The influence of business group control over firm disclosure in offshore financial centres: Evidence from the Caribbean
基于加勒比地区169家公司的独特样本，研究发现商业集团控制与离岸金融中心的信息披露正相关，但受行业和制度质量等因素调节，对研究离岸金融服务的供给方有参考价值。
Using a unique, hand-collected sample of 169 firms in the Caribbean region, this paper explores an interrelationship between business group (BG) control, institutional factors and firm-level transparency in offshore financial centres. Our analysis shows that BG control is positively associated with the degree of information disclosure in these generally secretive jurisdictions. This relationship is moderated by the contingency factors associated with formal and informal institutions on various levels, such as the firm belonging to offshore financial services multinational enterprise industry and the quality of formal institutions in a specific jurisdiction. • Business Group control is associated with increased subordinate/constituent firm transparency. • Business group constituent firms located in offshore financial centers have reduced transparency. • Business group constituent firms that are also offshore financial multinational enterprises (exporting offshore competencies) have reduced transparency. • Business group firms located in jurisdictions with higher national institutional quality have markedly lower transparency – an unexpected finding from prior literature. • Our study sheds light on the key institutional components which determine the supply-side of offshore financial services and addresses shortfall in literature which has studied demand-side only.