메뉴 건너뛰기




Volumn 55, Issue 4, 2015, Pages 931-963

Corporate governance and the informativeness of disclosures in Australia: A re-examination

Author keywords

Corporate governance; Disclosures; Price discovery; Timeliness; Transparency

Indexed keywords


EID: 84954317451     PISSN: 08105391     EISSN: 1467629X     Source Type: Journal    
DOI: 10.1111/acfi.12088     Document Type: Article
Times cited : (43)

References (50)
  • 1
    • 84866015069 scopus 로고    scopus 로고
    • Accounting conservatism and voluntary corporate governance mechanisms by Australian firms
    • Ahmed, K., and D. Henry, 2012, Accounting conservatism and voluntary corporate governance mechanisms by Australian firms, Accounting and Finance 52(3), 631-662.
    • (2012) Accounting and Finance , vol.52 , Issue.3 , pp. 631-662
    • Ahmed, K.1    Henry, D.2
  • 2
    • 85005305538 scopus 로고
    • The market for "lemons": quality uncertainty and the market mechanism
    • Akerlof, G. A., 1970, The market for "lemons": quality uncertainty and the market mechanism, The Quarterly Journal of Economics 84(3), 488-500.
    • (1970) The Quarterly Journal of Economics , vol.84 , Issue.3 , pp. 488-500
    • Akerlof, G.A.1
  • 3
    • 84954332862 scopus 로고    scopus 로고
    • 11-26MR Decision in Fortescue Metals Group appeal. Available at:.
    • Australian Securities and Investments Commission, 2011a, 11-26MR Decision in Fortescue Metals Group appeal. Available at: http://www.asic.gov.au/asic/asic.nsf/byHeadline/11-26MR+Decision+in+Fortescue+Metals+Group+appeal.
    • (2011)
  • 4
    • 84954332863 scopus 로고    scopus 로고
    • 11-125MR Decision in Centro civil penalty case. Available at
    • Australian Securities and Investments Commission, 2011b, 11-125MR Decision in Centro civil penalty case. Available at: http://www.asic.gov.au/asic/asic.nsf/byHeadline/11-125MR%20Decision%20in%20Centro%20civil%20penalty%20case?opendocument.
    • (2011)
  • 5
    • 84954332864 scopus 로고    scopus 로고
    • 12-275MR Decision in James Hardie penalty proceedings. Available at
    • Australian Securities and Investments Commission, 2012, 12-275MR Decision in James Hardie penalty proceedings. Available at: http://www.asic.gov.au/asic/asic.nsf/byheadline/12-275MR+Decision+in+James+Hardie+penalty+proceedings?openDocument.
    • (2012)
  • 6
    • 84954313375 scopus 로고    scopus 로고
    • Chapter 3 Continuous Disclosure (Australian Securities Exchange Ltd, Sydney). Available at
    • Australian Securities Exchange, 2012, ASX Listing Rules, Guidance Notes and waivers. Chapter 3 Continuous Disclosure (Australian Securities Exchange Ltd, Sydney). Available at: http://www.asxgroup.com.au/asx-listing-rules-guidance-notes-and-waivers.htm.
    • (2012) ASX Listing Rules, Guidance Notes and waivers
  • 7
    • 0141919255 scopus 로고    scopus 로고
    • Australian Stock Exchange Ltd, Sydney). Available at
    • Australian Securities Exchange Corporate Governance Council, 2003, Principles of Good Corporate Governance and Best Practice Recommendations (Australian Stock Exchange Ltd, Sydney). Available at: http://www.asx.com.au/governance/corporate-governance.htm.
    • (2003) Principles of Good Corporate Governance and Best Practice Recommendations
  • 8
    • 54849405323 scopus 로고    scopus 로고
    • 2nd edn (Australian Securities Exchange Ltd, Sydney). Available at
    • Australian Securities Exchange Corporate Governance Council, 2007, Corporate Governance Principles and Recommendations, 2nd edn (Australian Securities Exchange Ltd, Sydney). Available at: http://www.asxgroup.com.au/corporate-Governance-council.htm.
