Information disclosure quality and firm value: empirical evidence for an emerging integrated market
Purpose: The purpose of this study is to estimate the effect of information disclosure on firm value for firms in the Integrated Latin American Market (MILA) over the period 2011–2017. Design/methodology/approach: The study uses structural equation modeling (SEM), where the latent variable “Disclosu...
- Autores:
-
Restrepo, Luisa Fernanda
Tellez-Falla, Diego
Godoy-Bejarano, Jesús
- Tipo de recurso:
- Article of investigation
- Fecha de publicación:
- 2022
- Institución:
- Universidad de Ibagué
- Repositorio:
- Repositorio Universidad de Ibagué
- Idioma:
- eng
- OAI Identifier:
- oai:repositorio.unibague.edu.co:20.500.12313/5491
- Acceso en línea:
- https://www.emerald.com/arla/article-abstract/35/3/345/131852/Information-disclosure-quality-and-firm-value?redirectedFrom=fulltext
- Palabra clave:
- Mercado integrado emergente
Mercado integrado Latinoamericano (MILA)
Disclosure
Firm value
Information asymmetry
SEM
Structural equations modeling
Textual analysis
- Rights
- closedAccess
- License
- http://purl.org/coar/access_right/c_14cb
| id |
UNIBAGUE2_095a02f1590e8af0b08a07d8ee231f01 |
|---|---|
| oai_identifier_str |
oai:repositorio.unibague.edu.co:20.500.12313/5491 |
| network_acronym_str |
UNIBAGUE2 |
| network_name_str |
Repositorio Universidad de Ibagué |
| repository_id_str |
|
| dc.title.eng.fl_str_mv |
Information disclosure quality and firm value: empirical evidence for an emerging integrated market |
| title |
Information disclosure quality and firm value: empirical evidence for an emerging integrated market |
| spellingShingle |
Information disclosure quality and firm value: empirical evidence for an emerging integrated market Mercado integrado emergente Mercado integrado Latinoamericano (MILA) Disclosure Firm value Information asymmetry SEM Structural equations modeling Textual analysis |
| title_short |
Information disclosure quality and firm value: empirical evidence for an emerging integrated market |
| title_full |
Information disclosure quality and firm value: empirical evidence for an emerging integrated market |
| title_fullStr |
Information disclosure quality and firm value: empirical evidence for an emerging integrated market |
| title_full_unstemmed |
Information disclosure quality and firm value: empirical evidence for an emerging integrated market |
| title_sort |
Information disclosure quality and firm value: empirical evidence for an emerging integrated market |
| dc.creator.fl_str_mv |
Restrepo, Luisa Fernanda Tellez-Falla, Diego Godoy-Bejarano, Jesús |
| dc.contributor.author.none.fl_str_mv |
Restrepo, Luisa Fernanda Tellez-Falla, Diego Godoy-Bejarano, Jesús |
| dc.subject.armarc.none.fl_str_mv |
Mercado integrado emergente Mercado integrado Latinoamericano (MILA) |
| topic |
Mercado integrado emergente Mercado integrado Latinoamericano (MILA) Disclosure Firm value Information asymmetry SEM Structural equations modeling Textual analysis |
| dc.subject.proposal.eng.fl_str_mv |
Disclosure Firm value Information asymmetry SEM Structural equations modeling Textual analysis |
| description |
Purpose: The purpose of this study is to estimate the effect of information disclosure on firm value for firms in the Integrated Latin American Market (MILA) over the period 2011–2017. Design/methodology/approach: The study uses structural equation modeling (SEM), where the latent variable “Disclosure Quality” is measured using five textual analysis variables as indicators. The final sample is composed of 1,412 observations representing 198 firms from which we were able to collect annual reports and financial information required. Findings: The authors find a positive and statistically significant effect of “Disclosure Quality” on firm value. The indirect effect of language on firm value is also captured. Text similarity, negative tone, readability and text length in corporate disclosure are negatively related to firm value while using positive tone is positively related. In the exploratory analysis, the authors have significant effects of textual measures on disclosure quality. Originality/value: The research is original and unique as it approaches the relation between disclosure quality and market valuation of the firm using SEM for firms participating in the MILA. © 2022, Emerald Publishing Limited. |
