Ownership Structure and Voluntary Disclosure: A Synthesis of Empirical Studies

Posted: 25 Aug 2017

See all articles by Hichem Khlif

Hichem Khlif

University of Monastir - EAS - FSEG Mahdia, Université de Monastir

Kamran Ahmed

La Trobe Business School, La Trobe University

Mohsen Souissi

Fayetteville State University - School of Business and Economics

Date Written: June 27, 2017

Abstract

In this article, we meta-analyse 69 empirical studies assessing the association between corporate voluntary disclosure and ownership concentration and types, and how institutional characteristics and research design moderate these relationships. Our overall analyses show that state, foreign and institutional ownerships have a positive effect but managerial ownership and ownership concentration have a negative effect on voluntary disclosure. Since the overall effect may conceal the underlying factors that cause heterogeneity in the effect size distribution, we select two important institutional factors: country-level investor protection and the equity market development, and research design and journal quality, to explain the mixed and conflicting findings. Our results emphasise the need to consider legal and institutional characteristics, and researcher induced-artefacts, in understanding the role of ownership structure and identity in corporate voluntary disclosure.

Keywords: Investor Protection, Meta-Analysis, Ownership Structure, Ownership Type, Voluntary Disclosure

JEL Classification: M41

Suggested Citation

Khlif, Hichem and Ahmed, Kamran and Souissi, Mohsen, Ownership Structure and Voluntary Disclosure: A Synthesis of Empirical Studies (June 27, 2017). Australian Journal of Management, Vol. 42, No. 3, 2017, Available at SSRN: https://ssrn.com/abstract=3024505

Hichem Khlif (Contact Author)

University of Monastir - EAS - FSEG Mahdia, Université de Monastir ( email )

Al-Ain
Tunisia

Kamran Ahmed

La Trobe Business School, La Trobe University ( email )

Kingsbury Drive
Melbourne, VIC 3086
Australia
0403038387 (Phone)
3105 (Fax)

Mohsen Souissi

Fayetteville State University - School of Business and Economics ( email )

Fayetteville, NC 28301
United States

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