董事长个人特征、代理成本与营收计划的自愿披露——来自沪深上市公司的经验证据

Chairman Personal Characteristics,Agency Costs and the Voluntary Disclosure of Operating Revenue Plan: Evidence from Stock Market in China

本文基于高层梯队理论和代理理论,研究了董事长个人特征和代理成本对公司营收计划自愿披露的影响。以2008—2010年度A股上市公司为样本,研究发现,公司董事长年龄、性别以及股权代理成本与营收计划自愿披露相关。董事长年龄越大、董事长为女性以及股权代理成本越小的公司,其自愿披露营收计划的可能性越大。研究还发现公司规模、董事长和总经理两职合一以及交叉上市对公司营收计划自愿披露也有显著影响。本文的研究丰富了相关文献,特别是为从管理者特征方面来解释我国上市公司的自愿披露行为提供了经验证据。

Based on the Upper Echelons Theory and Agency Theory,we investigate whether Chairman Personal Characteristics and Agency Costs play an economically significant role in their firms' voluntary disclosure of revenue plan. Using a sample of all listed A-shares firms in Shanghai and Shenzhen Stock Exchanges from 2008 to 2010, we find that firm with female chairman and older chairman and lower agency costs are more likely to issue a revenue plan. The study also finds that the firm's size, chairman and CEO are the same person and cross listed firms have significant effect on the firm's voluntary disclosure behavior. This research enriches the related studies and helps understand voluntary disclosure behavior in Chinese listed companies on aspect of Chairman Personal Characteristics.