Disclosure and determinants studies : an extension using the divisive clustering method (DIV)
The objective of this paper is to introduce a divisive (descendant) clustering method which splits the sample into homogeneous sub-groups corresponding to disclosure patterns (or profiles), for clearer determination of the financial characteristics of each group. This methodology is illustrated by a study of disclosure on provisions by large French firms. The results show that the disclosure pattern is related to provision intensity, size, leverage, profit and maket expectation, but not to return and industry. This new research method is a valuable complement to expand on disclosure and determinants studies, moving from disclosure levels to disclosure patterns.
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