    • (2007) Corporate Governance Principles and Recommendations
  • 9
    • 0002742759 scopus 로고
    • An empirical evaluation of accounting income numbers
    • Ball, R., and P. Brown, 1968, An empirical evaluation of accounting income numbers, Journal of Accounting Research 6(2), 159-178.
    • (1968) Journal of Accounting Research , vol.6 , Issue.2 , pp. 159-178
    • Ball, R.1    Brown, P.2
  • 10
    • 84894357942 scopus 로고    scopus 로고
    • Ball and Brown (1968): a retrospective
    • Ball, R., and P. Brown, 2014, Ball and Brown (1968): a retrospective, The Accounting Review 89(1), 1-26.
    • (2014) The Accounting Review , vol.89 , Issue.1 , pp. 1-26
    • Ball, R.1    Brown, P.2
  • 11
    • 36448972658 scopus 로고    scopus 로고
    • The association between employee stock option disclosures and corporate governance: evidence from an enhanced disclosure regime
    • Bassett, M., P.-S. Koh, and I. Tutticci, 2007, The association between employee stock option disclosures and corporate governance: evidence from an enhanced disclosure regime, The British Accounting Review 39(4), 303-322.
    • (2007) The British Accounting Review , vol.39 , Issue.4 , pp. 303-322
    • Bassett, M.1    Koh, P.-S.2    Tutticci, I.3
  • 12
    • 84954332865 scopus 로고    scopus 로고
    • ivreg2: Stata module for extended instrumental variables/2SLS, GMM and AC/HAC, LIML and k-class regression. Available at
    • Baum, C. F., M. E. Schaffer, and S. Stillman, 2010, ivreg2: Stata module for extended instrumental variables/2SLS, GMM and AC/HAC, LIML and k-class regression. Available at: http://ideas.repec.org/c/boc/bocode/s425401.html.
    • (2010)
    • Baum, C.F.1    Schaffer, M.E.2    Stillman, S.3
  • 13
    • 0030305316 scopus 로고    scopus 로고
    • An empirical analysis of the relation between the board of director composition and financial statement fraud
    • Beasley, M. S., 1996, An empirical analysis of the relation between the board of director composition and financial statement fraud, The Accounting Review 71(4), 443-465.
    • (1996) The Accounting Review , vol.71 , Issue.4 , pp. 443-465
    • Beasley, M.S.1
  • 14
    • 33646856200 scopus 로고    scopus 로고
    • Do better-governed Australian firms make more informative disclosures?
    • Beekes, W., and P. Brown, 2006, Do better-governed Australian firms make more informative disclosures? Journal of Business Finance and Accounting 33(3-4), 422-450.
    • (2006) Journal of Business Finance and Accounting , vol.33 , Issue.3-4 , pp. 422-450
    • Beekes, W.1    Brown, P.2
  • 15
    • 54249164942 scopus 로고    scopus 로고
    • Working paper, Universities of Lancaster, New South Wales and Western Australia). Available at
    • Beekes, W., and P. Brown, 2007, On the timeliness of price discovery (Working paper, Universities of Lancaster, New South Wales and Western Australia). Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=938982.
    • (2007) On the timeliness of price discovery
    • Beekes, W.1    Brown, P.2
  • 16
    • 33645852244 scopus 로고    scopus 로고
    • Predicting firms' corporate governance choices: evidence from Korea
    • Black, B. S., H. Jang, and W. Kim, 2006, Predicting firms' corporate governance choices: evidence from Korea, Journal of Corporate Finance 12(3), 660-691.
    • (2006) Journal of Corporate Finance , vol.12 , Issue.3 , pp. 660-691
    • Black, B.S.1    Jang, H.2    Kim, W.3
  • 17
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure level and the cost of equity capital
    • Botosan, C. A., 1997, Disclosure level and the cost of equity capital, The Accounting Review 72(3), 323-349.
    • (1997) The Accounting Review , vol.72 , Issue.3 , pp. 323-349
    • Botosan, C.A.1
  • 18
    • 0036004043 scopus 로고    scopus 로고
    • A re-examination of disclosure level and the expected cost of equity capital
    • Botosan, C. A., and M. A. Plumlee, 2002, A re-examination of disclosure level and the expected cost of equity capital, Journal of Accounting Research 40(1), 21-40.
