Title: Institutional Investors,Information Disclosure Quality and Corporate Performance
Abstract: From the perspective of informations disclosure,this paper investigates whether information disclosure quality affects the stock holding behavior and governance effects of institutional investors in Chinese listed companies. The research finds that the information disclosure quality of listed companies is important to institutional investors' stock holding decision: the ownership of institutional investors is significantly higher in good information disclosure companies than that in poor information disclosure companies,and with the information disclosure quality improving,the ownership of institutional investors increases; the governance role of institutional investors is also different due to the information disclosure quality,with the improvement of information disclosure quality,institutional investors will increasingly enhance the corporate performance,but the governance role of institutional investors is restricted in such companies which the information disclosure quality is rather poor. In other words,the governance role of institutional investors is subject to corporate information environment,improving the quality of corporate information disclosure has an important theoretical and practical implication in promoting institutional investors to play a monitoring role.
Publication Year: 2013
Publication Date: 2013-01-01
Language: en
Type: article
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