CoChat
Sign Up
Cited by 127Auditing, Earnings Management, GovernanceCorporate Social Responsibility ReportingFinancial Reporting and XBRL

The DOI matches its Crossref record.

Value relevance of voluntary disclosure: evidence from Turkish firms

Uyar, Ali, Kılıç, Merve·2012·Journal of Intellectual Capital
DOI 10.1108/14691931211248918
Open this paper in CoChat — free account

Abstract

Purpose The purpose of this paper is to examine whether or not listed Turkish companies’ voluntary disclosure practices are value‐relevant in the capital market. Design/methodology/approach The sample consists of 129 manufacturing companies listed in the Istanbul Stock Exchange (ISE) for the year 2010. Data regarding voluntary disclosure level and other variables have been collected by analyzing the contents of annual reports. Through multiple regression analysis, the authors investigated whether or not voluntary disclosure level impacts firm value. Findings The main finding of the study is that voluntary disclosure is value‐relevant; i.e. impacts firm value. This implies that market participants value voluntary disclosure. The more information firms disclose voluntarily, the higher value they have in the eyes of investors. Therefore, this finding might be accepted as a signal to corporations to disclose more information to the stakeholders. However, the finding varied based on the dependent variable used; hence, the result was not supported by all models. Research limitations/implications The findings of this paper are based on the study conducted on the ISE including manufacturing industry. Thus, the results might not be valid for non‐listed and non‐manufacturing companies. Originality/value There is a scarcity of studies regarding how the marketplace perceives voluntary disclosure. The paper evaluates comprehensively the value relevance of overall voluntary disclosure as w…

Overview

Integrity signals

Registry

Crossref · 10.1108/14691931211248918

Cites

Statistics

Recomputing p-values needs the paper’s full text.

Verification

Claims the paper makes

This paper’s full text isn’t openly available, so its claims and self-check weren’t run. The registry and citation checks still apply.

Claims other papers make about this one

Each is checked against this paper’s own text: does it say what the citing paper says it does?

Citations

Cites

No references could be resolved yet.