    • (2002) Journal of Accounting Research , vol.40 , Issue.1 , pp. 21-40
    • Botosan, C.A.1    Plumlee, M.A.2
  • 19
    • 84890078947 scopus 로고    scopus 로고
    • How can we do better?
    • Brown, P., 2013a, How can we do better? Accounting Horizons 27(4), 855-859.
    • (2013) Accounting Horizons , vol.27 , Issue.4 , pp. 855-859
    • Brown, P.1
  • 21
    • 27944506968 scopus 로고    scopus 로고
    • The impact of statutory sanctions on the level and information content of voluntary corporate disclosure
    • Brown, P., S. L. Taylor, and T. S. Walter, 1999, The impact of statutory sanctions on the level and information content of voluntary corporate disclosure, Abacus 35(2), 138-162.
    • (1999) Abacus , vol.35 , Issue.2 , pp. 138-162
    • Brown, P.1    Taylor, S.L.2    Walter, T.S.3
  • 22
    • 84954332866 scopus 로고    scopus 로고
    • Order flow and price effects surrounding an ASX announcement
    • Accounting and Finance Association of Australia and New Zealand (July), CD-ROM (reproduced in Brown 2013b)
    • Brown, P., B. Howitt, and M. Wee, 2005, Order flow and price effects surrounding an ASX announcement, 2005 AFAANZ Conference Proceedings, Accounting and Finance Association of Australia and New Zealand (July), CD-ROM (reproduced in Brown 2013b).
    • (2005) 2005 AFAANZ Conference Proceedings
    • Brown, P.1    Howitt, B.2    Wee, M.3
  • 23
    • 79952095238 scopus 로고    scopus 로고
    • Corporate governance, accounting and finance: a review
    • Brown, P., W. Beekes, and P. Verhoeven, 2011, Corporate governance, accounting and finance: a review, Accounting and Finance 51(1), 96-172.
    • (2011) Accounting and Finance , vol.51 , Issue.1 , pp. 96-172
    • Brown, P.1    Beekes, W.2    Verhoeven, P.3
  • 24
    • 0034562599 scopus 로고    scopus 로고
    • Corporate disclosure practices, institutional investors, and stock return volatility
    • Bushee, B. J., and C. F. Noe, 2000, Corporate disclosure practices, institutional investors, and stock return volatility, Journal of Accounting Research 38(Suppl), 171-202.
    • (2000) Journal of Accounting Research , vol.38 , pp. 171-202
    • Bushee, B.J.1    Noe, C.F.2
  • 25
    • 33646865709 scopus 로고    scopus 로고
    • Discussion of 'Do better-governed Australian firms make more informative disclosures?'
    • Clubb, C., 2006, Discussion of 'Do better-governed Australian firms make more informative disclosures?', Journal of Business Finance and Accounting 33(3-4), 451-458.
    • (2006) Journal of Business Finance and Accounting , vol.33 , Issue.3-4 , pp. 451-458
    • Clubb, C.1
  • 26
    • 15544364205 scopus 로고    scopus 로고
    • Voluntary disclosure of corporate governance practices by listed Australian companies
    • Collett, P., and S. Hrasky, 2005, Voluntary disclosure of corporate governance practices by listed Australian companies, Corporate Governance: An International Review 13(2), 188-196.
    • (2005) Corporate Governance: An International Review , vol.13 , Issue.2 , pp. 188-196
    • Collett, P.1    Hrasky, S.2
  • 27
    • 84954332867 scopus 로고    scopus 로고
    • Corporate Law Economic Reform Program (Audit Reform and Corporate Disclosure) Act, 2004. Available at: http://www.comlaw.gov.au/Browse/Results/ByTitle/Acts/Current/Co/0.
    • (2004)
  • 28
    • 84884388186 scopus 로고    scopus 로고
    • The intraday impact of company responses to exchange queries
    • Drienko, J., and S. J. Sault, 2013, The intraday impact of company responses to exchange queries, Journal of Banking and Finance 37(12), 4810-4819.
    • (2013) Journal of Banking and Finance , vol.37 , Issue.12 , pp. 4810-4819
    • Drienko, J.1    Sault, S.J.2
  • 29
    • 0042868548 scopus 로고    scopus 로고
    • An evaluation of 'Essays on Disclosure' and the disclosure literature in accounting
    • Dye, R. A., 2001, An evaluation of 'Essays on Disclosure' and the disclosure literature in accounting, Journal of Accounting and Economics, 32(1-3), 181-235.
