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A study of voluntary disclosure of listed Chinese firms - a stakeholder perspective

Qu, Wen, Leung, Philomena and Cooper, Barry 2013, A study of voluntary disclosure of listed Chinese firms - a stakeholder perspective, Managerial auditing journal, vol. 28, no. 3, pp. 261-294, doi: 10.1108/02686901311304376.

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Title A study of voluntary disclosure of listed Chinese firms - a stakeholder perspective
Author(s) Qu, Wen
Leung, Philomena
Cooper, Barry
Journal name Managerial auditing journal
Volume number 28
Issue number 3
Start page 261
End page 294
Total pages 34
Publisher Emerald Group Publishing
Place of publication Bingley, England
Publication date 2013
ISSN 0268-6902
1758-7735
Keyword(s) voluntary disclosure
stakeholder theory
Chinese stock market
China
stock markets
disclosure
Summary Purpose – The aim of this paper is to investigate stakeholder power changes and their impact on firms' disclosure decisions in the Chinese stock market. Using legitimacy theory and stakeholder theory, the paper identifies newly emerged stakeholder groups for listed Chinese firms during three distinguished periods of the development of the Chinese stock market.

Design/methodology/approach – Panel data analysis was undertaken over a period from 1995-2006 with an aim to examine the influence of stakeholder power changes on voluntary disclosures made by 297 listed firms in their 12 years of annual reports. A voluntary disclosure checklist has been used for hand-collecting data from annual reports.

Findings – The finding shows that different stakeholder groups exert different degrees of influence on firms' decision-making in respect of information disclosure during different stages of the development of the Chinese stock market.

Research limitations/implications – The impact of a stakeholder power changes on corporate disclosure has not been well addressed and how listed Chinese firms respond to these changes is still a significant gap in the Chinese corporate disclosure literature. In this study, the paper uses proxies to represent each stakeholder group, discuss power changes of each group and predict the impact of power changes on firms' voluntary disclosure.

Originality/value – The paper identifies the new content of the “social contract” between listed firms and Chinese society and identifies various stakeholder groups of listed Chinese firms in the context of a new “social contract”. The paper predicts that voluntary corporate disclosure is the result of stakeholder pressures and firms use voluntary disclosure as one of their strategies to manage the firm-stakeholder relationship.
Notes Reproduced with the kind permission of the copyright owner.
Language eng
DOI 10.1108/02686901311304376
Field of Research 150103 Financial Accounting
Socio Economic Objective 900102 Investment Services (excl. Superannuation)
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2013, Emerald Group Publishing Limited
Persistent URL http://hdl.handle.net/10536/DRO/DU:30051648

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Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.