Factors Affecting the Level of Corporate Governance Disclosure by Companies Listed on the Stock Exchange of Thailand

Purpose The capital markets witness phenomenal shifts of corporate control. With the shift of world economy into a global one, there has been a rapid increase in the volume of acquisitions. The previous studies shed light on the motives behind acquisition and impact of acquisition on both bidding and target firms. The purpose of this study is to bridge a gap in literature by exploring the factors affecting the acquisition ability (AA) of the firms. The study has analyzed the role of financial strength, corporate governance and regulatory influence on AA of acquiring firm. Design/methodology/approach Cross-sectional data has been analyzed with respect to Pakistan stock exchange for a period of 2004-2017 by using logit regression. Findings Analysis indicates that firm-specific variables are important determinants in firm’s decision to acquire. Chief Executive Officer duality and presence of institutional shareholders on the board contribute to this important phenomenon in the life of the acquiring firms. Bidding firm’s financial strength is also another important consideration while going for corporate control transfer transactions. The empirical results indicate the better AA for firms characterized by minimum capacity usage, lower level of intangible assets, lower debt levels and lower advertising expenses. However, the regulatory factor has no significant role in firms’ AA. The findings of the study are helpful for managers, regulators and policymakers. Originality/value Analyzing the role of financial strength, corporate governance and regulatory influence on AA of acquiring firm is a rare study, especially in an emerging country such as Pakistan.

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The Impact of Corporate Governance and Investor Confidence on Earning Management: Evidence from Thai-Listed Company

Asian Social Science ◽

10.5539/ass.v14n6p123 ◽

2018 ◽

Vol 14 (6) ◽

pp. 123

Author(s):

Thanapin Attarit

Keyword(s):

Corporate Governance ◽

Capital Structure ◽

Stock Exchange ◽

Listed Company ◽

Sampling Technique ◽

Earning Management ◽

Annual Data ◽

Investor Confidence ◽

Stock Exchange Of Thailand ◽

The Impact

The aim of the research is to study impact of corporate governance and information of investor confidence on earning management of firms listed on the Stock Exchange of Thailand. Stratified random sampling technique was employed in order to obtain the required sample of 408 Thai-listed companies. The study have excluded financial companies because their capital structure and profit are different. The study uses annual data of companies in 2015. The results showed that the highest shareholders impact on earning management, the proportion of institutional investors influencing both the earning management and investor confidence, and companies with BIG4 have an influence on investors' confidence. However, board size and CEOs Duality did not find any influence on earning management and investor confidence.

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Assessing Corporate Governance Practices of Mauritian Companies

International Journal of Accounting and Financial Reporting ◽

10.5296/ijafr.v6i1.9281 ◽

2016 ◽

Vol 6 (1) ◽

pp. 38

Author(s):

Padachi K. ◽

Urdhin H. R. ◽

Ramen M.

Keyword(s):

Corporate Governance ◽

Stock Exchange ◽

Secondary Data ◽

Factors Affecting ◽

Social Responsibilities ◽

Governance Practices ◽

Data Survey ◽

Main Factors ◽

Code Of Corporate Governance ◽

Survey Questionnaires

The aim of this study is to assess the CG practices of companies listed on the Stock Exchange of Mauritius (SEM) and non-listed banks. The Mauritius Code of Corporate Governance (MCCG) is used as a basis to collect both primary and secondary data. Survey questionnaires have been used to detect and analyse the extent to which the different sectors comply to CG as well as the assessment of the CG practices. The factors affecting CG practices as well as the importance of good CG have been identified. The data collected have been analysed using SPSS. Accordingly, the results have showed that there is a sectorial difference in the level of compliance and it has also been noted that varying results have been obtained with respect to variables including board of directors, committees, disclosure, social responsibilities, stakeholders as well as the importance of CG. However, the three main factors that affect CG practices include the governance framework, reporting and conduct and rewards.

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Voluntary Corporate Governance Disclosure (VCGR) Versi Investor dan Determinan VCGR di Indonesia

Jurnal Reviu Akuntansi dan Keuangan ◽

10.22219/jrak.v2i2.1076 ◽

2012 ◽

Vol 2 (2) ◽

Author(s):

Anyta, Siti Mutmainah

Keyword(s):

Corporate Governance ◽

Audit Committee ◽

Stock Exchange ◽

Public Access ◽

Annual Reports ◽

Control Mechanisms ◽

Governance Mechanisms ◽

Public Companies ◽

Corporate Governance Mechanisms ◽

Governance Disclosure

The purposes of this research are (1) to know the importance level of voluntary corporate governance disclosure (VCGD) in investor version and (2) to know the factual VCGD which is done by public companies in Indonesia and (3) to test determinants of VCGD existence in annual reports of public companies in Indonesia. The determinant of VCGD is a set of corporate governance mechanisms i.e. ownership structure and control mechanisms of the organ of the company, including (1) the concentration of ownership, (2) institutional ownership, (3) the percentage of tradable shares, (4) the proportion of independent commissioners, and (5) the independence of the audit committee. To know the rate of VCGD’s importance, the questionaires was distributed to investors by email. The mean score was used to indicate the importance level of each VCGD’s item in investors version. Based on this result then the relative disclosure index was calculated. A total of 74 annual reports of companies which was chosen by purposive sampling method. To test the determinants of level of VCGD, regression analysis was used. The results show that: (1)The capability and integrity of board of director and public access of companies’ information are the two most important items based on investor ’s opinions; (2) As a whole, public companies in Indonesia have higher level of VCGD then China’s which has shown by Yuen, et al. (2009); (3) The percentage of tradable shares (public ownership) is the only independent variable that has a positive and significant, while the other independent variables show no significant effect. This study provides empirical evidence for policy makers and regulators of Indonesia to improve the corporate governance mechanisms and transparency of public companies. These findings also contribute to improving the understanding of disclosure behavior among companies listed in Indonesia Stock Exchange (BEI).

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Progressing corporate governance disclosure in Egypt: Current status and action plan

Corporate Ownership and Control ◽

10.22495/cocv10i4art1 ◽

2013 ◽

Vol 10 (4) ◽

pp. 9-20

Author(s):

Khaled Samaha

Keyword(s):

Corporate Governance ◽

Financial Reporting ◽

Stock Exchange ◽

Action Plan ◽

Current Status ◽

Future Research ◽

Financial Reporting Standards ◽

Company Directors ◽

Long Time ◽

Governance Disclosure

This study examines the level of corporate governance disclosure in Egypt and explores the attitudes of Egyptian regulators, auditors, accountants, academics and company directors about the strategies needed to enhance CG disclosure. The measurement of disclosure is based on a checklist developed by the United Nations, which was gathered using a content analysis of financial statements and websites of a sample of Egyptian companies listed on Egyptian Stock Exchange (EGX). Levels of CG disclosure are found to be very low, however, disclosure is high for items that are mandatory under the Egyptian Accounting Standards (EASs) that are based on International Financial Reporting Standards (IFRS). The failure of companies to disclose such information clearly shows some ineffectiveness and inadequacy in the regulatory framework in Egypt. Moreover, the phenomenon of non-compliance may also be attributed to the socio-economic factors in Egypt. Therefore, it is expected that Egyptian firms will take a long time to appraise the benefits of increased CG disclosure. Therefore, awareness building, education and training, incentives or disincentives to disclose including the nature of enforcement regimes are among possible policy recommendations based on interviews with Egyptian experts, but all carry costs as well as benefits. The findings provide a benchmark of performance against which future research can measure longitudinal changes after a further learning period.

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