Corporate Governance and the Informativeness of Disclosures in Australia: A Re-Examination
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)
Lancaster University Management School
June 3, 2014
Forthcoming in Accounting and Finance
We re-examine the association between corporate governance and disclosures reported by Beekes and Brown (2006), using an extended time series of Australian data. Since the ASX corporate governance guidelines were introduced in 2003, firms generally have increased their disclosure frequency and demonstrated an improvement in the timeliness of bad news relative to good news, indicating a levelling of disclosure practices and greater transparency. Better governed firms have become more cautious in their disclosure practices. However they continue to be more balanced with respect to good and bad news timeliness. Changes to disclosure laws have also influenced company practices.
Number of Pages in PDF File: 48
Keywords: Corporate governance, Disclosures, Price discovery, Timeliness, Transparency
JEL Classification: G30, G38, M40
Date posted: September 1, 2012 ; Last revised: June 10, 2014
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