Corporate Governance and Voluntary Disclosure
Abstract
This paper examines the impact of ownership structure and board composition on voluntary disclosure. Ownership structure is characterized by managerial ownership, blockholder ownership and government ownership, and board composition is measured by the percentage of independent directors. Voluntary disclosure is proxied by an aggregated disclosure score of non-mandatory strategic, non-financial and financial information. Our results show that ownership structure and board composition affect disclosure. We find that lower managerial ownership and significant government ownership are associated with increased disclosure. However, blockholder ownership is not related to disclosure. An increase in outside directors reduces corporate disclosure. We also find that larger firms and firms with lower debt had greater disclosure.
Recommended Citation
Eng, L., & Mak, Y. T. (2003). Corporate Governance and Voluntary Disclosure. Journal of Accounting and Public Policy Elsevier.
The definitive version is available at https://doi.org/10.1016/S0278-4254(03)00037-1
Department(s)
Business and Information Technology
Keywords and Phrases
Blockholder Ownership; Board Composition; Corporate Governance; Government Ownership; Managerial Ownership; Voluntary Disclosure
International Standard Serial Number (ISSN)
0278-4254
Document Type
Article - Journal
Document Version
Citation
File Type
text
Language(s)
English
Rights
© 2003 Elsevier, All rights reserved.
Publication Date
01 Jul 2003
