Corporate Characteristics, Governance Rules and the Extent of Voluntary Disclosure in Spain

Advances in Accounting

Volumn 21, Issue , 2005, Pages 299-331

  Babío Arcay, M Rosario ^a   Muiño Vázquez, M Flora ^b  

^a UNIVERSITY OF SANTIAGO DE COMPOSTELA   (Spain)

^b DEPARTMENT OF BUSINESS ADMINISTRATION   (Spain)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33645865860     PISSN: 08826110     EISSN: None     Source Type: Book Series    
DOI: 10.1016/S0882-6110(05)21013-1     Document Type: Review

References (84)

1. Admati A.R., and Pfleiderer P. Forcing firms to talk: financial disclosure regulation and externalities. The Review of Financial Studies 13 3 (2000) 479-519
2. Ahmed K., and Courtis J.K. Association between corporate characteristics and disclosure levels in annual reports: A meta-analysis. British Accounting Review 31 (1999) 61-65
3. American Institute of Certified Public Accountants (AICPA). Comprehensive report of the special committee on financial reporting (1994), American Institute of Certified Public Accountants, New York
4. Baines A., and Langfield-Smith K. Antecedents to management accounting change: A structural equation approach. Accounting, Organizations and Society 28 7-8 (2003) 675-698
5. Ball R., and Foster G. Corporate financial reporting: A methodological review of empirical research. Journal of Accounting Research 20 Suppl. (1982) 161-234
6. Beasley M.S. An empirical analysis of the relation between the board of directors' composition and financial statement fraud. The Accounting Review 71 4 (1996) 443-465
7. Bhagat S., Carey D.C., and Elson C.M. Director ownership, corporate performance and management turnover. The Business Lawyer 54 3 (1999) 885-919
8. Bisbe J., and Otley D. The effects of the interactive use of management control systems on product innovation. Accounting, Organizations and Society 29 8 (2004) 709-737
9. Bollen K.A. Structural equations with latent variables (1989), Wiley, New York
10. Botosan C.A. Disclosure level and the cost of capital. The Accounting Review 72 3 (1997) 323-349
11. Botosan C.A., and Plumlee M.A. A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40 1 (2002) 21-40
12. Bushman R.M., Chen Q., Engel E., and Smith A. Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics 37 2 (2004) 167-201
13. Bushman R.M., and Smith A.J. Financial accounting information and corporate governance. Journal of Accounting and Economics 32 1-3 (2001) 237-333
14. Chen C.J.P., and Jaggi B. Association between independent non-executive directors, family control and financial disclosures in Hong Kong. Journal of Accounting and Public Policy 19 4-5 (2000) 285-310
15. Coles J.W., McWilliams V.B., and Sen N. An examination of the relationship of governance mechanisms to performance. Journal of Management 27 (2001) 23-50
16. Comisión Nacional del Mercado de Valores (CNMV) (2000). Análisis de los resultados del cuestionario sobre el Código de Buen Gobierno relativo al ejercicio 1999.
17. Cooke T.E. An assessment of voluntary disclosure in the annual reports of Japanese corporations. The International Journal of Accounting 26 (1991) 174-189
18. Core J.E. A review of the empirical disclosure literature: Discussion. Journal of Accounting and Economics 31 1-3 (2001) 441-456
19. Craswell A.T., and Taylor S.L. Discretionary disclosure of reserves by oil and gas companies: an economic analysis. Journal of Business, Finance and Accounting 19 2 (1992) 295-308
20. Dechow P.M., Sloan R.G., and Sweeney A.P. Causes and consequences of earnings manipulations: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13 1 (1996) 1-13
21. Dehaene A., De Vuyst V., and Ooghe H. Corporate performance and board structure in Belgian companies. Long Range Planning 34 (2001) 383-398
22. Deminor Rating (2003). Trends and Ratings 2003. Corporate Governance Research and Ratings, available at http://www.deminor-rating.com.
23. Denis D.K. Twenty-five years of corporate governance research ... and accounting. Review of Financial Economics 10 (2001) 191-212
24. Denis D.J., and Sarin A. Ownership and board structures in publicly traded corporations. Journal of Financial Economics 52 2 (1999) 187-223
25. Depoers F. A cost-benefit study of voluntary disclosure: Some empirical evidence from French listed companies. The European Accounting Review 9 2 (2000) 245-263
26. Doige C. U.S. cross-listings and the private benefits of control: Evidence from dual-class firms. Journal of Financial Economics 72 3 (2004) 519-553
