Financial judicial specialization and corporate information interaction: Evidence from the establishment of financial courts in China

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-28 DOI:10.1016/j.frl.2025.107483

Panpan Zheng, Zhen Li

引用次数: 0

Abstract

Using a quasi-natural experiment created by the establishment of financial courts in China, we employ a multi-time DID method to empirically examine the impact of financial judicial specialization (FJS) on the information interaction behavior of listed companies. Our findings reveal that FJS reduces the likelihood of listed companies responding to investor inquiries. Further analysis shows that although FJS improves the comprehensiveness of company responses, it also reduces their timeliness. Notably, the adverse effect of FJS on the probability of listed companies responding to investor inquiries is more pronounced in contexts with high litigation risk.

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金融司法专业化与企业信息互动：来自中国金融法院设立的证据

本文利用中国金融法院设立的准自然实验，采用多时间DID方法实证检验了金融司法专业化对上市公司信息互动行为的影响。我们的研究结果表明，FJS降低了上市公司回应投资者询问的可能性。进一步分析表明，FJS虽然提高了公司响应的全面性，但也降低了响应的时效性。值得注意的是，在诉讼风险较高的情况下，金融服务对上市公司回应投资者询问的概率的不利影响更为明显。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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