The Impact of Board Secretary Holding Other Position on the Quality of Investors Interactive Information

Abstract

Abstract: By adopting the method of big data and text analysis and taking the question-and-answer data onthe“Interactive Easy”platform of Shenzhen Stock Exchange from 2011 to 2021 as the basis, this paper empirical investigates the impact of board secretary holding other position on the quality of investors’ interactive information. The results show that compared with full-time board secretary, the board secretary holding other executive position can significantly improve the comprehensiveness and specificity of the quality of investors’ interactive information. This impact is more significant in the samples of board secretary holding shares or the analysts paying more attentions. Further research reveals that board secretary holding other position also reduces the agency costs between the controlling shareholders and the medium and small shareholders through improving the quality of investors’ interactive information. The above-mentioned conclusion reveals that board secretary holding other position caneasy the present situation of the asymmetry between power and responsibility to a certain extent. It can also provide new ideas for further analysis of the factors influencing investors’ interactive information.

Key words: board secretary holding other position, interactive information, information disclosure, agency cost

CLC Number:

F270

LI Xiao-fei, XU Jian. The Impact of Board Secretary Holding Other Position on the Quality of Investors Interactive Information[J]. Contemporary Finance & Economics, 2023, 0(4): 93-105.

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