A study of the relationship between corporate governance structures and the extent of voluntary disclosure |
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Authors: | Simon S. M. Ho Kar Shun Wong |
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Affiliation: | 1. Department of Accounting, La Trobe University, Australia;2. Department of Finance, La Trobe University, Australia;1. NIDA Business School, National Institute of Development Administration (NIDA), Bangkok, Thailand;2. The Securities and Exchange Commission (SEC) of Thailand, Thailand;3. University of Western Australia, Crawley, WA 6009, Australia;4. Pennsylvania State University, Great Valley School of Graduate Professional Studies, Malvern, PA 19355, United States;5. La Rochelle Business School, Excelia Group, La Rochelle, France |
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Abstract: | 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. |
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Keywords: | Corporate disclosure Corporate governance Voluntary disclosure Hong Kong |
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