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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)

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.

Suggested Citation

  • Cristina Alexandrina Stefanescu, 2011. "Transparency And Disclosure In European Corporate Governance Codes – Does Issuer Matter?," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 6(1), pages 94-108, April.
  • Handle: RePEc:blg:journl:v:6:y:2011:i:1:p:94-108
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    File URL: http://eccsf.ulbsibiu.ro/RePEc/blg/journl/6110Stefanescu.pdf
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    References listed on IDEAS

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    1. Mathias Siems & Priya Lele, 2006. "Shareholder Protection: A Leximetric Approach," Working Papers wp324, Centre for Business Research, University of Cambridge.
    2. 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, January.
    3. 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.
    4. Mathias Siems, 2007. "Shareholder Protection around the World ("Leximetric II")," Working Papers wp359, Centre for Business Research, University of Cambridge.
    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. 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, January.
    7. Martynova, M. & Renneboog, L.D.R., 2010. "A Corporate Governance Index : Convergence and Diversity of National Corporate Governance Regulations," Discussion Paper 2010-17, Tilburg University, Center for Economic Research.
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