【讲座时间】2023年12月25日 14:00
【讲座地点】会计学院108室
【讲座主题】Enhanced bank monitoring ability and corporate voluntary disclosure: Evidence from public credit registries
【嘉宾介绍】陈旸旸，香港城市大学教授
Yangyang Chen joined City University of Hong Kong in 2019. He received his PhD from University of Melbourne and worked at Hong Kong Polytechnic University and Monash University before joining. His research interests are in corporate finance and financial accounting, including management compensation, corporate innovation, audit quality and pricing, earnings management, corporate disclosure, and so on. His works have been published in The Accounting Review, Journal of Accounting Research, Journal of Financial Economics, Management Science, Journal of Financial and Quantitative Analysis, Contemporary Accounting Research, Review of Accounting Studies etc.
【内容提要】
Exploiting the country-level mandatory adoption of public credit registries (PCRs), which improve banks’ ability to monitor borrowers through sharing their credit information among banks, we document a negative impact of enhanced bank monitoring ability on firms’ decisions to voluntarily provide management forecasts. Consistent with expectations, we find that this impact is larger for PCRs that share more information, have greater transparency, and are under more stringent regulations. The impact also intensifies for firms exhibiting higher accounting quality and in countries where banks have stronger monitoring incentives and regulatory institutions better protect creditors’ claims. Additionally, enhanced bank monitoring ability reduces the informativeness of firms’ disclosure. Collectively, we provide robust evidence implying that enhanced bank monitoring ability engenders substitution of shareholder monitoring by bank monitoring, which helps resolve agency problems and reduces shareholders’ demand for public disclosure for monitoring purposes.
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