The Association Between Corporate Governance Attributes and Voluntary Disclosure PDF Download
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Author: Balachandran Muniandy
Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 424
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Book Description
Additionally, it is revealed that there are some companies that do not have independent directors on their board or audit committee. Further, the existence of an independent chairman on the board is also positively associated with the level of voluntary disclosure. Moreover, executive director share ownership is also negatively associated with voluntary disclosure. Finally, the presence of strong governance attributes and an improved regulatory environment enhances the strength of the association between the proportion of independent directors and the level of disclosure. There are limitations inherent in this study. This study is primarily based on companies' annual reports. The lack of publicly available information on Malaysian listed companies restricted the chosen methodology. This study has both theoretical and practical implications. From a theoretical perspective, it enhances understanding of the relationship between corporate governance attributes and agency costs. The study also offers useful insights to policy makers and regulators to facilitate their evaluation of the effectiveness of the new corporate governance code.
Author: Balachandran Muniandy
Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 424
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Book Description
Additionally, it is revealed that there are some companies that do not have independent directors on their board or audit committee. Further, the existence of an independent chairman on the board is also positively associated with the level of voluntary disclosure. Moreover, executive director share ownership is also negatively associated with voluntary disclosure. Finally, the presence of strong governance attributes and an improved regulatory environment enhances the strength of the association between the proportion of independent directors and the level of disclosure. There are limitations inherent in this study. This study is primarily based on companies' annual reports. The lack of publicly available information on Malaysian listed companies restricted the chosen methodology. This study has both theoretical and practical implications. From a theoretical perspective, it enhances understanding of the relationship between corporate governance attributes and agency costs. The study also offers useful insights to policy makers and regulators to facilitate their evaluation of the effectiveness of the new corporate governance code.
Author: Ana Gisbert
Publisher:
ISBN:
Category :
Languages : en
Pages : 58
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Book Description
Agency conflicts between investors are particularly severe in the presence of high family and block-holder ownership. By focusing on a setting characterised by high ownership concentration, we study the role of independent directors in promoting transparency through increased disclosure. In our tests, we use a sample of Spanish firms and, consistent with prior work, we show that the presence of these directors is strongly associated with increased voluntary disclosure. Additionally, we find that when an executive director takes on chair responsibilities the level of voluntary information is reduced, creating potential conflicts with the role of independent directors. We conclude that the regulatory environment can create sufficient incentives to bring together the interests of minority and majority shareholders and guarantee an efficient monitoring role of independent directors. However, results suggest that other mechanisms should be reinforced in order to improve the role of governance control on agency relationships, particularly in the case of the concentration of chair and executive responsibilities.
Author: Ira M. Millstein
Publisher: Beard Books
ISBN: 9781587982026
Category : Business & Economics
Languages : en
Pages : 296
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Book Description
This is a reprint of a previosly published work. It deals with the constraints on corporate decison making.
Author: Anup Kumar Saha
Publisher:
ISBN:
Category :
Languages : en
Pages : 18
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Book Description
This paper examines the relationship between voluntary disclosure and several attributes of corporate governance using data from the annual reports of companies listed on the Dhaka Stock Exchange (DSE) in 2011. The results obtained show statistically significant differences in levels of voluntary disclosure among listed companies in Bangladesh and show that companies in the financial sector disclose more voluntary information than non-financial companies. Findings from this analysis indicate a negative association between voluntary disclosure and percentage of equity owned by insiders. By contrast, firm size and profitability show significant positive relationship with voluntary disclosure. However, this study also shows that voluntary disclosure has no significant relationship with the percentage of equity held by institutions, board size, board audit committee and percentage of independent directors on the board of directors.
Author: Khaldoon Issam Haddad
Publisher: LAP Lambert Academic Publishing
ISBN: 9783659332821
Category : Corporate governance
Languages : en
Pages : 104
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Book Description
This book aimed to identify the level of voluntary disclosure and the corporate governance attributes that would affect the level of voluntary disclosure in the annual financial reports of Jordanian banks listed in the Amman Stock Exchange (ASE) for the years 2007-2010. The corporate governance attributes include (i) the board of directors' size, (ii) the independence of the board, (iii) the separation between the position of chairman of the board of directors and CEO, (iv) the audit firm, (v) the profitability of the company and (vi) the concentration of the company's capital. Other attributes examined include: the size of the firm, the company's financial leverage and the number of branches. To measure voluntary disclosure, a disclosure index including 80 items was applied to the annual reports of (15) Jordanian banks listed in the ASE. A multiple regression model was employed and the results showed that, on average a bank disclosed 59.52% of the items included in the voluntary disclosure index. In addition, the results indicated that there was no relationship between voluntary disclosure and corporate governance which was measured by the above six mentioned variables.
