The effect of corporate annual report quality on the relationship between institutional blockholder monitoring and firm's information environment

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2023-08-02 DOI:10.1111/irfi.12430

Chune Young Chung, Amirhossein Fard, Hong Kee Sul

引用次数: 0

Abstract

Expanding on current research, this study finds that firms with better financial report readability demonstrate a stronger relationship between institutional blockholder monitoring and information asymmetry. This result supports our hypothesis that enhanced readability improves firm information and aids the institutional investor monitoring of firms, reducing information asymmetry. By demonstrating that readability amplifies the marginal effect of institutional blockholder monitoring, we highlight the significance and policy implications of better corporate disclosure readability.

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企业年度报告质量对制度块持有人监控与企业信息环境关系的影响

在现有研究的基础上，本研究发现，财务报告可读性较好的公司表现出机构大股东监控与信息不对称之间更强的关系。这一结果支持了我们的假设，即可读性的增强改善了企业信息，有助于机构投资者对企业的监控，减少了信息不对称。通过证明可读性放大了机构整体持有人监控的边际效应，我们强调了更好的公司披露可读性的重要性和政策含义。

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

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.