Abstract This study takes China’s A-share listed companies from 2007 to 2020 as the research samples, and empirically investigates the influence of common institutional ownership on the tone manipulation of management’s annual report. It is found that the ownership of common institutions has a significant inhibitory effect on the intonation manipulation of management’s annual report. The mechanism test shows that the common institution ownership can restrain the tone manipulation of management’s annual report by reducing agency costs, improving the transparency of company information and appointing directors. Among them, the intermediary effect of improving the transparency of corporate information is dominant. The heterogeneity analysis shows that under the situation of high industry competition and state-owned enterprises existing, the ownership of common institutions has a more obvious inhibitory effect on the tone manipulation of management’s annual report.
LIU Jinying,XU Haiwei. Research on the Effect of Common Institutional Ownership on Tone Manipulation of Management’s Annual Report[J]. Chinese Journal of Management, 2023, 20(8): 1245-.