Author: Faten Lakhal
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Book Description
The primary objective of this paper is to study the relationship between earning voluntary disclosures made by French firms managers and a set of corporate governance combined attributes. Corporate governance attributes examined in this study include ownership structure, institutional investors ownership, board characteristics, the existence of a unitary leadership structure and the influence of executive stock option plans. We use binary logit models to check our hypotheses. The results indicate significant negative associations between earning voluntary disclosures and ownership concentration, and between earning voluntary disclosures and an unitary leadership structure. The current results also show that firms providing earning voluntary disclosures are more inclined to have increasing institutional ownership, and to offer stock option plans for their executives. These results imply that corporate governance structure of French listed firms has to support new requirements in order to improve market transparency.
Author: Dr. Md. Abdur Rouf
Publisher:
ISBN:
Category :
Languages : en
Pages : 10
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Book Description
The aim of this paper is to examine the linkages “corporate characteristics”, “governance attributes” and the “extent of voluntary disclosure” in Bangladesh. The paper is based on a sample of 120 listed non-financial companies in Dhaka Stock Exchanges (DSE) in 2007. The study used ordinary least squares regression model to examine the relationship between explanatory variables and voluntary disclosure. Using an unweighted relative disclosure index for measuring voluntary disclosure, the empirical results indicate that a positive association between board size and voluntary disclosure, board leadership structure and voluntary disclosure and between board audit committee and voluntary disclosure. In contrast, the extent of voluntary disclosure is negatively related to proportion of INDs, ownership structure and net profitability.
Author: Abdalrhman Alnabsha
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
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Book Description
Purpose: This paper investigates the effect of corporate board attributes, ownership structure and firm-level characteristics on both corporate mandatory and voluntary disclosure behaviour in annual reports of Libyan firms.Design/methodology/approach: Multivariate regression techniques are used to estimate the effect of corporate board and ownership structures on mandatory and voluntary disclosures of a sample of Libyan firms between 2006 and 2010.Findings: First, we find that board size, board composition, the frequency of board meetings and the presence of an audit committee have an impact on the level of corporate disclosure. Second, this study finds an evidence that director ownership, foreign ownership, government ownership and institutional ownership have a non-linear effect on the level of corporate disclosure. Finally, we find that firm age, liquidity, listing status, industry type and auditor type are positively associated with the level of corporate disclosure.Limitation: Future research could investigate disclosure practices using other channels of corporate disclosure, such as corporate websites. Useful insights may be offered also by future studies by conducting in-depth interviews with corporate managers, directors and owners regarding these issues.Implication: Investors may also rely on such corporate governance characteristics to shape expectations about voluntary and/or mandatory information disclosure. Originality/value: Existing disclosure studies have mainly examined governance and voluntary disclosure relationship in non-listed firms. Our study, therefore, extends, as well as contributes to the existing literature by the examining the governance-disclosure nexus relating to both mandatory and voluntary disclosures in both listed and non-listed firms.Paper type: Research Paper.
Author: Tariq Hassaneen Ismail
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This study provides further insights on the key corporate governance drivers of intellectual capital (IC) disclosure in Egyptian companies. It uses IC disclosure index of three components; internal capital, external capital, and human capital to identify IC disclosure level in annual reports of the largest 100 companies listed in the Egyptian Stock Exchange (EGX). Descriptive statistics, multivariate analysis, and the association between IC disclosure levels and three potential explanatory corporate governance characteristics namely: (i) board composition, (ii) ownership structure, and (iii) audit committee provide the basis for discussion. The results suggest that blockholders' ownership, government ownership and audit committee are the explanatory variables that could have significant impact on voluntary intellectual capital disclosure by Egyptian companies, whereas board independence, and management ownership has no impact on IC disclosure. Additionally, firm size and leverage do influence IC disclosure levels in Egyptian companies. The survey results may assist regulators to understand the impact of corporate governance factors on companies' IC voluntary disclosure levels and thereby help them specify ways to regulate disclosure on IC in an attempt to improve the quality of information disclosed to stakeholders.
Author: Norziana Lokman
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Strategic and forward looking information (VDSFLI) is important to the stakeholders of the company because it provide strategic plan and future direction of the company. This study aims to examine the relationship between corporate governance mechanisms and VDSFLI. The VDSFLI is measured by using a disclosure index checklist of 36 items. For each item a score is awarded based on the disclosure made by the companies in annual reports. All data is collected from the annual reports of 230 public listed Malaysian companies. The findings of the study revealed that size of audit committee is positively and significantly influence the level of VDSFLI. While the other corporate governance mechanisms are not associated with the level of VDSFLI. The study provides evidence in support of the size of audit committee requirement of Regulatory Framework in Malaysia. This evidence contributes to the argument on the role of audit committee in reducing agency conflict and minimise information asymmetry problem which results in high level of VDSFLI. In addition, the bigger the size of audit committee the better because it would provide positive signal that company has in place an effective governance mechanism as a check and balance which encourage voluntary disclosure practices. It also provides direction to the preparers of the annual report to fully disclose the information voluntarily. This study bridges the gap in the literature of corporate governance by specifically focuses on VDSFLI practices in Malaysia context.
