Disclosure, corporate governance and foreign share ownership on the Zimbabwe Stock Exchange

Journal of International Financial Management and Accounting

Volumn 18, Issue 2, 2007, Pages 53-85

  Mangena, Musa ^a   Tauringana, Venancio ^b  

^a BRADFORD UNIVERSITY SCHOOL OF MANAGEMENT   (United Kingdom)

^b BOURNEMOUTH UNIVERSITY   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 34249988145     PISSN: 09541314     EISSN: 1467646X     Source Type: Journal    
DOI: 10.1111/j.1467-646X.2007.01008.x     Document Type: Article

References (90)

1. Ahearne, A.G., W.L. Griever and F.E. Warnock, "Information Costs and Home Bias: An Analysis of US Holdings of Foreign Equities," Journal of International Economics 62 (2004), pp. 313-336.
2. Ajinkya, B., S. Bhojraj and P. Sengupta, "The Association Between Outside Directors, Institutional Investors and the Properties of Management Forecasts," Journal of Accounting Research 43 (2005), pp. 343-376.
3. Ball, R., S.P. Kothari and A. Robin, "The Effect of International Factors on Properties of Accounting Earnings," Journal of Accounting and Economics 29 (2000), pp. 1-51.
4. Banz, R. and S. Clough, "Globalization Reshaping World's Financial Markets," Journal of Financial Planning 15 (2002), pp. 72-80.
5. Bartov, E., F.A. Gul and J.S.L. Tsui, "Discretionary-Accruals Models and Audit Qualifications," Journal of Accounting and Economics 30 (2000), pp. 421-452.
6. Beasley, M.S., J.V. Carcello, D.R. Hermanson and P.D. Lapides, "Fraudulent Financial Reporting: Consideration of Industry Traits and Corporate Governance Mechanisms," Accounting Horizons 14 (2000), pp. 441-454.
7. Beakaert, G. and C.R. Harvey, "Foreign Speculators and Emerging Equity Markets," Journal of Finance 55 (2000), pp. 565-613.
8. Bekaert, G., C.R. Harvey and R.L. Lumsdaine, "Dating the Integration of World Equity Markets," Journal of Financial Economics 65 (2002), pp. 203-247.
9. Bekaert, G., C.R. Harvey and C.T. Lundblad, "Emerging Equity Markets and Economic Development," Journal of Development Economics 66 (2001), pp 465-504.
10. Bekaert, G., C.R. Harvey and C.T. Lundblad, "Equity Market Liberalization in Emerging Markets," Review - Federal Reserve Bank of St. Louis 85 (2003), pp. 53-80.
11. Bhagwati, J., The Winds of the Hundred Days: How Washington Mismanaged Globalization (Cambridge: MIT Press, 2001).
12. Bloch, E., "Economy Riddled with Anomalies," The Zimbabwe Independent (18 September 2004), http://www.zimbabwesituation.com/ sep18_2004.html
13. Blue Ribbon Committee. Report and Recommendations of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees (New York: New York Stock Exchange, 1999).
14. Brennan, M.J. and H.H. Cao, "International Portfolio Investment Flows," Journal of Finance 52 (1997), pp. 1851-1880.
15. Bushman, R. and A. Smith, "Financial Accounting Information and Corporate Governance," Journal of Accounting and Economics 32 (2001), pp. 237-333.
16. Bushman, R. and A. Smith, "Transparency, Financial Accounting Information, and Corporate Governance," FRBNY Economic Policy Review, April (2003), pp. 65-87.
17. Cadbury Committee. Report of the Committee on the Financial Aspects of Corporate Governance (London: Gee and Company, 1992).
18. Carlos, A.M. and F.D. Lewis, "Foreign Financing of Canadian Railroads," in Michael D. Bordo and Richard Sylla (ed.), Anglo-American Financial Systems (New York: Irwin, 1995).
19. Chamisa, E., "The Relevance and Observance of the IASC Standards in Developing Countries and the Particular Case of Zimbabwe," International Journal of Accounting 35 (2000), pp. 267-286.
