Information Transparency and Financial Flexibility: Empirical Analysis Based on the Dual Perspectives of Digital Transformation and Financing Constraints

Haoning Luo ()
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Haoning Luo: Beijing Jiaotong University, School of Economics and Management

A chapter in Proceedings of the 4th International Conference on Internet Finance and Digital Economy (ICIFDE 2024), 2024, pp 126-134 from Springer

Abstract: Abstract In the fierce competition of the capital market, one of the crucial elements for enterprises to achieve sustainable growth lies in ensuring the reliability and stability of funding supply, which constitutes an indispensable foundation. This paper empirically examines the relationship between corporate information transparency and financial flexibility using a sample of listed A-share companies in Shenzhen and Shanghai Stock Exchanges from 2009 to 2023. The study finds that information transparency reduces firms’ financial flexibility reserves and its mechanism of action is to alleviate financing constraints. By focusing on information transparency as a corporate governance indicator, this paper offers a fresh perspective on the research of corporate financial flexibility and broadens the scope of studies on information transparency in terms of corporate behaviors and other aspects.

Keywords: Information Transparency; Financial Flexibility; Pecking Order Theory (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-534-8_12

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DOI: 10.2991/978-94-6463-534-8_12

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