Economic policy uncertainty, investor sentiment, and voluntary disclosure on internet platform

Meng Wang, Wanlong Zhao and Lei Yin

Asia-Pacific Journal of Accounting & Economics, 2022, vol. 29, issue 4, 896-915

Abstract: Based on the quarterly data of listed companies on the ‘hudongyi’ Internet platform of the Shenzhen Stock Exchange from 2011 to 2018, this study uses the economic policy uncertainty (EPU) index to explore the impact of EPU on voluntary disclosure. We find that EPU is positively correlated with the timeliness and sufficiency of voluntary disclosure. Moreover, investor sentiment plays a mediation role between economic policy uncertainty and voluntary disclosure. Furthermore, for state-owned, high bankruptcy risk, and low growth firms, the positive effect of EPU on the timeliness and sufficiency of voluntary disclosure becomes larger.

Date: 2022
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DOI: 10.1080/16081625.2020.1808799

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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