20. Choi, F. and R.M. Levich, The Capital Market Effects of International Accounting Diversity (Homewood, IL: Dow Jones-Irwin, 1990).
21. Chuhan, P., "Sources of Portfolio Investment in Emerging Markets," Working Paper (World Bank, Washington, DC, 1992).
22. Coller, M. and T.L. Yohn, "Management Forecasts and Information Asymmetry: An Examination of Bid-Ask Spreads," Journal of Accounting Research 35 (1997), pp. 181-191.
23. Cooke, T.E., "Regression Analysis in Accounting Disclosure Studies," Accounting and Business Research 28 (1998), pp. 209-224.
24. Cooper, I. and E. Kaplanis, "Home Bias in Equity Portfolios, Inflation Hedging, and International Capital Market Equilibrium," Review of Financial Studies 7 (1994), pp. 45-60.
25. Coval, J.D. and T.J. Moskowitz, "Home Bias at Home: Local Equity Preference in Domestic Portfolios," Journal of Finance 54 (1999), pp. 2045-2073.
26. Dahlquist, M., L. Pinkowitz, R.M. Stulz and R. Williamson, "Corporate Governance and the Home Bias," Journal of Financial and Quantitative Analysis 38 (2003), pp. 87-110.
27. Dahlquist, M. and G. Robertsson, "Direct Foreign Ownership, Institutional Investors, and Firm Characteristics," Journal of Financial Economics 59 (2001), pp. 413-440.
28. Daily, C.M., D.R. Dalton and A.A. Cannella, Jr. "Corporate Governance: Decades of Dialogue and Data," Academy Management Review 28 (2003), pp. 371-382.
29. Dechow, P.M., R.G. Sloan and A.P. Sweeney, "Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC," Contemporary Accounting Research 13 (1996), pp. 1-36.
30. Diamond, D., "Optimal Release of Information by Firms," Journal of Finance 40 (1985), pp. 1071-1094.
31. Doidge, C., G. Karolyi and R.M. Stulz, "Why are Foreign Firms Listed in the U.S. Worth More?," Journal of Financial Economics 71 (2004), pp. 205-238.
32. Engardio, P., "The Era of Blind Investment is Over," Business Week (March 11, 2002), pp. 50.
33. Field, A., Discovering Statistic Using SPSS for Windows (London: Sage, 2000).
34. French, K.R. and J.M. Poterba, "Investor Diversification and International Equity Markets," The American Economic Review 81 (1991), pp. 222-226.
35. Gabriele, A., K. Boratav and A. Parikh, "Instability and Volatility of Capital Flows to Developing Countries," World Economy 23 (2000), pp. 1031-1056.
36. Gibson, M.S., "Is Corporate Governance Ineffective in Emerging Markets?," Journal of Financial and Quantitative Analysis 38 (2003), pp. 231-250.
37. Gietzmann, M. and J. Ireland, "Cost of Capital, Strategic Disclosures and Accounting Choice," Journal of Business Finance and Accounting 32 (2005), pp. 599-634.
38. Gordon, R.H. and L. Bovenberg, "Why is Capital so Immobile Internationally? Possible Explanations and Implications for Capital Income Taxation," American Economic Review 86 (1996), pp. 1057-1075.
39. Gray, S.J., G.K. Meek and C.B. Roberts, "International Capital Market Pressure and Voluntary Annual Reports Disclosure by US and U.K. Multinationals," Journal of International Financial Management and Accounting 6 (1995), pp. 43-67.
40. Haniffa, R.M. and T.E. Cooke, "Culture, Corporate Governance and Disclosure in Malaysian Corporations," Abacus 38 (2002), pp. 317-349.
41. Harris, R.S. and D. Ravenscraft, "The Role of Acquisitions in Foreign Direct Investment: Evidence from U.S. Stock Market," Journal of Finance 46 (1991), pp. 825-844.
42. Healy, P.M. and K.G. Palepu, "Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature," Journal of Accounting and Economics 31 (2001), pp. 405-440.
43. Higgs Report. Review of the Role and Effectiveness of Non-Executive Directors (London: The Department of Trade and Industry, 2003).
