Estimating firm-level and country-level effects in cross-sectional analyses: An application of hierarchical modeling in corporate disclosure studies

Détails

ID Serval
serval:BIB_02CA040AA30D
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Institution
Titre
Estimating firm-level and country-level effects in cross-sectional analyses: An application of hierarchical modeling in corporate disclosure studies
Périodique
The International Journal of Accounting
Auteur(s)
Dong M., Stettler A.
ISSN
0020-7063
Statut éditorial
Publié
Date de publication
09/2011
Peer-reviewed
Oui
Volume
46
Numéro
3
Pages
271-303
Langue
anglais
Résumé
Researchers in the field of international accounting are often confronted with observations of firms clustered into higher-level units such as countries. Using data from a corporate disclosure study including 797 firm observations from 34 countries, we demonstrate that the inferences obtained from the most commonly used Ordinary Least Square (OLS) test, which pools the firm and country data either under the disaggregation or aggregation approach, are problematic and misleading. To overcome the methodological limitation, we subsequently employ hierarchical modeling to simultaneously estimate both firm-level (within-country) and country-level (cross-country) disclosure determinants. We find that the clustering effects are significant in almost all firm-level variables. Once such effects are adjusted, only three firm-specific variables are significantly associated with corporate disclosure. Evidence provided by this study has important implications for most international accounting studies conducted in cross-level contexts.
Mots-clé
disaggregation, aggregation, disclosure, hierarchical modeling
Création de la notice
27/11/2012 16:51
Dernière modification de la notice
21/08/2019 5:14
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