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| Impact of Interactive Disclosure Quality on Stock Price Delay: Evidence from the “Hudongyi” Platform |
| SU Zhifang, XU Boyu |
| School of Economics and Finance, Huaqiao University |
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Abstract: High-quality information disclosure by listed companies is an effective cure to improving the pricing efficiency of capital market. This paper constructs a comprehensive index of interactive information disclosure quality based on the Q&A data of A-share listed companies on the“Hudongyi” platform of SZSE from 2012 to 2020, and then empirically examines the impact of interactive information disclosure quality on stock price delay and its impact mechanism. The results show that high-quality interactive disclosure has a significant effect on stock price delay. Further research finds that reducing market information asymmetry is a potential mechanism for high-quality interactive disclosure to mitigate the phenomenon of stock price delay. Moreover, among listed companies with lower media attention, institutional investor shareholding and investor attention, high-quality interactive disclosure has a more pronounced effect on the reduction of stock price delay. The findings of the study have important theoretical and practical implications for a comprehensive understanding of the role of interactive disclosure quality in the capital market and the way to mitigate the phenomenon of stock price delay.
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Received: 25 March 2023
Published: 15 November 2023
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2023, Vol. 37 
浙公网安备 33011802000512号