| publishDate |
2022 |
| dc.date.available.none.fl_str_mv |
2022 2025-08-15T22:34:37Z |
| dc.date.issued.none.fl_str_mv |
2022 |
| dc.date.accessioned.none.fl_str_mv |
2025-08-15T22:34:37Z |
| dc.type.none.fl_str_mv |
Artículo de revista |
| dc.type.coar.none.fl_str_mv |
http://purl.org/coar/resource_type/c_2df8fbb1 |
| dc.type.coarversion.none.fl_str_mv |
http://purl.org/coar/version/c_970fb48d4fbd8a85 |
| dc.type.content.none.fl_str_mv |
Text |
| dc.type.driver.none.fl_str_mv |
info:eu-repo/semantics/article |
| dc.type.version.none.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
| format |
http://purl.org/coar/resource_type/c_2df8fbb1 |
| status_str |
publishedVersion |
| dc.identifier.citation.none.fl_str_mv |
Restrepo, Luisa & Téllez, Diego & Godoy-Bejarano, Jesus. (2022). Information disclosure quality and firm value: empirical evidence for an emerging integrated market. Academia Revista Latinoamericana de Administración. 35. 10.1108/ARLA-05-2021-0109. |
| dc.identifier.doi.none.fl_str_mv |
10.1108/ARLA-05-2021-0109 |
| dc.identifier.issn.none.fl_str_mv |
10128255 |
| dc.identifier.uri.none.fl_str_mv |
|
| dc.identifier.url.none.fl_str_mv |
https://www.emerald.com/arla/article-abstract/35/3/345/131852/Information-disclosure-quality-and-firm-value?redirectedFrom=fulltext |
| identifier_str_mv |
Restrepo, Luisa & Téllez, Diego & Godoy-Bejarano, Jesus. (2022). Information disclosure quality and firm value: empirical evidence for an emerging integrated market. Academia Revista Latinoamericana de Administración. 35. 10.1108/ARLA-05-2021-0109. 10.1108/ARLA-05-2021-0109 10128255 |
| url |
https://www.emerald.com/arla/article-abstract/35/3/345/131852/Information-disclosure-quality-and-firm-value?redirectedFrom=fulltext |
| dc.language.iso.none.fl_str_mv |
eng |
| language |
eng |
| dc.relation.citationendpage.none.fl_str_mv |
365 |
| dc.relation.citationissue.none.fl_str_mv |
3 |
| dc.relation.citationstartpage.none.fl_str_mv |
345 |
| dc.relation.citationvolume.none.fl_str_mv |
35 |
| dc.relation.ispartofjournal.none.fl_str_mv |
Academia Revista Latinoamericana de Administracion |
| dc.relation.references.none.fl_str_mv |
Abrahamson, E. and Amir, E. (1996), “The information content of the president's letter to shareholders”, Journal of Business Finance and... Adhariani, D. and du Toit, E. (2020), “Readability of sustainability reports: evidence from Indonesia”, Journal of Accounting in Emerging... Ammann, M., Oesch, D. and Schmid, M.M. (2011), “Corporate governance and firm value: international evidence”, Journal of Empirical Finance,... Anderson, J.C. and Gerbing, D.W. (1988), “Structural equation modeling in practice: a review and recommended two-step approach”, Psychological... Antweiler, W. and Frank, M.Z. (2004), “Is all that talk just noise? The information content of internet stock message boards”, The Journal... Armstrong, C.S., Core, J.E., Taylor, D.J. and Verrecchia, R.E. (2011), “When does information asymmetry affect the cost of capital?”, Journal... Arora, J. and Chakraborty, M. (2021), “Does the ease of reading of financial disclosures influence investment decision?”, Economics Letters,... Bacha, S. and Ajina, A. (2020), “CSR performance and annual report readability: evidence from France”, Corporate Governance (Bingley), Vol.... Barari, M. (2004), “Equity market integration in Latin America: a time-varying integration score analysis”, International Review of Financial... Bochkay, K., Chychyla, R. and Nanda, D. (2019), “Dynamics of CEO disclosure style”, Accounting Review, Vol. 94 No. 4, pp. 103-140. Botosan, C.A. and Plumlee, M.A. (2002), “A re-examination of disclosure level and the expected cost of equity capital”, Journal of Accounting... Brockman, P., Li, X. and Price, S.M.K. (2015), “Differences in conference call tones: managers vs. analysts”, Financial Analysts