Towards Sustainable Corporations: How Fiscal Transparency Affects Agency Costs in China

Qiqi He; Haodong Pan

doi:10.47297/wspeiWSP2516-253503.20261001

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Towards Sustainable Corporations: How Fiscal Transparency Affects Agency Costs in China

10卷第1期

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Towards Sustainable Corporations: How Fiscal Transparency Affects Agency Costs in China
Towards Sustainable Corporations: How Fiscal Transparency Affects Agency Costs in China
1.School of International Business, Tianjin Foreign Studies University, Tianjin, 300270, China
2.Liaoning University, Asia Australia Business College, Shenyang, Liaoning, 110000, China
2026年10卷第1期页码：13-18
纸质出版：2026-02-28
DOI：10.47297/wspeiWSP2516-253503.20261001
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Qiqi He & Haodong Pan. (2026). Towards Sustainable Corporations: How Fiscal Transparency Affects Agency Costs in China. 创业与创新（英文版）, 10(1), 13-18.

He Qiqi,Pan Haodong.Towards Sustainable Corporations: How Fiscal Transparency Affects Agency Costs in China[J].Entrepreneurship and Innovation,2026,10(01):13-18.
Qiqi He & Haodong Pan. (2026). Towards Sustainable Corporations: How Fiscal Transparency Affects Agency Costs in China. 创业与创新（英文版）, 10(1), 13-18. DOI： 10.47297/wspeiWSP2516-253503.20261001.

He Qiqi,Pan Haodong.Towards Sustainable Corporations: How Fiscal Transparency Affects Agency Costs in China[J].Entrepreneurship and Innovation,2026,10(01):13-18. DOI： 10.47297/wspeiWSP2516-253503.20261001.

摘要

Abstract

Against the backdrop of global pursuit of sustainable economic development

understanding how governmental institutions influence corporate efficiency is crucial. Fiscal transparency is an essential aspect of fiscal information disclosure and a fundamental prerequisite for advancing fiscal and tax system reforms. This paper analyses the effect of fiscal transparency on corporate agency costs and its underlying mechanisms

utilizing panel data from Chinese A-share listed businesses spanning 2014 to 2023. The results indicate a notable inverted U-shaped correlation between fiscal transparency and corporate agency costs

a conclusion that persists after multiple stability assessments. Mechanism analysis reveals that digital transformation

market competition

and executive team stability significantly mitigate the nonlinear primary effect. Heterogeneity study indicates substantial variations in the influence of fiscal openness on agency costs across different corporate governance frameworks

industry categories

and stages of growth.

关键词

Keywords

references

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