Manuscript Type: EmpiricalResearch Question/Issue: This is a cross-sectional study of the relation between corporate governance and voluntary disclosure in Ireland. Research Findings/Results: We report clear evidence that voluntary disclosure increases with the number of nonexecutive directors on the board. Firms that have a nonexecutive chairman make greater voluntary disclosures than other firms. This finding is not robust to the inclusion of other explanatory variables. We find no evidence that ownership structure is related to voluntary disclosure. Theoretical Implications: The results regarding nonexecutive directors are interpreted as independent boards facilitating a reduction in information asymmetry between owners and managers. While this supports the predictions of agency theory, the absence of evidence that ownership structure influences voluntary disclosure does not. It is posited that sociological and organizational factors (e.g., informal networking) that pervade the Irish market mitigate against our disclosure measure capturing all aspects of voluntary disclosure. Furthermore, indirect evidence is provided that there are other costs and benefits to disclosure that vary across firms and may outweigh agency costs in many situations. We conclude that while agency theory has some explanatory power for voluntary disclosure, it cannot explain all the cross-sectional differences in voluntary disclosure by Irish public limited companies. Practical Implications: The results support the attention paid by regulators to the proportion of nonexecutive directors on the board. However, the costs and benefits to disclosure vary across firms. Regardless of agency considerations and regulatory guidelines, firms will ultimately formulate their disclosure policy with reference to overall marginal costs and marginal benefits.

The 'glass cliff' posits that when women achieve high profile roles, these are at firms in precarious positions. Previous research analysed appointments (male/female), estimated the precariousness of firms involved and drew inferences about the glass cliff. This study is different as it directly tests the relationship between a precarious situation and changes in board gender diversity. The sample is companies listed on the UK stock exchange reporting an initial loss in the years 2004-2006. A matched control sample is used in a difference-in-differences analysis to avoid inadvertently attributing improvements arising from societal/regulatory changes in gender diversity to the loss event. Findings suggest that when the loss is 'big' there is a difference in the increase in gender diversity versus both the control and the 'small' loss subsamples, i.e. compelling evidence of the glass cliff. In the context of ongoing political and social debates about women on boards our work (i) identifies continuing structural barriers for women ascending to board level in that women are more likely to be over-represented on boards of companies that are more precarious and (ii) sounds a note of caution about celebrating increased gender diversity on boards without considering the precariousness of the company involved.

The Pacific oyster Crassostrea gigas (Mollusca: Bivalvia) was introduced to Ireland in 1965 and is farmed at many sites around the coast. The reproductive biology of 1377 oysters from two sites on the south coast of Ireland was examined from April 1996 until December 1997 for variations in maturation rate and condition indices. Qualitative data were compiled by staging gonadal development using histological sections. Environmental parameters of temperature, dissolved oxygen and chlorophyll-a levels, as well as parasites and pathology were monitored. Unusually high sea temperatures led to oysters in Dungarvan (site 1) spawning in both years of the study. Although sea temperatures were significantly higher, oysters in Cork Harbour (site 2) did not spawn but instead reached ripeness and then started a process of gametic degeneration called resorption. Lack of spawning was not attributed to environmental conditions monitored but was tentatively attributed to levels of pollutants in the water. Oyster condition in Cork Harbour was significantly affected by the presence of blistering due to tributyltin levels in the water and also by Polydora sp. (Polychaete) in the shell. Oyster condition in Dungarvan was not affected by the presence of the exotic species Mytilicola orientalis (Copepoda: Cyclopoida).

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