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Transparency And Disclosure In European Corporate Governance Codes – Does Issuer Matter?

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  • Cristina Alexandrina Stefanescu

    (Babes Bolyai University)

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    Abstract

    The purpose of our paper is to analyze corporate governance codes, currently in force in the European Union member states, in terms of disclosure and transparency compliance with the Organization for Economic Co-operation and Development requirements and recommendations by reference to various features related to codes’ issuers and other particular characteristics. The research methodology used for achieving our goal is based on econometric analysis using various statistical tools (descriptive statistic, correlations and regressions).The results of the performed analysis are consistent with prior research findings, revealing that the level of provisions related to disclosure and transparency stipulated in corporate governance codes are influenced by their issuer’ s type and diversity. Moreover, we identified other features of a code such as their length, a separate chapter dealing with disclosure and transparency and its length, or the frequency of using these words and their definition, whose influence proved to be the same.

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    File URL: http://eccsf.ulbsibiu.ro/RePEc/blg/journl/6110Stefanescu.pdf
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    Bibliographic Info

    Article provided by Lucian Blaga University of Sibiu, Faculty of Economic Sciences in its journal Studies in Business and Economics.

    Volume (Year): 6 (2011)
    Issue (Month): 1 (April)
    Pages: 94-108

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    Handle: RePEc:blg:journl:v:6:y:2011:i:1:p:94-108

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    Postal: Lucian Blaga University of Sibiu, Faculty of Economic Sciences Dumbravii Avenue, No 17, postal code 550324, Sibiu, Romania
    Phone: 004 0269 210375
    Fax: 004 0269 210375
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    Web page: http://economice.ulbsibiu.ro/
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    Related research

    Keywords: corporate governance; comparison; disclosure and transparency; European Union;

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    1. Martynova, M. & Renneboog, L.D.R., 2010. "A Corporate Governance Index: Convergence and Diversity of National Corporate Governance Regulations," Discussion Paper 2010-012, Tilburg University, Tilburg Law and Economic Center.
    2. Alessandro Zattoni & Francesca Cuomo, 2008. "Why Adopt Codes of Good Governance? A Comparison of Institutional and Efficiency Perspectives," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(1), pages 1-15, 01.
    3. Chris Mallin, 2004. "Review of International Corporate Governance Conference held at the Birmingham Business School, July 2002," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(1), pages 1-2, 01.
    4. Priya P. Lele & Mathias M. Siems, 2007. "Shareholder Protection: A Leximetric Approach," Money Macro and Finance (MMF) Research Group Conference 2006 170, Money Macro and Finance Research Group.
    5. Tarun Khanna & Joe Kogan & Krishna Palepu, 2006. "Globalization and Similarities in Corporate Governance: A Cross-Country Analysis," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 69-90, February.
    6. Mathias Siems, 2007. "Shareholder Protection around the World ("Leximetric II")," ESRC Centre for Business Research - Working Papers wp359, ESRC Centre for Business Research.
    7. Niels Hermes & Theo J.B.M. Postma & Orestis Zivkov, 2006. "Corporate governance codes in the European Union: Are they driven by external or domestic forces?," International Journal of Managerial Finance, Emerald Group Publishing, vol. 2(4), pages 280-301, September.
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