Determinants and features of voluntary disclosure in the Chinese stock market

By Yang Lan, Lili Wang, Xueyong Zhang. 2013

133 citations recorded by the source corpus.

Abstract 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.

Subfields: Accounting, Finance

View Paper: https://www.semanticscholar.org/paper/6c564e5d238103fb1485379f1ab0526c8fd48a0f

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Citations in the corpus

Corporate board characteristics and environmental disclosure quantity: Evidence from South Africa (integrated reporting) and Nigeria (traditional reporting) (2018, background): “…theory is perceived as a possible reason for the recent rapid increase in environmental disclosure as corporate entities strive to be greenish in their operations (Braam, Uit de Weerd, Hauck, & Huijbregts, 2016; Lan, Wang, & Zhang, 2013; LYTON CHIYEMBEKEZO, 2013; Prasad, Mishra, & Kalro, 2016).”
Governance Structures, Voluntary Disclosures and Public Accountability: The Case of UK Higher Education Institutions (2017, unknown): “To a lesser extent, evidence also emerges in terms of a lack of association (e.g., Allegrini and Greco, 2013; Lan et al., 2013) or even a negative relationship between the proportion of independent directors and voluntary disclosure (e.”
Comprehensive Board Diversity and Quality of Corporate Social Responsibility Disclosure: Evidence from an Emerging Market (2017, background): “We include ﬁrm loss (LOSSCO) and leverage (LEV) since Lan et al. (2013) report a signiﬁcantly positive relationship between leverage and CSR disclosure.”