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Manuscript Type: EmpiricalResearch Question/Issue: This paper sets out to investigate perceptions about corporate governance practices in the developing African nation of Uganda. The study employs interview and questionnaire analysis to examine the part played by a range of factors in supporting effective governance. Research Findings/Results: The findings suggest that pervasive corruption and weaknesses in underlying frameworks have hampered attempts to improve practice. The results indicate that the mere emergence of detailed governance codes in developing countries does not necessarily mean that de facto practices will improve. Theoretical Implications: The results suggest that corporate governance standards in developing countries may appear on paper to be broadly similar to those in developed countries. However, a widespread perception exists that Ugandan frameworks are not yet strong enough to support what might normally be considered to be "good" practice. Sound corporate governance is seen as being a multi-faceted notion, with a range of political and social frameworks requiring strengthening before meaningful improvements can be made. Practical Implications: The evidence indicates that attempts to improve governance standards in a particular nation require more than the simple publication of codes of best practice. Root and branch changes in a wide-range of contextual factors, including at political and cultural levels, are required to provide the conditions in which meaningful improvements in corporate governance will occur.

This paper examines the determinants of external credit ratings attained by insurance firms in the United Kingdom (UK) and of the likelihood that insurers will have such an assessment. Using panel data relating to A.M. Best‐rated and Standard and Poor's (S&P)‐rated insurers over the period 1993–1997, a trichotomous logit model and an ordered probit model with sample selection are employed to show that the factors which influence the likelihood of having external credit assessments not only vary between the two agencies but also differ from those which determine the ratings themselves. Our results are shown to be of potential interest to participants in the insurance industry and policy‐makers alike.

In this paper we provide novel evidence about the market reaction to capital expenditure announcements in the UK using a sample of nearly 500 disclosures made between 1989 and 1991. First, we show that the market reaction to joint venture announcements is significantly positive, whilst similar announcements from individual companies do not elicit any response. Second, we find that the market reaction to single company investments is positively related to the size of the expenditure, but only for projects which immediately generate cash. Finally, we report that the variability in the market response to announcements which follow large cash inflows is significantly lower than the variability in investors' reactions to announcements which are not preceded by such inflows. Copyright Blackwell Publishers Ltd 1999.

Purpose The purpose of this paper is to provide exploratory evidence about the use of the internet for disclosure purposes by non-financial companies listed on the Egyptian Exchange – and influences thereon – at two points in time: 2010 and 2011. Selection of these periods permits direct investigation of the extent to which the disruption caused by the popular uprising in early 2011 impacted on practice. Design/methodology/approach The sample comprises all of the 172 non-financial listed companies at the end of 2010. A disclosure index was developed to evaluate the content of the investigated websites in 2010 and 2011. Univariate and multivariate analysis is used to examine the cross-sectional determinants of disclosure both in total and in terms of three specific content categories. Findings The study reveals that 40.7 and 42.7 per cent of the sample companies provided some form of financial information via their websites in 2010 and 2011, respectively (i.e. pre and post the Spring 2011 political revolution). The results of the multivariate analysis indicate consistency across the two years in terms of total score determinants, but some variation in the disaggregated evidence. Originality/value This study indicates that Egyptian firms have started embracing the power of the internet as a disclosure channel, but the extent of these practices is still limited, with great variations evident amongst the sampled companies in this regard. Encouragingly, the disruption caused by the political upheaval in 2011 appears not to have caused reduction in the propensity to provide online disclosures.