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Corporate governance mechanisms and disclosure in medium-sized listed firms: substitutes or complements?

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  • Giovanni Satta
  • Francesco Parola
  • Giorgia Profumo
  • Lara Penco

Abstract

This paper, focusing on a non-Anglo-Saxon market, attempts to advance knowledge in the understanding of the complementary/substitute relationship between governance mechanisms and corporate disclosure in medium-sized listed firms. The manuscript applies content analysis techniques and proposes a disclosure quality score index, based on the quantity, the variety and the completeness of information disclosed. Moreover, OLS regression analysis is performed for testing the explanatory power of internal and external corporate governance mechanisms as determinants of communication quality. The results demonstrate the relevance of internal control mechanism, as well as their current substitutive nature respect to disclosure. In addition, empirical evidence show that a diffuse ownership along with the existence of a high number of committees are associated with increased qualitative levels of voluntary disclosure.

Suggested Citation

  • Giovanni Satta & Francesco Parola & Giorgia Profumo & Lara Penco, 2014. "Corporate governance mechanisms and disclosure in medium-sized listed firms: substitutes or complements?," International Journal of Globalisation and Small Business, Inderscience Enterprises Ltd, vol. 6(1), pages 37-63.
    • Handle: RePEc:ids:ijgsbu:v:6:y:2014:i:1:p:37-63
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    Cited by:

    1. Luminita Enache & Khaled Hussainey, 2020. "The substitutive relation between voluntary disclosure and corporate governance in their effects on firm performance," Review of Quantitative Finance and Accounting, Springer, vol. 54(2), pages 413-445, February.
    2. Charl de Villiers & Ruth Dimes, 2021. "Determinants, mechanisms and consequences of corporate governance reporting: a research framework," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 25(1), pages 7-26, March.

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