ABSTRACT

Based on the quarterly data of listed companies on the ‘hudongyi’ Internet platform of the Shenzhen Stock Exchange from 2011 to 2018, this study uses the economic policy uncertainty (EPU) index to explore the impact of EPU on voluntary disclosure. We find that EPU is positively correlated with the timeliness and sufficiency of voluntary disclosure. Moreover, investor sentiment plays a mediation role between economic policy uncertainty and voluntary disclosure. Furthermore, for state-owned, high bankruptcy risk, and low growth firms, the positive effect of EPU on the timeliness and sufficiency of voluntary disclosure becomes larger.

中文翻译：

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经济政策不确定性、投资者情绪与互联网平台自愿披露

摘要

本研究基于深交所“沪东易”互联网平台上市公司2011-2018年季度数据，采用经济政策不确定性（EPU）指数，探讨EPU对自愿披露的影响。我们发现EPU与自愿披露的及时性和充分性呈正相关。此外，投资者情绪在经济政策不确定性和自愿披露之间起着中介作用。此外，对于国有企业、高破产风险、低增长企业，EPU对自愿披露的及时性和充分性的正向影响更大。