Abstract

http://ssrn.com/abstract=2139641
 


 



The Relationship between Disclosure, Information Timeliness and Corporate Governance: A Cross Country Study


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)

Wenwen Zhan


affiliation not provided to SSRN

Qiyu Zhang


Lancaster University Management School

August 31, 2012


Abstract:     
We examine the link between corporate governance, and the level of firms’ disclosures and timeliness of price discovery in a cross-country study of the period 2003 to 2008. Our results confirm better-governed firms make more announcements to the market. We also find different levels of disclosure between common and civil law countries, with firms with better governance in common law countries being associated with greater disclosure. Our timeliness of prices results suggest better governance is associated with less timely reflection of a firm’s performance information in share prices. This would suggest corporate governance is a substitute rather than a complement with respect to corporate transparency. These results lead us to the conclusion that even if more information is disclosed by better-governed firms, it is not necessarily the case that it will be reflected in share prices in a more timely fashion.

Number of Pages in PDF File: 48

Keywords: Corporate governance, Disclosure, Country Legal Origin, Timeliness of Price Discovery

JEL Classification: G30, G38, M40

working papers series





Download This Paper

Date posted: September 1, 2012  

Suggested Citation

Beekes, Wendy and Brown, Philip R. and Zhan, Wenwen and Zhang, Qiyu, The Relationship between Disclosure, Information Timeliness and Corporate Governance: A Cross Country Study (August 31, 2012). Available at SSRN: http://ssrn.com/abstract=2139641 or http://dx.doi.org/10.2139/ssrn.2139641

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

Wenwen Zhan
affiliation not provided to SSRN ( email )
Qiyu Zhang
Lancaster University Management School ( email )
Lancaster, LA1 4YX
United Kingdom
Feedback to SSRN


Paper statistics
Abstract Views: 1,452
Downloads: 339
Download Rank: 50,303

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo8 in 0.750 seconds