Country-segment disclosure of foreign operations from Central and Eastern Europe: Country-level determinants and value relevance

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI:10.1016/j.mulfin.2021.100718

Alina Taran , Can Simga-Mugan , Marilena Mironiuc

引用次数: 1

Abstract

Operating segments reporting represents a potential source of information about corporate foreign operations. This paper investigates the country-segment disclosure related to Central and Eastern European (CEE) operations - regarded as potential reporting segments - of multinational corporations (MNCs). The empirical analysis indicates limited information on country segments in general, and a few country segments for CEE operations. The probability of country-segment disclosure depends on size of operations, and host-country economic conditions such as financial risk, competitiveness, ease of doing business and tax rates. The value relevance analysis indicates a significant negative influence of country-segment disclosure of CEE operations on stock prices. These findings provide insights about country-segment disclosure and suggest policy implications of managerial approach for operating segments reporting.

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来自中欧和东欧的外国业务的国家部门披露:国家层面的决定因素和价值相关性

经营分部报告是公司海外业务的潜在信息来源。本文调查了与中欧和东欧(CEE)业务相关的国家部门披露-被视为潜在的报告部门-跨国公司(MNCs)。经验性分析表明，关于一般国家部分的资料有限，关于中东欧国家业务的资料也很少。国家部分披露的可能性取决于业务规模和东道国的经济状况，如金融风险、竞争力、营商便利程度和税率。价值相关性分析表明，中东欧业务国别披露对股价有显著的负向影响。这些发现提供了关于国家部门披露的见解，并提出了经营部门报告的管理方法的政策含义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.

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