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Ambiguity or specificity: The influence of merchant guild culture on managers' disclosure strategy

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  • Tingting Zhang
  • Haozhou Yin
  • Zixuan Zhuang

Abstract

Recent studies indicate that culture attributes significantly influence corporate behaviour. Building on this, our study explores how merchant guild culture (MGC) influences firms' voluntary disclosure practices, specifically through managerial disclosure strategies. Analysing data from Chinese listed firms between 2010 and 2022, we found that MGC significantly reduces the specificity of managerial responses at earnings communication conferences (ECCs). This suggests that firms influenced by MGC favour ambiguous communication, aligning with the value to mitigate competitive risks. Our findings deepen the understanding of cultural influences on corporate disclosure practices and extend literature on the role of informal institutions in corporate behaviours.

Suggested Citation

  • Tingting Zhang & Haozhou Yin & Zixuan Zhuang, 2025. "Ambiguity or specificity: The influence of merchant guild culture on managers' disclosure strategy," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(1), pages 913-934, March.
    • Handle: RePEc:bla:acctfi:v:65:y:2025:i:1:p:913-934
    DOI: 10.1111/acfi.13355
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