Article2017

Voluntary disclosure and corporate governance: empirical evidence from Kuwait

Mishari M. Alfraih · Abdullah M. Almutawa

94 citations0/0 files storedInternational Journal of Law and Management

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

Abstract

Purpose The purpose of this paper is to assess and analyse the level of voluntary disclosure practices in the annual reports of Kuwait Stock Exchange (KSE) listed firms and explore the association between corporate governance mechanisms and voluntary disclosure practices. Design/methodology/approach Panel data analysis was undertaken over a period from 2005-2008 with an aim to examine the influence of corporate governance mechanisms on voluntary disclosures made by 52 listed firms in their four years of annual reports. An unweighted voluntary disclosure index has been used for hand-collecting data from annual reports. Findings The findings show that the mean voluntary disclosure level over the four years is 23 per cent. Four out of eight corporate governance mechanisms examined found to be significantly associated with the level of voluntary disclosure, three negatively, one positively. Cross directorship, board size and role duality are negatively related to voluntary disclosure, while government ownership is positively related to voluntary disclosure. In contrast, the proportion of non-executive directors, family members on the board, the presence of an audit committee and the presence of the ruling family on the board have an insignificant influencer on voluntary disclosure practices. Practical implications The study provides an assessment of KSE-listed firm voluntary disclosure practices and its determents and highlights that that corporate governance attributes affect the voluntary disclosure practices of KSE-listed firms. Originality/value The findings of this study contribute to the arguments concerning the role of corporate governance mechanisms in improving the level of disclosure and information transparency.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1997An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud 1981Good News and Bad News: Representation Theorems and Applications 1981The Informational Role of Warranties and Private Disclosure about Product Quality 2002Culture, Corporate Governance and Disclosure in Malaysian Corporations 1994CEO DUALITY AS A DOUBLE-EDGED SWORD: HOW BOARDS OF DIRECTORS BALANCE ENTRENCHMENT AVOIDANCE AND UNITY OF COMMAND.2001A study of the relationship between corporate governance structures and the extent of voluntary disclosure

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