Research works printed but not linked: 39

  1. Abdolmohammadi, M.J. (2005), “Intellectual capital disclosure and market capitalization”, Journal of Intellectual Capital, Vol. 6 No. 3, pp. 397‐416. · DOI
  2. Aksu, M. and Kosedag, A. (2006), “Transparency and disclosure scores and their determinants in the Istanbul Stock Exchange”, Corporate Governance: An International Review, Vol. 14 No. 4, pp. 277‐96. · DOI
  3. Al‐Akra, M. and Ali, M.J. (2010), “The value relevance of corporate voluntary disclosure in the Middle‐East – the case for Jordan”, Paper presented at the 2010 AFAANZ Conference, Christchurch, July 4‐6.
  4. Anam, O.A., Fatima, A.H. and Majdi, A.R.H. (2011), “Effects of intellectual capital information disclosed in annual reports on market capitalization: evidence from Bursa Malaysia”, Journal of Human Resource Costing & Accounting, Vol. 15 No. 2, pp. 85‐101. · DOI
  5. Ararat, M. and Yurtoglu, B.B. (2006), “Corporate governance in Turkey: an introduction to the special issue”, Corporate Governance: An International Review, Vol. 14 No. 4, pp. 201‐6. · DOI
  6. Beattie, V. and Smith, S.J. (2010), “Human capital, value creation and disclosure”, Journal of Human Resource Costing & Accounting, Vol. 14 No. 4, pp. 262‐85. · DOI · Paper page
  7. Brüggen, A., Vergauwen, P. and Dao, M. (2009), “Determinants of intellectual capital disclosure: evidence from Australia”, Management Decision, Vol. 47 No. 2, pp. 233‐45. · DOI
  8. Chau, G. and Gray, S.J. (2010), “Family ownership, board independence and voluntary disclosure: evidence from Hong Kong”, Journal of International Accounting, Auditing and Taxation, Vol. 19 No. 2, pp. 93‐109. · DOI
  9. Cooke, T.E. (1989), “Voluntary corporate disclosure by Swedish companies”, Journal of International Financial Management and Accounting, Vol. 1 No. 2, pp. 171‐95. · DOI
  10. Core, J.E. (2001), “A review of the empirical disclosure literature: discussion”, Journal of Accounting and Economics, Vol. 31 Nos 1‐3, pp. 441‐56. · DOI
  11. Cormier, D., Ledoux, M.J. and Magnan, M. (2011), “The informational contribution of social and environmental disclosures for investors”, Management Decision, Vol. 49 No. 8, pp. 1276‐304. · DOI
  12. Curado, C., Henriques, L. and Bontis, N. (2011), “Intellectual capital disclosure payback”, Management Decision, Vol. 49 No. 7, pp. 1080‐98. · DOI
  13. Demirag, I. and Serter, M. (2003), “Ownership patterns and control in Turkish listed companies”, Corporate Governance: An International Review, Vol. 11 No. 1, pp. 40‐51. · DOI
  14. Francis, J. and Schipper, K. (1999), “Have financial statements lost their relevance”, Journal of Accounting Research, Vol. 37 No. 2, pp. 319‐52. · DOI
  15. Gallego‐Álvarez, I., Prado‐Lorenzo, J., Rodríguez‐Domínguez, L. and García‐Sánchez, I. (2010), “Are social and environmental practices a marketing tool? Empirical evidence for the biggest European companies”, Management Decision, Vol. 48 No. 10, pp. 1440‐55. · DOI
  16. Gonenc, H. and Aybar, C.B. (2006), “Financial crisis and firm performance: empirical evidence from Turkey”, Corporate Governance: An International Review, Vol. 14 No. 4, pp. 297‐311. · DOI
  17. Gordon, L.A., Loeb, M.P. and Sohail, T. (2010), “Market value of voluntary disclosures concerning information security”, MIS Quarterly, Vol. 34 No. 3, pp. 567‐94. · DOI
  18. Gul, F.A. and Leung, S. (2004), “Board leadership, outside directors’ expertise and voluntary corporate disclosures”, Journal of Accounting and Public Policy, Vol. 23 No. 5, pp. 351‐79. · DOI
  19. Hair, J.F., Black, W.C., Babin, B.J. and Anderson, R.E. (2009), Multivariate Data Analysis, 7th ed., Pearson, New York, NY.
  20. Hassan, O.A.G., Giorgioni, G., Romilly, P. and Power, D. (2009), “The value‐relevance of disclosure: evidence from the emerging capital market of Egypt”, The International Journal of Accounting, Vol. 44 No. 1, pp. 79‐102. · DOI
  21. Healy, P. and Palepu, K. (1993), “The effect of firms’ financial disclosure strategies on stock prices”, Accounting Horizons, Vol. 7 No. 1, pp. 1‐11.
  22. Hossain, M. and Hammami, H. (2009), “Voluntary disclosure in the annual reports of an emerging country: the case of Qatar”, Advances in Accounting, Incorporating Advances in International Accounting, Vol. 25 No. 2, pp. 255‐65. · DOI
  23. Hossain, M. and Reaz, M. (2007), “Determinants and characteristics of voluntary disclosure by Indian banking companies”, Corporate Social Responsibility and Environmental Management, Vol. 14 No. 5, pp. 274‐88. · DOI
  24. Huafang, X. and Jianguo, Y. (2007), “Ownership structure, board composition and corporate voluntary disclosure: evidence from listed companies in China”, Managerial Auditing Journal, Vol. 22 No. 6, pp. 604‐19. · DOI
  25. Kohl, N. and Schaefers, W. (2012), “Corporate governance and market valuation of publicly traded real estate companies: evidence from Europe”, Journal of Real Estate Finance and Economics, Vol. 44 No. 3, pp. 362‐93. · DOI
  26. Millar, C., Eldomiaty, T.I., Choi, C.J. and Hilton, B. (2005), “Corporate governance and institutional transparency in emerging markets”, Journal of Business Ethics, Vol. 59 Nos 1‐2, pp. 163‐74. · DOI
  27. Mitton, T. (2002), “A cross‐firm analysis of the impact of corporate governance on the East Asian financial crisis”, Journal of Financial Economics, Vol. 64 No. 2, pp. 215‐41. · DOI
  28. Murray, A., Sinclair, D., Power, D. and Gray, R. (2006), “Do financial markets care about social and environmental disclosure? Further evidence and exploration from the UK”, Accounting, Auditing and Accountability Journal, Vol. 19 No. 2, pp. 228‐55. · DOI
  29. Oliveira, L., Rodrigues, L.L. and Craig, R. (2006), “Firm‐specific determinants of intangibles reporting: evidence from the Portuguese stock market”, Journal of Human Resource Costing & Accounting, Vol. 10 No. 1, pp. 11‐33. · DOI
  30. Orens, R., Aerts, W. and Lybaert, N. (2009), “Intellectual capital disclosure, cost of finance and firm value”, Management Decision, Vol. 47 No. 10, pp. 1536‐54. · DOI
  31. Salter, S.B. (1998), “Corporate financial disclosure in emerging markets: does economic development matter?”, The International Journal of Accounting, Vol. 33 No. 2, pp. 211‐34. · DOI
  32. Sheu, H.‐J., Chung, H. and Liu, C.‐L. (2010), “Comprehensive disclosure of compensation and firm value: the case of policy reforms in an emerging market”, Journal of Business Finance & Accounting, Vol. 37 Nos 9‐10, pp. 1115‐44. · DOI
  33. Tower, G., Vu, K.A. and Scully, G. (2011), “Corporate communication for Vietnamese listed firms”, Asian Review of Accounting, Vol. 19 No. 2, pp. 125‐46. · DOI
  34. Ugur, M. and Ararat, M. (2006), “Does macroeconomic performance affect corporate governance? Evidence from Turkey”, Corporate Governance: An International Review, Vol. 14 No. 4, pp. 325‐48. · DOI
  35. Uğurlu, M. (2000), “Agency costs and corporate control devices in the Turkish manufacturing industry”, Journal of Economic Studies, Vol. 27 No. 6, pp. 566‐99. · DOI
  36. Vafaei, A., Taylor, D. and Ahmed, K. (2011), “The value relevance of intellectual capital disclosures”, Journal of Intellectual Capital, Vol. 12 No. 3, pp. 407‐29. · DOI
  37. Wang, K., Sewon, O. and Claiborne, M.C. (2008), “Determinants and consequences of voluntary disclosure in an emerging market: evidence from China”, Journal of International Accounting, Auditing and Taxation, Vol. 17 No. 1, pp. 14‐30. · DOI
  38. Young, D. and Guenther, D.A. (2003), “Financial reporting environments and international capital mobility”, Journal of Accounting Research, Vol. 41 No. 3, pp. 553‐79. · DOI
  39. Yurtoglu, B.B. (2000), “Ownership, control and performance of Turkish listed firms”, Empirica, Vol. 27 No. 2, pp. 193‐222. · DOI

