The effect of international subsidiaries on voluntary disclosure - evidence from natural disasters
研究发现，跨国公司在其国际子公司所在地区发生自然灾害后，会显著增加管理层预测的发布频率和可能性，且该效应在依赖股权融资的公司中更为明显。
This paper documents that managers of multinational companies adjust voluntary disclosure after significant events at international subsidiaries. We show an increase in the likelihood and frequency of management forecasts following natural disasters in regions where companies operate subsidiaries. The exogenous and staggered nature of natural disasters as well as our research design choices substantially raise the hurdle for alternative explanations of our result. Further analyses suggest that the effect is particularly strong for companies that rely on equity financing. Our paper contributes to the nascent literature on transmission effects within international business groups.