scholarly journals The effect of press visibility on voluntary disclosure: cross-country evidence

2014 ◽  
Vol 11 (3) ◽  
pp. 72-82
Author(s):  
Maria Prokofieva ◽  
Colin Clark
Keyword(s):  
Voluntary Disclosure ◽  
Listed Companies ◽  
Annual Reports ◽  
Press Coverage ◽  
Governance Mechanisms ◽  
Country Level ◽  
Legal Enforcement ◽  
Chinese Listed Companies ◽  
Setting Theory ◽  
Enforcement Mechanisms

The study investigates the effect of press coverage on voluntary disclosure in the narrative sections of annual reports of Australian and Chinese listed companies. A combination of the legitimacy theory and media agenda setting theory is employed to examine their application in the context of different country-level governance mechanisms, in particularly in Anglo-Saxon (Australia) and Asian (China) economies. The study is based on a sample of 200 listed companies and employs multiple regression analyses. The findings show that press coverage is positively and significantly associated with voluntary disclosure suggesting that closer media attention increases voluntary disclosure. The effect of press coverage is mediated by country-level governance mechanisms, suggesting stronger association in countries with stronger legal enforcement mechanisms

scholarly journals Corporate Governance Mechanisms and Voluntary Disclosure

2020 ◽  
Vol 11 (2) ◽  
pp. 82
Author(s):  
Erwin Saraswati ◽  
Alfizah Azzahra ◽  
Ananda Sagitaputri
Keyword(s):  
Corporate Governance ◽  
Voluntary Disclosure ◽  
Family Firms ◽  
Stock Exchange ◽  
Annual Reports ◽  
Corporate Disclosure ◽  
Governance Mechanisms ◽  
Voluntary Disclosures ◽  
Corporate Governance Mechanisms ◽  
New Evidence

Corporate disclosure and corporate governance are two inseparable instruments of investor protection. This research sought to find evidence on how corporate governance mechanisms affect the extent of voluntary disclosures. Voluntary disclosures were measured using content analysis on published annual reports. The sample of this research consisted of 81 firm-year observations from 27 firms of consumer goods sector listed on Indonesian Stock Exchange from 2016 to 2018. Using multiple regression method, the result has shown that board size and board independence increase voluntary disclosures, indicating that the commissioners have effectively represented the interests of shareholders by monitoring and encouraging the management to increase disclosure. This research provided new evidence that family ownership increases voluntary disclosure, suggesting that family firms are more concerned by the costs of non-disclosure. Meanwhile, institutional ownership does not significantly affect voluntary disclosure. 

scholarly journals Influences of proprietary and political costs on disclosure of directors’ and executives’ remuneration and ownership

2008 ◽  
Vol 5 (4) ◽  
pp. 173-185 ◽  
Author(s):  
Dennis Taylor
Keyword(s):  
Voluntary Disclosure ◽  
Listed Companies ◽  
Annual Reports ◽  
Information Costs ◽  
Top Executives ◽  
Proprietary Costs ◽  
Political Costs ◽  
Investment Opportunity Set ◽  
Disclosure Decisions ◽  
Types Of Information

Remuneration to, and ownership by, directors and top executives (D&Es) of listed companies have been subjected to calls for transparency as part of the corporate governance movement. Using the annual reports of 161 Australian listed companies, this study investigates the comparative impacts of proprietary and political information costs on management ‘s voluntary disclosure decisions concerning D&Es’ cash-based and equity-based remuneration, termination benefits, related-party transactions, shares held, and changes in ownership in their company. A firm’s investment opportunity set (using both market-based and accounting-based measures) is treated as a proxy for proprietary costs, while media attention and shareholder activism are used to proxy for political costs of voluntary disclosure. Results of this study provide evidence of the relative importance of two major types of information costs, proprietary and political, in influencing management’s (i.e., D&E’s ) decision concerning the extent to which they disclose sensitive details of their remuneration and ownership

scholarly journals Corporate governance quality, incentive factors and voluntary corporate governance disclosures in annual reports of Malaysian publicly listed companies

2012 ◽  
Vol 10 (1) ◽  
pp. 329-352
Author(s):  
Norziana Lokman ◽  
Julie Cotter ◽  
Joseph Mula
Keyword(s):  
Corporate Governance ◽  
Voluntary Disclosure ◽  
Listed Companies ◽  
Annual Reports ◽  
Voluntary Disclosures ◽  
Comprehensive Index ◽  
Governance Quality ◽  
Quality Incentive ◽  
Corporate Governance Quality ◽  
The Relationship

