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The Convergence of Disclosure and Governance Practices in the World's Largest Firms


  • Garen Markarian

    (Bocconi University, Milan, Italy)

  • Antonio Parbonetti

    (University of Padova, Padova, Italy)

  • Gary John Previts

    (Weatherhead School of Management, Case Western Reserve University)


Many studies discuss convergence of cross-border governance and governance-related disclosure practices, but provide little empirical evidence to support their arguments and analysis. Our study examines the governance and disclosure practices of the world's largest transnational firms. Using a unique dataset of 75 large firms in two time periods, 1995 and 2002, we examine both the governance practices, and disclosures regarding those governance practices, across Anglo-Saxon and non-Anglo-Saxon firms. Results indicate that non-Anglo-Saxon firms have developed their governance practices towards promoting an independent mechanism of control, namely a mechanism that is more similar to an Anglo-Saxon governance regime. In regard to governance-related disclosure practices, results indicate that for both Anglo-Saxon and non-Anglo-Saxon groups, disclosure practices have been evolving and converging towards more disclosures regarding governance matters. Copyright (c) 2007 The Authors; Journal compilation (c) 2007 Blackwell Publishing Ltd.

Suggested Citation

  • Garen Markarian & Antonio Parbonetti & Gary John Previts, 2007. "The Convergence of Disclosure and Governance Practices in the World's Largest Firms," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(2), pages 294-310, March.
  • Handle: RePEc:bla:corgov:v:15:y:2007:i:2:p:294-310

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    References listed on IDEAS

    1. Yishay Yafeh, 2002. "An International Perspective of Japan's Corporate Groups and their Prospects," NBER Working Papers 9386, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Denis Cormier & Walter Aerts & Marie-Josée Ledoux & Michel Magnan, 2010. "Web-Based Disclosure About Value Creation Processes: A Monitoring Perspective," Abacus, Accounting Foundation, University of Sydney, vol. 46(3), pages 320-347.
    2. Afzalur Rashid, 2015. "Revisiting Agency Theory: Evidence of Board Independence and Agency Cost from Bangladesh," Journal of Business Ethics, Springer, vol. 130(1), pages 181-198, August.

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