Research On The Impact Of Social Emotional Wealth On The Quality Of Information Disclosure Of Family Listed Companies

In recent years,with the rapid development of the domestic capital market,information disclosure in the capital market has gradually aroused people’s interest.Since the investment decisions of external individual investors and institutional investors are almost based on the quality of information disclosure,a good quality of information disclosure is one of the conditions for the normal operation of the capital market and an important tool to help investors understand the enterprise and estimate its value.However,information disclosure violations of listed companies occur frequently,especially in family enterprises.They are found to have information disclosure violations more often than non-family enterprises.What’s more strange is that although family businesses account for the majority of information disclosure violations,a small number of them have never violated the rules.Therefore,what factors lead to the frequent occurrence of information disclosure violations in family enterprises,and how to alleviate the phenomenon of information disclosure violations in family enterprises and the reasons for the two-level differentiation of information disclosure violations in family enterprises are the important issues to be studied in this paper,and can help us understand family enterprises and the capital market in depth.Therefore,this paper attempts to discuss the above issues from the perspective of social emotional wealth theory,dividing the social emotional wealth theory into constrained social emotional wealth and extended social emotional wealth,and subdivide the social emotional wealth theory,giving different weights according to the importance,so as to explore the impact mechanism of these two types of social emotional wealth on the quality of family business information disclosure.In addition,based on the actual situation of the capital market and the existing literature,this paper takes the analysts’ attention,institutional investors’ shareholding and internal control as the adjusting variables to explore whether they can affect the relationship between the emotional wealth of the constrained society and the quality of information disclosure of family enterprises,and the relationship between the emotional wealth of the extended society and the quality of information disclosure of family enterprises.In the aspect of empirical analysis,This paper first collects second-hand data of family-listed enterprises from 2014 to 2022,and uses STATA to carry out the difference test and correlation analysis on the sample data to preliminarily verify the hypothesis;Then,this paper uses ADF test to prevent false regression;Finally,this paper makes regression analysis and finally reaches the following conclusions:(1)The emotional wealth of the constrained society negatively affects the quality of information disclosure of family enterprises;(2)The emotional wealth of extended society positively affects the quality of information disclosure of family enterprises;(3)Institutional investors negatively affect the relationship between the emotional wealth of the constrained society and the quality of information disclosure in family businesses;(4)Institutional investors positively affect the relationship between the emotional wealth of extended society and the quality of information disclosure in family businesses;(5)The attention of the Analysts has a negative impact on the relationship between the emotional wealth of the constrained society and the quality of information disclosure of family enterprises;(6)The attention of the Analysts positively affects the relationship between emotional wealth of extended society and information disclosure of family enterprises;(7)Internal control has a negative impact on the relationship between the emotional wealth of the constrained society and the quality of information disclosure of family enterprises;(8)Internal control positively affects the relationship between emotional wealth of extended society and information disclosure of family enterprises.In order to enhance the reliability of the conclusion,this paper also carried out some stability tests,including the definition of replacement independent variables and dependent variables and fixed effect models.Finally,on the basis of this study,this paper provides some management implications for external investors,CSRC,analysts,government and family businesses,and points out the shortcomings of this paper and the prospects of research.