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Do Better-Governed Australian Firms Make More Informative Disclosures?

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Author Info

  • Wendy Beekes
  • Philip Brown

Abstract

We investigate whether and if so, how, corporate governance 'quality' -super-1 is related to the information flows from a company and how the share market and its agents respond. Specifically, we study links between the 'quality' of a firm's corporate governance (CGQ) and the informativeness of its disclosures. We employ six indicators of informativeness. They include document counts, properties of analysts' forecasts and a 'timeliness' metric, in the spirit of Ball and Brown (1968) , that reflects the average speed of price discovery throughout the year. Our results suggest the answer to our question is 'Yes': better-governed firms do make more informative disclosures. Copyright Blackwell Publishers Ltd, 2006.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Business Finance & Accounting.

Volume (Year): 33 (2006-04)
Issue (Month): 3-4 ()
Pages: 422-450

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Handle: RePEc:bla:jbfnac:v:33:y:2006-04:i:3-4:p:422-450

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X

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Cited by:
  1. Madonna O’Sullivan & Majella Percy & Jenny Stewart, 2008. "Australian evidence on corporate governance attributes and their association with forward-looking information in the annual report," Journal of Management and Governance, Springer, vol. 12(1), pages 5-35, March.
  2. Gerrit Sarens & Joe Christopher, 2010. "The association between corporate governance guidelines and risk management and internal control practices: Evidence from a comparative study," Managerial Auditing Journal, Emerald Group Publishing, vol. 25(4), pages 288-308, May.
  3. Ntim, Collins G. & Lindop, Sarah & Thomas, Dennis A., 2013. "Corporate governance and risk reporting in South Africa: A study of corporate risk disclosures in the pre- and post-2007/2008 global financial crisis periods," International Review of Financial Analysis, Elsevier, vol. 30(C), pages 363-383.
  4. Xiaomeng Chen, 2010. "Australian evidence on the accuracy of analysts' expectations: The value of consensus and timeliness prior to the earnings announcement," Accounting Research Journal, Emerald Group Publishing, vol. 23(1), pages 94-116, July.
  5. Michaela Rankin & Carolyn Windsor & Dina Wahyuni, 2011. "An investigation of voluntary corporate greenhouse gas emissions reporting in a market governance system: Australian evidence," Accounting, Auditing & Accountability Journal, Emerald Group Publishing, vol. 24(8), pages 1037-1070, October.
  6. Wan-Hussin, Wan Nordin, 2009. "The impact of family-firm structure and board composition on corporate transparency: Evidence based on segment disclosures in Malaysia," The International Journal of Accounting, Elsevier, vol. 44(4), pages 313-333, December.
  7. Alves, Paulo & Couto, Eduardo & Francisco, Paulo, 2014. "Board of directors’ composition and financing choices," MPRA Paper 52973, University Library of Munich, Germany, revised 2014.
  8. Aerts W. & Tarca A., 2008. "The effect of institutional setting on attributional content in management commentary reports," Working Papers 2008010, University of Antwerp, Faculty of Applied Economics.
  9. Leonardo Fernandez, 2012. "Price Discovery, Investor Distraction and Analyst Recommendations Under Continuous Disclosure Requirements in Australia," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 3.
  10. Nurwati A. Ahmad-Zaluki & Wan Nordin Wan-Hussin, 2010. "Corporate governance and earnings forecasts accuracy," Asian Review of Accounting, Emerald Group Publishing, vol. 18(1), pages 50-67, May.
  11. Husam Aldamen & Keith Duncan, 2012. "Corporate governance and access to interest bearing debt," Journal of Financial Reporting and Accounting, Emerald Group Publishing, vol. 10(2), pages 140-152.
  12. Henry, Darren, 2010. "Agency costs, ownership structure and corporate governance compliance: A private contracting perspective," Pacific-Basin Finance Journal, Elsevier, vol. 18(1), pages 24-46, January.
  13. Norhani Aripin & Greg Tower & Grantley Taylor, 2011. "Insights on the diversity of financial ratios communication," Asian Review of Accounting, Emerald Group Publishing, vol. 19(1), pages 68-85, May.
  14. Franck, Alexander & Kerl, Alexander, 2013. "Analyst forecasts and European mutual fund trading," Journal of Banking & Finance, Elsevier, vol. 37(8), pages 2677-2692.

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