董事会秘书是否影响年度报告的可读性?

IF 2.1 Q2 BUSINESS, FINANCE Pacific Accounting Review Pub Date : 2022-09-13 DOI:10.1108/par-01-2022-0014
Wenzhang Sun, Jiawei Zhu, Xuhui Wang
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引用次数: 3

摘要

目的本研究采用原始的汉字可读性评价方法,探讨董事会秘书的特征对年报可读性的影响。设计/方法/途径作者从中国证券市场和会计研究数据库中手动收集董事会秘书的特征,并从中国信息网获得年度报告。应用普通最小二乘回归来评估影响,然后进行稳健性测试和额外的回归分析。FindingsBoard秘书的法律专业知识、国际专业知识和角色双重性提高了年度报告的可读性。然而,他们的政治关系与此呈负相关。专业知识(角色双重性)的影响对于事前诉讼风险较低的公司(持有股权的董事会秘书)更为明显。此外,可读性越高,董事会秘书的薪酬就越高,而可读性越低,他们的离职率就越高。最后,年报可读性与公司业绩呈正相关。研究局限性/含义由于数据获取和文本挖掘的困难,作者仅在2007年至2017年对中国上市公司进行了调查。实践启示作者为监管机构建立有中国特色的有效治理机制提供了管理启示。首先,对董事会秘书专业知识的某些要求可以提高年度报告的可读性。此外,公司可以考虑任命董事会成员或高级管理人员担任董事会秘书,以提高披露质量。原创性/价值据作者所知,本研究首次验证了董事会秘书的特征对披露质量,特别是年报可读性的影响。此外,本研究提出了一种新的衡量中文文本年度报告可读性的方法。
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Do board secretaries influence annual report readability?
Purpose The purpose of this study is to investigate the impact of board secretaries’ characteristics on annual report readability using an original method that evaluates the readability of Chinese characters. Design/methodology/approach The authors manually collect board secretaries’ characteristics from the China Securities Market and Accounting Research database and obtain annual reports from the China Information website. Ordinary least square regression is applied to evaluate the impact, and then robustness tests and additional regression analyses are conducted. Findings Board secretaries’ legal-professional expertise, international expertise and role duality improve annual report readability. However, their political connections are negatively associated with it. The effect of expertise (role duality) is more pronounced for firms with lower ex ante litigation risk (board secretaries with equity holdings). Furthermore, higher readability increases the compensation of board secretaries, whereas lower readability increases their turnover. Finally, annual report readability is positively related to firm performance. Research limitations/implications The authors only investigate listed firms in China from 2007 to 2017 because of the difficulties of obtaining data and text mining. Practical implications The authors provide managerial insights for regulators aiming to establish an effective governance mechanism with Chinese characteristics. First, certain requirements for board secretaries’ expertise can improve annual report readability. Further, firms can consider appointing board members or senior executives as board secretaries to enhance disclosure quality. Originality/value To the best of the authors’ knowledge, this study is the first to verify the effect of board secretaries’ characteristics on disclosure quality, especially annual report readability. Moreover, this study proposes a novel measure of annual report readability for Chinese texts.
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来源期刊
Pacific Accounting Review
Pacific Accounting Review BUSINESS, FINANCE-
CiteScore
3.80
自引率
9.50%
发文量
36
期刊介绍: Pacific Accounting Review is a quarterly journal publishing original research papers and book reviews. The journal is supported by all New Zealand Universities and has the backing of academics from many universities in the Pacific region. The journal publishes papers from both empirical and theoretical forms of research into current developments in accounting and finance and provides insight into how present practice is shaped and formed. Specific areas include but are not limited to: - Emerging Markets and Economies - Political/Social contexts - Financial Reporting - Auditing and Governance - Management Accounting.
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