scholarly journals Corporate governance and voluntary disclosure: The case of listed firms on the Athens Stock Exchange

2021 ◽  
Vol 13 (4) ◽  
pp. 270-282
Author(s):  
Vadasi Christina ◽  
Tasios Stergios ◽  
Bekiaris Michalis
Keyword(s):  
Corporate Governance ◽  
Voluntary Disclosure ◽  
Stock Exchange ◽  
Listed Firms ◽  
Athens Stock Exchange

scholarly journals Corporate governance and capital structure in the periods of financial distress. Evidence from Greece

2017 ◽  
Vol 14 (1) ◽  
pp. 254-262 ◽  
Author(s):  
George Kyriazopoulos
Keyword(s):  
Corporate Governance ◽  
Capital Structure ◽  
Financial Distress ◽  
Sovereign Debt ◽  
Negative Impact ◽  
Stock Exchange ◽  
Debt Crisis ◽  
Outside Directors ◽  
Listed Firms ◽  
Athens Stock Exchange

This study examines the relationship between corporate governance and capital structure employing data from the Athens Stock Exchange for the period 2005-2014. This period encompasses the sovereign debt crisis erupted in Greece at the end of 2009 and still continues to hit households and businesses alike. The results from the panel regression analysis signify the role of corporate governance structures in determining the capital structure of the Greek listed firms. In particular, the empirical results reveal a negative impact of board size on debt levels, which is weakened during the debt crisis period. In contrast, the presence of outside directors provides the appropriate certification to use more debt. Finally, growth opportunities and profitability are the two firm-specific factors which effect was weakened during the financially-constraint period.

scholarly journals Corporate Governance for A.S.E. Listed Firms

2016 ◽  
Vol 63 (1) ◽  
pp. 97-107
Author(s):  
Theognosia Tellidou ◽  
Chris Grose ◽  
Persefoni Polychronidou ◽  
Theodore Kargidis ◽  
Stergios Anatolitis
Keyword(s):  
Corporate Governance ◽  
Best Practices ◽  
Stock Exchange ◽  
Financial Statements ◽  
Public Companies ◽  
Listed Firms ◽  
Qualitative And Quantitative ◽  
Extensive Analysis ◽  
Recent Trends ◽  
Athens Stock Exchange

The present paper focuses on the level of compliance and application of corporate governance from the corporations listed in the Athens Stock Exchange (A.S.E.) and attempts to highlight improvements from the adoption of best practices suggested by corporate governance recent trends worldwide. In order for the research to be conducted, a series of qualitative and quantitative variables were used, as derived from the financial statements of 162 public companies. A more extensive analysis regarding the level of compliance with corporate governance was conducted in 25 companies with the highest and 25 corporations with the lowest score, whose classification in these positions was the result of a rating system that was created for this purpose.

scholarly journals The impact of corporate governance on earnings management: Evidence from Greek listed firms

2021 ◽  
Vol 18 (2) ◽  
pp. 140-153
Author(s):  
Petros Kalantonis ◽  
Sotiria Schoina ◽  
Christos Kallandranis
Keyword(s):  
Corporate Governance ◽  
Earnings Management ◽  
Boards Of Directors ◽  
Sovereign Debt ◽  
Stock Exchange ◽  
Debt Crisis ◽  
Legal Framework ◽  
Listed Firms ◽  
Athens Stock Exchange ◽  
The Impact

In this paper, we investigate whether the characteristics of boards of directors are associated with earnings management. By employing a sample of listed firms in the Athens Stock Exchange during the period from 2008 to 2016 and applying two different earnings management models (Dechow’s ’96 and DeAngelo’s ’86) to explore, via the discretionary accruals, for the presence of earnings management, we surprisingly found no evidence of almost any effect of the investigated board characteristics, except CEO duality. Besides, we also found significant variation over time. This finding confirms the unpresented effect of the sovereign debt crisis on Greek firms. The corporate governance legal framework has been improved since the mandatory adoption of the International Accounting Standards, at least from the listed firms in the Athens Stock Exchange in 2005. Under the new rules, more detailed corporate governance information is included in the firms’ financial reports during the last decade.