    • (2001) Journal of Accounting and Economics , vol.32 , Issue.1-3 , pp. 181-235
    • Dye, R.A.1
  • 30
    • 0037970141 scopus 로고    scopus 로고
    • Corporate governance and voluntary disclosure
    • Eng, L. L., and Y. T. Mak, 2003, Corporate governance and voluntary disclosure, Journal of Accounting and Public Policy 22(4), 325-345.
    • (2003) Journal of Accounting and Public Policy , vol.22 , Issue.4 , pp. 325-345
    • Eng, L.L.1    Mak, Y.T.2
  • 32
    • 84874453263 scopus 로고    scopus 로고
    • The UK Corporate Governance Code (The Financial Reporting Council Ltd, London)
    • Financial Reporting Council, 2012. The UK Corporate Governance Code (The Financial Reporting Council Ltd, London). Available at: https://www.frc.org.uk/Our-Work/Codes-Standards/Corporate-governance/UK-Corporate-Governance-Code.aspx.
    • (2012)
  • 33
    • 35148852548 scopus 로고    scopus 로고
    • Effectiveness and market reaction to the stock exchange's inquiry in Australia
    • Gong, N., 2007, Effectiveness and market reaction to the stock exchange's inquiry in Australia, Journal of Business, Finance and Accounting 34(7-8), 1141-1168.
    • (2007) Journal of Business, Finance and Accounting , vol.34 , Issue.7-8 , pp. 1141-1168
    • Gong, N.1
  • 34
    • 84986031806 scopus 로고    scopus 로고
    • The need for effective communication with market stakeholders
    • Hamilton, K., 2004, The need for effective communication with market stakeholders, Australian Accounting Review 14(1), 3-8.
    • (2004) Australian Accounting Review , vol.14 , Issue.1 , pp. 3-8
    • Hamilton, K.1
  • 35
    • 84855955882 scopus 로고    scopus 로고
    • Information disclosure and corporate governance
    • Hermalin, B. E., and M. S. Weisbach, 2012, Information disclosure and corporate governance, Journal of Finance 67(1), 195-233.
    • (2012) Journal of Finance , vol.67 , Issue.1 , pp. 195-233
    • Hermalin, B.E.1    Weisbach, M.S.2
  • 36
    • 0003997107 scopus 로고    scopus 로고
    • 5th edn (Blackwell Publishing, Oxford, UK).
    • Kennedy, P., 2003, A Guide to Econometrics, 5th edn (Blackwell Publishing, Oxford, UK).
    • (2003) A Guide to Econometrics
    • Kennedy, P.1
  • 37
    • 54849439108 scopus 로고    scopus 로고
    • Corporate governance and disclosures on the transition to International Financial Reporting Standards
    • Kent, P., and J. Stewart, 2008, Corporate governance and disclosures on the transition to International Financial Reporting Standards, Accounting and Finance 48(4), 649-671.
    • (2008) Accounting and Finance , vol.48 , Issue.4 , pp. 649-671
    • Kent, P.1    Stewart, J.2
  • 39
    • 21344483941 scopus 로고
    • Cross-sectional determinants of analyst ratings of corporate disclosures
    • Lang, M., and R. Lundholm, 1993, Cross-sectional determinants of analyst ratings of corporate disclosures, Journal of Accounting Research 31(2), 246-271.
    • (1993) Journal of Accounting Research , vol.31 , Issue.2 , pp. 246-271
    • Lang, M.1    Lundholm, R.2
  • 40
    • 34547531609 scopus 로고    scopus 로고
    • Endogeneity and empirical accounting research
    • Larcker, D. F., and T. O. Rusticus, 2007, Endogeneity and empirical accounting research, European Accounting Review 16(1), 207-215.
    • (2007) European Accounting Review , vol.16 , Issue.1 , pp. 207-215
    • Larcker, D.F.1    Rusticus, T.O.2
  • 41
    • 76849107687 scopus 로고    scopus 로고
    • On the use of instrumental variables in accounting research
    • Larcker, D. F., and T. O. Rusticus, 2010, On the use of instrumental variables in accounting research, Journal of Accounting and Economics 49(3), 186-205.