44. Ho, C.A. and S.M. Williams, "International Comparative Analysis of the Association between Board Structure and the Efficiency of Value Added by a Firm from its Physical Capital and Intellectual Capital Resources," The International Journal of Accounting 38 (2003), pp. 465-491.
45. Institute of Chartered Accountants of Zimbabwe (ICAZ). "Company Compliance with IAS 29, "in The Zimbabwe Chartered Accountant (Harare: Institute of Chartered Accountants of Zimbabwe, 2001), pp. 16-24.
46. Jefferis, K., "The Botswana Share Market and its Role in Financial and Economic Development," World Development 23 (1995), pp. 663-678.
47. Jensen, M.C. and W.H. Meckling, "Theory of a Firm: Managerial Behaviour, Agency Costs and Ownership Structure," Journal of Financial Economics 3 (1976), pp. 305-360.
48. Jiang, L. and J. Kim, "Foreign Equity Ownership and Information Asymmetry: Evidence from Japan," Journal of International Financial Management and Accounting 15 (2004), pp. 185-211.
49. Johnson, S., P. Boone, A. Breach and E. Friedman, "Corporate Governance in the Asian Financial Crisis," Journal of Financial Economics 58 (2000), pp. 141-186.
50. Kang, J. and R.M. Stulz, "Why is there a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan," Journal of Financial Economics 46 (1997), pp. 3-28.
51. Karamanou, I. and N. Vafeas, "The Association between Corporate Boards, Audit Committees, and Management Earnings Forecasts: An Empirical Analysis," Journal of Accounting Research 43 (2005), pp. 453-486.
52. King Report. Report on Corporate Governance for South Africa (Parklands: Institute of Directors of South Africa, 1994).
53. King Report. Report on Corporate Governance for South Africa (Parklands: Institute of Directors of South Africa, 2002).
54. Klapper, L.F. and I. Love, "Corporate Governance, Investor Protection, and Performance in Emerging Markets," Journal of Corporate Finance 10 (2004), pp. 703-728.
55. Klein, A., "Audit Committee, Board of Directors Characteristics, and Earnings Management," Journal of Accounting and Economics 33 (2002), pp. 375-400.
56. La Porta, R., F. Lopez-de-Silanes, A. Shleifer and R. Vishny, "Corporate Ownership Around the World," Journal of Finance 54 (1999), pp. 471-517.
57. La Porta, R., F. Lopez-de-Silanes, A. Shleifer and R. Vishny, "Investor Protection and Corporate Governance," Journal of Financial Economics 58 (2000), pp. 3-27.
58. Leuz, C. and R.E. Verrecchia, "The Economic Consequences of Increased Disclosure," Journal of Accounting Research 38 (2000), pp. 91-124.
59. Lev, B., "Towards a theory of equitable and efficient accounting policy," Accounting Review 63 (1988), pp. 1-23.
60. Lin, C.H. and C. Shiu, "Foreign Ownership in the Taiwan Stock Market - An Empirical Analysis," Journal of Multinational Financial Management 13 (2003), pp. 19-41.
61. Lundholm, R.J., "Public Signals and the Equilibrium Allocation of Private Information," Journal of Accounting Research 29 (1991), pp. 322-349.
62. Magaisa, A.T., "Challenges to Corporate Governance in Zimbabwe," The Zimbabwe Independent (9 January 2004).
63. Mangena, M. and R. Pike, "The Effect of Audit Committee Shareholding, Financial Expertise and Size on Interim Financial Disclosures," Accounting and Business Research 35 (2005), pp. 327-349.
64. McKinsey and Company, "Giving New Life to the Corporate Governance Reform Agendafor Emerging Markets," http://www.Mckinsey.com/ clientservice/organisationleadership/service/corporategovernance/pdf/ EmergingMarketsOpinion.pdf (2001).
65. Merton, R.C., "A Simple Model of Capital Market Equilibrium with Incomplete Information," Journal of Finance 42 (1987), pp. 483-510.
