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Transparency, financial accounting information, and corporate governance

Author

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  • Robert M. Bushman
  • Abbie Smith

Abstract

Audited financial statements along with supporting disclosures form the foundation of the firm-specific information set available to investors and regulators. In this article, the authors discuss economics-based research focused on the properties of accounting systems and the surrounding institutional environment important to effective governance of firms. They provide a framework for understanding the operation of accounting information in an economy, discuss a broad range of important research findings, present a conceptual framework for characterizing and measuring corporate transparency at the country level, and isolate a number of future research possibilities.

Suggested Citation

  • Robert M. Bushman & Abbie Smith, 2003. "Transparency, financial accounting information, and corporate governance," Economic Policy Review, Federal Reserve Bank of New York, issue Apr, pages 65-87.
  • Handle: RePEc:fip:fednep:y:2003:i:apr:p:65-87:n:v.9no.1
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    References listed on IDEAS

    as
    1. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
    2. Jean-Jacques Laffont & Jean Tirole, 1990. "Adverse Selection and Renegotiation in Procurement," Review of Economic Studies, Oxford University Press, vol. 57(4), pages 597-625.
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