Economic Policy Uncertainty, Quality of Information Disclosure and Stability of Customer Relationship

Abstract

Abstract: Taking the listed companies with the top five customer information disclosed by the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2009 to 2018 as the research objects, this paper makes use of Python to filter out the customer companies of each enterprise that has maintained its cooperation in the observation year and the previous year, with which it calculates the stability of each company’s customer relationship. On this basis, it makes an analysis of the impact of the quality of information disclosure of listed companies on the stability of customer relationships. The results show that the quality of information disclosure is significantly and positively correlated with the stability of customer relationships, and it is more significant when economic policy uncertainties are higher. The results of the mechanism test indicate that in the case of high economic policy uncertainty, the high quality of information disclosure can transmit value-related information and release value signals, thereby reducing the information asymmetry between the listed companies and customers, and improving the stability of the company’s customer relationship.

Key words: quality of information disclosure, stability of customer relationship, information asymmetry, economic policy uncertainty

CLC Number:

F275.5

SUN Ya-ni, WANG Jun-yi. Economic Policy Uncertainty, Quality of Information Disclosure and Stability of Customer Relationship[J]. Contemporary Finance & Economics, 2021, 0(4): 125-136.

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