Research On The Correlation Between Executive Team Characteristics And Information Disclosure Violations In New OTC Market Listed Company

In the capital market,information disclosure has become a bridge for market participants to communicate in an all-round way.Timely,truthful,accurate and complete information disclosure can not only promote the healthy development of enterprises,improve the efficiency of capital market operation,but also help investors make the right investment decisions to reduce the risk of loss.At present,the New OTC(Over the Counter)Market in China has entered a period of rapid development.But the information disclosure situation of the market is not optimistic,there are many illegal disclosure behaviors.As the strategic decision makers of the company,the executive team plays a vital role in the business management process.They have the motivation and ability to influence the information disclosure behavior of the company.Based on this,this paper studies the mechanism of the impact of executive team characteristics on information disclosure violations in the New OTC Market and carries out an empirical test on the results of the research.This paper combines the status of Information Disclosure Violation in the New OTC Market listed companies.In this paper,by combining the status quo of information disclosure violations of listed companies in the New OTC Market,the listed companies that were subject to self-regulatory measures for information disclosure violations announced in 2014-2016 were selected as research samples.This paper applies highorder theory to the sample and analyzes the mechanism of the influence of the characteristics of the senior management team on the disclosure of information disclosure violations by comparing the characteristics of homogeneity and heterogeneity in the age and gender of the senior management team.The findings are as follows:(1)in terms of gender homogeneity,the proportion of female senior executives in the senior management team is lower,and information disclosure violations are more likely to occur;(2)in terms of gender heterogeneity,gender differences in senior executives can help to inhibit the occurrence of information disclosure violations.In terms of the characteristics of homogeneity of professional background,the number of people with management professional background among the members of the senior management team is higher,the probability of information disclosure violations is lower.(4)In terms of the characteristics of heterogeneity of professional background,the professional background difference of the senior management team is greater,the probability of information disclosure violations is lower.(5)In terms of the homogeneity of tenure,the average tenure of the executive team is longer,the more likely it is that information disclosure violations will occur.(6)In terms of the heterogeneity of tenure,the differences in the tenure of the executive team help to suppress information disclosure violations.However,the effects of executives' age and background characteristics on corporate disclosure violations have not been tested empirically.On this basis,this paper has targeted policy recommendations from two levels of supervision: the enterprise and the New OTC Market.The conclusions and recommendations of this study can not only regulate the behavior of the main body of information disclosure,but more importantly,it is beneficial to speed up the construction of the New OTC Market,promote the healthy and orderly development of many small and medium-sized enterprises,and ultimately strengthen China's capital market system.