Executive Characteristics,Nature Of Property Rights And Information Disclosure Quality

Information disclosure is an institutional arrangement for public companies to disclose internal information to the outside world,and it is also an important way for other stakeholders to understand the company’s operating conditions.As the Chinese economy has shifted from high-speed development to high-quality development,the quality of information disclosure has become the core content of supervision by the regulatory authorities.Information disclosure is the basic channel for investors to evaluate the feasibility of investment projects.The quality of information disclosure plays a key role in investors’ investment decisions.Therefore,High-quality information disclosure can promote the rational allocation of market resources and promote the healthy operation of the capital market.It is necessary to further discuss the influencing factors that may affect the quality of information disclosure.The theory of high-level echelons believes that the values and knowledge structure of senior executives will influence their strategic choices.The formation of values and cognitive foundations will be influenced by the background characteristics of senior executives,that is to say the characteristics of senior executives will affect executives’ information understanding and decision-making behavior(Hambrick,Mason.1984).Executives are the core personnel of the strategic decision-making of listed companies,and the content of information disclosure is an important part of the operating decisions of listed companies.Therefore,the characteristics of senior executives may affect the status of information disclosure.Based on this,this paper chooses to study the relationship between the characteristics of senior executives and the quality of information disclosure,and combines the nature of property rights to conduct research on the quality of information disclosure of listed companies.By sorting out the existing literature,we find that the academic community usually uses demographic characteristics to measure the characteristics of senior executives.For this reason,this paper selects executives’ age,education,gender and team size to measure the characteristics of senior executives,and uses earnings management as a measure of the quality of information disclosure.Based on the theory of high-level echelon,theory of information asymmetry and signal transmission theory,the article uses the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2016 as research samples,and discloses the quality of listed companies’ information disclosure through overall descriptive statistics and average test.A preliminary review of the situation found that there are differences in the quality of information disclosure among different companies.Then,introducing the variables of the characteristics of senior executives,and theoretically analyzing the influence path of the characteristics of senior executives and the quality of information disclosure and to further examine the difference between the two properties under different property rights.On this basis,the research hypothesis of this paper is proposed.Finally,summarize the research conclusions of this paper,put forward the corresponding policy recommendations,and further look forward to future research.The results show that: Firstly,there are differences in the quality of information disclosure of different listed companies in China.As a whole,the quality of information disclosure of state-owned enterprises is higher than that of non-state-owned enterprises;Secondly,There is a significant positive relationship between executive qualifications,age,team size and quality of information disclosure.The proportion of female senior executives has an inhibitory effect on the quality of information disclosure,and the active role of female senior executives in corporate governance needs to be improved;Thirdly,the characteristics of senior executives with different property rights have different effects on the quality of information disclosure.Among them,the characteristics of senior executives of non-state-owned companies have a stronger influence on the quality of information disclosure,and the correlation between the two is less significant in state-owned enterprises.The research conclusions show that the proportion of female senior executives in listed companies in China is still relatively low and has little influence on corporate decision making,and the decision-making discourse right still belongs to the majority of male executives.Therefore,we should optimize the optimal management team by integrating the team’s age,education,gender,and quantity factors.The research in this paper enriches the research literature on the characteristics of senior management and information disclosure,and expands the research results on the nature of property rights,the characteristics of senior executives and the quality of information disclosure.It has some inspiration and reference for optimizing the human resources management practices of the senior management team.