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Information disclosure transparency and shareholder wealth: Based on textual analysis

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  • Xie, Wenxin

Abstract

Based on the textual analysis of A-share listed non-financial 2017–2022 annual reports, this paper investigates the shareholder wealth effect of annual report disclosure transparency. It is found that the improvement of annual report disclosure transparency has a good mitigating effect on the degree of information asymmetry between the company and the market, which in turn positively affects shareholders' wealth; it is further found that the above effect is more significant in firms with higher analysts' attention and a higher proportion of institutional shareholders.

Suggested Citation

  • Xie, Wenxin, 2024. "Information disclosure transparency and shareholder wealth: Based on textual analysis," Finance Research Letters, Elsevier, vol. 66(C).
    • Handle: RePEc:eee:finlet:v:66:y:2024:i:c:s1544612324006809
    DOI: 10.1016/j.frl.2024.105650
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