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Type: Thesis
Title: Hierarchical Complexity and Corporate Opaqueness
Author: Zhao, Zhengyi
Issue Date: 2019
School/Discipline: Business School
Abstract: This thesis examines the impact of hierarchical complexity on corporate opaqueness and how this relationship varies under the moderating effect of corporate diversification, quality of the home country institutional environment and the host country institutional environment. I hypothesize that increases in firms’ hierarchical complexity are related to greater corporate opaqueness between the firm and outside investors on the capital market. Using a sample of US firms spanning 5 years from 2012 to 2016, I find a statistically and economically significant, positive relationship between hierarchical complexity and corporate opaqueness. The results of the thesis further imply that the impact of hierarchical complexity on opaqueness is alleviated when there is related corporate diversification and an increasing quality of the host country institutional environment.
Advisor: Zurbrugg, Ralf
Dissertation Note: Thesis (Ph.D.) -- University of Adelaide, Business School, 2019
Keywords: Hierarchical complexity
information transparency
institutional environment quality
Provenance: This electronic version is made publicly available by the University of Adelaide in accordance with its open access policy for student theses. Copyright in this thesis remains with the author. This thesis may incorporate third party material which has been used by the author pursuant to Fair Dealing exceptions. If you are the owner of any included third party copyright material you wish to be removed from this electronic version, please complete the take down form located at:
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