66. Mobius, M., "Good Governance is a Global Challenge," Corporate Board 22 (2001), pp. 1-4.
67. Myers, R., Classical and Modern Regression with Applications (Boston, MA: Duxbury, 1990).
68. OECD. "Zimbabwe," African Economic Outlook, AfDB/OECD. http://www.oecd.org/dataoecd/2/55/11978664.pdf (2003).
69. OECD. "Zimbabwe," African Economic Outlook, AfDB/OECD. http://www.oecd.org/dataoecd/45/43/32411615.pdf (2004).
70. Okeahalam, C.C., "Corporate Governance and Disclosure in Africa: Issues and Challenges," Journal of Financial Regulation and Compliance 12 (2004), pp. 359-370.
71. Owusu-Ansah, S., "The Impact of Corporate Attributes on the Extent of Mandatory Disclosure and Reporting by Listed Companies in Zimbabwe," The International Journal of Accounting 33 (1998), pp. 605-631.
72. Ramaswamy, K. and M. Li, "Foreign Investors, Foreign Directors and Corporate Diversification: An Empirical Examination of Large Manufacturing Companies in India," Asia Pacific Journal of Management 18 (2001), pp. 207-222.
73. Robertson, J., "The Zimbabwean Economy: The Current Position and the Way Forward," in Richard Cornwell (ed.), Zimbabwe's Turmoil: Problems and Prospects. http://www.iss.co.za/Pubs/Monographs/ No87?Chap3.pdf (2003).
74. Salter, S.B., "Corporate Financial Disclosure in Emerging Markets: Does Economic Development Matter?," The International Journal of Accounting 33 (1998), pp. 211-234.
75. Shleifer, A. and R.W. Vishny, "A Survey of Corporate Governance," Journal of Finance 52 (1997), pp. 737-783.
76. Shukla, R.K. and G.B. van Inwegen, "Do Locals Perform better than Foreigners? An Analysis of UK and US Mutual Fund Managers," Journal of Economics and Business 47 (1995), pp. 241-254.
77. Siddiqi, M., "The Birth of a New Star? A Special Report-Africa's Emerging Markets," African Business 233 (1998), pp. 28-31.
78. Tesar, L.L. and I.M. Werner, "Home Bias and High Turnover," Journal of International Money and Finance 14 (1995), pp. 467-492.
79. US Department of State. "2005 Investment Climate Statement - Zimbabwe," http://www.state.gov/e/eb/ifd/2005/42203.htm (2005).
80. Wallace, R.S.O. and K. Naser, "Firm-Specific Determinants of the Comprehensiveness of Mandatory Disclosure in the Corporate Annual Reports of Firms Listed on the Stock Exchange of Hong Kong," Journal of Accounting and Public Policy 14 (1995), pp. 311-368.
81. World Bank. "Report on the Observance of Standards and Codes (ROSC): Corporate Governance - Zimbabwe," http://www.Worldbank.org/ ifa/rocs_cg_zimbabwe.html (2003).
82. World Bank. "Shifting Forms of Equity Finance in Developing Countries, "in Global Development Finance (Washington, DC: World Bank, 2004), pp. 77-105.
83. World Bank. "Mobilizing Finance and Managing Vulnerability, "in Global Development Finance (Washington, DC: World Bank, 2005), pp. 13-30.
84. Young, D. and D.A. Guenther, "Financial Reporting Environments and International Capital Mobility," Journal of Accounting Research 41 (2003), pp. 553-579.
85. Zimbabwe Banking Act. (Chapter 24:20). (Harare: Government Printers 1999).
86. Zimbabwe Companies Act. (Chapter 24:03). (Harare: Government Printers 1996).
87. Zimbabwe Insurance Act. (Chapter 24:07). (Harare: Government Printers 1999).
88. Zimbabwe Investment Centre (ZIC). Comprehensive Investment Guide to Zimbabwe (Harare: Government Printers, 2005).
89. Zimbabwe Stock Exchange Listing Rules (ZSE Listing Rules). Harare: EXNET Legal and Financial Publishers, 2002).
90. Zimbabwe Stock Exchange Act. (Chapter 24:18). (Harare: Government Printers 1996).