Is Voluntary Disclosure Value Relevant? Evidence from Top Listed Firms in India

2021 ◽  
pp. 097226292098629
Author(s):  
Rupjyoti Saha ◽  
Kailash Chandra Kabra
Keyword(s):  
Voluntary Disclosure ◽  
Value Relevance ◽  
Stock Exchange ◽  
Market Value ◽  
Policy Implications ◽  
Positive Contribution ◽  
Listed Firms ◽  
Strategic Disclosure ◽  
Relevant Evidence ◽  
The Relationship

In view of ongoing reforms in India with emphasis on improving transparency of corporate, the present study aims to examine the influence of voluntary disclosure on the market value of India’s top-listed firms. To this end, the study uses a sample of top 100 non-financial and non-utility firms listed at Bombay Stock Exchange based on market capitalization over a 5-year period (2014–2018). To control potential endogeneity in the relationship between voluntary disclosure and firms’ market valuation, fixed effect panel data model and two-stage least squares model of estimation have been employed. The result obtained from the analysis suggests that enhanced level of voluntary disclosure significantly improves the market value of sample firms. The study further undertakes additional analysis by categorizing voluntary disclosure into its sub-components wherein the findings reveal that three components of voluntary disclosure such as corporate and strategic disclosure, forward looking disclosure and corporate governance disclosure make positive contribution towards market value of firms, while the remaining components of voluntary disclosure such as human and intellectual capital disclosure and financial and capital market disclosure do not appear to have any significant influence on the same. Overall, the finding suggests that voluntary disclosure made by sample firms is considered relevant by investors. However, value relevance of different components of voluntary disclosure varies with the nature and extent of information disclosed. The study offers some important policy implications.

scholarly journals Corporate Social Responsibility (CSR) and Risk Taking: Evidence from Indonesia

2019 ◽  
Vol 8 (1) ◽  
pp. 152-162
Author(s):  
Rezki Ananda Mulia ◽  
Joni Joni
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Risk Taking ◽  
Stock Exchange ◽  
Listed Firms ◽  
Market Risks ◽  
Corporate Social

In this paper, we investigate the effect of Corporate Social Responsibility (CSR) on risk taking in Indonesia. We hand collect CSR and other corporate governance data from 2016-2017 for publicly listed firms on the Indonesian Stock Exchange (IDX). The results, based on 820 firm-year observations, suggest that CSR activity is negatively related to corporate’s risk. This means the presence of CSR activity is positively perceived by stakeholders. Therefore, it reduces operating and market risks of the company. Also, we test for endogeneity and the main findings remain similar.

scholarly journals Determinants of internet financial disclosure in an emerging market: lessons from Brazil

2008 ◽  
Vol 5 (2) ◽  
pp. 379-392
Author(s):  
Wesley Mendes-da-Silva ◽  
Theodore E. Christensen ◽  
Vernon J. Richardson
Keyword(s):  
Corporate Governance ◽  
Voluntary Disclosure ◽  
Stock Exchange ◽  
Emerging Market ◽  
Financial Information ◽  
Financial Disclosure ◽  
The Internet ◽  
Cross Sectional ◽  
Market Participants ◽  
Dramatic Shift

Disclosure transparency is one of the pillars of good corporate governance. Moreover, the digital age has produced a dramatic shift in the corporate communication paradigm. As a result, companies increasingly use the Internet as a means of disseminating and disclosing financial information to shareholders, analysts and other interested capital market participants. This research examines the determinants of voluntary disclosure of financial information on the Internet by Brazilian firms. Cross-sectional analyses based on 291 non-financial companies listed on the São Paulo Stock Exchange in 2002 indicate that both firm size and the quality of corporate governance are positively related to the level of voluntary disclosure of financial information on the Internet. These results are consistent with the notion that Brazilian firms with incentives to improve financial transparency disclose more financial information on the Internet. Compared to similar Internet disclosures of U.S.-domiciled companies, this study finds that corporate governance is an incremental determinant of Internet financial disclosure for Brazilian enterprises

scholarly journals Improving governance leads to improved corporate communication

