Interactive information disclosure and non-penalty regulatory review risk

Using monthly data from the Shenzhen Stock Exchange's ‘Hudongyi’ platform and comment letters December 2014 to 2018, this study investigates influence of interactive information disclosure on non-penalty regulatory review risk. The findings reveal that richness activeness are positively associated with Moreover, is effective as it significantly reduces probability receiving a letter in subsequent three periods. timeliness negatively risks. Additionally, we find newspaper media coverage partially mediates relationship between For companies low levels internal governance, low-competitive industries, state-owned companies, positive number investor questions risk strengthened. These enrich literature determinants economic consequences emerging markets.