 Customer information disclosure and corporate financing constraintsXin Wang, Yuan George Shan and Jianbo Song International Review of Financial Analysis, 2023, vol. 89, issue C Abstract: We examine the impact of voluntary customer information disclosure by Chinese-listed companies on their financing constraints from the perspective of information transparency. The results show that voluntary disclosure can alleviate financing constraints, and the effect is pronounced when detailed customer information is disclosed. Analyst following and information opacity are used as a proxy for information transparency to test the mediating effect, and it is found that voluntary disclosure reduces financing constraints by increasing information transparency. In addition, the results indicate that when industry competition is fierce and the quality of internal control is low, disclosure of customer information has a more pronounced effect on the alleviation of financing constraints. Policymakers and corporate decision-makers should be aware that voluntary customer information has great significance for the improvement of information environment in China's capital market. Keywords: Customer information disclosure; Information asymmetry; Financing constraints; Information environment (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:89:y:2023:i:c:s1057521923003381 DOI: 10.1016/j.irfa.2023.102822 Access Statistics for this article International Review of Financial Analysis is currently edited by B.M. Lucey More articles in International Review of Financial Analysis from Elsevier |
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