Endogenous Information Disclosure and Corporate Governance

2010 ◽  
Author(s):  
Renhui Fu ◽  
Yong H. Kim ◽  
Buhui Qiu
Keyword(s):  
Corporate Governance ◽  
Information Disclosure ◽  
Endogenous Information

Taiwan as a Regional Laboratory for Corporate Governance

Asian Survey ◽  
2015 ◽  
Vol 55 (4) ◽  
pp. 793-821
Author(s):  
Vincent C. Ma ◽  
John S. Liu
Keyword(s):  
Corporate Governance ◽  
Financial Distress ◽  
Information Disclosure ◽  
Listed Companies ◽  
Statistical Analyses ◽  
Legal Capital ◽  
Regional Laboratory ◽  
American Style ◽  
Anglo American

Taiwan is a regional laboratory for Anglo-American-style corporate governance; we examine it from legal, capital, labor, and management perspectives. Statistical analyses of Taiwanese-listed companies show that independent directorship reduces financial distress and improves information disclosure.

scholarly journals Performance, corporate governance and new regulation

2017 ◽  
Vol 9 (18) ◽  
Author(s):  
Heriberto García
Keyword(s):  
Corporate Governance ◽  
Financial Performance ◽  
Financial Market ◽  
Information Disclosure ◽  
Potential Growth ◽  
Listed Firms ◽  
Risk Return ◽  
Corporate Governance Code ◽  
Governance Practices ◽  
The Relationship

Abstract. After the adoption of the Corporate Governance Code (Code) in Mexico, many companies increased financial performance and the leveraged during the following five years; we investigated the effect of how those firms improved the corporate governance practices and how was translated into better risk return company. We analyzed how and where better corporate governance practices affects performance and what was the relationship with Transparency, New Regulation and Governance Practices. Also we explored the gaps between transparency and information disclosure of Mexican Firms listed in U.S stockexchange and non U.S listed firms our findings were related to the potential growth of the Mexico Financial Market, Law and Finance.Keywords: corporate governance, financial performance, regulationResumen. Después de la adopción del Código de Gobierno Corporativo en México, algunas compañías incrementaron el desempeño financiero y el uso de deuda durante los siguientes cinco anos, nuestra investigación se enfoca en como dichas compañías mejoraron sus prácticas de gobierno corporativo y como estas prácticas se han traducido en un mejor relación de riesgo y rendimiento. En esta investigación exploramos cómo y en dónde mejores prácticas de gobierno corporativo afectan el desempeño y qué relación tiene con laTransparencia, Nuevas Regulaciones y prácticas de Gobierno Corporativo. Con lo anterior también identificamos aquellas compañías que cotizan fuera de México para identificar potenciales diferencias en dichas prácticas.Palabras clave: desempeño financiero, gobierno corporativo, regulación

scholarly journals External Pressure, Corporate Governance, and Voluntary Carbon Disclosure: Evidence from China

2019 ◽  
Vol 11 (10) ◽  
pp. 2901 ◽  
Author(s):  
Pinglin He ◽  
Huayu Shen ◽  
Ying Zhang ◽  
Jing Ren
Keyword(s):  
Corporate Governance ◽  
Information Disclosure ◽  
Positive Impact ◽  
Listed Companies ◽  
External Pressure ◽  
General Manager ◽  
Analysis Process ◽  
The Board Of Directors ◽  
Heavy Pollution ◽  
The Impact

This paper uses manually collected data of carbon information disclosure for listed companies, from 2009 to 2015 in China, to measure corporate carbon information disclosure, and it explores the impact of external pressure and internal governance on carbon information disclosure through text analysis and a hierarchy analysis process. The results show that, firstly, the greater the external pressure is, the higher the level of carbon information disclosure will be; that is, when listed companies are state-owned enterprises or in heavy pollution industries, the level of carbon information disclosure is higher. Secondly, the higher the level of corporate governance is, the higher the level of carbon information disclosure will be; that is, when the board of directors is larger, the proportion of independent directors is higher, and the chairman and general manager positions are differentiated, the level of carbon information disclosure is higher. Furthermore, when listed companies are state-owned and in heavy pollution industries, the level of carbon information disclosure is higher; when the chairman and general manager are in the same position (lower governance level), the positive impact of government pressure on carbon disclosure is less significant, the positive impact of external pressure on carbon disclosure is less significant, and the positive interactive impact of government pressure and external pressure on carbon disclosure is less significant. The conclusions of this paper are still robust after Heckman two-stage regression, propensity score matching (PSM) analysis, sub-sample regression, and double clustering analysis.

scholarly journals Information Disclosure Ranking, Industry Production Market Competition, and Mispricing: An Empirical Analysis