    • (2010) Journal of Accounting and Economics , vol.49 , Issue.3 , pp. 186-205
    • Larcker, D.F.1    Rusticus, T.O.2
  • 42
    • 0001918670 scopus 로고
    • Voluntary forecast disclosure, nondisclosure, and stock prices
    • Lev, B., and S. H. Penman, 1990, Voluntary forecast disclosure, nondisclosure, and stock prices, Journal of Accounting Research 28(1), 49-76.
    • (1990) Journal of Accounting Research , vol.28 , Issue.1 , pp. 49-76
    • Lev, B.1    Penman, S.H.2
  • 43
    • 34648831620 scopus 로고    scopus 로고
    • The association between board composition and different types of voluntary disclosure
    • Lim, S., Z. Matolcsy, and D. Chow, 2007, The association between board composition and different types of voluntary disclosure, European Accounting Review 16(3), 555-583.
    • (2007) European Accounting Review , vol.16 , Issue.3 , pp. 555-583
    • Lim, S.1    Matolcsy, Z.2    Chow, D.3
  • 44
    • 84859335759 scopus 로고    scopus 로고
    • Is continuous disclosure associated with board independence?
    • Matolcsy, Z., J. Tyler, and P. Wells, 2012, Is continuous disclosure associated with board independence? Australian Journal of Management 37(1), 99-124.
    • (2012) Australian Journal of Management , vol.37 , Issue.1 , pp. 99-124
    • Matolcsy, Z.1    Tyler, J.2    Wells, P.3
  • 45
    • 77955757288 scopus 로고    scopus 로고
    • Role of corporate governance in mitigating the selective disclosure of executive stock option information
    • Nelson, J., G. Gallery, and M. Percy, 2010, Role of corporate governance in mitigating the selective disclosure of executive stock option information, Accounting and Finance 50(3), 685-717.
    • (2010) Accounting and Finance , vol.50 , Issue.3 , pp. 685-717
    • Nelson, J.1    Gallery, G.2    Percy, M.3
  • 46
    • 0003625206 scopus 로고    scopus 로고
    • OECD principles of corporate governance (OECD, Paris)
    • Organisation for Economic Cooperation and Development, 2004. OECD principles of corporate governance (OECD, Paris). Available at: http://www.oecd.org/daf/ca/corporategovernanceprinciples/31557724.pdf.
    • (2004)
  • 47
    • 21344476154 scopus 로고
    • Why firms voluntarily disclose bad news
    • Skinner, D. J., 1994, Why firms voluntarily disclose bad news, Journal of Accounting Research 32(1), 38-60.
    • (1994) Journal of Accounting Research , vol.32 , Issue.1 , pp. 38-60
    • Skinner, D.J.1
  • 48
    • 84867234256 scopus 로고    scopus 로고
    • The determinants of reserves disclosure in the extractive industries: evidence from Australian firms
    • Taylor, G., G. Richardson, G. Tower, and P. Hancock, 2012, The determinants of reserves disclosure in the extractive industries: evidence from Australian firms, Accounting and Finance 52(Suppl), 373-402.
    • (2012) Accounting and Finance , vol.52 , pp. 373-402
    • Taylor, G.1    Richardson, G.2    Tower, G.3    Hancock, P.4
  • 49
    • 0002420377 scopus 로고    scopus 로고
    • Report and recommendations of the Blue Ribbon committee on improving the effectiveness of corporate audit committees, The Business Lawyer
    • The Business Lawyer
    • The Business Lawyer, 1999. Report and recommendations of the Blue Ribbon committee on improving the effectiveness of corporate audit committees, The Business Lawyer, 54(3), 1067-1095.
    • (1999) , vol.54 , Issue.3 , pp. 1067-1095
  • 50
    • 84883340621 scopus 로고    scopus 로고
    • University of Newcastle, Newcastle, Australia
    • WHK Horwath, 2008, 2008 WHK Horwath Corporate Governance Report (University of Newcastle, Newcastle, Australia).
    • (2008) 2008 WHK Horwath Corporate Governance Report


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.