Journal,... Brown, S.V. and Tucker, J.W. (2011), “Large-sample evidence on firms' year-over-year MD&A modifications”, Journal of Accounting Research,... Chauhan, Y. and Kumar, S.B. (2018), “Do investors value the nonfinancial disclosure in emerging markets?”, Emerging Markets Review, Vol. 37,... Damodaran, A. (2012), “Investment valuation”, available at: http://dspace.lzuu.lt/bitstream/1/1912/1/Investment valuation.pdf. Davis, A.K., Ge, W., Matsumoto, D. and Zhang, J.L. (2015), “The effect of manager-specific optimism on the tone of earnings conference calls”,... Diamond, D.W. (1985), “Optimal release of information”, The Journal of Finance, Vol. 40 No. 4, pp. 1071-1094. Diamond, D.W. and Verrecchia, R.E. (1991), “Disclosure, liquidity, and the cost of capital”, The Journal of Finance, Vol. 46 No. 4, pp. 1325-1359. Duan, Y., Liu, L. and Wang, Z. (2021), “COVID-19 sentiment and the Chinese stock market: evidence from the official news media and Sina Weibo”,... Easley, D. and O'Hara, M. (2004), “Information and the cost of capital”, Vol. 32. Ertugrul, M., Lei, J., Qiu, J. and Wan, C. (2017), “Annual report readability, tone ambiguity, and the cost of borrowing”, Journal of Financial... Espinosa-Méndez, C., Gorigoitía, J. and Vieito, J. (2017), “Is the virtual integration of financial markets beneficial in emerging markets?... Fisher, R., van Staden, C.J. and Richards, G. (2020), “Watch that tone: an investigation of the use and stylistic consequences of tone in... Fosu, S., Danso, A., Ahmad, W. and Coffie, W. (2016), “Information asymmetry, leverage, and firm value: do crisis and growth matter?”, International... Frazier, K.B., Ingram, R.W. and Tennyson, B.M. (1984), “A methodology for the analysis of narrative accounting disclosures”, Journal of Accounting... Garay, U., González, M., Guzmán, A. and Trujillo, M.A. (2013), “Internet-based corporate disclosure and market value: evidence from Latin... Geerings, J., Bollen, L.H. and Hassink, H.F.D. (2003), “Investor relations on the internet: a survey of the Euronext zone”, European Accounting... Godoy-Bejarano, J.M. and Tellez-Falla, D.F. (2017), “Mission power and firm financial performance”, Latin American Business Review, Vol. 18... González, M., Téllez, D. and Trujillo, M.A. (2019), “Governance, sentiment analysis, and initial public offering underpricing”, Corporate... González, M., Guzmán, A., Téllez, D.F. and Trujillo, M.A. (2021a), “What you say and how you say it: information disclosure in Latin American... González, M., Guzmán, A., Tellez-Falla, D.F. and Trujillo, M.A. (2021b), “Determinants of corporate tone in an initial public offering: powerful... Greenstein, M.M. and Sami, H. (1994), “The impact of the SEC's segment disclosure requirement on bid-ask spreads”, Accounting Review,... Grzybkowski, M. and Wójcik, D. (2006), “Internet and corporate governance”, available at SSRN: 914520. Haggard, K.S., Martin, X. and Pereira, R. (2008), “Does voluntary disclosure improve stock price informativeness?”, Financial Management,... Hair, J.F., Black, W.C., Babin, B.J., Anderson, R.E., Tatham, R.L. and others (2006), Multivariate Data Analysis, Vol. 6, Pearson Prentice... Hassan, O.A. (2018), “The impact of voluntary environmental disclosure on firm value: does organizational visibility play a mediation role?”,... Huang, X., Teoh, S.H. and Zhang, Y. (2014), “Tone management”, Accounting Review, Vol. 89 No. 3, pp. 1083-1113. Ismail, T.H. (2002), “An empirical investigation of factors influencing voluntary disclosure of financial information on the internet in the... Jo, H. and Harjoto, M.A. (2011), “Corporate governance and firm value: the impact of corporate social responsibility”, Journal of Business... Lambert, R., Leuz, C. and Verrecchia, R.E. (2007), “Accounting information, disclosure, and the cost of capital”, Journal of Accounting Research,... Lang, M.H., Lins, K.V. and Miller, D.P. (2003), “ADRs, analysts, and accuracy: does cross-listing in the United States improve a firm's... Lomax, R.G. and Schumacker, R.E. (2004), A Beginner’s Guide to Structural Equation Modeling, Psychology