Replication_Registration_System_Reform_ Information_Disclosure

This replication package examines how market-based stock market reforms impact corporate information disclosure quality through institutional investor behavior. Using PSM-DID analysis of Chinese A-share listed firms (2014-2022), the anonymized data reveals that deregulation significantly improves both accounting and textual disclosure quality. The mechanism analysis demonstrates this effect operates through institutional investors' enhanced monitoring ("voice") rather than exit threats. Data was collected from CSMAR, RESSET databases, and manual sourcing. To comply with third-party licensing agreements and to ensure consistency in data handling, all proprietary numeric variables—including those from commercial databases and my own manual collection—have been replaced with randomized placeholders. These placeholders preserve the original data's sample size, mean, standard deviation, and variable names.