首都经济贸易大学学报2024，Vol.26Issue(2)：80-97,18.DOI:10.13504/j.cnki.issn1008-2700.2024.02.006
CEO教育背景与内部控制信息披露质量
CEO's Education Background and the Quality of Internal Control Information Disclosure
摘要
Abstract
In 2002,the United States passed Section 404 of the Sarbanes-Oxley Act,requiring publicly traded firms to establish systems encompassing the five elements of internal control to enhance corporate transparency.Chi-na also implemented significant adjustments to its regulations on internal control information disclosure.It intro-duced the Basic Standards for Company Internal Control in 2001,established the Internal Control Standards Com-mittee in 2006,and subsequently issued the Basic Regulations for Company Internal Control and the Supporting Guidelines for Company Internal Control in 2008 and 2010,respectively.The issuance and gradual implementation of these regulations signaled China's transition into mandatory internal control information disclosure for its capital markets. High-quality internal control information disclosure contributes to mitigating information asymmetry between companies and investors,enhancing stock pricing efficiency,reducing risks,and promoting innovation.However,existing research on internal control information disclosure has primarily focused on corporate governance environ-ment,auditor characteristics,management attributes,and firms'basic characteristics,with limited research from the perspective of CEO's personal characteristics.CEO's personal traits directly influence decisions regarding inter-nal control information disclosure.Given the increasing importance of CEO's educational backgrounds in capital markets and the necessity for high-quality internal control information disclosure,this paper examines the logical re-lationship between CEO's educational backgrounds and the quality of internal control information disclosure. Based on data from Chinese A-share listed firms between 2007 and 2021,this paper empirically examines the impact of CEO's educational backgrounds on the quality of internal control information disclosure.The results indi-cate that CEOs with higher educational qualifications robustly enhance the quality of internal control information dis-closure.Further analysis reveals that educational levels effectively improve CEO capabilities,thereby improving in-ternal control information disclosure quality,with CEO reputation being one of the essential mechanisms.Subse-quent tests demonstrate that CEOs with higher educational qualifications primarily elevate disclosure quality in areas related to the internal environment,control activities,and information and communication.Heterogeneity analysis reveals that the positive impact of CEOs with higher educational qualifications on the quality of internal control in-formation disclosure is more pronounced in firms facing more severe agency problems or being smaller in scale. In conclusion,the educational level of CEOs has a positive impact on the quality of internal control information disclosure.This study not only enriches research on economic consequences related to CEO's personal characteris-tics but also expands the factors influencing the quality of internal control information disclosure.It provides manag-erial insights for improving the quality of internal control information disclosure for listed companies and offers refer-ence for different types of firms.关键词
CEO/教育背景/内部控制信息披露/CEO能力/声誉Key words
CEO/education background/internal control information disclosure/CEO capability/reputation分类
管理科学引用本文复制引用
李百兴,李弄文..CEO教育背景与内部控制信息披露质量[J].首都经济贸易大学学报,2024,26(2):80-97,18.基金项目
国家社会科学基金一般项目"基于价值链理论的企业质量成本管理与分担机制研究"(18BGL077) （18BGL077）
首都经济贸易大学研究生科技创新项目"企业数字化转型如何缓解融资约束?——基于内部控制质量与股票流动性的双重视角"(2024KJCX015) （2024KJCX015）
