Business

Non-financial information farsightedness and capital market information efficiency

C. Zhang and Y. Wang

This research by Chuan Zhang and Yueyun Wang explores how forward-looking non-financial information disclosures by A-share listed companies in China enhance the efficiency of capital markets. Discover the intriguing interplay between analysts' attention, media coverage, and corporate governance that amplifies this positive effect.

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Playback language: English

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Abstract

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

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