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The Impact of Firm Ownership Structure on Voluntary Disclosure: Empirical Evidence from Czech Annual Reports

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Author Info

  • Anil K. Makhija

    (The Ohio State University)

  • James M. Patton

    (University of Pittsburgh)

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    Abstract

    We investigate the impact of ownership structure on the extent of voluntary financial disclosure by examining the cross-sectional variation in the extent of disclosure by newly privatized Czech firms. Owners derive benefits directly from the firm (private benefits of control) and from changes in share values in the capital market. Both these benefits are affected by disclosure. Consistent with owners' attempts to maximize their total benefits, we find that the extent of disclosure is positively related to investment fund ownership at low levels of fund ownership but is negatively related to investment fund ownership at high levels of fund ownership.

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    Bibliographic Info

    Article provided by University of Chicago Press in its journal Journal of Business.

    Volume (Year): 77 (2004)
    Issue (Month): 3 (July)
    Pages: 457-492

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    Handle: RePEc:ucp:jnlbus:v:77:y:2004:i:3:p:457-492

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    Web page: http://www.journals.uchicago.edu/JB/

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    Cited by:
    1. Surjit Tinaikar, 2014. "Voluntary disclosure and ownership structure: an analysis of dual class firms," Journal of Management and Governance, Springer, vol. 18(2), pages 373-417, May.
    2. X. Meng & S. Zeng & C. Tam, 2013. "From Voluntarism to Regulation: A Study on Ownership, Economic Performance and Corporate Environmental Information Disclosure in China," Journal of Business Ethics, Springer, vol. 116(1), pages 217-232, August.
    3. Haiyan Jiang & Ahsan Habib, 2009. "The impact of different types of ownership concentration on annual report voluntary disclosures in New Zealand," Accounting Research Journal, Emerald Group Publishing, vol. 22(3), pages 275-304, November.
    4. Al-Shammari, Bader & Brown, Philip & Tarca, Ann, 2008. "An investigation of compliance with international accounting standards by listed companies in the Gulf Co-Operation Council member states," The International Journal of Accounting, Elsevier, vol. 43(4), pages 425-447, December.

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