2019 ◽  
Vol 11 (1) ◽  
pp. 262 ◽  
Author(s):  
Bing Wang ◽  
Si Xu ◽  
Kung-Cheng Ho ◽  
I-Ming Jiang ◽  
Hung-Yi Huang
Keyword(s):  
Corporate Governance ◽  
Empirical Analysis ◽  
Instrumental Variables ◽  
Information Disclosure ◽  
Market Competition ◽  
Substantial Reduction ◽  
Assessment System ◽  
Product Market Competition ◽  
Information Transparency ◽  
Corporate Information

Improving the transparency of corporate information disclosure is a key principle of corporate governance in Taiwan. This study uses the information disclosure assessment system established by the information disclosure and transparency ranking system to explore whether information transparency can reduce the degree of mispricing. The study uses the data of 10,686 listed companies in Taiwan for the period from 2005 to 2014. We find that a higher information disclosure ranking (IDR) of rated companies corresponds to a more substantial reduction in the degree of mispricing. Moreover, we discover that product market competition affects mispricing in that smaller degrees of mispricing reflect greater exclusivity; this suggests that lower industry transaction and competition costs lead to less substantial mispricing. Finally, we observe that the effect of information disclosure score on the degree of mispricing is lower in more exclusive industries. Furthermore, a regression process using instrumental variables reveals that IDRs have the significant effect of reducing the degree of mispricing.

scholarly journals Information Disclosure and Corporate Governance

2012 ◽  
Vol 67 (1) ◽  
pp. 195-233 ◽  
Author(s):  
BENJAMIN E. HERMALIN ◽  
MICHAEL S. WEISBACH
Keyword(s):  
Corporate Governance ◽  
Information Disclosure

Bank Information Disclosure, Financial Transparency and Corporate Governance in Rastin Banking

2019 ◽  
Vol 2 (1) ◽  
pp. 1-13
Author(s):  
Bijan Bidabad ◽  
Mahshid Sherafati
Keyword(s):  
Corporate Governance ◽  
Information Disclosure ◽  
Practical Problem ◽  
Public Trust ◽  
Banking Regulations ◽  
Bank Managers ◽  
Financial Transparency ◽  
Information Circulation ◽  
Practical Implications ◽  
Banking Operations

Purpose: This paper aims to define a set of banking operating regulations for financial transparency, corporate governance, and bank information disclosure. Design: Bank governance, financial transparency, and information disclosure are amongst the most important solutions to attract public trust to financial and banking operations. In order to reach this goal, a new set of regulations should be designed to solve the problem. In this way, Rastin Banking regulations can provide a base to obtain a better information circulation and higher clarity. Findings: A draft of regulations for financial transparency, governance, and bank information disclosure is presented in this paper, which can be employed as a basis for the codification of the respective law. Research limitations: Since such kinds of regulations are novel for banks, they are required to be meticulously scrutinized in the first place, and after adaptation, adjustment, and performing the necessary modifications, the code of law can be codified. Practical implications: Bank managers, through granting various concessions to themselves and their own stakeholders, have violated the rights of shareholders, depositors, and other stakeholders. This issue, through applying the governance methods, is adjustable to a great extent. Social implications: This procedure is a model that can be adopted in other countries, especially those countries that have essential ambiguities in their banking and financial operations. Value: Clearly, the lack of transparency in banking operations can gradually weaken the trust of depositors, stakeholders, and shareholders, and result in probable abuses and damages to all parties in the bank’s contracts. This article fulfills an identified need and solves the practical problem in financial abuses, corruption, and collusion, and can provide positive and essential effects on creating public trust in financial operations.

Ownership governance, institutional pressures and circular economy accounting information disclosure

2014 ◽  
Vol 8 (3) ◽  
pp. 487-501 ◽  
Author(s):  
PuCha Wang ◽  
Fei Che ◽  
ShanShan Fan ◽  
Chen Gu
Keyword(s):  
Corporate Governance ◽  
Institutional Theory ◽  
Circular Economy ◽  
Information Disclosure ◽  
Accounting Information ◽  
Listed Companies ◽  
Institutional Pressures ◽  
Disclosure Quality ◽  
Content Type ◽  
The Relationship

Purpose – This paper aims to explore the determinants of circular economy accounting information disclosure quality, and also to make empirical analysis on the relationship between circular economy accounting information disclosure quality and corporate ownership governance and institutional pressures according to institutional theory and corporate governance theory. Finally, this paper provides some corresponding suggestions for heightening circular economy accounting information disclosure quality. Design/methodology/approach – This paper constructs enterprise circular economy accounting information disclosure model with Chinese characteristics. First, it takes disclosure index method to measure enterprise circular economy accounting information disclosure quality, followed by the hypotheses of this study. Then, this study employs a statistical analysis technique to empirically study the relationship between enterprise circular economy accounting information disclosure quality and ownership governance and institutional pressures, to study the ways to heighten enterprise circular economy accounting information disclosure quality in Chinese background. Findings – Ownership governance and institutional pressures mainly determine quality of circular economy accounting information disclosure. This paper draws the following conclusions: Chinese listed companies have heightened their circular economy accounting information disclosure quality due to ownership concentration, shareholding of institutional investors, mandatory disclosure, capital structure and assets size. However, the circular economy accounting information disclosure quality has low correlation with the profitability and the location of listed companies. Originality/value – Both in China and the West, few scholars or experts adopt empirical research to study the determinants of circular economy accounting information disclosure quality in an institutional theory and corporate governance theory perspective based on China’s supervisory system background. This paper makes a thorough analysis of the factors that affect listed companies’ circular economy accounting information disclosure quality, and provides some corresponding suggestions relevant for heightening circular economy accounting information disclosure quality.

