The Relation between Corporate Governance and Voluntary Disclosure
Date Issued
2012
Date
2012
Author(s)
Lin, Yi-Ju
Abstract
Since 1998, Taiwan government has started to promulgate the importance of corporate governance and establish related regulations to promote corporate governance for firm listed in Taiwan Stock Exchange Corporation (TWSE) and Gre Tai Securities Market (GTSM). Information disclosure is considered as one of the major aspects of corporate governance. The purpose of this study is to examine the association between corporate governance mechanism focusing on board composition and ownership structure and the extent of voluntary disclosure. Board composition is measured by the percentage of outside directors in the board; ownership structure is characterized by managerial ownership, blockholder ownership and government ownership.
The sample for this study is selected from firms listed on the Taiwan Stock Exchange (TWSE) in year 2010. The degree of voluntary disclosure extent is measured by the ranking results conducted by “Information Disclosure and Transparency Rankings System” launched by Taiwan Stock Exchange corporation and Securities & Future Institute.
The empirical results of this study indicate that both the percentage of outside directors on the board and government ownership are positively related to the degree of voluntary disclosure. Blockholder ownership is negatively associated with the degree of voluntary disclosure. However, managerial ownership is not related to voluntary disclosure.
Subjects
Corporate governance
Board composition
Managerial ownership
Blockholder ownership
Government ownership
Voluntary disclosure
Type
thesis
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