保护还是隐瞒--根据 FAST 法案新规定对企业编辑披露动机的调查

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-05-08 DOI:10.1016/j.ememar.2024.101144

Yan Ma , Qian Mao , Nan Hu

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引用次数: 0

摘要

中国于 2016 年通过了允许公司在未经事先批准的情况下编辑申报信息的修正案。利用这一变化作为准自然实验，我们探讨了在更为宽松的监管环境下，管理者是否会利用编辑信息来隐瞒不良信息。我们的调查发现了管理行为的重大转变：自 2016 年以来，管理者倾向于利用编辑来掩盖负面消息，而不是保护专有数据。此外，我们还发现，2016 年以后，公司业绩较差和股权成本较高与编辑披露有关，这表明投资者认为通过编辑隐瞒坏消息会增加公司的特定风险。

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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To protect or to hide-an investigation on corporate redacted disclosure motives under new FAST act regulation

China adopted amendments allowing companies to redact filings without prior approval in 2016. Leveraging this change as a quasi-nature experiment, we explore whether managers utilize redacted information to withhold bad information in the more lenient regulatory environment. Our investigation uncovers a significant shift in managerial behavior: Since 2016, managers incline to employ redactions to obscure negative news rather than safeguarding proprietary data. Furthermore, we find that the poorer firm performance and a higher cost of equity are associated with the redacted disclosures after 2016, suggesting that investors perceive an increase in firm-specific risk attributed to withholding bad news through redactions.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.