BEYOND RISK: VOLUNTARY DISCLOSURE UNDER AMBIGUITY

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dc.contributor.advisorZur, Emanuelen_US
dc.contributor.authorRava, Arielen_US
dc.contributor.departmentBusiness and Management: Accounting & Information Assuranceen_US
dc.contributor.publisherDigital Repository at the University of Marylanden_US
dc.contributor.publisherUniversity of Maryland (College Park, Md.)en_US
dc.date.accessioned2022-09-16T05:34:51Z
dc.date.available2022-09-16T05:34:51Z
dc.date.issued2022en_US
dc.description.abstractIn my dissertation, I examine the impact of ambiguity (Knightian uncertainty), alongside that of risk, on firms’ voluntary disclosure decisions. I confirm the well-known result that an increase in risk—uncertainty over outcomes—is associated with an increase in management guidance (earnings and capital expenditure forecasts). Conversely, I find that an increase in ambiguity—uncertainty over the probabilities of outcomes—is associated with less guidance. Furthermore, I show that ambiguity decreases following voluntary disclosures, consistent with managers being aware of and reacting to heightened ambiguity. Finally, I provide novel empirical evidence showing that guidance under ambiguity has adverse capital market consequences. Even though the ways through which risk impacts managers’ disclosure decisions have been extensively studied in the accounting literature, no extant research has examined whether and how ambiguity impacts these decisions. My findings are consistent with the notion that managers’ take into account the ambiguity in the environment, showing that ambiguity has an important and distinct impact on their voluntary disclosure decisions.en_US
dc.identifierhttps://doi.org/10.13016/7uqo-wpg9
dc.identifier.urihttp://hdl.handle.net/1903/29152
dc.language.isoenen_US
dc.subject.pqcontrolledAccountingen_US
dc.subject.pqcontrolledFinanceen_US
dc.subject.pqcontrolledEconomicsen_US
dc.subject.pquncontrolledambiguityen_US
dc.subject.pquncontrolledknightian uncertanityen_US
dc.subject.pquncontrolledmanagement guidanceen_US
dc.subject.pquncontrolledrisken_US
dc.subject.pquncontrolleduncertaintyen_US
dc.subject.pquncontrolledvoluntary diclosureen_US
dc.titleBEYOND RISK: VOLUNTARY DISCLOSURE UNDER AMBIGUITYen_US
dc.typeDissertationen_US

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