Journal
REVIEW OF ACCOUNTING STUDIES
Volume 15, Issue 3, Pages 663-711Publisher
SPRINGER
DOI: 10.1007/s11142-010-9129-0
Keywords
Product market; Potential competition; Existing competition; Profits; Investments; Management forecasts
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This study examines how firms' voluntary disclosure decisions are influenced by product market competition. Using separate measures to capture different dimensions of competition, I show that competition from potential entrants increases disclosure quantity while competition from existing rivals decreases disclosure quantity. I also find that competition enhances disclosure quality mainly through reducing the optimism in profit forecasts and reducing the pessimism in investment forecasts. Moreover, I find that the above association is less pronounced for industry leaders, consistent with industry leaders facing less competitive pressures than industry followers.
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