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1、TransparencyandCorporateGovernanceMaterialSource:http://www.hbs.edu/units/am/pdf/HWTransparencyJan2007.pdfAuthor:BenjaminHamelin1AbstractAnobjectiveofmanyproposedcorporategovernancereformsisincreasedtransparency.Thisgoalhasbeenrelativelyuncontroversial,asmostobserversbelieveincreasedt
2、ransparencytobeunambiguouslygood.Wearguethat,fromacorporategovernanceperspective,therearelikelytobebothcostsandbenefitstoincreasedtransparency,leadingtoanoptimumlevelbeyondwhichincreasingtransparencylowersprofits.Thisresultholdsevenwhenthereisnodirectcostofincreasingtransparencyandnoi
3、ssueofrevealinginformationtoregulatorsorproduct-marketrivals.Weshowthatreformsthatseektoincreasetransparencycanreducefirmprofits,raiseexecutivecompensation,andinefficientlyincreasetherateofCEOturnover.Wefurtherconsiderthepossibilitythatexecutiveswilltakeactionstodistortinformation.Wes
4、howthatexecutivescouldhaveincentives,duetocareerconcerns,toincreasetransparencyandthatincreasesinpenaltiesfordistortinginformationcanbeprofitreducing.2IntroductionsInresponsetorecentcorporategovernancescandals,governmentshaverespondedbyadoptedanumberofregulatorychanges.Onecomponentoft
5、hesechangeshasbeenincreaseddisclosurerequirements.Forexample,Sarbanes-Oxley(sox),adoptedinresponsetoEnron,WorldCom,andotherpublicgovernancefailures,requireddetailedreportingofoff-balancesheetfinancingandspecialpurposeentities.Additionally,soxincreasedthepenaltiestoexecutivesformisrepo
6、rting.Thelinkbetweengovernanceandtransparencyisclearinthepublic^(andregulators9)perceptions;transparencywasincreasedforthepurposeofimprovinggovernance.Yet,mostacademicdiscussionsabouttransparencyhavenothingtodowithcoiporategovernance・Themostcommonlydiscussedbenefitoftransparencyisthat
7、itreducesasymmetricinformation,andhencelowersthecostoftradingthefiringssecuritiesandthefirm^scostofcapital.Tooffsetthisbenefit,commentatorstypicallyfocusonthedirectcostsofdisclosure,aswellasthecompetitivecostsarisingbecausethedisclosureprovidespotentiallyusefulinformationtoproduct-mar
8、ketri