27. Edwards P., and Smith R. Competitive disadvantage and voluntary disclosures: The case of segmental reporting. British Accounting Review 28 (1996) 155-172
28. Eng L.L., and Mak Y.T. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22 4 (2003) 325-345
29. Faccio, M., & Lang, L.H.P. (2001). The ultimate ownership of Western European - corporations. Working Paper, available at http://www.ssrn.com.
30. Faccio, M., & Lasfer, A. (1999). Managerial ownership, board structure and firm value: The UK evidence. Working Paper, available at http://www.ssrn.com.
31. Fama E., and Jensen M. Separation of ownership and control. Journal of Law and Economics 26 (1983) 301-325
32. Fama E.F. Agency problems and theory of the firm. Journal of Political Economy 88 2 (1980) 288-307
33. Fich, E.M., & Shivdasani, A. (2004). The impact of stock-option compensation for outside directors on firm value. Journal of Business. (Forthcoming) Working Paper, available at http://www.ssrn.com.
34. Financial Accounting Standards Board (FASB) (2001). Business and financial reporting challenges from the new economy, April.
35. Firth M. The impact of size, stock market listing and auditors on voluntary disclosure in corporate annual reports. Accounting and Business Research 9 (1979) 273-280
36. Forker J. Corporate governance and disclosure quality. Accounting and Business Research 22 86 (1992) 111-124
37. Gelb D. Managerial ownership and accounting disclosures: An empirical study. Review of Quantitative Finance and Accounting 15 (2000) 169-185
38. Gray S.J., and Roberts C. Voluntary information disclosure and the British multinationals: Corporate perceptions of costs and benefits. In: Hopwood, and A.G. (Ed). International Pressures for Accounting Change (1989), Prentice-Hall, Hertfordshire
39. Gregory, H.J., & Simmelkjaer, R.T. (2002). Comparative study of corporate governance codes relevant to the European Union and its member states. On behalf of the European Commission, Internal Market Directorate General, Brussels, January.
40. Gul F.A., and Leung S. Board leadership, outside directors' expertise and voluntary corporate disclosure. Journal of Accounting and Public Policy 23 5 (2004) 351-379
41. Gutiérrez Calderón I., Lloréns Montes F.J., and Aragón Correa A. Composición del consejo de administración, propiedad y endeudamiento. Relaciones de agencia entre banca e industria en España. Revista Española de Financiación y Contabilidad 34 104 (2000) 415-441
42. Healy P.M., Hutton A.P., and Palepu K.G. Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16 3 (1999) 485-520
43. Ho S.S.M., and Wong K.S. A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation 10 (2001) 139-156
44. Hoskisson R.E., Johnson R.A., and Moesel D.D. Corporate divestiture intensity in restructuring firms: Effects of governance, strategy and performance. Academy of Management Journal 37 5 (1994) 1207-1251
45. Hunton J.E., and Gibson D. Soliciting user-imput during the development of an accounting information system: Investigating the efficacy of group discussion. Accounting, Organizations and Society 24 7 (1999) 597-618
46. Hunton J.E., Wier B., and Stone D.N. Succeeding in managerial accounting. Part 2: A structural equations analysis. Accounting, Organizations and Society 25 8 (2000) 7751-7762
47. Jensen M.C. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48 (1993) 831-880
48. Jensen M.C., and Meckling W.H. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 3 (1976) 305-360
49. Jensen M.C., and Murphy K.J. Performance pay and top-management incentives. The Journal of Political Economy 98 2 (1990) 225-264
50. Keasey K., and Wright M. Corporate governance: Issues and concerns. Accounting and Business Research 23 91A (1993) 301-313
51. Khanna T., Palepu K.G., and Srinivasan S. Disclosure practices of foreign companies interacting with U.S. markets. Journal of Accounting Research 42 2 (2004) 475-508
52. La Porta R.W., Lopez-de-Silanes F., Shleifer A., and Vishny R.W. Law and finance. Journal of Political Economy 106 6 (1998) 1113-1155
53. Lang M.H., and Lundholm R.J. Corporate disclosure policy and analyst behaviour. The Accounting Review 71 4 (1996) 467-492
54. Lang M.H., and Lundholm R. Voluntary disclosure and equity offerings: Reducing information asymmetry or hyping the stock?. Contemporary Accounting Research 17 4 (2000) 623-662
55. Leech D., and Manjón M.C. Corporate governance in Spain (with application of the power indices approach). European Journal of Law and Economics 13 (2002) 157-173
