Research On The Impact Of Management Ability On Information Disclosure Violations

Since 2012,the CSRC has adopted a “ legal,strict and comprehensive ”supervision concept for the capital market,and has increased the penalties for violations of information disclosure by listed companies.Although external supervision is constantly strengthening,but the information disclosure violations of listed companies are still on the rise,then the root cause of information disclosure violations--the impact of internal factors on information disclosure violations has very important practical significance.As an important internal factor of the company,its ability to influence the information disclosure decision of the company(Ge et al.,2011;DeJong et al.,2013).Information disclosure violations are a special decision,so management with different ability has different impacts on information disclosure violations.In different situations,whether there is a difference in the impact of management on information disclosure violations is the focus of this paper.This paper selects the relevant data of A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2017 as an example for empirical analysis.First,data envelopment analysis(DEA)combined with Tobit regression is used to measure management ability.Second,the impact of management ability on information disclosure violations is tested by Probit regression.Then,further consider the impact of the nature of property rights and the degree of equity incentives on the relationship between management ability and information disclosure violations.Finally,the study draws the following conclusions:(1)There is a negative correlation between management ability and information disclosure violations,that is,the stronger the management ability,the lower the possibility of information disclosure violations.(2)Further group regression found that the negative correlation between management ability and information disclosure violations is more obvious in non-state-owned holding companies and enterprises with high shareholding ratio.This paper provides a new perspective and empirical evidence for the research on the influencing factors of information disclosure violations of listed companies bystudying the mechanism of management ability's violation of information disclosure.It also enriches the literature on the influencing factors of information disclosure violations and reduces information for listed companies.Disclosure of violations provides new ideas.