TY  - UNPD
A1  - Leuz, Christian
T1  - Voluntary disclosure of cash flow statements and segment data in Germany
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 21
N2  - Discretionary disclosure theory suggests that firms' incentives to provide proprietary versus nonproprietary information differ markedly. To test this conjecture, the paper investigates the incentives of German firms to voluntarily disclose business segment reports and cash flow statements in their annual financial reports. While the former is likely to reveal proprietary information to competitors, the latter is less proprietary in nature. Using these proxies for proprietary and non-proprietary disclosures, respectively, I find that the determinants or at least their relative magnitudes differ in a way consistent with the proprietary cost hypothesis. That is, cash flow statement disclosures appear to be governed primarily by capital-market considerations, whereas segment disclosures are more strongly associated with proxies for product-market and proprietary-cost considerations.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 21 
KW  - voluntary disclosure
KW  - proprietary costs
KW  - business segment reports
KW  - cash flow statements
Y1  - 1999
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/55347
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-553471
UR  - https://www.econbiz.de/archiv/f/uf/finanzierung/segment_data.pdf
SN  - 1434-3401
IS  - 7. March 1999
CY  - Frankfurt am Main
ER  -