Informatization Impact and Corporate Information Disclosure Quality:Evidence from Textual Mining of Annual Reports and Chinese Smart City Construction
The construction of smart cities serves as a pivotal driving force for urban digitalization.Does the construction of smart cities matter for corporate information disclosure?We employ text-based tools to cal-culate the corporate information disclosure quality index.Then,this paper constructs a staggered Differences-in-Differences method and examines the causal effect and informatization impact on corporate information dis-closure quality,which selects the matching panel data of China's A-share listed enterprises and prefecture-level cities from 2008 to 2020.The result shows that the informatization impact caused by smart city construction has a significant positive impact on corporate information disclosure quality.Further mechanism analysis indicates that the impact of informatization has effectively promoted the improvement of information disclosure quality by strengthening external supervision and improving internal governance.Furthermore,results in heterogeneity a-nalysis show that,compared with state-owned enterprises,large-scale enterprises and enterprises in the eastern region,the impact of informatization on non-state-owned enterprises,small-scale enterprises and enterprises in the central and western regions is more significant.These conclusions offer insights for refining smart city con-struction policies and empowering the enhancement of corporate information disclosure quality.
informatizationsmart city policycorporate information disclosure qualityinternal govern-anceexternal monitoring
NETL
NSTL
万方数据
