本研究使用美國集團企業的數據來探討地緣政治風險（geopolitical risk，簡稱GPR）對盈餘品質（financial reporting quality，簡稱FRQ）的影響。由於母公司編制合併報表時，需要從其子公司獲取財務信息，因此子公司層面的財務資訊品質會影響母公司的盈餘品質，本研究利用子公司所在地區的地緣政治風險，簡單平均算出母公司層級所受的地緣政治風險。本研究將國內外子公司與Caldara和Iacoviello（2022）建立的國家層級GPR指數匹配，然後對應回美國母公司的GPR值。本研究發現，隨著GPR的增加，管理者傾向於提高財務報告的透明度。這支持了需求理論，即管理者在市場處於高度不確定時期，為了回應投資者對資訊品質的需求，提供更高品質的財報以減少資訊不對稱。此外，在控制經濟政策不確定性（EPU）和公司層面的政治風險後，此結果仍然穩健，表示地緣政治風險與其他宏觀層面的不確定性不盡相同。藉由本研究可知，地緣政治風險是影響公司財務報告決策的重要因素。

This study examines the impact of geopolitical risk (GPR) on financial reporting quality (FRQ) using US corporate affiliation data. Since parent companies obtain financial information from their subsidiaries for consolidation, GPR at the subsidiary level will influence financial reporting quality for parent companies. I match domestic and international subsidiaries with the country-level GPR index constructed by Caldara and Iacoviello (2022). Then, I summarize the GPR values at the U.S. parent company. I find that managers tend to enhance transparency in financial reporting as GPR intensifies. This supports the demand theory that managers respond to heightened investor demand for information in highly uncertain periods and disclose better-quality earnings to mitigate information asymmetry. Moreover, this result remains robust after controlling for economic policy uncertainty (EPU) and firm-level political risk, suggesting that geopolitical risk is distinctive from other types of macro-level uncertainty. This study suggests that geopolitical risk is an important determinant of firm decisions on financial reporting.

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