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<p>Corporate disclosure is one the cornerstone of transparent financial markets which directly shape the efficiency. This study examines the impact of corporate disclosure on stock market informational efficiency across seven Asian emerging markets for the period 2000–2024. Moving beyond single-factor approaches, the analysis incorporates a comprehensive set of firm and country-level controls to isolate the link in disclosure-efficiency. Using a two-step System Generalized Method of Moments estimator, complemented by fixed-effects regression with Driscoll-Kraay standard errors for robustness, the study addresses potential endogeneity and dynamic persistence. Results indicate that higher corporate disclosure significantly enhances informational efficiency by facilitating quicker price adjustments to market-relevant information. However, certain firm- and country-specific factors such as larger firm size, higher leverage, and periods of rapid GDP growth are found to have a dampening effect on efficiency, likely due to noise trading, over-optimism, or financial constraints. The analysis also integrates the effects of the Global Financial Crisis and the Global Pandemic Crisis, both of which reduced market efficiency but reinforced the importance of robust disclosure practices in restoring investor confidence. The findings underscore the crucial role of strengthened disclosure frameworks, improved governance, and consistent regulatory enforcement in enhancing market stability, price discovery, and foreign capital attraction in emerging economies.</p>

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Do firm high-disclosures raise market efficiency? Panel evidence from emerging Asia

  • 期刊论文

  • 发表日期：

    2026年3月2日

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  • Bahrawar Said,
  • Aqsa Azeem,
  • Muzammel Shah

摘要

Corporate disclosure is one the cornerstone of transparent financial markets which directly shape the efficiency. This study examines the impact of corporate disclosure on stock market informational efficiency across seven Asian emerging markets for the period 2000–2024. Moving beyond single-factor approaches, the analysis incorporates a comprehensive set of firm and country-level controls to isolate the link in disclosure-efficiency. Using a two-step System Generalized Method of Moments estimator, complemented by fixed-effects regression with Driscoll-Kraay standard errors for robustness, the study addresses potential endogeneity and dynamic persistence. Results indicate that higher corporate disclosure significantly enhances informational efficiency by facilitating quicker price adjustments to market-relevant information. However, certain firm- and country-specific factors such as larger firm size, higher leverage, and periods of rapid GDP growth are found to have a dampening effect on efficiency, likely due to noise trading, over-optimism, or financial constraints. The analysis also integrates the effects of the Global Financial Crisis and the Global Pandemic Crisis, both of which reduced market efficiency but reinforced the importance of robust disclosure practices in restoring investor confidence. The findings underscore the crucial role of strengthened disclosure frameworks, improved governance, and consistent regulatory enforcement in enhancing market stability, price discovery, and foreign capital attraction in emerging economies.