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The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research

Journal of accounting research, 2016-05, Vol.54 (2), p.525-622 [Peer Reviewed Journal]

2016 The Accounting Research Center at the University of Chicago Booth School of Business ;Copyright ©, University of Chicago on behalf of the Accounting Research Center, 2016 ;ISSN: 0021-8456 ;EISSN: 1475-679X ;DOI: 10.1111/1475-679X.12115 ;CODEN: JACRBR

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  • Title:
    The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research
  • Author: LEUZ, CHRISTIAN ; WYSOCKI, PETER D.
  • Subjects: accounting standards ; capital markets ; cost-benefit analysis ; D78 ; D82 ; Disclosure ; Economic justification ; Financial reporting ; G14 ; G18 ; G30 ; G38 ; IFRS ; institutional economics ; international accounting ; International finance ; International Financial Reporting Standards ; K22 ; K42 ; M41 ; M42 ; political economy ; real effects ; regulation ; Studies ; transparency
  • Is Part Of: Journal of accounting research, 2016-05, Vol.54 (2), p.525-622
  • Description: This paper discusses the empirical literature on the economic consequences of disclosure and financial reporting regulation, drawing on U.S. and international evidence. Given the policy relevance of research on regulation, we highlight the challenges with (1) quantifying regulatory costs and benefits, (2) measuring disclosure and reporting outcomes, and (3) drawing causal inferences from regulatory studies. Next, we discuss empirical studies that link disclosure and reporting activities to firm-specific and market-wide economic outcomes. Understanding these links is important when evaluating regulation. We then synthesize the empirical evidence on the economic effects of disclosure regulation and reporting standards, including the evidence on International Financial Reporting Standards (IFRS) adoption. Several important conclusions emerge. We generally lack evidence on market-wide effects and externalities from regulation, yet such evidence is central to the economic justification of regulation. Moreover, evidence on causal effects of disclosure and reporting regulation is still relatively rare. We also lack evidence on the real effects of such regulation. These limitations provide many research opportunities. We conclude with several specific suggestions for future research.
  • Publisher: Chicago: Blackwell Publishing Ltd
  • Language: English
  • Identifier: ISSN: 0021-8456
    EISSN: 1475-679X
    DOI: 10.1111/1475-679X.12115
    CODEN: JACRBR
  • Source: Alma/SFX Local Collection
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