A study of the relationship between corporate governance structures and the extent of voluntary disclosure

The primary objective of this study is to test a theoretical framework relating four major corporate governance attributes with the extent of voluntary disclosure provided by listed firms in Hong Kong. These corporate governance attributes are the proportion of independent directors to total number...

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Bibliographic Details
Published in:Journal of international accounting, auditing & taxation auditing & taxation, 2001-06, Vol.10 (2), p.139-156
Main Authors: Ho, Simon S.M, Shun Wong, Kar
Format: Article
Language:English
Subjects:
Accounting
Audit committees
Auditing
Boards of directors
Capital market
Corporate disclosure
Corporate governance
Disclosure
Family
Finance
Hong Kong
Policy making
Regression analysis
Studies
Transparency
Voluntary disclosure
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Summary:The primary objective of this study is to test a theoretical framework relating four major corporate governance attributes with the extent of voluntary disclosure provided by listed firms in Hong Kong. These corporate governance attributes are the proportion of independent directors to total number of directors on the board, the existence of a voluntary audit committee, the existence of dominant personalities (CEO/Chairman duality), and the percentage of family members on the board. Using a weighted relative disclosure index for measuring voluntary disclosure, the results indicate that the existence of an audit committee is significantly and positively related to the extent of voluntary disclosure, while the percentage of family members on the board is negatively related to the extent of voluntary disclosure. The study provides empirical evidence to policy makers and regulators in East Asia for implementing the two new board governance requirements on audit committee and family control.
ISSN:1061-9518
1879-1603
DOI:10.1016/S1061-9518(01)00041-6