An Empirical Investigation into Corporate Voluntary Disclosure of Management's Responsibilities in the Bangladeshi Listed Companies

Abstract

The article aims to evaluate the Corporate Voluntary Disclosure of Management’s Responsibilities in the Bangladeshi Listed Companies. Data are taken from annual reports of the listed companies in Dhaka Stock Exchange (DSE) during 2005-2008. The study uses ordinary least squares regression model to examine the relationship between explanatory variables and corporate voluntary disclosure and un-weighted relative disclosure index is used for measuring voluntary disclosure score. The results show the firms have the higher percentage of shares held by institutional shareholders. The Senior management’s decision is positively related to the level of voluntary disclosure and has positive relation with a board audit committee and board leadership structure. On the other hand, where the firms have a higher management of ownership structure, there the senior management’s decision is negatively related to the level of voluntary disclosure. However, other factors such as those provided by board composition, board size and firm size displayed no significant influence on senior management’s decisions in this area.

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