We investigate how product market competition affects corporate voluntary disclosure decisions,specifically regarding supply-chain information.Our results,based on a sample of manufacturing companies listed in China f...We investigate how product market competition affects corporate voluntary disclosure decisions,specifically regarding supply-chain information.Our results,based on a sample of manufacturing companies listed in China from 2010 to 2016,show that companies in more competitive industries disclose less customer/supplier information.The main results stand through several robustness tests.Further analyses show that the negative relationship between product market competitiveness and supply-chain information disclosure is stronger when the disclosure contains more incremental information and when competitors are more capable of gaining competitive advantage using the disclosed information.Our study contributes to the understanding of both the relationship between product market competition and voluntary disclosure decisions and the regulation of information disclosure to build a transparent capital market.展开更多
基金financial support from the China National Natural Science Foundation(Grant numbers:71502185,71802207,71872199,71972193)the Ministry of Education of the People’s Republic of China Humanities and Social Sciences Youth Foundation(Grant numbers:18YJC630271)Young Talents Development Support Scheme of Central University of Finance and Economics(QYP2004)
文摘We investigate how product market competition affects corporate voluntary disclosure decisions,specifically regarding supply-chain information.Our results,based on a sample of manufacturing companies listed in China from 2010 to 2016,show that companies in more competitive industries disclose less customer/supplier information.The main results stand through several robustness tests.Further analyses show that the negative relationship between product market competitiveness and supply-chain information disclosure is stronger when the disclosure contains more incremental information and when competitors are more capable of gaining competitive advantage using the disclosed information.Our study contributes to the understanding of both the relationship between product market competition and voluntary disclosure decisions and the regulation of information disclosure to build a transparent capital market.