56. Maher M., and Anderson T. Corporate governance: Effects on firm performance and economic growth. In: McCahery J., Moerland P., Raaijmakers T., and Renneboog L. (Eds). Corporate governance regimes: Convergence and diversity (2002), Oxford University Press, Oxford
57. McConnell J.J., and Servaes H. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27 2 (1990) 595-612
58. McKinnon J.L., and Dalimunthe L. Voluntary disclosure of segment information by Australian diversified companies. Accounting and Finance 33 1 (1993) 33-50
59. Meek G.K., Roberts C.B., and Gray S.J. Factors influencing voluntary annual report disclosures by U.S., U.K. and Continental European Multinational Corporations. Journal of International Business Studies 26 3 (1995) 555-572
60. Miller, G., & Piotroski, J. (2000). The role of disclosure for high book-to-market firms. Working Paper, Harvard University.
61. Nagar V., Nanda N., and Wysocki P. Discretionary disclosure and stock-based incentives. Journal of Accounting and Economics 34 1-3 (2003) 283-309
62. Olivencia Committee (1998). The Governance of Listed Companies. Report of the Special Commission to consider a Code of Ethics for Companies' boards of directors. Madrid, February.
63. O' Sullivan N. The impact of board composition and ownership on audit quality: Evidence from large UK companies. British Accounting Review 32 (2000) 397-414
64. Peasnell, K.V., Pope, P.F., & Young, S. (2000). Board monitoring and earnings management: Do outside directors influence abnormal accruals?. Working Paper, available at http://www.ssrn.com.
65. Peasnell K., Pope P.F., and Young S. The characteristics of firms subject to adverse rulings by the Financial Reporting Review Panel. Accounting and Business Research 31 4 (2001) 291-311
66. Perry, T. (2000). Board composition, ownership structure and CEO turnover, Arizona State University. Working Paper, available at http://www.ssrn.com.
67. Pincus K., Rusbarsky M., and Wong J. Voluntary formation of corporate audit committees among NASDAQ firms. Journal of Accounting & Public Policy 8 4 (1989) 239-265
68. Raffournier B. The determinants of voluntary financial disclosure by Swiss listed companies. The European Accounting Review 4 2 (1995) 261-280
69. Santerre R.E., and Neun S.P. Stock dispersion and executive compensation. The Review of Economics and Statistics 86 68 (1986) 685-687
70. Shivdasani. Board composition, ownership structure and hostile takeovers. Journal of Accounting and Economics 16 1-3 (1993) 167-198
71. Shleifer A., and Vishny R.W. A survey of corporate governance. The Journal of Finance 52 2 (1997) 737-783
72. Short H., and Keasey K. Managerial ownership and the performance of firms: Evidence from the UK. Journal of Corporate Finance 5 (1999) 79-101
73. Singhvi S.S., and Desai H.B. An empirical analysis of the quality of corporate financial disclosure. The Accounting Review 46 1 (1971) 129-138
74. Smith Report. Audit Committees Combined Code Guidance (2003), Financial Reporting Council
75. Tosi H.L., and Gomez-Mejia L.R. The decoupling of CEO pay and performance: An agency theory. Administrative Science Quarterly 34 2 (1989) 169-189
76. Vafeas N. Board structure and the informativeness of earnings. Journal of Accounting and Public Policy 19 2 (2000) 139-160
77. Verrechia R. Discretionary disclosure. Journal of Accounting and Economics 5 (1983) 179-194
78. Watts R.L., and Zimmerman J.L. Positive accounting theory (1986), Prentice-Hall, New Jersey
79. Watts R.L., and Zimmerman J.L. Positive accounting theory: A ten year perspective. The Accounting Review 65 1 (1990) 131-156
80. Welker M. Disclosure policy, information asymmetry and liquidity in equity markets. Contemporary Accounting Research 11 2 (1995) 801-827
81. Widener S.K. An empirical investigation of the relationship between the use of strategic human capital and the design of management control system. Accounting Organizations and Society 29 3-4 (2004) 377-399
82. Wójcik, D., Clark, G.L., & Bauer, R. (2004). Corporate governance and cross-listing: Evidence from European companies. Working Paper, available at http://www.ssrn.com.
83. Wymeersch E. Convergence or divergence in corporate governance patterns in Western Europe?. In: McCahery J.A., Moerland P., Raaijmakers T., and Renneboog L. (Eds). Corporate governance regimes: Convergence and diversity (2002), Oxford University Press, Oxford 230-250
84. Yermack D. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40 2 (1996) 185-213