| Popis: |
This paper studies the motivation for and consequence of voluntary corporate disclosure for a sample of Tunisian firms listed in the Stock Market Exchange of Tunis between 2005 and 2007. Our results show that, (1) in the Tunisian context, voluntary disclosure is explained by concentrated ownership and firm size. (2) voluntary disclosure has an effect on smoothing earning. In fact, an increase in the voluntary level of disclosure involves a reduction in the smoothing earning. (3) voluntary disclosure has an effect on the firm value through smoothing earning. Indeed, more tunisian firms voluntarily reveal information, less will be the possibility for managers to smooth earning since investors have information which allow them to detect any smoothing earning. And more will be the firm value since the result presented by the firm reflects really its situation. |
