CSRC oral communication and corporate disclosure |
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| Affiliation: | 1. Business School, University of Bristol, UK;2. School of Accounting, Guangdong University of Foreign Studies, Guangzhou, China;3. Research Center for Accounting and Economic Development of Guangdong-Hong Kong-Macao Greater Bay Area, Guangzhou, China;1. Department of Accounting, Antai College of Economics and Management, Shanghai Jiao Tong University, 1954 Huashan Road, Shanghai, 200030, China;2. Department of Accounting, Business School, National University of Singapore, Mochtar Riady Building, BIZ 1, # 07-30, 15 Kent Ridge Drive, 119245, Singapore;3. Institute of Accounting and Finance, Shanghai University of Finance and Economics, No.777 Guoding Road, Shanghai 200433, China;1. Sabancı University, Sabancı Business School, Turkey;2. University of Maryland, Robert H. Smith School of Business, United States of America;3. Koc University, College of Administrative Sciences and Economics, Turkey |
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| Abstract: | Oral communication has increasingly been used as a policy tool by the China Securities Regulatory Commission (CSRC) to regulate the Chinese financial market. However, less is known about whether and how this newly developed policy tool affects corporate decisions. Using machine-learning techniques, this paper develops a measure to evaluate the CSRC's oral emphasis on financial disclosure based on transcripts of its press conferences and official speeches. We find that when the CSRC places more emphasis on disclosure, both the quantity and quality of corporate disclosure are improved. Further evidence suggests that listed firms with external financing plans respond more to CSRC oral communication. Moreover, under political pressure, state-owned enterprises (SOEs) comply more with CSRC oral communication in terms of disclosure quantity but not disclosure quality. |
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