Can Information Disclosure by Industry Restrain Management Tone Manipulation:Evidence Based on Industry Information Disclosure Guidelines
Management tone manipulation is a"stumbling block"that hinders the high-quality development of capital market.How to restrain management tone manipulation is crucial for pro-tecting investors'rights and interests and guiding value investment.Based on a sample of China's Shanghai and Shenzhen A-share listed companies from 2010 to 2021,this paper uses a multi-period differential model to examine the impact of information disclosure on management tone manipula-tion by industry.It is found that,information disclosure by industry can effectively constrain man-agement intonation manipulation.The mechanism test shows that the information disclosure of dif-ferent industries influences the management tone manipulation by exerting"governance effect"and"information effect".The heterogeneity test shows that the restraint effect of information disclo-sure on management intonation manipulation is more obvious in Shanghai A-share enterprises with higher requirements for business information disclosure frequency and enterprises with higher read-ability of annual reports.
information disclosure by industrymanagement tone manipulationindustry infor-mation disclosure guidelinesgovernance effectinformation effect
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