Can the Transformation and Upgrading Information Disclosure Promote Institutional Shareholding?—Based on Empirical Evidence of Listed Manufacturing Companies
Based on the theory of Chinese lexicology,the text analysis method of"affix-like"characteristics is used to establish the transformation and upgrading thesaurus in order to measure its information disclosure.Taking A-share listed manufacturing companies from 2009 to 2021 as samples,the empirical study found that the transformation and upgrading information disclosure(TUD)was significantly negatively correlated with in-stitutional shareholding,and the divergence predicted by analysts would play a moderating effect of exacerba-ting inhibition.It further clarifies the different effects of TUD on heterogeneous institutional investors'share-holding,shows the impact mechanism of TUD on institutional shareholding,which goes from moderating transformation and upgrading performance to mediating enterprise market value,and reveals the substitution mechanism of the poor transformation and upgrading performance of institutional shareholdings,brought about by the transformation and upgrading information disclosure,and the lag mechanism of market value response.
Enterprise transformation and upgradingInformation disclosureInstitutional shareholdingAna-lytical prediction divergence
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