Determinants and features of voluntary disclosure in the Chinese stock market
This paper offers in-depth analysis of the determinants and features of voluntary disclosure based on information in the annual reports of 1066 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges. This extensive sample represents about 80% of all public companies in China. Our findings...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Elsevier
2013-12-01
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| Series: | China Journal of Accounting Research |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S1755309113000385 |
| _version_ | 1818559198836817920 |
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| author | Yang Lan Lili Wang Xueyong Zhang |
| author_facet | Yang Lan Lili Wang Xueyong Zhang |
| author_sort | Yang Lan |
| collection | DOAJ |
| description | This paper offers in-depth analysis of the determinants and features of voluntary disclosure based on information in the annual reports of 1066 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges. This extensive sample represents about 80% of all public companies in China. Our findings suggest that voluntary disclosure in China is positively related to firm size, leverage, assets-in-place, and return on equity and is negatively related to auditor type and the level of maturity or sophistication of the intermediary and legal environments. We also find some evidence to suggest a quadratic convex association between state ownership and voluntary disclosure. However, our analysis provides no evidence that extensive disclosure benefits public companies in China in the form of a lower cost of equity. |
| first_indexed | 2024-12-14T00:22:17Z |
| format | Article |
| id | doaj.art-920f8d13cf34434e91389ef6ed952e2e |
| institution | Directory Open Access Journal |
| issn | 1755-3091 |
| language | English |
| last_indexed | 2024-12-14T00:22:17Z |
| publishDate | 2013-12-01 |
| publisher | Elsevier |
| record_format | Article |
| series | China Journal of Accounting Research |
| spelling | doaj.art-920f8d13cf34434e91389ef6ed952e2e2022-12-21T23:25:11ZengElsevierChina Journal of Accounting Research1755-30912013-12-016426528510.1016/j.cjar.2013.04.001Determinants and features of voluntary disclosure in the Chinese stock marketYang Lan0Lili Wang1Xueyong Zhang2Credit Suisse (Hong Kong) Limited, Hong Kong, ChinaSchool of Economics and Management, Tsinghua University, ChinaSchool of Finance, Central University of Finance and Economics, ChinaThis paper offers in-depth analysis of the determinants and features of voluntary disclosure based on information in the annual reports of 1066 Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges. This extensive sample represents about 80% of all public companies in China. Our findings suggest that voluntary disclosure in China is positively related to firm size, leverage, assets-in-place, and return on equity and is negatively related to auditor type and the level of maturity or sophistication of the intermediary and legal environments. We also find some evidence to suggest a quadratic convex association between state ownership and voluntary disclosure. However, our analysis provides no evidence that extensive disclosure benefits public companies in China in the form of a lower cost of equity.http://www.sciencedirect.com/science/article/pii/S1755309113000385Voluntary disclosureCost of equityUltimate controlChinese stock market |
| spellingShingle | Yang Lan Lili Wang Xueyong Zhang Determinants and features of voluntary disclosure in the Chinese stock market China Journal of Accounting Research Voluntary disclosure Cost of equity Ultimate control Chinese stock market |
| title | Determinants and features of voluntary disclosure in the Chinese stock market |
| title_full | Determinants and features of voluntary disclosure in the Chinese stock market |
| title_fullStr | Determinants and features of voluntary disclosure in the Chinese stock market |
| title_full_unstemmed | Determinants and features of voluntary disclosure in the Chinese stock market |
| title_short | Determinants and features of voluntary disclosure in the Chinese stock market |
| title_sort | determinants and features of voluntary disclosure in the chinese stock market |
| topic | Voluntary disclosure Cost of equity Ultimate control Chinese stock market |
| url | http://www.sciencedirect.com/science/article/pii/S1755309113000385 |
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