The Impact of Short-Selling Mechanism on Corporate Information Disclosure Quality
DOI:
https://doi.org/10.6981/FEM.202510_6(10).0005Keywords:
Short-selling Mechanism; Information Disclosure; Difference-in-Differences.Abstract
In this study, we selected A-share listed companies from 2010–2024, empirically examining the impact of short-selling mechanism introduction on their disclosure quality. Post-introduction, disclosure quality significantly improved. For robustness, we excluded special-year samples and used year-end ETF holdings/tradable shares ratio as instrumental variable in regression. Even under stricter tests, conclusions remained: short-selling introduction positively affects disclosure quality. This study confirms allowing short-selling effectively promotes listed firms to enhance disclosure transparency and quality.
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