Catalyzing transparency: Proactive enforcement of information disclosure and its impact on stock price synchronicity

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Shijun Guo , Fang Hu
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引用次数: 0

Abstract

Focusing on the Industry Information Disclosure Guides (IIDGs) in China’s stock markets, we investigate the impact of firm-specific industry information disclosure on stock price synchronicity under proactive public enforcement. Employing a difference-in-differences analysis around industry-targeted events, we find a significant reduction in stock price synchronicity among companies in focus sectors compared to those in non-focus sectors following the introduction of industry-specific disclosure regulations. This reduction is distinguishing industry-level from market-level synchronicity and spilling over to non-regulated industries through manager learning channel, emphasizing the unique information features of IIDGs at the industry level. Additional tests demonstrate the heightened significance of IIDGs in poor information environment, particularly for companies with opaque financial reporting, with limited private oversight and operating in less competitive markets. Our findings provide valuable insights into the interplay between disclosure mechanisms and information environment in emerging markets.
催化透明度:信息披露的主动执行及其对股价同步性的影响
本文以中国股票市场的行业信息披露指南(IIDGs)为研究对象,研究了主动公共执法下企业特定行业信息披露对股价同步性的影响。采用针对行业目标事件的差异分析,我们发现在引入行业特定披露法规后,重点行业公司的股价同同性与非重点行业公司相比显着降低。这种减少是将行业层面的同步性与市场层面的同步性区分开来,并通过管理者学习渠道向非监管行业溢出,强调了行业层面iidg独特的信息特征。额外的测试表明,在信息环境恶劣的情况下,特别是对于财务报告不透明、私人监督有限和在竞争较弱的市场中经营的公司而言,内部审计机构的重要性更高。我们的研究结果为新兴市场披露机制与信息环境之间的相互作用提供了有价值的见解。
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
CiteScore
6.00
自引率
3.00%
发文量
24
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