Articlediamond2018

Determinants of Structure of Corporate Governance Disclosure in Portugal

27 citations0/0 files storedReview of Business Management

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

Abstract

Purpose -This study analyses the determinants of the level of corporate governance disclosure (CGD) by Portuguese companies listed on Euronext Lisbon between 2005 and 2011.Design/methodology/approach -Using content analysis, we construct a corporate governance index for each firm based on the data extracted from the firm's corporate governance and annual reports.An ordinal logistic regression model is used to examine the relationship between the level of CGD and its determinants.Findings -The empirical evidence suggests that foreign investor ownership, board size, board independence, external audit quality and degree of internationalization had a significant and positive influence on the corporate governance disclosure level, whereas ownership concentration, unitary leadership structure and debt had a significant and negative influence on corporate governance disclosure.No results were observed for board of director ownership and manager stock option compensation variables.Originality/value -This study extends the previous literature by examining corporate governance disclosure.Moreover, it extends prior work by analysing foreign investor ownership, manager stock option compensation and degree of internationalization as determinants of information disclosure.Finally, we believe that this study, conducted over a longer period of time, might give us stronger statistical evidence.

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References

1983Separation of Ownership and Control 1996Higher market valuation of companies with a small board of directors 2003Corporate Governance and Equity Prices 1985Positive Accounting Theory 1983Discretionary disclosure 2007Boards: Does one size fit all☆2001Essays on disclosure 2001Information Asymmetry, Corporate Disclosure and the Capital Markets: A Review of the Empirical Disclosure Literature

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2023The moderating and mediating effects of corporate governance and capital structure on firm performance: empirical evidence from an emerging market 2023The effects of corporate governance mechanisms on voluntary corporate carbon disclosures: evidence from the emerging economy 2022Determinants of corporate governance disclosure: evidence from an emerging market 2021The Influence of the Board of Directors and the Auditor in the Disclosure of Derivative Financial Instruments: Evidence on Portuguese Capital Market 2022The Impact of Corporate Governance Mechanism, Company Characteristics on the Timeliness of Financial Statements: Evidence from Listed Companies in Vietnam

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