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- W2369053219 abstract "China is in the transition economies,and there is a lot of information asymmetry in the capital markets.The voluntary information disclosure can reduce the information asymmetry between managers and investors and enhance corporate value.The existing literatures mainly study the impact on the corporate information disclosure behaviors from the microcosmic view,including firm characteristics and financial characteristics,but lack of the impact of political factors.Under Chinese special institution environment,corporate rights include government-controlled and non-governmental-controlled rights.Due to being in the property rights discrimination status,non-government-controlled companies have the positive motivation to establish political connections to protect the property rights.Government-controlled companies have natural advantages of the access to government resources.Many executives with the government backgrounds are appointed by the government,and political connections are political rather than economic.So the effects of government and political connections on the companies' disclosing information motivation and behaviors are problems to be settled urgently. The voluntary disclosure behaviors can reflect managers' self-selection behaviors in the process of information disclosure.The internal attestation reporting is subject to the voluntary disclosure before 2012,and its disclosure acts as a signal role.It transfers a signal of the company's effective internal control and ensures reliable accounting information under monitoring.Taking the internal attestation reports disclosure as an example,this paper uses signaling theory,principal-agent theory,property right theory and the cost-benefit tradeoff theory to study their impacts on firms' information disclosing behaviors from two perspectives of government and political connections.Taking 2007~2010 non-financial companies as a sample,this article uses descriptive statistics,parametric tests,and logistic models after controlling assets and financial characteristics variables,such as ownership concentration,firm size,ROA,industry and annual factors. This study concludes that non-government-controlled companies are more voluntary to disclose the internal attestation reports than the government-controlled companies.Political connection with non-government-controlled companies has a positive effect on disclosure,but on the contrary government-controlled companies have a negative effect.The conclusions show that government restrains voluntarily disclosure of the internal attestation reports.Non-government-controlled companies are more willing to use the internal attestation reports as signals to show the effectiveness of the company's internal and the reliability of financial reports than the government-controlled companies.Political connection enhances the restraining role of government control,making non-government-controlled companies voluntarily disclose the internal attestation reports other than the government-controlled companies.The reasons may be that companies have the differences of political connections motivation under different backgrounds.This means that it is necessary for China's securities authorities to force listed companies,especially state-owned listed company on the Main Board to disclosure the internal attestation reports.It provides theoretical basis and empirical evidence to support China's securities regulatory authorities to develop information disclosure policy and strengthen the supervision of information disclosure." @default.
- W2369053219 created "2016-06-24" @default.
- W2369053219 creator A5025582449 @default.
- W2369053219 date "2013-01-01" @default.
- W2369053219 modified "2023-09-23" @default.
- W2369053219 title "Government Control,Political Connections and Corporate Information Disclosure——Case of Disclosing Internal Control Attestation Reports" @default.
- W2369053219 hasPublicationYear "2013" @default.
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