This paper investigates the relationship between corporate governance quality and voluntary disclosure of corporate governance information for listed companies in Malaysia. The moderating impacts of incentive factors (capital market transactions and stock-based incentives) on this relationship are also examined. Corporate governance quality is measured using a comprehensive index. The empirical evidence of this study is broadly consistent with the notion that high corporate governance quality is positively related to a greater extent of voluntary disclosure. Stock-based compensation significantly influences the relationship between corporate governance quality and voluntary disclosures; however the other incentive factors examined do not appear to influence the relationship

scholarly journals Board structure, institutional pressures and corporate voluntary disclosures

2009 ◽  
Vol 6 (3) ◽  
pp. 360-370 ◽  
Author(s):  
Roshayani Arshad ◽  
Ruhaya Atan ◽  
Faizah Darus
Keyword(s):  
Corporate Governance ◽  
Voluntary Disclosure ◽  
Listed Companies ◽  
Annual Reports ◽  
Board Structure ◽  
Institutional Pressures ◽  
Voluntary Disclosures ◽  
Good Corporate Governance ◽  
Disclosure Decisions ◽  
Disclosure Strategy

Corporate disclosure has been subjected to calls for corporate transparency by corporate governance movement as a matter of good corporate governance. Managers face substantial pressure to make more transparent disclosure of their activities to promote efficient governance of their companies or risk losing legitimacy from the perspectives of the investors and other stakeholders. Using the annual reports of 155 Malaysian listed companies, this study investigates the competing effects of board structure and institutional pressures on the extent and credibility of corporate voluntary disclosure during the period when public listed companies in Malaysia faced new corporate governance regulation. This study provides evidence that under the influence of dominant owners on board, management voluntary disclosure decisions are driven by mimetic pressures when their company is structured to meet expectations of good corporate governance. Managers’ voluntary disclosure strategy to gain legitimacy seems to override their incentives to disclose credible information to outside investors. This inference is consistent with the evidence that management voluntary disclosures are not viewed as credible by outside investors. These findings contribute to a better understanding of the relationships between various board structures and institutional pressures on management disclosure decisions in particular agency settings.

scholarly journals Disclosure of Voluntary Accounting Ratios by Malaysian Listed Companies

2018 ◽  
Author(s):  
Azrul Bin Abdullah ◽  
Ku Nor Izah Ku Ismail
Keyword(s):  
Voluntary Disclosure ◽  
Financial Analysis ◽  
Listed Companies ◽  
Annual Reports ◽  
Fundamental Importance ◽  
Company Performance ◽  
Financial Reports ◽  
Using Data ◽  
Accounting Ratios ◽  
Corporate Annual Reports

Accounting ratios are believed to be of fundamental importance in financial analysis, and therefore are useful addition to financial reports. This paper examines the reporting of voluntary accounting ratio by Malaysian companies in corporate annual reports. Drawing on agency and signaling theories, this paper explores whether associations exist between company performance and voluntary disclosure of accounting ratios. In particular, associations are tested between the extent of ratio disclosure and company performance (namely profitability, liquidity, leverage, and company efficiency), size and industry. Six hypotheses are tested using data collected from 2003 annual reports of 100 Malaysian listed companies. This paper provides evidence that the extent of voluntary ratio disclosure is low; and size, industry as well as liquidity significantly influence the reporting of ratios in corporate annual reports. The implications of these findings are discussed.

scholarly journals Post-regulation effect on factors driving environmental disclosures among Chinese listed firms

2019 ◽  
Vol 32 (3) ◽  
pp. 477-495
Author(s):  
Kemi Yekini ◽  
Ismail Adelopo ◽  
Yan Wang ◽  
Surong Song
Keyword(s):  
Information Disclosure ◽  
Listed Companies ◽  
Environmental Information ◽  
Annual Reports ◽  
Chinese Government ◽  
Economic Power ◽  
Content Type ◽  
Chinese Companies ◽  
Chinese Listed Companies ◽  
Environmental Information Disclosure

Purpose The purpose of this study is to re-examine the factors that affect the level of environmental information disclosures (EID) following the issuance of the “Environmental Information Disclosure Guidelines for Chinese Listed Companies”. Design/methodology/approach The study is underpinned by stakeholder and legitimacy theories. Level of EID was measured for 100 Chinese companies using a scoring system and content analysis of their annual reports. The study explored the effect of ownership structure, managerial shareholding, economic power and industry classification on the level of EID using panel regression. Findings The study revealed that with clearly spelt out guidelines, Chinese companies are prepared to disclose environmental information regardless of their economic power. It was found that the overall level of EID in China remains lower than in developed economies. The findings are robust across several econometric models that sufficiently address various endogeneity problems. Originality/value This paper contributes to the existing literature by using new and updated data to re-examine the factors that affect the level of EID among Chinese listed companies. The study is important and timely as it covers the period 2014-2016, which is after the Chinese Government strengthened the enforcement of EID. It highlights the effects of new regulations and underscored areas that still require government attention to foster effective environmental protection.

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