Causalité Entre Performance Et Divulgations D'informations Via Les Sites Web (document en anglais)
Analyse sectorielle : Causalité Entre Performance Et Divulgations D'informations Via Les Sites Web (document en anglais). Recherche parmi 300 000+ dissertationsPar dissertation • 31 Octobre 2014 • Analyse sectorielle • 700 Mots (3 Pages) • 701 Vues
specific areas. For example, Diamond and Verrecchia (1991) and Kim and Verrecchia (1994) claim that
voluntary disclosure can reduce information asymmetry between informed and uninformed investors. Moreover,
empirical studies carried out by Barry and Brown (1986), Botosan (1997) and Piotroski (1999) demonstrate,
among other things, that voluntary disclosure helps to reduce the cost of equity.
However, more recent studies have indicated that the abovementioned benefits may not hold for all stock
markets. Using a dataset comprising 110 public companies with both A- and B-share listings in China, Wang
et al. (2008) investigate the effects of voluntary disclosure and find no evidence that these companies benefited
from that disclosure in the form of a lower cost of debt capital. Their analysis suggests that voluntary disclosure
in the Chinese stock market exhibits determinants and characteristics that may be very different from
those found in the stock markets of developed countries.
We intend to carry this line of thought further by investigating more closely the determinants and consequences
of voluntary disclosure in the Chinese stock market using a much larger dataset – 1066 Chinese public
companies – than that used in Wang et al. (2008). This extensive dataset represents about 80% of public
companies listed on the Chinese stock exchanges that have a relatively complete historical record of annual
reports.
Our investigation is motivated by two considerations. First, since their establishment in 1990 and 1991,
respectively, the Shanghai and Shenzhen Stock Exchanges have become major global stock exchanges in
terms of total capitalization, trading volume and the rapid pace of growth in the number and size of public
companies. Also, a large individual investor population trades shares on both exchanges and China boasts
an ever-increasing number of institutional investors. Further, foreign investors with Qualified Foreign
Institutional Investor (QFII) status have also begun to invest directly in the Chinese stock market. Previous
studies have found that both individual and institutional investors in China are less experienced and more
restricted than their counterparts in developed countries such as the United States (Chen et al., 2004; Bailey
et al., 2009; Deng and Xu, 2011), which may influence their understanding of financial reports and, in turn,
affect the disclosure motivation of listed firms. The growing complexity of China’s stock market calls for a
better understanding of the key aspects
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