A Study On The Relationship Between The Background Characteristics Of Listed Companies And The Quality Of Information Disclosure

Information disclosure is one of the most important ways for management to deliver the company's operating performance,financial status and even corporate governance to investors and other stakeholders.It plays an important role in the effective operation of capital market.It can be said that information disclosure affect the efficiency of resource allocation to a certain extent,the quality of information disclosure has been the focus of investors and regulators concern.Among the many factors that influence the quality of information disclosure,the behavior of the individual executives of the disclosure of information can not be ignored.In traditional corporate finance theory,managers are considered homogeneous,that is,they can make rational decisions in different situations.However,in reality,due to individual differences in personality,ideas and beliefs,managers in the face of uncertain environment,the decision is difficult to predict.Upper Echelons Theory proposed by Hambrick et al.(1984)argues that the cognitive basis and values of executives determine their ability to interpret and understand the relevant information,which in turn affects their final choice,that is,the influence of executives the company's actions and decisions will ultimately affect the status of information disclosure of listed companies.Although the psychological characteristics of executives are difficult to measure,demographic characteristics(age,gender,tenure,career background,educational background,etc.)that are closely related to their cognitive abilities and values can be measured objectively,so these background features as a substitute variable for executive cognitive process to predict executive behavior,such as strategic choice,risk appetite and voluntary disclosure.Through the analysis of the existing literature and related theoretical analysis,it is found that the background characteristics such as age,education,cultural experience,work experience and tenure of senior management will have certain influence on the quality of information disclosure of listed companies.Based on the theory of "Upper Echelons Theory","Principal-agent Theory","Asymmetric Information Theory","Life Course Theory",and "Psychosocial Development Theory",this paper adopts the combination of normative and empirical research.Based on the results of the information disclosure quality evaluation of listed boards,small plates and listed companies on the Shen zhen Stock Exchange in2014.This paper first explores the relationship between the background characteristics of listed companies and the quality of information disclosure.Firstly,this paper analyzes the influence of the background characteristics of the executives on the quality of information disclosure.On this basis,five assumptions are put forward,which focus on the characteristics of the "Cultural Revolution" experience,which is based on the analysis of the quality of information disclosure;second,the data collection,construction model,empirical examination of the gender,age,education,tenure and experience of the Cultural Revolution on the quality of information disclosure and the impact of different job levels of the background of the background affect the quality of information disclosure;and finally,the analysis of the characteristics of executive background information disclosure Affect the outcome of the amount put forward relevant policy recommendations.The results showed that:(1)the age,education and term of the executives were significantly positively correlated with the quality of information disclosure.;(2)the experience of the Cultural Revolution and the quality of the information disclosure have a significant negative correlation;(3)the quality of the information disclosure,there is no obvious correlation between the gender of the executive and the quality of the information disclosure;(4)The influence of the background characteristics on the quality of the information disclosure is not the same.The qualifications,tenure and experience of the general manager are significantly related to the quality of the information disclosure.The age,tenure and experience of the chief financial officer are all relevant to the quality of the information disclosure,which have a significant impact on the quality of the information disclosed.The research of this paper enriches the research results in the field of executive factors and information disclosure,and puts forward the background characteristics of the experience of the cultural revolution,and analyzes the influence of thebackground characteristics of different levels of executives on the quality of information disclosure,not only for the listed companies to build a reasonable team of executives to improve the quality of information disclosure to provide a reference,but also to regulators and external investors aware of the importance of the quality of information disclosure of listed companies.