Cited by

Sorted by citations

Metadata

Authors
Uyar, A., & Kılıç, M.
Affiliations
Fatih University (TR)
ORCID
Venue
Journal of Intellectual Capital
Publisher
Emerald
Published
2012-07-20
Volume
13
Issue
3
Pages
363-376
ISSN
1469-1930 (ISSN-L)
DOI
10.1108/14691931211248918
OpenAlex
W2054078903
Cited by
127
References
0
Citations by year
2026: 4 · 2025: 3 · 2024: 8 · 2023: 12 · 2022: 13 · 2021: 15 · 2020: 16 · 2019: 13 · 2018: 14 · 2017: 6 · 2016: 8 · 2015: 5 · 2014: 5 · 2013: 5
FWCI
18.54
Type
journal article
Language
en
Open access
closed
Licence
www.emerald.com/insight/site-policies (tdm)
Locations
Journal of Intellectual Capital (publishedVersion)
Topics
  • Social Sciences › Business, Management and Accounting › Accounting › Auditing, Earnings Management, Governance
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
  • Social Sciences › Business, Management and Accounting › Management Information Systems › Financial Reporting and XBRL
Keywords
voluntary disclosure, value relevance, firm value, manufacturing companies, Borsa Istanbul, emerging markets, investor perception

About these checks

Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.

Statistics and arithmetic are recomputed, not judged.

Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.

What counts as a claim ›How we measure confidence ›How we check this ›

Are you an author, or do you see a problem with this page? Request a review