2014
DOI: 10.1016/j.irfa.2014.03.010
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Corporate governance and the information environment: Evidence from Chinese stock markets

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Cited by 48 publications
(33 citation statements)
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References 81 publications
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“…The findings of this study also help to address the possibility, raised in Affleck-Grave et al (1990), that analyst bias may be unintentional, since unintentional biases should not be predictable by the presence or absence of state ownership. Our findings also complement the findings of Haß et al (2014) that the Chinese information environment, proxied by similar analyst forecast measures to those used in this paper, is favorably impacted by improved corporate governance.…”
Section: Hypotheses Developmentsupporting
confidence: 84%
See 1 more Smart Citation
“…The findings of this study also help to address the possibility, raised in Affleck-Grave et al (1990), that analyst bias may be unintentional, since unintentional biases should not be predictable by the presence or absence of state ownership. Our findings also complement the findings of Haß et al (2014) that the Chinese information environment, proxied by similar analyst forecast measures to those used in this paper, is favorably impacted by improved corporate governance.…”
Section: Hypotheses Developmentsupporting
confidence: 84%
“…These findings suggest that a firm's dividend policy, size, profitability, and market performance are important reflections of its information environment, and are generally consistent with prior literature. Such results are generally consistent with reviews provided by Ramnath et al (2008), and with results in the Chinese context (Ang and Ma, 1999;Barniv, 2009;Haß et al, 2014). 15 The foregoing tests have all been performed under the implicit assumption that analyst forecasts are somewhat useful in predicting future earnings; the underlying hypothesis of this paper is that that usefulness is somewhat vitiated in the presence of significant state participation in the firm.…”
Section: Modelsupporting
confidence: 78%
“…When information asymmetry is less severe, traders face less adverse selection problems (Glosten and Milgrom, 1985); hence, they provide more liquidity to stocks of well governed firms. Several empirical studies provide support for this theoretical argument by showing that firms with better corporate governance have improved information environment (Beekes et al, 2015;Haß et al, 2014) and have improved stock liquidity (Chung et al, 2010;Prommin et al, 2014).…”
Section: Stock Liquidity Corporate Governance Quality and Default Riskmentioning
confidence: 94%
“…Although such literature measures governance through ownership variables (blockholders) that differ from our governance proxy (board and subcommittees), we use the three-stage least squares (3SLS) method to eliminate the endogeneity problem from simultaneity bias (if any) among CGQ, disclosure and stock liquidity. We endogenize CGQ and disclosure, given existing literature (Beekes et al, 2015;Haß et al, 2014;Monem, 2013) on their determinants, by developing two regression equations, Eq. (12) and Eq.…”
Section: Does Cgq Affect Stock Liquidity Dimensions Through Informatimentioning
confidence: 99%