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Governance structures, voluntary disclosures and public accountability

Author

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  • Collins G. Ntim
  • Teerooven Soobaroyen
  • Martin J. Broad

Abstract

Purpose - The purpose of this paper is to investigate the extent of voluntary disclosures in UK higher education institutions’ (HEIs) annual reports and examine whether internal governance structures influence disclosure in the period following major reform and funding constraints. Design/methodology/approach - The authors adopt a modified version of Coy and Dixon’s (2004) public accountability index, referred to in this paper as a public accountability and transparency index (PATI), to measure the extent of voluntary disclosures in 130 UK HEIs’ annual reports. Informed by a multi-theoretical framework drawn from public accountability, legitimacy, resource dependence and stakeholder perspectives, the authors propose that the characteristics of governing and executive structures in UK universities influence the extent of their voluntary disclosures. Findings - The authors find a large degree of variability in the level of voluntary disclosures by universities and an overall relatively low level of PATI (44 per cent), particularly with regards to the disclosure of teaching/research outcomes. The authors also find that audit committee quality, governing board diversity, governor independence and the presence of a governance committee are associated with the level of disclosure. Finally, the authors find that the interaction between executive team characteristics and governance variables enhances the level of voluntary disclosures, thereby providing support for the continued relevance of a “shared” leadership in the HEIs’ sector towards enhancing accountability and transparency in HEIs. Research limitations/implications - In spite of significant funding cuts, regulatory reforms and competitive challenges, the level of voluntary disclosure by UK HEIs remains low. Whilst the role of selected governance mechanisms and “shared leadership” in improving disclosure, is asserted, the varying level and selective basis of the disclosures across the surveyed HEIs suggest that the public accountability motive is weaker relative to the other motives underpinned by stakeholder, legitimacy and resource dependence perspectives. Originality/value - This is the first study which explores the association between HEI governance structures, managerial characteristics and the level of disclosure in UK HEIs.

Suggested Citation

  • Collins G. Ntim & Teerooven Soobaroyen & Martin J. Broad, 2017. "Governance structures, voluntary disclosures and public accountability," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 30(1), pages 65-118, January.
    • Handle: RePEc:eme:aaajpp:aaaj-10-2014-1842
    DOI: 10.1108/AAAJ-10-2014-1842
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    Cited by:

    1. Lu, Yun & Ntim, Collins G. & Zhang, Qingjing & Li, Pingli, 2022. "Board of directors’ attributes and corporate outcomes: A systematic literature review and future research agenda," International Review of Financial Analysis, Elsevier, vol. 84(C).
    2. Remmer Sassen & Leyla Azizi, 2018. "Voluntary disclosure of sustainability reports by Canadian universities," Journal of Business Economics, Springer, vol. 88(1), pages 97-137, January.
    3. Raquel Garde Sánchez & Jesús Mauricio Flórez-Parra & María Victoria López-Pérez & Antonio Manuel López-Hernández, 2020. "Corporate Governance and Disclosure of Information on Corporate Social Responsibility: An Analysis of the Top 200 Universities in the Shanghai Ranking," Sustainability, MDPI, vol. 12(4), pages 1-22, February.
    4. Yongliang Yang & Jin Wen & Yi Li, 2020. "The Impact of Environmental Information Disclosure on the Firm Value of Listed Manufacturing Firms: Evidence from China," IJERPH, MDPI, vol. 17(3), pages 1-20, February.
    5. Giuseppe Nicolo’ & Francesca Manes-Rossi & Johan Christiaens & Natalia Aversano, 2020. "Accountability through intellectual capital disclosure in Italian Universities," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(4), pages 1055-1087, December.
    6. Daniela Coluccia & Stefano Fontana & Silvia Solimene, 2018. "Does Institutional Context Affect CSR Disclosure? A Study on Eurostoxx 50," Sustainability, MDPI, vol. 10(8), pages 1-20, August.
    7. Mahalaxmi Adhikariparajuli & Abeer Hassan & Benedetta Siboni, 2021. "CSR Implication and Disclosure in Higher Education: Uncovered Points. Results from a Systematic Literature Review and Agenda for Future Research," Sustainability, MDPI, vol. 13(2), pages 1-23, January.
    8. Elmagrhi, Mohamed H. & Ntim, Collins G. & Wang, Yan & Elamer, Ahmed A. & Crossley, Richard, 2021. "The effect of vice-chancellor characteristics and internal governance mechanisms on voluntary disclosures in UK higher education institutions," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 45(C).
    9. Long Wu & Lei Xu, 2022. "Bank loans and firm environmental information disclosure: Evidence from China's heavy polluters," Australian Economic Papers, Wiley Blackwell, vol. 61(1), pages 42-71, March.
    10. Ahmed Ayman & Moataz El-Helaly & Nermeen Shehata, 2019. "Board diversity and earnings news dissemination on Twitter in the UK," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 23(3), pages 715-734, September.
    11. Nicolò, Giuseppe & Raimo, Nicola & Polcini, Paolo Tartaglia & Vitolla, Filippo, 2021. "Unveiling the link between performance and Intellectual Capital disclosure in the context of Italian Public universities," Evaluation and Program Planning, Elsevier, vol. 88(C).
    12. Carrera, Nieves & Mareque, Mercedes, 2023. "Does gender affect qualifying decisions? Evidence from public sector audits," Journal of Business Research, Elsevier, vol. 154(C).
    13. Nguyen, Thi Hong Hanh & Ntim, Collins G. & Malagila, John K., 2020. "Women on corporate boards and corporate financial and non-financial performance: A systematic literature review and future research agenda," International Review of Financial Analysis, Elsevier, vol. 71(C).
    14. Anup Kumar Saha & Habiba Al‐Shaer & Rob Dixon & Istemi Demirag, 2021. "Determinants of Carbon Emission Disclosures and UN Sustainable Development Goals: The Case of UK Higher Education Institutions," Australian Accounting Review, CPA Australia, vol. 31(2), pages 79-107, June.
    15. María Inmaculada Alonso Carrillo & Alba María Priego De La Cruz & Montserrat Nuñez Chicharro, 2019. "The Impact of Corporate Governance on Corruption Disclosure in European Listed Firms through the Implementation of Directive 2014/95/EU," Sustainability, MDPI, vol. 11(22), pages 1-21, November.
    16. Ferhat D. Zengul & James D. Byrd & Nurettin Oner & Mark Edmonds & Arline Savage, 2019. "Exploring corporate governance research in accounting journals through latent semantic and topic analyses," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 26(4), pages 175-192, October.
    17. Feifei Lu & Robert Kozak & Anne Toppinen & Dalia D’Amato & Zuomin Wen, 2017. "Factors Influencing Levels of CSR Disclosure by Forestry Companies in China," Sustainability, MDPI, vol. 9(10), pages 1-15, October.
    18. Thi H.H. Nguyen & Mohamed H. Elmagrhi & Collins G. Ntim & Yue Wu, 2021. "Environmental performance, sustainability, governance and financial performance: Evidence from heavily polluting industries in China," Business Strategy and the Environment, Wiley Blackwell, vol. 30(5), pages 2313-2331, July.
    19. Javier Garcia-Lacalle & Lourdes Torres, 2021. "Financial Reporting Quality and Online Disclosure Practices in Spanish Governmental Agencies," Sustainability, MDPI, vol. 13(5), pages 1-21, February.

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