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Measuring Disaggregation Quality

We build a modified measure of disaggregation quality (MDQ) based on the disaggregation quality (DQ) measure from Chen, Miao, and Shevlin (2015). Both are parsimonious measures of disclosure quality in the annual report that can be constructed as the percentage of non-missing financial statement items in Compustat. However, we take additional screening steps to minimize counting errors by resolving missing values through accommodating GAAP changes over time and using a more comprehensive set of accounting equations from Casey et al. (2016). Consequently, MDQ relates more consistently to information quality proxies than DQ does, in pooled regression, across subsamples, and for various sample periods.