The Relationship between Voluntary Disclosure, External Financing and Financial Status
利用瑞典2007-2012年独特披露数据，发现财务强健公司披露更多；获得新融资的公司披露更多；财务弱小的公司中，披露与融资事件的关联更强。
Abstract Using unique Swedish disclosure data from 2007 to 2012, this paper reports three important sets of findings with regard to the relationship between firms’ voluntary disclosure, external financing and financial status. First, financially strong firms disclose more than weaker ones. Second, firms that obtain new financing (equity or debt) disclose more than firms that do not. Third, the association between voluntary disclosure and financing events is stronger in financially weak firms. This last finding is new in the literature. Perhaps financially weak firms that obtain external funding have higher disclosure to counteract contracting and valuation problems in the financial markets.