Corporate Governance and the Informativeness of Disclosures in Australia: A Re-Examination
Forthcoming in Accounting and Finance
48 Pages Posted: 1 Sep 2012 Last revised: 10 Jun 2014
Date Written: June 3, 2014
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.
Keywords: Corporate governance, Disclosures, Price discovery, Timeliness, Transparency
JEL Classification: G30, G38, M40
Suggested Citation: Suggested Citation