Abstract

http://ssrn.com/abstract=428601
 
 

References (53)



 
 

Citations (202)



 


 



What Determines Corporate Transparency?


Robert M. Bushman


University of North Carolina Kenan-Flagler Business School

Joseph D. Piotroski


Stanford Graduate School of Business

Abbie J. Smith


University of Chicago - Booth School of Business

April 2003


Abstract:     
We investigate corporate transparency, defined as the availability of firm-specific information to those outside publicly traded firms, and viewed as the joint output of multi-faceted systems whose components collectively produce, gather, validate and disseminate information to market participants. We factor analyze an extensive range of measures capturing countries' firm-specific information environments, and isolate two factors interpreted as financial transparency and governance transparency. We investigate whether these factors vary with the countries' legal/judicial regimes and political economies. Our main multivariate result is that the governance transparency factor is primary related to a country's legal/judicial regime, while the financial transparency factor is primarily related to political economy.

Number of Pages in PDF File: 50

Keywords: corporate transparency, international accounting, corporate governance, disclosure, law, political economy

JEL Classification: G15, G34, K22, M41, M45, M47

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Date posted: August 30, 2003  

Suggested Citation

Bushman, Robert M. and Piotroski, Joseph D. and Smith, Abbie J., What Determines Corporate Transparency? (April 2003). Available at SSRN: http://ssrn.com/abstract=428601 or http://dx.doi.org/10.2139/ssrn.428601

Contact Information

Robert M. Bushman
University of North Carolina Kenan-Flagler Business School ( email )
McColl Building
Chapel Hill, NC 27599-3490
United States
919-962-9809 (Phone)
HOME PAGE: http://public.kenan-flagler.unc.edu/faculty/bushmanr/

Joseph D. Piotroski (Contact Author)
Stanford Graduate School of Business ( email )
518 Memorial Way
Stanford, CA 94305-5015
United States

Abbie J. Smith
University of Chicago - Booth School of Business ( email )
1101 East 58th Street
Graduate School of Business
Chicago, IL 60637-1561
United States
773-702-7295 (Phone)
773-702-0458 (Fax)
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References:  53
Citations:  202

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