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Accountability and the quality of information disclosure of state-owned enterprises

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Listed:
  • Dong, Fangsu
  • Dong, Huaichen
  • Zhang, Lei

Abstract

This study investigates the impact of accountability on the quality of information disclosure of state-owned enterprises, with a particular focus on the Accountability System for Illegal Business Operations and Investments (ASIBOI) that has been progressively implemented in China. Utilizing A-share listed companies from 2012 to 2022 as the research sample, we used the staggered difference-in-differences approach to explore the relationship and mechanism between ASIBOI and the quality of information disclosure of state-owned enterprises. The results show that ASIBOI improves the quality of information disclosure of state-owned enterprises by improving the internal governance system of enterprises, and this finding still holds after a series of robustness tests.

Suggested Citation

  • Dong, Fangsu & Dong, Huaichen & Zhang, Lei, 2025. "Accountability and the quality of information disclosure of state-owned enterprises," Finance Research Letters, Elsevier, vol. 71(C).
    • Handle: RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014910
    DOI: 10.1016/j.frl.2024.106462
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    References listed on IDEAS

    as
    1. Zhao, Xin & Chung, Kee H., 2007. "Information Disclosure and Market Quality: The Effect of SEC Rule 605 on Trading Costs," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 42(3), pages 657-682, September.
    2. John Gallemore & Martin Jacob, 2020. "Corporate Tax Enforcement Externalities and the Banking Sector," Journal of Accounting Research, Wiley Blackwell, vol. 58(5), pages 1117-1159, December.
    3. Doris M. Merkl-Davies & Niamh Brennan, 2007. "Discretionary disclosure strategies in corporate narratives : incremental information or impression management?," Open Access publications 10197/2907, Research Repository, University College Dublin.
    4. Shelagh Campbell & Yingqi Li & Junli Yu & Zhou Zhang, 2016. "The Impact of Occupational Community on the Quality of Internal Control," Journal of Business Ethics, Springer, vol. 139(2), pages 271-285, December.
    5. Goodman-Bacon, Andrew, 2021. "Difference-in-differences with variation in treatment timing," Journal of Econometrics, Elsevier, vol. 225(2), pages 254-277.
    6. He, Liying & Ismail, Kamisah, 2024. "ESG information disclosure, industrial policy support, debt financing costs," Finance Research Letters, Elsevier, vol. 66(C).
    7. Sun, Liyang & Abraham, Sarah, 2021. "Estimating dynamic treatment effects in event studies with heterogeneous treatment effects," Journal of Econometrics, Elsevier, vol. 225(2), pages 175-199.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Accountability; Quality of Information Disclosure; Internal Governance System;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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