Does Corporate Transparency Contribute to Efficient Resource Allocation?
基于37个国家37个制造业行业的数据，发现企业透明度越高，国家间行业增长率的同步性越强，且这种影响在经济发展水平相近的国家间更显著，表明透明度有助于资源在行业间的有效配置。
ABSTRACT This paper examines whether a country's corporate transparency environment, which includes the quality of accounting information, contributes to efficient resource allocation. Based on a cross‐country study of 37 manufacturing industries in 37 countries, we provide three pieces of related evidence. First, we find the contemporaneous correlations in industry growth rates across country pairs are higher when there is a greater level of corporate transparency in the country pairs, after controlling for country‐level economic and financial development. Second, we find the influence of transparency on these correlations is stronger when country pairs are at similar levels of economic development (GDP). Finally, when we control for the level of transparency explained by a country's institutions in place, we find that residual transparency (unexplained by country‐level factors) is associated with industry‐specific growth rates. Taken together, the results are consistent with corporate transparency facilitating the allocation of resources across industry sectors.