Journal
ECONOMICS LETTERS
Volume 219, Issue -, Pages -Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/j.econlet.2022.110839
Keywords
Corporate governance; Electronic voting; Information technology; Shareholder meeting; Voluntary disclosure
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Funding
- Ministry of Education of the Republic of Korea
- National Research Foundation of Korea [NRF-2021S1A5A8070091]
- Chung-Ang University
- National Research Foundation of Korea [2021S1A5A8070091] Funding Source: Korea Institute of Science & Technology Information (KISTI), National Science & Technology Information Service (NTIS)
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This study examines the effect of electronic voting on firms' disclosure behavior before shareholder meetings. The results suggest that firms that adopt electronic voting are more likely to provide good-news earnings forecasts before the meetings, and firms with poorer past performance are more likely to increase disclosure.
Electronic voting allows shareholders to participate in shareholder meetings without being physically present. This study examines the effect of electronic voting on firms' disclosure behavior before the meetings. Empirical analyses reveal that firms that adopt electronic voting are more likely than non-adopting firms to provide good-news earnings forecasts before shareholder meetings. Firms with poorer past performance are more likely to increase disclosure. The positive returns associated with disclosure in the pre-meeting period reverse after the meeting. Overall, the results suggest that electronic voting induces strategic disclosure by managers, significantly altering the corporate information environment. (C) 2022 Elsevier B.V. All rights reserved.
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