The Effects of Zombie Firms on the Financial Information Transparency of Other Firms

Haishan Yu · Xiaowen Liu · Yisihong Zhou

11 citations0/0 files storedEmerging Markets Finance and Trade

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Auditing, Earnings Management, Governance Corporate Finance and Governance Political Influence and Corporate Strategies

Abstract

Zombie firms have strong negative effects on society. This paper empirically investigates the effects of zombie firms on the financial information transparency of normal firms and finds that zombie firms significantly reduce the financial information transparency of these normal firms, thus also reducing their performance. Further analysis reveals that zombie firms have more obvious negative effects on the financial information transparency of firms without political connections, firms in poor legal environments, and firms in highly competitive industries.

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References

2000The effect of international institutional factors on properties of accounting earnings 2009Opaque financial reports, R2, and crash risk☆2014US Food Aid and Civil Conflict 2003Corporate governance and voluntary disclosure 2008Zombie Lending and Depressed Restructuring in Japan 2010The quality of accounting information in politically connected firms 2000Association between independent non-executive directors, family control and financial disclosures in Hong Kong 1998The impact of corporate attribites on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe

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