Corporate Governance and the Information Content of Earnings Announcements: A Cross‐Country Analysis
基于23个发达市场的企业数据，研究发现公司治理质量与盈余公告的信息含量正相关，且强治理企业盈余管理少、聘用四大审计、分析师关注度高，但该关系仅在信息透明和法律保护强的国家显著。
Abstract Using firm‐level data from 23 developed markets, we document a positive association between overall firm‐level governance quality and the informativeness of earnings announcements measured by abnormal stock return variance. This finding is robust after controlling for the potential endogeneity of firm‐level corporate governance. Further analyses reveal that firms with strong governance show little evidence of earnings management, appoint Big 4 auditing firms, and attract analyst following, implying a positive link between strong corporate governance and the information quality of earnings announcements. Finally, there is some evidence that the relation between firm‐level governance and market reactions around the announcements exists only in countries characterized by a transparent information environment and strong legal investor protection.