scholarly journals Corporate governance and performance of financial institution

2019 ◽  
Vol 16 (1-1) ◽  
pp. 203-216 ◽  
Author(s):  
Juliet Wakaisuka-Isingoma
Keyword(s):  
Corporate Governance ◽  
Firm Performance ◽  
Financial Institutions ◽  
Ownership Structure ◽  
Information Disclosure ◽  
Positive Relationship ◽  
Developing Economies ◽  
Cross Sectional ◽  
Financial Transparency

The role of banking and insurance as an animated component of any economy has been widely recognized in the evolution of literature (Shrutikeerti & Amlan, 2017). The financial liberalization efforts taken by various developing economies had the central bearing on their financial institutions (Shrutikeerti & Amlan, 2016). The development of insurance and banking sectors play an important role in stimulating financial development and consequently the growth of the economy. Enhancing firm performance predicted through ownership structure, information disclosure, financial transparency and board profile safeguards reputation, yields effective risk management systems and yet helps firms achieve their business objectives. The study employed a sample of 103 financial institutions and adopted a descriptive cross-sectional survey design with a Pearson correlation coefficient. Reliability, validity and exploratory factor analysis with principal components and Cronbach’s alpha as well as hierarchical regression was reasonable for analysis but also directed using the Partial Least Square (PLS) modelling which was helpful in attesting the measurement and structural models appropriate for the performance of financial institutions. Reveal a statistically significant and positive relationship between corporate governance and firm performance. PLS modelling assented the structural and measurement models and recognized that corporate governance is statistically significant and predict firm performance through its different constructs of information disclosure, financial transparency, and ownership structure and board profile. Equally, firm performance demonstrated that management efficiency, earnings quality, asset quality, capital adequacy and liquidity were key dimensions. The study was cross-sectional and a longitudinal study is necessary to understand the dynamics of corporate governance and firm performance over a period of time. The results extend the understanding of the role of corporate governance in promoting firm performance in financial institutions. Additionally, the results add evidence to the growing body of research focusing on interdisciplinary aspects as well as the relationship between corporate governance and firm performance. Overall, there is a significant positive relationship between corporate governance and firm performance.

Exploring the effects of corporate governance and human governance on management commentary disclosure

2018 ◽  
Vol 14 (4) ◽  
pp. 843-858 ◽  
Author(s):  
Roshima Said ◽  
Ariffah Ashikin Abdul Rahim ◽  
Rohail Hassan
Keyword(s):  
Corporate Governance ◽  
Human Capital ◽  
Information Disclosure ◽  
Performance Measure ◽  
Equation Modeling ◽  
Board Independence ◽  
Governance Mechanisms ◽  
Board Size ◽  
Content Type ◽  
Management Commentary

PurposeThe purpose of this study is to investigate the influence of corporate governance and human governance on management commentary disclosure among Malaysian Public Listed in the Main Market, Bursa Malaysia.Design/methodology/approachThe annual reports of 150 companies listed on the main market, Bursa Malaysia, for the year ended 2014, are examined to analyze the company’s management commentary disclosure using content analysis. A management commentary disclosure index was developed based on the five elements that had been established by the Malaysian Accounting Standards Board (MASB) in Practices of Management Commentary’s framework. The study considers four corporate governance mechanisms such as board composition, board size, board’s education and ownership structure. Structural equation modeling (SEM -PLS), partial least squares (PLS) and SmartPLS software were used to measure the impact of corporate governance and human capital on management commentary disclosure.FindingsThe results reveal that most of the information disclosure by Malaysian Listed companies was not presented in a complete and balanced manner and not providing an insight because they are more focused on describing the process. Besides, there was no clear link between companies’ strategies and performance measure. Consequently, the reporting is not balanced and cannot assist the shareholders in understanding the opportunities and risk associated with the business. The results, based on a structural model, indicated that only two variables, namely, board size and board independence, showed a positive and significant influence on the degree of disclosure information of management commentary. Board independence is the most significant variable that influences the degree of corporate governance and human capital on management commentary disclosure.Originality/valueThe study contributes to the information disclosure literature as it presents in empirical evidence proving that governance mechanism affects the management commentary disclosure of information by companies. This study also provides additional information which is expedient to other researchers since there is lack of studies in management commentary which relates the attributes of corporate and human governance mechanisms as key drivers in providing management commentary information. Importantly, this study will stimulate the interest of academics in research activities concerning the attributes of governance mechanisms and corporate and human governance on management commentary activities.

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