Corporate governance and voluntary disclosure

Eng, Li Li; Mak, Yuen Teen

doi:10.1016/s0278-4254(03)00037-1

Cited by 1,538 publications

(1,696 citation statements)

References 18 publications

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“…Contrary to previous studies and our expectations, we found a negative and significant association between leverage and ERM disclosure during the period of the crisis when ERM disclosure is calculated by the natural logarithm of the number of sentences containing ERM information. This finding is consistent with the study of Eng and Mak (2003) and demonstrates that in period of crisis, low leveraged banks disclose more information about their risks. Banks might want to signal their capital structure characterized by a low leverage ratio in order to decrease their cost of capital and have better access to funds.…”

Section: Resultssupporting

confidence: 92%

“…We found that the relation between debt and risk disclosure is only significant when the regression is conducted for LN_DISV (Model 1) which refutes our hypothesis H3 that "The volume and the quality of both voluntary and aggregated ERM disclosures by US largest banks are positively associated with the level of leverage". This result is consistent with Eng and Mak (2003), but inconsistent with most of prior research investigating the determinants of voluntary disclosure (Gebhardt et al, 2001;Helbok & Wagner, 2006) and enunciates that high leveraged banks disclose less ERM information during the financial crisis. This finding suggests that high leveraged banks do not want to incur further expenses related to the disclosure of more information about their risks.…”

Section: Multivariate Analysis For the Effect Of The Crisis On Erm DIcontrasting

confidence: 62%

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The Effect of the 2007/2008 Financial Crisis on Enterprise Risk Management Disclosure of Top US Banks

Zéghal¹,

Aoun²

2016

JMAA

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We document the effect of the 2007/2008 financial crisis on the volume and the quality of enterprise risk management (ERM) disclosure in the annual reports of the largest US banks, and analyze its determinants.Using a content analysis approach of the annual reports form 10-K for the years 2006, 2007, 2008, and 2009, we find that the ERM disclosure is significantly and positively associated with the crisis, bank size, board independence, duality and significantly and negatively associated with profitability, leverage, and board size. This paper seeks to fill a gap in the literature by investigating the effect of the crisis on ERM disclosure in the US banking sector context, and gives an insight into the factors affecting risk disclosure practices during the financial crisis.

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Section: Resultssupporting

confidence: 92%

Section: Multivariate Analysis For the Effect Of The Crisis On Erm DIcontrasting

confidence: 62%

The Effect of the 2007/2008 Financial Crisis on Enterprise Risk Management Disclosure of Top US Banks

Zéghal¹,

Aoun²

2016

JMAA

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“…In this framework, it is suggested that the board of directors is the ultimate internal control mechanism for overseeing managers (agents) on behalf of shareholders and other stakeholders (Rupley at al. 2012;Eng and Mak 2003;Said et al 2009;Ben-Amar and McIlkenny 2015). From this point of view, this study primarily aims to merge corporate governance literature and environmental disclosure literature by analyzing the relationship between corporate governance, in particular board characteristics, and the extent of environmental disclosures of Turkish companies.…”

Section: Literature Review and Hypothesesmentioning

confidence: 99%

“…From this point of view, independent directors may encourage companies to disclose more information to outside stakeholders. Therefore, a positive relationship between board independence and environmental disclosure can be expected (Michelon and Parbonetti 2012;Eng and Mak 2003).…”

Section: Board Independencementioning

confidence: 99%

The Relationship Between Board Characteristics and Environmental Disclosure: Evidence from Turkish Listed Companies

Akbaş

2016

South East European Journal of Economics and Business

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This study primarily aims to analyze the relationship between selected board characteristics and the extent of environmental disclosure in annual reports of Turkish companies, using a sample of 62 non-financial firms listed on the BIST-100 index at the end of 2011. The content analysis is used to measure the extent of environmental disclosure. Four board characteristics, namely board size, board independence, board gender diversity and audit committee independence, are considered as the independent variables that may have an impact on the extent of the environmental disclosures of Turkish companies. According to the results of the regression analysis, only board size has a statistically significant and positive relationship with the extent of environmental disclosure. This result implies that firms with larger boards disclose more environmental information than firms with smaller boards. On the other hand, the rest of the independent variables are found to be unrelated to the extent of environmental disclosure. The low degree of independence and gender diversity on the boards of the sample companies for the time period analyzed in the study could be one possible explanation for this result.

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“…However, these agencies are dealing only with large firms. The second category measures the level of disclosure on annual reports (Botosan, 1997;Eng and Mak, 2003;Wang et al 2008). These indexes depend significantly on subjective criteria, for example the researcher's judgment (Marston and Shrives, 1991).…”

Section: Voluntarily Information Disclosure Levelmentioning

confidence: 99%

Firm’s Information Environment and Stock Liquidity: Evidence from Tunisian Context

Loukil

Yousfi

2010

SSRN Journal

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This paper analyzes the relationship between public disclosure, private information and stock liquidity in the Tunisian market. We use a sample of 41 listed firms in the Tunis Stock Exchange in 2007. First, we find no evidence that there is a relation between public and private information. Second, Tunisian investors do not trust the information disclosed in both annual reports and web sites, consequently it has no effects on stock liquidity, in contrast with private information.

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Corporate governance and voluntary disclosure

Cited by 1,538 publications

References 18 publications

The Effect of the 2007/2008 Financial Crisis on Enterprise Risk Management Disclosure of Top US Banks

The Effect of the 2007/2008 Financial Crisis on Enterprise Risk Management Disclosure of Top US Banks

The Relationship Between Board Characteristics and Environmental Disclosure: Evidence from Turkish Listed Companies

Firm’s Information Environment and Stock Liquidity: Evidence from Tunisian Context

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