Supervision of not-for-profit minority institutional shareholder and annual report readability: Evidence from a quasi-natural experiment☆

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Liyi Zhu , Qian Sun , Wenyu Zhang , Jian Sun , Lidong Zheng
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引用次数: 0

Abstract

In this study, we examine the efficacy of the China Securities Investor Services Center (CSISC), an advanced minority shareholder safeguard mechanism endorsed by the China Securities Regulatory Commission (CRSC), in promoting the quality of information disclosure. By utilizing a difference-in-differences analysis on the sample of Chinese listed companies, we find that CSISC shareholding improves the readability of annual reports. Additional analyses reveals that the impact of CSISC shareholding on the readability of annual reports is more pronounced with weaker internal and external governance supervision, poorer operational performance, stronger competitive intensity and senior management without a legal background. Our study contributes to the research related to the economic consequences of the CSISC exercise at the micro-enterprise level and the determinant of annual report readability. Furthermore, our findings hold significant implications for regulatory authorities aiming to enhance the investor protection system.
对非营利少数机构股东的监管与年度报告的可读性:来自准自然实验的证据☆。
在本研究中,我们检验了中国证券监督管理委员会(CRSC)认可的先进的中小股东保障机制——中国证券投资者服务中心(CSISC)在促进信息披露质量方面的有效性。通过对中国上市公司样本的异中异分析,我们发现中企持股提高了年报的可读性。进一步分析发现,在内外部治理监督较弱、经营业绩较差、竞争强度较强、高管没有法律背景的情况下,中钢股份对年报可读性的影响更为明显。我们的研究有助于研究CSISC在微观企业层面的经济后果和年度报告可读性的决定因素。此外,我们的研究结果对旨在加强投资者保护制度的监管当局具有重要意义。
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
CiteScore
6.00
自引率
3.00%
发文量
24
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