Press. Long, J.S. (1983), Confirmatory Factor Analysis: A Preface to LISREL, Vol. 33, Sage Publications. Lopes, A.B. and de Alencar, R.C. (2010), “Disclosure and cost of equity capital in emerging markets: the Brazilian case”, The International... Loughran, T. and Mcdonald, B. (2014), “Measuring readability in financial disclosures”, Journal of Finance, Vol. 69 No. 4, pp. 1643-1671. Loughran, T. and Mcdonald, B. (2016), “Textual analysis in accounting and finance: a survey”, Journal of Accounting Research, Vol. 54 No.... Mak, Y.T. and Kusnadi, Y. (2005), “Size really matters: further evidence on the negative relationship between board size and firm value”,... Mangena, M., Li, J. and Tauringana, V. (2016), “Disentangling the effects of corporate disclosure on the cost of equity capital: a study of... Matsumoto, D., Pronk, M. and Roelofsen, E. (2011), “What makes conference calls useful? The information content of managers' presentations... Mellado, C. and Escobari, D. (2015), “Virtual integration of financial markets: a dynamic correlation analysis of the creation of the Latin... MILA (2017), “MILA, EL MERCADO MAS GRANDE DE LATINOAMERICA”, MILA, available at: http://mercadomila.com/wp-content/uploads/2018/04/20170302CPMILA.pdf. Miller, B.P. (2010), “The effects of reporting complexity on small and large investor trading”, Accounting Review, Vol. 85 No. 6, pp. 2107-2143. Myers, S.C. (1977), “Determinants of corporate borrowing”, Journal of Financial Economics, Vol. 5 No. 2, pp. 147-175. Myers, S.C. and Majluf, N.S. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”,... Naumer, H., News, B.Y.-B., the N.N.T.M. and 2020, undefined (2020). “Good news, bad news, no news: the media and the cross-section of stock... Newsom, J.T. (2015), Longitudinal Structural Equation Modeling: A Comprehensive Introduction, Routledge. Patel, S.A., Balic, A. and Bwakira, L. (2002), “Measuring transparency and disclosure at firm-level in emerging markets”, Emerging Markets... Pengnate, S.F., Lehmberg, D.G. and Tangpong, C. (2020), “Top management's communication in economic crisis and the firm's subsequent... Samieifar, S. and Baur, D.G. (2021), “Read me if you can! an analysis of ICO white papers”, Finance Research Letters, Vol. 38, 101427. Scaltrito, D. (2015), “Assessing disclosure quality: a methodological issue”, Journal of Modern Accounting and Auditing, Vol. 11 No. 9, pp.... Schreder, M. (2018), “Idiosyncratic information and the cost of equity capital: a meta-analytic review of the literature”, Journal of Accounting... Szigriszt, F. (1993), Sistemas predictivos de legilibilidad del mensaje escrito: fórmula de perspicuidad, Universidad Complutense de Madrid,... Tetlock, P.C. (2007), “Giving content to investor sentiment: the role of media in the stock market”, Journal of Finance, Vol. 62 No. 3, pp.... Tetlock, P.C., Saar-Tsechansky, M. and Macskassy, S. (2008), “More than words: quantifying language to measure firms' fundamentals”, Journal... Weber, M., Keppe, H.J. and Meyer-Delius, G. (2000), “The impact of endowment framing on market prices—an experimental analysis”, Journal of... Zhang, S., Aerts, W., Lu, L. and Pan, H. (2019), “Readability of token whitepaper and ICO first-day return”, Economics Letters, Vol. 180,... Further reading Banghøj, J. and Plenborg, T. (2008), “Value relevance of voluntary disclosure in the annual report”, Accounting and Finance,... Botosan, C.A. (1997), “Disclosure level and the cost of equity capital: South African evidence”, The Accounting Review, Vol. 72 No. 3, pp.... Brown, S. and Hillegeist, S.A. (2007), “How disclosure quality affects the level of information asymmetry”, Rev. Account. Stud., Vol. 12 Nos... Dutta, S. and Nezlobin, A. (2017), “Information disclosure, firm growth, and the cost of capital”, Journal of Financial Economics, Vol. 123... Garay, U. and González, M. (2008), “Corporate governance and firm value: the case of Venezuela”, Corporate Governance: An International Review,... Hox, J.J., Moerbeek, M. and de Schoot, R. (2017), Multilevel Analysis: Techniques and Applications, Routledge. Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs, and ownership structure”, Journal of Financial... La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (2002), “Investor protection and corporate valuation”, The Journal of Finance,... Leuz, C. and Verrecchia, R.E. (2000), “The economic consequences of increased disclosure”, Journal of Accounting Research, pp. 91-124. |
