In this paper we apply meta-analysis to a sample of 64 empirical studies to identify the potential moderators to the relationship between board, audit committee characteristics and voluntary disclosure. We examine whether the results are affected by the differences in the construction of disclosure index, the type of voluntary disclosure, the method of disclosure, the definitions of variables relating to corporate governance, the level of investor protection, and country geographic location. We find that, whilst board size, board composition and audit committee have a significant positive effect on voluntary disclosure, CEO duality has a significant negative effect. In addition, country geographic location moderates the association between board size, board composition, CEO duality and voluntary disclosure. Furthermore, the association between CEO duality and voluntary disclosure is moderated by disclosure type, disclosure method and the level of investor protection. Finally, differences in the definitions of explanatory variables moderate the association between board composition and voluntary disclosure. We conduct a sensitivity analysis which provides evidence that, in respect of the time period, prior to 2002, CEO duality has a significant negative effect on voluntary disclosure and has an insignificant effect for the period thereafter.

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Purpose – The purpose of this paper is to investigate the relationship between corporate performance and social and environmental disclosure for two African leading countries namely, South Africa (common law country) and Morocco (civil law country). Design/methodology/approach – The sample consists of 168 annual reports spanning from 2004 to 2009. A content analysis of companies’ annual reports is used to measure the extent of voluntary social and environmental disclosure. Findings – Results show that social and environmental disclosure has a significant positive effect on corporate performance only in the South African setting. Originality/value – The findings emphasize the need to explicitly consider the legal and institutional setting prevailing in each context. For instance, social and environmental organizations in South Africa enjoy more power to influence companies’ social and environmental reporting policy, whereas, their counterparts in Morocco, enjoy less power to place pressure on companies to incorporate social and environmental considerations into business operations.

In 2001, the US moved to regulate internal control reporting by management and auditors. While some jurisdictions have followed the lead of the US, many others have not. An important question, therefore, is the relevance of internal control to stakeholders. The more specific issue of the benefits of US-style regulation of internal control reporting is also topical. We review studies on the determinants of internal control quality and its economic consequences for stakeholders including investors, creditors, managers, auditors and financial analysts. We extend previous reviews by focusing on US studies published since 2013 as well as all non-US studies investigating IC quality including countries regulating IC disclosure as well as unregulated settings and both developed and developing economies. In doing so, we identify research questions where evidence remains mixed and new directions in which there are research opportunities. Three main insights arise from our analysis. First, evidence on the economic consequences of internal control quality suggests that the quality of internal control can have a significant effect on decision making by users of financial information. Second, the results of research on the empirical association between ownership structure, certain board characteristics and internal control quality is generally mixed. Empirical evidence concerning the association between audit committee characteristics and internal control quality generally supports a positive and significant association. Finally, while studies in non-US jurisdictions are increasing, opportunities remain to explore the determinants and consequences of internal control in other jurisdictions. Our review provides evidence for policy makers of whether there are benefits from requiring management and auditors to report on internal control over financial reporting.

Purpose -The purpose of this paper is to investigate the association between disclosure and seven corporate characteristics which are ownership dispersion, analysts following, audit firm size, leverage, corporate size, profitability, and multi-nationality. Design/methodology/approach -The paper applies the meta-analysis technique developed by Hunter et al. in 1982 to a sample of 16 articles published between 1997 and 2006 for the purpose of cumulating and integrating the findings across studies. Findings -The paper shows a significant association between disclosure and audit firm size. Originality/value -The paper is an extension of previous work of Ahmed and Courtis to the extent that it includes other determinants of disclosure not included in prior works. It also aims at reconciling the inconsistent results of prior studies.