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
{"title":"政治/政策不确定性、公司信息披露与信息不对称","authors":"Lijun (Gillian) Lei,&nbsp;Yan Luo","doi":"10.1111/1911-3838.12317","DOIUrl":null,"url":null,"abstract":"<p>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.</p>","PeriodicalId":43435,"journal":{"name":"Accounting Perspectives","volume":"22 1","pages":"87-110"},"PeriodicalIF":1.6000,"publicationDate":"2022-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3838.12317","citationCount":"2","resultStr":"{\"title\":\"Political/Policy Uncertainty, Corporate Disclosure, and Information Asymmetry*\",\"authors\":\"Lijun (Gillian) Lei,&nbsp;Yan Luo\",\"doi\":\"10.1111/1911-3838.12317\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>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.</p>\",\"PeriodicalId\":43435,\"journal\":{\"name\":\"Accounting Perspectives\",\"volume\":\"22 1\",\"pages\":\"87-110\"},\"PeriodicalIF\":1.6000,\"publicationDate\":\"2022-07-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1911-3838.12317\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Accounting Perspectives\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/1911-3838.12317\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Accounting Perspectives","FirstCategoryId":"1085","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/1911-3838.12317","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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。

摘要图片

查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
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.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
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.
期刊最新文献
Issue Information Financial Reporting & Assurance Standards (FRAS) Canada Corner The Relationship Between Financial Education in Young Adults and Financial Literacy: A Review of the Literature in Canada and the United States* An Exploration of Technological Innovations in the Audit Industry: Disruption Theory Applied to a Regulated Industry* Issue Information
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1