Article2007

Ownership structure, board composition and corporate voluntary disclosure

431 citations0/0 files storedManagerial Auditing Journal

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Auditing, Earnings Management, Governance Corporate Finance and Governance Corporate Governance and Financial Management

Abstract

Purpose The paper aims to examine the impact of ownership structure and board composition on voluntary disclosures of listed companies in China. Design/methodology/approach Using an OLS‐regression model to test the relationship among ownership structure, board composition and the level of voluntary disclosure. The sample is based on 559 firm observations in 2002. Findings Higher blockholder ownership and foreign listing/shares ownership is associated with increased disclosure. However, managerial ownership, state ownership, and legal‐person ownership are not related to disclosure. An increase in independent directors increases corporate disclosure and CEO duality is associated with lower disclosure. The paper also finds that larger firms had greater disclosure, while firms with growth opportunities are reluctant to disclose information voluntarily. Research limitations/implications Firstly, the sample is comprised of companies listed on Shanghai Stock Exchange in 2002 and only 45.7 percent of representative firms listed in China. Secondly, the disclosure checklist does not cover all voluntary disclosure in corporations as employed and supported in several prior studies. Thirdly, the award of checklist items may be subjected to errors. Practical implications This paper indicates the relationship among ownership structure, board composition and corporate voluntary disclosure, and provides evidence for Chinese regulators to improve corporate governance and optimize ownership structure. Originality/value Distinct from prior empirical research based on disclosure behavior in developed‐western markets, this study examines the impact of ownership structure and board composition on voluntary disclosures of listed companies in the Asian setting of China.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1986Large Shareholders and Corporate Control 1981Auditor size and audit quality 1985Positive Accounting Theory 1986The theory and practice of econometrics 1992The investment opportunity set and corporate financing, dividend, and compensation policies

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