE DISCLOSURES SMALL FIRMS POOR GOVERNANCE AUDIT CUSTOMERS SUPPLIERS FIRM GROWTH STRONG GOVERNANCE CAPITAL INVESTMENT GOVERNMENTS BUSINESS PERFORMANCE SEE FINANCIAL CONSTRAINTS POLITICAL INSTABILITY PRICES COST OF CAPITAL COMPETITION CORPORATE GOVERNANCE
Online Access:	http://documents.worldbank.org/curated/en/2015/05/24440274/dark-side-disclosure-evidence-government-expropriation-worldwide-firms http://hdl.handle.net/10986/21989