Using the setting of corporate site visits,this study examines the information interpretation role of board secretaries on market information efficiency.We find that the presence of the board secretary during corporat...Using the setting of corporate site visits,this study examines the information interpretation role of board secretaries on market information efficiency.We find that the presence of the board secretary during corporate site visits can significantly improve the information content of such visits.From the perspective of information interpretation ability,when the board secretary has a dual role,receives high relative compensation,and has a high level of education,his or her participation in site visits has a greater effect on improving the informativeness of such visits.From the perspective of information asymmetry,the information interpretation role of the board secretary is more pronounced when the level of information asymmetry between the firm and its investors is high.Further analysis shows that when the board secretary attends more site visits,the level of analyst forecast error is lower.In summary,we confirm the information interpretation role of board secretaries,which is useful for opening the‘‘black box"of their participation in the information assimilation process and for better understanding of how to improve market information efficiency.展开更多
In this study,we take a machine learning-based approach to measure institutional investor attention to corporate social responsibility(CSR)issues when communicating with firms during site visits.We find that institut...In this study,we take a machine learning-based approach to measure institutional investor attention to corporate social responsibility(CSR)issues when communicating with firms during site visits.We find that institutional investors can effectively enhance CSR performance through CSR-related communication.This effect remains robust to various checks and is more pronounced for non-state-owned enterprises and firms with lower levels of institutional ownership and in periods following the issuance of Green Investment Guidelines.We also identify information asymmetry and financing constraints as the two mechanisms underlying this effect.Overall,our findings highlight the importance of private interactions between management and institutional investors in promoting CSR.展开更多
基金supported by funds from the National Natural Science Foundation of China(General Program 71972189,71902201,and Major Program 71790603)the National Office of Philosophy and Social Science(19FGLB048)+2 种基金the Natural Science Foundation of Guangdong Province(2018A0303130328)the Guangdong Planning Office of Philosophy and Social Science(GD18CYJ09)the Guangdong Key Research Institute of Humanities and Social Sciences(Major Project 2012JDXM-0002)
文摘Using the setting of corporate site visits,this study examines the information interpretation role of board secretaries on market information efficiency.We find that the presence of the board secretary during corporate site visits can significantly improve the information content of such visits.From the perspective of information interpretation ability,when the board secretary has a dual role,receives high relative compensation,and has a high level of education,his or her participation in site visits has a greater effect on improving the informativeness of such visits.From the perspective of information asymmetry,the information interpretation role of the board secretary is more pronounced when the level of information asymmetry between the firm and its investors is high.Further analysis shows that when the board secretary attends more site visits,the level of analyst forecast error is lower.In summary,we confirm the information interpretation role of board secretaries,which is useful for opening the‘‘black box"of their participation in the information assimilation process and for better understanding of how to improve market information efficiency.
基金supported by the Major Program of National Fund of Philosophy and Social Science of China(No.19ZDA105).
文摘In this study,we take a machine learning-based approach to measure institutional investor attention to corporate social responsibility(CSR)issues when communicating with firms during site visits.We find that institutional investors can effectively enhance CSR performance through CSR-related communication.This effect remains robust to various checks and is more pronounced for non-state-owned enterprises and firms with lower levels of institutional ownership and in periods following the issuance of Green Investment Guidelines.We also identify information asymmetry and financing constraints as the two mechanisms underlying this effect.Overall,our findings highlight the importance of private interactions between management and institutional investors in promoting CSR.
