Using monthly data from the Shenzhen Stock Exchange's‘Hudongyi’platform and comment letters from December 2014 to December 2018,this study investigates the influence of interactive information disclosure on non-...Using monthly data from the Shenzhen Stock Exchange's‘Hudongyi’platform and comment letters from December 2014 to December 2018,this study investigates the influence of interactive information disclosure on non-penalty regulatory review risk.The findings reveal that the richness and activeness of interactive information disclosure are positively associated with regulatory review risk.Moreover,the non-penalty regulatory review is effective as it significantly reduces the probability of receiving a comment letter in the subsequent three periods.The timeliness of interactive information disclosure is negatively associated with regulatory review risks.Additionally,we find that newspaper media coverage partially mediates the relationship between interactive information disclosure and regulatory review risk.For companies with low levels of internal governance,in low-competitive industries,and state-owned companies,the positive relationship between the number of investor questions and regulatory review risk is strengthened.These findings enrich the literature on the determinants of regulatory review risk and the economic consequences of interactive information disclosure in emerging markets.展开更多
新媒体时代在线评论已经成为消费者购买决策和企业营销的重要的信息来源,其实践应用和理论研究被广泛关注。基于Web of ScienceTM核心合集数据库和中国知网2008—2015年间关于在线评论的相关文献,梳理和分析这期间的研究成果,其研究内...新媒体时代在线评论已经成为消费者购买决策和企业营销的重要的信息来源,其实践应用和理论研究被广泛关注。基于Web of ScienceTM核心合集数据库和中国知网2008—2015年间关于在线评论的相关文献,梳理和分析这期间的研究成果,其研究内容主要集中在影响在线评论感知有用性的前因研究、在线评论对消费者的购买意愿与产品销量影响的后效研究两个方面,其研究所涉及的行业相对较少。总体上看,关于在线评论的研究还处于探索起步阶段,研究的普遍性和深入性急需进一步提高。展开更多
基金National Natural Science Foundation of China(No.71790594,72071142 and 72271184).
文摘Using monthly data from the Shenzhen Stock Exchange's‘Hudongyi’platform and comment letters from December 2014 to December 2018,this study investigates the influence of interactive information disclosure on non-penalty regulatory review risk.The findings reveal that the richness and activeness of interactive information disclosure are positively associated with regulatory review risk.Moreover,the non-penalty regulatory review is effective as it significantly reduces the probability of receiving a comment letter in the subsequent three periods.The timeliness of interactive information disclosure is negatively associated with regulatory review risks.Additionally,we find that newspaper media coverage partially mediates the relationship between interactive information disclosure and regulatory review risk.For companies with low levels of internal governance,in low-competitive industries,and state-owned companies,the positive relationship between the number of investor questions and regulatory review risk is strengthened.These findings enrich the literature on the determinants of regulatory review risk and the economic consequences of interactive information disclosure in emerging markets.
文摘新媒体时代在线评论已经成为消费者购买决策和企业营销的重要的信息来源,其实践应用和理论研究被广泛关注。基于Web of ScienceTM核心合集数据库和中国知网2008—2015年间关于在线评论的相关文献,梳理和分析这期间的研究成果,其研究内容主要集中在影响在线评论感知有用性的前因研究、在线评论对消费者的购买意愿与产品销量影响的后效研究两个方面,其研究所涉及的行业相对较少。总体上看,关于在线评论的研究还处于探索起步阶段,研究的普遍性和深入性急需进一步提高。