Disclosure Behavior of Annual Reports of Listed Companies Under Digital Worship
Digital worship is widely used in China. Does this phenomenon also affects the China’s stock market? Does Digital Worship influence the choice of disclosure time of listed companies’ annual reports? Through the empirical analysis for stock market of China, it founds that the listed companies’ behavior of timing of annual reports released is affected by the short-term influence of digital worship, which is a new market phenomenon. The research of this paper has reference significance for investment decision-making, risk management and understanding the behavior of listed companies and investors.
KeywordsDigital worship Annual report disclosure Auspicious day
This paper is supported by The Ministry of Education of China and Doctoral Program of Specialized Research Project Fund Project (No. 20120184110021).
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