ABSTRACT

This study examines the extent to which corporate governance (CG) affects disclosure tone (DT) and assesses the impact of DT on firm value (FV). It also tests the effect of CG on FV using DT as an intermediary variable. Content analysis is used to measure DT level. CEO duality, board size, gender diversity, and board independence are used as proxies for CG. Tobin’s Q is used to measure FV. The empirical analysis shows significant positive impact of CG on DT and FV. We also find a highly significant association between disclosure of good/bad news with leverage, audit quality, firm growth, and abnormal accruals. The results also indicate that DT along with the profitability of the firm (ROA) and Abnormal Accruals are significantly associated with FV. Finally, the results of the structure equation modeling show that gender diversity, ROA, leverage, revenue growth, and abnormal accruals are the most influential variables that run from CG and DT into FV. The novelty of this study stems from its empirical analysis that tests the association between CG, DT from one side and DT and FV from the other side, and then measures the impact of CG on FV using DT as an intermediary variable.

摘要

本研究考察了公司治理 (CG) 对披露基调 (DT) 的影响程度，并评估了 DT 对公司价值 (FV) 的影响。它还使用 DT 作为中间变量来测试 CG 对 FV 的影响。内容分析用于衡量DT水平。CEO 双重性、董事会规模、性别多样性和董事会独立性被用作 CG 的代理。托宾 Q 用于测量 FV。实证分析表明，CG 对 DT 和 FV 有显着的积极影响。我们还发现披露好/坏消息与杠杆、审计质量、公司增长和异常应计项目之间存在高度显着的关联。结果还表明，DT 以及公司的盈利能力 (ROA) 和异常应计与 FV 显着相关。最后，结构方程模型的结果表明，性别多样性、ROA、杠杆率、收入增长和异常应计是从 CG 和 DT 到 FV 的最有影响力的变量。本研究的新颖之处在于其实证分析，即从一侧测试 CG、DT 和另一侧 DT 和 FV 之间的关联，然后使用 DT 作为中介变量测量 CG 对 FV 的影响。