Corporate Value, Voluntary Disclosure and the Process of Marketization
This paper studies the effect of corporate value on voluntary disclosure under the specific institution background in China which is characterized by the Guanxi-based economic and uneven market. It is found that Guanxi is the main source of resource and competitive advantage in the Guanxi-based economic society. Therefore, its not significant of highvalue corporate disclosure motivation in the capital market transaction because of high proprietary costs. Moreover, there is negatively significant relationship between corporate value and voluntary disclosure. However, this is just the opposite in the higher-marketization regions. This study is helpful for us to understand the particularity of voluntary disclosure, and establish the proper standards of information disclosure in China.
Corporate Value Voluntary Disclosure Marketization
CHENG Xinsheng TAN Youchao LIU Jianmei XU Lei
Center for Research of Corporate Governance, Nankai University, Tianj in, 300071 School of Business School of Business, Nankai University, Tianjin, 300071
国际会议
大连
英文
20-25
2011-06-30（万方平台首次上网日期，不代表论文的发表时间）