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1、JournalofAccountingResearchVol.42No.2May2004PrintedinU.S.A.WhatDeterminesCorporateTransparency?ROBERTM.BUSHMAN,∗JOSEPHD.PIOTROSKI,†ANDABBIEJ.SMITH†Received10January2003;accepted25November2003ABSTRACTWeinvestigatecorporatetransparency,definedastheavailabilityoffirm-specificinformationtothoseoutsidepubli
2、clytradedfirms.Weconceptualizecorporatetransparencywithinacountryasoutputfromamultifacetedsystemwhosecomponentscollectivelyproduce,gather,validate,anddisseminatein-formation.Wefactoranalyzearangeofmeasurescapturingcountries’firm-specificinformationenvironments,isolatingtwodistinctfactors.Thefirstfac-tor
3、,interpretedasfinancialtransparency,capturestheintensityandtimelinessoffinancialdisclosures,andtheirinterpretationanddisseminationbyanalystsandthemedia.Thesecondfactor,interpretedasgovernancetransparency,capturestheintensityofgovernancedisclosuresusedbyoutsideinvestorstoholdofficersanddirectorsaccounta
4、ble.Weinvestigatewhetherthesefactorsvarywithcountries’legal/judicialregimesandpoliticaleconomies.Ourmainmultivariateresultisthatthegovernancetransparencyfactorisprimarilyre-latedtoacountry’slegal/judicialregime,whereasthefinancialtransparencyfactorisprimarilyrelatedtopoliticaleconomy.∗UniversityofNor
5、thCarolinaatChapelHill;†UniversityofChicago.Weappreciatethein-sightfulsuggestionsoftherefereeandtheeditors.WethankworkshopparticipantsatBaruchCollege,HarvardBusinessSchool,HKUST,UniversityofIowa,MassachusettsInstituteofTechnology,UniversityofRochester,UniversityofWisconsin,andconferenceparticipantsa
6、tBerkeley’s2003BARTconference,the2001Duke/UNCFallCamp,the2001UniversityofMinnesotaAccountingTheoryconference,andthe2003JournalofAccountingResearchconfer-enceforhelpfulcomments.WeappreciatethevaluableresearchassistanceofXiaChen,SarahEriksen,andSarahLindholm,andthefinancialsupportoftheKenan-FlaglerBusi
7、nessSchool,UniversityofNorthCarolinaatChapelHill,theInstituteofProfessionalAccountingoftheGSB,UniversityofChicago,theWilliamLadanyFacultyResearchFund,andHarvardBusinessSchool.207CopyrightC,University
