A Study on the Influence of TMT Stability on Enterprise Information Disclosure Quality
DOI:
https://doi.org/10.54097/arsrdp45Keywords:
TMT Stability; Quality of Information Disclosure; Operational Risk.Abstract
Information disclosure is the cornerstone of high-quality development in capital markets, as it effectively mitigates information asymmetry between enterprises and stakeholders and improves resource allocation efficiency. However, violations by listed companies—such as financial fraud and delayed disclosure—remain frequent, severely undermining market stability. As the core of corporate decision-making, the stability of the top management team may exert an impact on corporate information disclosure quality. Based on this, this study selects A-share listed companies on the Shenzhen Stock Exchange in China from 2007 to 2023 as the research sample to explore the relationship between TMT stability and corporate information disclosure quality. The results show that TMT stability significantly improves corporate information disclosure quality, and this effect is achieved by reducing operational risk. Further analysis reveals that the positive impact of TMT stability on information disclosure quality is more pronounced in non-state-owned enterprises. This study expands the research on the economic consequences of TMT stability and the influencing factors of information disclosure quality, providing references for enterprises to maintain TMT stability and for regulatory authorities to formulate relevant policies.
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