This study examines the impact of forward-looking non-financial information disclosure by listed companies on capital market information efficiency using data from A-share listed companies in China (2007-2022). It finds a positive impact, moderated by analysts' attention. The mechanism involves analysts' earnings forecasts, audit opinions, and corporate financialization. High media attention and internal control quality enhance the positive effect.
Publisher
Humanities and Social Sciences Communications
Published On
Sep 10, 2024
Authors
Chuan Zhang, Yueyun Wang
Tags
non-financial information
capital market efficiency
analysts' attention
earnings forecasts
China
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