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Corporate Governance, Voluntary Disclosure, and Firm Information Environment

Author

Listed:
  • Sabri Boubaker

    (Groupe ESC Troyes en Champagne, IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)

  • Amal Hamrouni
  • Qi-Bin Liang

Abstract

This paper examines the relative performance of several corporate governance factors, specifically the characteristics of boards of directors, managerial ownership, and voluntary disclosure, in improving firm information environments. The paper uses a new empirical approach based on a B-convex method on a sample of 70 non-financial French listed firms belonging to the SBF120 index. Our findings show that 68.57% of our sample firms are located on the efficiency frontier. Corporate governance practices appear to serve as effective monitoring for the top executives of these firms, which reduces information asymmetry between insiders and outsiders, thereby improving the information environment. The empirical analysis also generates evidence that 31.42% of our sample firms lie outside the efficiency frontier. Corporate governance practices in many firms appear insufficient to improve firm information environments. These findings suggest the need for many SBF120 firms to improve their corporate governance practices.

Suggested Citation

  • Sabri Boubaker & Amal Hamrouni & Qi-Bin Liang, 2015. "Corporate Governance, Voluntary Disclosure, and Firm Information Environment," Post-Print hal-01158105, HAL.
    • Handle: RePEc:hal:journl:hal-01158105
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    Cited by:

    1. Mousa, Gehan A. & Elamir, Elsayed A.H. & Hussainey, Khaled, 2022. "The effect of annual report narratives on the cost of capital in the Middle East and North Africa: A machine learning approach," Research in International Business and Finance, Elsevier, vol. 62(C).
    2. Mahmoud Mousavi Shiri & Mahdi Salehi & Ali Radbon, 2016. "A Study of Impact of Ownership Structure and Disclosure Quality on Information Asymmetry in Iran," Vikalpa: The Journal for Decision Makers, , vol. 41(1), pages 51-60, March.
    3. Guo, Chunying & Yang, Baochen & Fan, Ying, 2022. "Does mandatory CSR disclosure improve stock price informativeness? Evidence from China," Research in International Business and Finance, Elsevier, vol. 62(C).

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