دانلود رایگان مقاله انگلیسی حاکمیت شرکتی و انگیزه های مدیریت - نشریه امرالد

Abstract

Purpose – The Scandinavian boards are known for their “best practices” for corporate governance. This paper aims to examine the management incentives behind corporate disclosure via an empirical study. Design/methodology/approach – Many of the previous empirical work have focused on the US data, but the generalizability of such findings is geographically bounded. The set of management incentives in this paper is examined using a total sample of 123 local annual reports via some of the largest publicly listed firms in the Scandinavian countries between the years 2008-2012. Findings – The findings of this study reveal that a firm’s financial success originates from the different attributes of corporate governance. Correlation and regression analyses reveal that in terms of firm size, leverage ratio, the existence of audit committee and the independence of CEO, there is a correlation between firm-specific factors and the level of disclosure. In contrast to the previous literature, a positive relationship between corporate disclosure and information asymmetry was not found. Originality/value – The results of this study are valuable to the policymakers when implementing regulations on corporate governance control. The strategic implications of the findings on business decisions and future research are also discussed.

5. Discussion and conclusion

Traditional literature has established that the level of disclosure is closely linked to the corporate governance attributes, such as the firm size, leverage ratio and industry groupings, but that the importance of these contextual factors together with their impact on corporate disclosure has received too little attention (Kumar and Zattoni, 2015). In this paper, a combination of these corporate governance attributes were evaluated on the level of disclosure using a number of listed firms in the Scandinavian countries. Understanding the characteristics of the corporate governance structures in these sample firms have important policy implications on the accounting practices and the management culture in the Scandinavian countries. It is acknowledged that the impact of corporate governance on the level of disclosure necessitates further research given the national boundaries, the different regulatory as well as the economic environments in different countries. As a matter of fact, given the ownership structures and the board composition of these firms, accounting regulations and financial reporting standards that are tailored to reflect their characteristics have become even more important.