| dc.rights.accessrights.none.fl_str_mv |
info:eu-repo/semantics/closedAccess |
| dc.rights.coar.none.fl_str_mv |
http://purl.org/coar/access_right/c_14cb |
| dc.rights.license.none.fl_str_mv |
Atribución-NoComercial 4.0 Internacional (CC BY-NC 4.0) |
| dc.rights.uri.none.fl_str_mv |
https://creativecommons.org/licenses/by-nc/4.0/ |
| eu_rights_str_mv |
closedAccess |
| rights_invalid_str_mv |
http://purl.org/coar/access_right/c_14cb Atribución-NoComercial 4.0 Internacional (CC BY-NC 4.0) https://creativecommons.org/licenses/by-nc/4.0/ |
| dc.format.mimetype.none.fl_str_mv |
application/pdf |
| dc.publisher.none.fl_str_mv |
Emerald Group Holdings Ltd. |
| dc.publisher.place.none.fl_str_mv |
Reino Unido |
| publisher.none.fl_str_mv |
Emerald Group Holdings Ltd. |
| dc.source.none.fl_str_mv |
https://www.emerald.com/arla/article-abstract/35/3/345/131852/Information-disclosure-quality-and-firm-value?redirectedFrom=fulltext |
| institution |
Universidad de Ibagué |
| bitstream.url.fl_str_mv |
https://repositorio.unibague.edu.co/bitstreams/c8dfe7da-00b8-45e4-9ebf-7004fef8c42f/download https://repositorio.unibague.edu.co/bitstreams/21f3266f-042d-4751-939e-7aff8a7fb40b/download https://repositorio.unibague.edu.co/bitstreams/4b35a445-0788-471d-9a07-56b6245d4856/download https://repositorio.unibague.edu.co/bitstreams/d275266e-4c32-48dc-9b43-40af52d958bb/download |
| bitstream.checksum.fl_str_mv |
6b72eebf407a72c1c6ecc4e04fc1e8f4 f438a19ac18df4da96c15c5f2ee051d0 85acb008f53640dc963d90e522ebee50 2fa3e590786b9c0f3ceba1b9656b7ac3 |
| bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 |
| repository.name.fl_str_mv |
Repositorio Institucional Universidad de Ibagué |
| repository.mail.fl_str_mv |
bdigital@metabiblioteca.com |
| _version_ |
1851059990477930496 |
| spelling |
Restrepo, Luisa Fernandac2adb112-5e53-44ed-b713-17711e2508cb-1Tellez-Falla, Diego3ebb041c-d018-423a-bcb8-776146b857b8-1Godoy-Bejarano, Jesús8756db31-a0b8-471e-b903-91e7f6c41e80-12025-08-15T22:34:37Z20222025-08-15T22:34:37Z2022Purpose: The purpose of this study is to estimate the effect of information disclosure on firm value for firms in the Integrated Latin American Market (MILA) over the period 2011–2017. Design/methodology/approach: The study uses structural equation modeling (SEM), where the latent variable “Disclosure Quality” is measured using five textual analysis variables as indicators. The final sample is composed of 1,412 observations representing 198 firms from which we were able to collect annual reports and financial information required. Findings: The authors find a positive and statistically significant effect of “Disclosure Quality” on firm value. The indirect effect of language on firm value is also captured. Text similarity, negative tone, readability and text length in corporate disclosure are negatively related to firm value while using positive tone is positively related. In the exploratory analysis, the authors have significant effects of textual measures on disclosure quality. Originality/value: The research is original and unique as it approaches the relation between disclosure quality and market valuation of the firm using SEM for firms participating in the MILA. © 2022, Emerald Publishing Limited.application/pdfRestrepo, Luisa & Téllez, Diego & Godoy-Bejarano, Jesus. (2022). Information disclosure quality and firm value: empirical evidence for an emerging integrated market. Academia Revista Latinoamericana de Administración. 35. 