Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/wiley/evidence-that-management-discussion-and-analysis-md-a-is-a-part-of-a-9NVSvCac5P
References (9)
-
M. Firth (1979)
The Impact of Size, Stock Market Listing, and Auditors on Voluntary Disclosure in Corporate Annual ReportsAccounting and Business Research, 9
-
Orie Barron, Charles Kile, T. O'keefe (1999)
MD&A Quality as Measured by the SEC and Analysts' Earnings Forecasts*Contemporary Accounting Research, 16
-
Mark Lang, Russell Lundholm (1993)
CROSS- SECTIONAL DETERMINANTS OF ANALYST RATINGS OF CORPORATE DISCLOSURESJournal of Accounting Research, 31
-
Rachel Hayes, Russell Lundholm (1996)
Segment Reporting to the Capital Market in the Presence of a CompetitorJournal of Accounting Research, 34
-
Bryan (1997)
Incremental information content of required disclosures contained in management discussion and analysisAccounting Review
-
Mark Lang, Russell Lundholm (1998)
Corporate Disclosure Policy and Analyst Behavior -
M. Gibbins, A. Richardson, J. Waterhouse (1990)
THE MANAGEMENT OF CORPORATE FINANCIAL DISCLOSURE - OPPORTUNISM, RITUALISM, POLICIES, AND PROCESSESJournal of Accounting Research, 28
-
Christine Botosan (1997)
Disclosure level and the cost of equity capitalAccounting review: A quarterly journal of the American Accounting Association, 72
-
Peter Clarkson, J. Kao, G. Richardson (1994)
The Voluntary Inclusion of Forecasts in the MD&A Section of Annual ReportsContemporary Accounting Research, 11
- Publisher
- Wiley
- Copyright
- 1999 Canadian Academic Accounting Association
- ISSN
- 0823-9150
- eISSN
- 1911-3846
- DOI
- 10.1111/j.1911-3846.1999.tb00576.x
- Publisher site
- See Article on Publisher Site
Abstract
The objective of this study is to investigate the role, if any, that management discussion and analysis (MD&A) plays in a firm's disclosure package. First, we present evidence regarding the usefulness of MD&A. Our evidence is uniformly supportive of the view that MD&A is a source of new and useful information and indicates that MD&A is used for financial analysis purposes by at least one significant user group, sell‐side analysts, who are members of the Toronto Society of Financial Analysts. We then provide evidence on disclosure quality. The results reveal that, overall, MD&A disclosure quality varies with disclosure stimuli similar to those found to influence disclosure choice in other disclosure channels. However, a more refined analysis of the MD&A subcomponents reveals that different factors influence disclosure quality for those subcomponents. Taken together, our results are consistent with the notion that MD&A is a part of a firm's overall disclosure package.
Journal
Contemporary Accounting Research – Wiley
Published: Mar 1, 1999