政治/政策不确定性、公司信息披露与信息不对称

IF 1.6 Q3 BUSINESS, FINANCE Accounting Perspectives Pub Date : 2022-07-23 DOI:10.1111/1911-3838.12317
Lijun (Gillian) Lei, Yan Luo
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引用次数: 2

摘要

政治/政策的不确定性对全球资本市场造成重大干扰。本文综述了近年来关于这一主题的研究,并对这一快速发展的领域的未来研究提出了建议。具体而言,本文主要关注三个研究领域:(i)政治/政策不确定性的测量,(ii)政治/政策不确定性对金融分析师预测的影响,以及(iii)政治/政策不确定性对公司披露的影响。我们发现,政治/政策不确定性既影响公司披露,也影响金融分析师的预测,并且这些影响与资本市场的信息不对称相互作用。此外,我们发现,在政治/政策不确定性加剧的时期,公司会战略性地改变其披露做法。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

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Political/Policy Uncertainty, Corporate Disclosure, and Information Asymmetry*

Political/policy uncertainty causes significant disruption to capital markets around the world. This review synthesizes recent studies on this topic and provides suggestions for future research in this fast-growing area. Specifically, this review focuses on three areas of research: (i) the measurement of political/policy uncertainty, (ii) the impact of political/policy uncertainty on financial analysts' forecasts, and (iii) the impact of political/policy uncertainty on corporate disclosure. We find that political/policy uncertainty affects both corporate disclosures and financial analysts' forecasts and that these effects interact with information asymmetry in capital markets. Furthermore, we find that companies strategically change their disclosure practices during periods of heightened political/policy uncertainty.

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来源期刊
Accounting Perspectives
Accounting Perspectives BUSINESS, FINANCE-
CiteScore
2.60
自引率
0.00%
发文量
30
期刊介绍: Accounting Perspectives provides a forum for peer-reviewed applied research, analysis, synthesis and commentary on issues of interest to academics, practitioners, financial analysts, financial executives, regulators, accounting policy makers and accounting students. Articles are sought from academics and practitioners that address relevant issues in any and all areas of accounting and related fields, including financial accounting and reporting, auditing and other assurance services, management accounting and performance measurement, information systems and related technologies, tax policy and practice, professional ethics, accounting education, and related topics. Without limiting the generality of the foregoing.
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