10.1108/ARLA-05-2021-0109.10.1108/ARLA-05-2021-010910128255https://www.emerald.com/arla/article-abstract/35/3/345/131852/Information-disclosure-quality-and-firm-value?redirectedFrom=fulltextengEmerald Group Holdings Ltd.Reino Unido365334535Academia Revista Latinoamericana de AdministracionAbrahamson, E. and Amir, E. (1996), “The information content of the president's letter to shareholders”, Journal of Business Finance and...Adhariani, D. and du Toit, E. (2020), “Readability of sustainability reports: evidence from Indonesia”, Journal of Accounting in Emerging...Ammann, M., Oesch, D. and Schmid, M.M. (2011), “Corporate governance and firm value: international evidence”, Journal of Empirical Finance,...Anderson, J.C. and Gerbing, D.W. (1988), “Structural equation modeling in practice: a review and recommended two-step approach”, Psychological...Antweiler, W. and Frank, M.Z. (2004), “Is all that talk just noise? The information content of internet stock message boards”, The Journal...Armstrong, C.S., Core, J.E., Taylor, D.J. and Verrecchia, R.E. (2011), “When does information asymmetry affect the cost of capital?”, Journal...Arora, J. and Chakraborty, M. (2021), “Does the ease of reading of financial disclosures influence investment decision?”, Economics Letters,...Bacha, S. and Ajina, A. (2020), “CSR performance and annual report readability: evidence from France”, Corporate Governance (Bingley), Vol....Barari, M. (2004), “Equity market integration in Latin America: a time-varying integration score analysis”, International Review of Financial...Bochkay, K., Chychyla, R. and Nanda, D. (2019), “Dynamics of CEO disclosure style”, Accounting Review, Vol. 94 No. 4, pp. 103-140.Botosan, C.A. and Plumlee, M.A. (2002), “A re-examination of disclosure level and the expected cost of equity capital”, Journal of Accounting...Brockman, P., Li, X. and Price, S.M.K. (2015), “Differences in conference call tones: managers vs. analysts”, Financial Analysts Journal,...Brown, S.V. and Tucker, J.W. (2011), “Large-sample evidence on firms' year-over-year MD&A modifications”, Journal of Accounting Research,...Chauhan, Y. and Kumar, S.B. (2018), “Do investors value the nonfinancial disclosure in emerging markets?”, Emerging Markets Review, Vol. 37,...Damodaran, A. (2012), “Investment valuation”, available at: http://dspace.lzuu.lt/bitstream/1/1912/1/Investment valuation.pdf.Davis, A.K., Ge, W., Matsumoto, D. and Zhang, J.L. (2015), “The effect of manager-specific optimism on the tone of earnings conference calls”,...Diamond, D.W. (1985), “Optimal release of information”, The Journal of Finance, Vol. 40 No. 4, pp. 1071-1094.Diamond, D.W. and Verrecchia, R.E. (1991), “Disclosure, liquidity, and the cost of capital”, The Journal of Finance, Vol. 46 No. 4, pp. 1325-1359.Duan, Y., Liu, L. and Wang, Z. (2021), “COVID-19 sentiment and the Chinese stock market: evidence from the official news media and Sina Weibo”,...Easley, D. and O'Hara, M. (2004), “Information and the cost of capital”, Vol. 32.Ertugrul, M., Lei, J., Qiu, J. and Wan, C. (2017), “Annual report readability, tone ambiguity, and the cost of borrowing”, Journal of Financial...Espinosa-Méndez, C., Gorigoitía, J. and Vieito, J. (2017), “Is the virtual integration of financial markets beneficial in emerging markets?...Fisher, R., van Staden, C.J. and Richards, G. (2020), “Watch that tone: an investigation of the use and stylistic consequences of tone in...Fosu, S., Danso, A., Ahmad, W. and Coffie, W. (2016), “Information asymmetry, leverage, and firm value: do crisis and growth matter?”, International...Frazier, K.B., Ingram, R.W. and Tennyson, B.M. (1984), “A methodology for the analysis of narrative accounting disclosures”, Journal of Accounting...Garay, U., González, M., Guzmán, A. and Trujillo, M.A. (2013), “Internet-based corporate disclosure and market value: evidence from Latin...Geerings, J., Bollen, L.H. and Hassink, H.F.D. (2003), “Investor relations on the internet: a survey of the Euronext zone”, European Accounting...Godoy-Bejarano, J.M. and Tellez-Falla, D.F. (2017), “Mission power and firm financial performance”, Latin American Business Review, Vol. 18...González, M., Téllez, D. and Trujillo, M.A. (2019), “Governance, sentiment analysis, and initial public offering underpricing”, Corporate...González, M., Guzmán, A., Téllez, D.F. and Trujillo, M.A. (2021a), “What you say and how you say it: information disclosure in Latin