What Determines Corporate Transparency?
What Determines Corporate Transparency?
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DOI：
10.2139/ssrn.428601
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发表时间：
2003-12
期刊：
影响因子：
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通讯作者：
Robert Bushman;Joseph D. Piotroski;Abbie J. Smith
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文献类型：
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作者：
Robert Bushman;Joseph D. Piotroski;Abbie J. Smith
我们调查公司透明度，定义为公司特定信息对上市公司以外的人的可用性。我们将一个国家内的企业透明度概念化为一个多方面系统的输出，该系统的组成部分共同产生，收集，验证和传播信息。我们因素分析了一系列的措施，捕捉国家的公司特定的信息环境，隔离两个不同的因素。第一个因素被解释为财务透明度，反映了财务披露的强度和及时性，以及分析师和媒体对财务披露的解释和传播。第二个因素被解释为治理透明度，它反映了外部投资者为追究高管和董事的责任而使用的治理披露的强度。我们调查这些因素是否因国家的法律的/司法制度和政治经济而异。我们的主要多元结果是，治理透明度因素主要与一个国家的法律的/司法制度，而金融透明度因素主要与政治经济。
We investigate corporate transparency, defined as the availability of firm‐specific information to those outside publicly traded firms. We conceptualize corporate transparency within a country as output from a multifaceted system whose components collectively produce, gather, validate, and disseminate information. We factor analyze a range of measures capturing countries' firm‐specific information environments, isolating two distinct factors. The first factor, interpreted as financial transparency, captures the intensity and timeliness of financial disclosures, and their interpretation and dissemination by analysts and the media. The second factor, interpreted as governance transparency, captures the intensity of governance disclosures used by outside investors to hold officers and directors accountable. We investigate whether these factors vary with countries' legal/judicial regimes and political economies. Our main multivariate result is that the governance transparency factor is primarily related to a country's legal/judicial regime, whereas the financial transparency factor is primarily related to political economy.