The development of digital finance, equity pledge behavior, and the quality of information disclosure
Song T. Tian M. Li D.
December 2025Elsevier Ltd
Finance Research Letters
2025#86
This study analyzes data from Chinese listed companies between 2011 and 2022, using panel regression to examine the impact of digital financial development and equity pledge behavior on corporate information disclosure quality. The empirical results indicate that digital financial development enhances information disclosure quality, while equity pledges behavior diminish it. Additionally, digital financial development moderates the relationship between equity pledges behavior and information disclosure quality. Furthermore, the effects of digital financial development and equity pledges behavior on information disclosure quality show heterogeneity between loss-making and profit-making firms.
Digital financial development , Equity pledge behavior , Information disclosure quality
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Institute of Applied Econmics, Shanghai Academy of Social Sciences, Shanghai, 200020, China
School of Business and Finance, Henan Open University, Zhengzhou, China
AL-Farabi business school, Al-Farabi Kazakh National University, Almaty City, Kazakhstan
Institute of Applied Econmics
School of Business and Finance
AL-Farabi business school
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