American...González, M., Guzmán, A., Tellez-Falla, D.F. and Trujillo, M.A. (2021b), “Determinants of corporate tone in an initial public offering: powerful...Greenstein, M.M. and Sami, H. (1994), “The impact of the SEC's segment disclosure requirement on bid-ask spreads”, Accounting Review,...Grzybkowski, M. and Wójcik, D. (2006), “Internet and corporate governance”, available at SSRN: 914520.Haggard, K.S., Martin, X. and Pereira, R. (2008), “Does voluntary disclosure improve stock price informativeness?”, Financial Management,...Hair, J.F., Black, W.C., Babin, B.J., Anderson, R.E., Tatham, R.L. and others (2006), Multivariate Data Analysis, Vol. 6, Pearson Prentice...Hassan, O.A. (2018), “The impact of voluntary environmental disclosure on firm value: does organizational visibility play a mediation role?”,...Huang, X., Teoh, S.H. and Zhang, Y. (2014), “Tone management”, Accounting Review, Vol. 89 No. 3, pp. 1083-1113.Ismail, T.H. (2002), “An empirical investigation of factors influencing voluntary disclosure of financial information on the internet in the...Jo, H. and Harjoto, M.A. (2011), “Corporate governance and firm value: the impact of corporate social responsibility”, Journal of Business...Lambert, R., Leuz, C. and Verrecchia, R.E. (2007), “Accounting information, disclosure, and the cost of capital”, Journal of Accounting Research,...Lang, M.H., Lins, K.V. and Miller, D.P. (2003), “ADRs, analysts, and accuracy: does cross-listing in the United States improve a firm's...Lomax, R.G. and Schumacker, R.E. (2004), A Beginner’s Guide to Structural Equation Modeling, Psychology Press.Long, J.S. (1983), Confirmatory Factor Analysis: A Preface to LISREL, Vol. 33, Sage Publications.Lopes, A.B. and de Alencar, R.C. (2010), “Disclosure and cost of equity capital in emerging markets: the Brazilian case”, The International...Loughran, T. and Mcdonald, B. (2014), “Measuring readability in financial disclosures”, Journal of Finance, Vol. 69 No. 4, pp. 1643-1671.Loughran, T. and Mcdonald, B. (2016), “Textual analysis in accounting and finance: a survey”, Journal of Accounting Research, Vol. 54 No....Mak, Y.T. and Kusnadi, Y. (2005), “Size really matters: further evidence on the negative relationship between board size and firm value”,...Mangena, M., Li, J. and Tauringana, V. (2016), “Disentangling the effects of corporate disclosure on the cost of equity capital: a study of...Matsumoto, D., Pronk, M. and Roelofsen, E. (2011), “What makes conference calls useful? The information content of managers' presentations...Mellado, C. and Escobari, D. (2015), “Virtual integration of financial markets: a dynamic correlation analysis of the creation of the Latin...MILA (2017), “MILA, EL MERCADO MAS GRANDE DE LATINOAMERICA”, MILA, available at: http://mercadomila.com/wp-content/uploads/2018/04/20170302CPMILA.pdf.Miller, B.P. (2010), “The effects of reporting complexity on small and large investor trading”, Accounting Review, Vol. 85 No. 6, pp. 2107-2143.Myers, S.C. (1977), “Determinants of corporate borrowing”, Journal of Financial Economics, Vol. 5 No. 2, pp. 147-175.Myers, S.C. and Majluf, N.S. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”,...Naumer, H., News, B.Y.-B., the N.N.T.M. and 2020, undefined (2020). “Good news, bad news, no news: the media and the cross-section of stock...Newsom, J.T. (2015), Longitudinal Structural Equation Modeling: A Comprehensive Introduction, Routledge.Patel, S.A., Balic, A. and Bwakira, L. (2002), “Measuring transparency and disclosure at firm-level in emerging markets”, Emerging Markets...Pengnate, S.F., Lehmberg, D.G. and Tangpong, C. (2020), “Top management's communication in economic crisis and the firm's subsequent...Samieifar, S. and Baur, D.G. (2021), “Read me if you can! an analysis of ICO white papers”, Finance Research Letters, Vol. 38, 101427.Scaltrito, D. (2015), “Assessing disclosure quality: a methodological issue”, Journal of Modern Accounting and Auditing, Vol. 11 No. 9, pp....Schreder, M. (2018), “Idiosyncratic information and the cost of equity capital: a meta-analytic review of the literature”, Journal of