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1、TransparencyandCorporateGovernanceMaterialSource:http://www.hbs.edu/units/am/pdf/HWTransparencyJan2007.pdfAuthor:BenjaminHamelin1AbstractAnobjectiveofmanyproposedcorporategovernancereformsisincreasedtransparency.Thisgoalhasbeenrelativelyuncontroversial,asmostobserversbelieveincreasedtransparen
2、cytobeunambiguouslygood.Wearguethat,fromacorporategovernanceperspective,therearelikelytobebothcostsandbenefitstoincreasedtransparency,leadingtoanoptimumlevelbeyondwhichincreasingtransparencylowersprofits.Thisresultholdsevenwhenthereisnodirectcostofincreasingtransparencyandnoissueofrevealinginf
3、ormationtoregulatorsorproduct-marketrivals.Weshowthatreformsthatseektoincreasetransparencycanreducefirmprofits,raiseexecutivecompensation,andinefficientlyincreasetherateofCEOturnover.Wefurtherconsiderthepossibilitythatexecutiveswilltakeactionstodistortinformation.Weshowthatexecutivescouldhavei
4、ncentives,duetocareerconcerns,toincreasetransparencyandthatincreasesinpenaltiesfordistortinginformationcanbeprofitreducing.2IntroductionsInresponsetorecentcorporategovernancescandals,governmentshaverespondedbyadoptedanumberofregulatorychanges.Onecomponentofthesechangeshasbeenincreaseddisclosur
5、erequirements.Forexample,Sarbanes-Oxley(sox),adoptedinresponsetoEnron,WorldCom,andotherpublicgovernancefailures,requireddetailedreportingofoff-balancesheetfinancingandspecialpurposeentities.Additionally,soxincreasedthepenaltiestoexecutivesformisreporting.Thelinkbetweengovernanceandtransparency
6、isclearinthepublic’s(andregulators’)perceptions;transparencywasincreasedforthepurposeofimprovinggovernance.Yet,mostacademicdiscussionsabouttransparencyhavenothingtodowithcorporategovernance.Themostcommonlydiscussedbenefitoftransparencyisthatitreducesasymmetricinformation,andhencelowersthecosto
7、ftradingthefirm’ssecuritiesandthefirm’scostofcapital.Tooffsetthisbenefit,commentatorstypicallyfocusonthedirectcostsofdisclosure,aswellasthecompetitivecostsarisingbecausethedisclosureprovidespotentiallyusefulinformationtoproduct-marketri
