Supplier disclosure changes

Hypothesis 1 (H1): There is a negative association between corporate participation in stock market liberalization programs and voluntary corporate supplier identity disclosure in emerging markets.

The average disclosure rate changes from 0.183 (pre-participation) to 0.156 (post-participation).

Hypothesis 2 (H2): The negative association between corporate participation in stock market liberalization programs and voluntary corporate supplier identity disclosure in emerging markets is weakened by investor ownership under QFIIs.

The average disclosure rate for pilot firms in the high QFII group increases from 0.107 in the pre-participation period to 0.123 post-participation, whereas it decreases from 0.164 to 0.157 for pilot firms in the low QFII group and from 0.192 to 0.161 in the no QFII group.

Hypothesis 3 (H3): The negative association between corporate participation in stock market liberalization programs and voluntary corporate supplier identity disclosure in emerging markets is weakened by focal firms’ participation in environmental certification programs.

The average disclosure rate for pilot firms in the strongly ISO-committed group increases from 0.253 in the pre-participation period to 0.367 post-participation, whereas it decreases from 0.217 to 0.153 for pilot firms in the weakly ISO-committed group and from 0.178 to 0.155 in the not ISO-committed group.

Hypothesis 4 (H4): The negative association between corporate participation in stock market liberalization programs and voluntary corporate supplier identity disclosure in emerging markets is weakened by top leaders’ overseas experience.

The average disclosure rate for pilot firms in the group with overseas-experienced chairpersons increases from 0.119 in the pre-participation period to 0.153 post-participation, whereas it decreases from 0.185 to 0.157 for pilot firms in the group in which the chairpersons do not have overseas experience.