Information disclosure transparency and shareholder wealth: Based on textual analysis

Wenxin Xie

Finance Research Letters, 2024, vol. 66, issue C

Abstract: Based on the textual analysis of A-share listed non-financial 2017–2022 annual reports, this paper investigates the shareholder wealth effect of annual report disclosure transparency. It is found that the improvement of annual report disclosure transparency has a good mitigating effect on the degree of information asymmetry between the company and the market, which in turn positively affects shareholders' wealth; it is further found that the above effect is more significant in firms with higher analysts' attention and a higher proportion of institutional shareholders.

Keywords: Information disclosure; Shareholder wealth; Text analysis; Analyst attention (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:66:y:2024:i:c:s1544612324006809

DOI: 10.1016/j.frl.2024.105650

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