Going back to go forward: on studying the determinants of corporate governance disclosure

Abstract

Purpose The purpose of this study is to review the prior empirical studies that investigate the corporate governance (CG) determinants and provide a synopsis, and explore the main factors that drive the level of CG disclosure in the Greek context. Design/methodology/approach The authors perform an extensive review of the relevant literature and identify 24 papers that use various potential factors. Afterwards, the authors construct two different GC indices to investigate these potentials, and the authors conduct multiple regression analysis to identify and explain these determinants. Findings The empirical analysis shows that large Greek listed firms are more likely to disclose more CG information in the CG statement. In addition, the analysis shows statistically significant association with performance-related variables (such as Tobin’s Q and liquidity) and CG-related variables (such as independent members, board meetings and women on board). Research limitations/implications The results of the study support theoretical arguments that Greek listed firms disclose CG information not only to fulfill task-related requirements but also to be perceived as social and legitimate. Originality/value To the best of the authors’ knowledge, this is the first study that provides a synopsis of the prior literature in CG determinants, while it goes one step further by using the majority of the potential factors that have been used so far. Moreover, this study uses a multi-theoretical framework to address theoretical development, an approach that generates an outline of fruitful directions for future research.

The effect of social and ethical practices on environmental disclosure: evidence from an international ESG data

“…These studies aimed to identify aspects of governance structures that are likely to influence environmental information disclosure practices. In addition, in a conventional and contractual vision, corporate governance mechanisms are seen solely in a perspective of reducing agency and transaction costs without regard to its effect on the transparency of environmental disclosure in relation to stakeholders (Trireksani and Djajadikerta, 2016; Nerantzidis and Tsamis, 2017).…”

Corporate Governance Disclosure and Ownership Concentration in Non-Financial Listed Firms in Kuwait Stock Exchange (KSE)

“…Indeed, Samaha et al (2012), Ntim et al (2012), Tsamenyi et al (2007), Bauwhede and Willekens (2008), Barucci and Falini (2005), Neifar and Halioui (2013), Cunha and Rodrigues (2018), and Al-Bassam et al 2018found that large shareholders have more incentive and ability to expropriate small shareholders and, thus, may use their power to control the flow of information to protect their position. Meanwhile, Anderson and Manal (2005), Parsa et al (2007), Ben-Othman and Zeghal (2010), Nerantzidis and Tsamis (2017), and Mallin and Ow-Yong (2012) found no empirical impact of large shareholders' ownership concentration on CGD. They argued that, because of their power, large shareholders can directly access firms' information without making disclosures to the public and paying more costs.…”

The Relationship of Insider Trading Announcements, Ownership Structure and Corporate Governance: An Event Study Analysis of Athens Stock Exchange Market Technology Firms

“…Greece can be sorted in the Continental system of Corporate Governance (Travlos, 2001;Nerantzidis & Tsamis, 2017), that is characterized by high levels of ownership concentration and family ownership, weak investor protection, limited development of capital markets, and inactive institutional investors (La Porta et al, 2002).…”

“…Before that time Lekkas (1998) characterized the framework as inadequate and -dark‖, where insider trading was not simply a common practice but the status quo and modus operandi of the listed firms in ATHEX. It must be commented that a lot of progress has been made since then and Corporate governance reporting in Greece has improved substantially during the last two decades (Nerantzidis & Tsamis, 2017). The main characteristics and features of the legal framework of corporate governance in Greece were laid out in 2002 (Spanos, 2005).…”