Accounting...Szigriszt, F. (1993), Sistemas predictivos de legilibilidad del mensaje escrito: fórmula de perspicuidad, Universidad Complutense de Madrid,...Tetlock, P.C. (2007), “Giving content to investor sentiment: the role of media in the stock market”, Journal of Finance, Vol. 62 No. 3, pp....Tetlock, P.C., Saar-Tsechansky, M. and Macskassy, S. (2008), “More than words: quantifying language to measure firms' fundamentals”, Journal...Weber, M., Keppe, H.J. and Meyer-Delius, G. (2000), “The impact of endowment framing on market prices—an experimental analysis”, Journal of...Zhang, S., Aerts, W., Lu, L. and Pan, H. (2019), “Readability of token whitepaper and ICO first-day return”, Economics Letters, Vol. 180,...Further reading Banghøj, J. and Plenborg, T. (2008), “Value relevance of voluntary disclosure in the annual report”, Accounting and Finance,...Botosan, C.A. (1997), “Disclosure level and the cost of equity capital: South African evidence”, The Accounting Review, Vol. 72 No. 3, pp....Brown, S. and Hillegeist, S.A. (2007), “How disclosure quality affects the level of information asymmetry”, Rev. Account. Stud., Vol. 12 Nos...Dutta, S. and Nezlobin, A. (2017), “Information disclosure, firm growth, and the cost of capital”, Journal of Financial Economics, Vol. 123...Garay, U. and González, M. (2008), “Corporate governance and firm value: the case of Venezuela”, Corporate Governance: An International Review,...Hox, J.J., Moerbeek, M. and de Schoot, R. (2017), Multilevel Analysis: Techniques and Applications, Routledge.Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs, and ownership structure”, Journal of Financial...La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (2002), “Investor protection and corporate valuation”, The Journal of Finance,...Leuz, C. and Verrecchia, R.E. (2000), “The economic consequences of increased disclosure”, Journal of Accounting Research, pp. 91-124.© 2025 Emerald Publishing Limited. All rights reserved, including rights for text and data mining, artificial intelligence training and similar technologies.info:eu-repo/semantics/closedAccesshttp://purl.org/coar/access_right/c_14cbAtribución-NoComercial 4.0 Internacional (CC BY-NC 4.0)https://creativecommons.org/licenses/by-nc/4.0/https://www.emerald.com/arla/article-abstract/35/3/345/131852/Information-disclosure-quality-and-firm-value?redirectedFrom=fulltextMercado integrado emergenteMercado integrado Latinoamericano (MILA)DisclosureFirm valueInformation asymmetrySEMStructural equations modelingTextual analysisInformation disclosure quality and firm value: empirical evidence for an emerging integrated marketArtículo de revistahttp://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Textinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPublicationORIGINALArtículo.pdfArtículo.pdfapplication/pdf133191https://repositorio.unibague.edu.co/bitstreams/c8dfe7da-00b8-45e4-9ebf-7004fef8c42f/download6b72eebf407a72c1c6ecc4e04fc1e8f4MD52TEXTArtículo.pdf.txtArtículo.pdf.txtExtracted texttext/plain4805https://repositorio.unibague.edu.co/bitstreams/21f3266f-042d-4751-939e-7aff8a7fb40b/downloadf438a19ac18df4da96c15c5f2ee051d0MD53THUMBNAILArtículo.pdf.jpgArtículo.pdf.jpgIM Thumbnailimage/jpeg31780https://repositorio.unibague.edu.co/bitstreams/4b35a445-0788-471d-9a07-56b6245d4856/download85acb008f53640dc963d90e522ebee50MD54LICENSElicense.txtlicense.txttext/plain; charset=utf-8134https://repositorio.unibague.edu.co/bitstreams/d275266e-4c32-48dc-9b43-40af52d958bb/download2fa3e590786b9c0f3ceba1b9656b7ac3MD5120.500.12313/5491oai:repositorio.unibague.edu.co:20.500.12313/54912025-09-12 11:00:25.473https://creativecommons.org/licenses/by-nc/4.0/© 2025 Emerald Publishing Limited. All rights reserved, including rights for text and data mining, artificial intelligence training and similar technologies.https://repositorio.unibague.edu.coRepositorio Institucional Universidad de Ibaguébdigital@metabiblioteca.comQ3JlYXRpdmUgQ29tbW9ucyBBdHRyaWJ1dGlvbi1Ob25Db21tZXJjaWFsLU5vRGVyaXZhdGl2ZXMgNC4wIEludGVybmF0aW9uYWwgTGljZW5zZQ0KaHR0cHM6Ly9jcmVhdGl2ZWNvbW1vbnMub3JnL2xpY2Vuc2VzL2J5LW5jLW5kLzQuMC8= |