Abstract

http://ssrn.com/abstract=2122300
 
 

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The Effects of Corporate Governance on Information Disclosure, Timeliness and Market Participants’ Expectations


Wendy Beekes


Lancaster University - Department of Accounting and Finance

Philip R. Brown


University of Western Australia - Department of Accounting and Finance; University of New South Wales - Australian School of Business; Lancaster University - Department of Accounting and Finance; Financial Research Network (FIRN)

Germaine Chin


University of Western Australia - Faculty of Economics & Commerce

Qiyu Zhang


Lancaster University Management School

August 1, 2012


Abstract:     
Using a sample of Canadian firms for the period 2002-2007, we examine whether Corporate Governance (CG) has a significant influence on the frequency of firms’ disclosures, the timeliness of price discovery or on market participants’ (analysts’) behavior in Canada. Our models use both aggregate and underlying measures of CG to help identify which particular aspects of CG are more influential. Our results suggest only certain components of CG are associated with the number of releases to the stock market and the timeliness of information discovery in firm’s stock price. With regard to analysts’ earnings forecasts evidence suggests better CG results in more informative disclosures; the aggregate CG measure is associated with greater forecast accuracy, lower dispersion in forecasts and greater analyst following. Our results confirm CG can play a significant role in determining the efficiency of a country’s equity market.

Number of Pages in PDF File: 48

Keywords: corporate governance, disclosure frequency, analysts’ forecasts, price discovery, timeliness

JEL Classification: G30, G38, M40

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Date posted: August 2, 2012  

Suggested Citation

Beekes, Wendy and Brown, Philip R. and Chin, Germaine and Zhang, Qiyu, The Effects of Corporate Governance on Information Disclosure, Timeliness and Market Participants’ Expectations (August 1, 2012). Available at SSRN: http://ssrn.com/abstract=2122300 or http://dx.doi.org/10.2139/ssrn.2122300

Contact Information

Wendy Beekes (Contact Author)
Lancaster University - Department of Accounting and Finance ( email )
Lancaster LA1 4YX
United Kingdom
++44 (0)1524 593623 (Phone)
Philip R. Brown
University of Western Australia - Department of Accounting and Finance
School of Business, M250
35 Stirling Highway
Crawley WA 6009
Australia
+61 8 6488 2899 (Phone)
+61 8 6488 1047 (Fax)
University of New South Wales - Australian School of Business ( email )
Sydney, NSW 2052
Australia
Lancaster University - Department of Accounting and Finance ( email )
Lancaster LA1 4YX
United Kingdom
Financial Research Network (FIRN)
C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia
HOME PAGE: http://www.firn.org.au

Germaine Chin
University of Western Australia - Faculty of Economics & Commerce ( email )
Nedlands, Western Australia 6907
Australia
Qiyu Zhang
Lancaster University Management School ( email )
Bailrigg
Lancaster, LA1 4YX
United Kingdom
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References:  41
Citations:  1
Footnotes:  18

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