2008 ◽  
Vol 5 (4) ◽  
pp. 26-33 ◽  
Author(s):  
Poh-Ling Ho ◽  
Gregory Tower ◽  
Dulacha G. Barako
Keyword(s):  
Corporate Governance ◽  
Voluntary Disclosure ◽  
Positive Impact ◽  
Governance Structure ◽  
Corporate Communication ◽  
Governance Reform ◽  
Corporate Governance Structure ◽  
Listed Firms ◽  
Corporate Change ◽  
Regulatory Reforms

Significant changes and reforms have been initiated around the world and in a Malaysian context with the aim of enhancing corporate governance and transparency. The nature of these regulatory reforms clearly impacted on firm management’s incentives to disclose information voluntarily. This study empirically examines the influence of corporate governance structure on voluntary disclosure practices of Malaysian listed firms from 1996 to 2001. This important timeframe encompasses the time period before the Asian Financial Crisis and the aftermath of regulatory reforms such as the revamped KLSE Listing Requirement released in 2001, widely recognized as a major milestone in Malaysian corporate governance reform through the enhanced corporate disclosure. Our findings show that the extent of voluntary communication is generally low, albeit showing an increase from 1996 to 2001. There is an increase in the number of corporate governance characteristics adopted by firms, suggesting firms exhibiting an improvement in the corporate governance structure. While corporate governance structure is not a significant explanatory variable in 1996, our results suggest that a firm’s corporate governance structure has a significantly positive impact on voluntary disclosure in 2001. Large companies voluntarily disclose more information in both years. The implications are that a greater focus on corporate governance is resulting in an increase in transparency in the Malaysian setting. Corporate change is generating better corporate communication

scholarly journals Corporate Governance And Voluntary Disclosure In France

2013 ◽  
Vol 29 (2) ◽  
pp. 561 ◽  
Author(s):  
Carlos P. Barros ◽  
Sabri Boubaker ◽  
Amal Hamrouni
Keyword(s):  
Corporate Governance ◽  
Voluntary Disclosure ◽  
Audit Committee ◽  
Audit Quality ◽  
Annual Reports ◽  
Managerial Ownership ◽  
Board Meeting ◽  
External Audit ◽  
Listed Firms ◽  
Governance Practices

This paper investigates the effect of corporate governance practices on the extent of voluntary disclosure in France. Using a panel of 206 non-financial French listed firms during the period 20062009, we find evidence that voluntary disclosure in annual reports increases with managerial ownership, board and audit committee independence, board meeting frequency, and external audit quality. We also find that frequency of audit committee meetings and diligence of board and auditing are associated with decreased disclosure. Additional findings show that larger, more profitable, and less indebted firms have greater voluntary disclosure.

Determinants of corporate social and environmental voluntary disclosure in Saudi listed firms

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Helmi A. Boshnak
Keyword(s):  
Corporate Governance ◽  
Firm Size ◽  
Ownership Structure ◽  
Voluntary Disclosure ◽  
Firm Characteristics ◽  
Content Type ◽  
Listed Firms ◽  
Corporate Social ◽  
The Impact ◽  
Ifrs Implementation

Purpose This paper aims to examine firm characteristics and ownership structure determinants of corporate social and environmental voluntary disclosure (CSEVD) practices in Saudi Arabia to address the paucity of research in this field for Saudi listed firms. Design/methodology/approach The paper uses manual content and regression analyses for online annual report data for Saudi non-financial listed firms over the period 2016–2018 using CSEVD items drawing on global reporting initiative-G4 guidelines. Findings Models show that Saudi firm CSEVD has increased over time compared to previous studies to an average of 68% disclosure due to new corporate governance regulations and IFRS implementation. The models show that firm size, leverage, manufacturing industry type and government ownership are positive determinants of CSEVD, while family ownership is the negative driver of CSEVD. However, firm profitability, audit firm size, firm age and institutional ownership have no impact on the level of CSEVD. Originality/value Using legitimacy and stakeholder theories, the paper determines the influence of firm characteristics and ownership structure on CSEVD, identifying implications for firm stakeholders and providing some evidence on the impact of corporate governance regulation and IFRS implementation on such disclosure. The paper provides additional evidence on progress towards Saudi’s Vision 2030.

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