Is continuous disclosure associated with board independence?
This study provides evidence on the association between board composition and different types of continuous disclosure. Our sample is based on a sample of 450 firms for the period 2006â€“2007. Our experimental design uses both ordinary least-squares (OLS) regressions and two-stage least-squares regressions (2SLS), although the Durbinâ€“Wuâ€“Hausman Ï‡2 test indicates that the OLS results alone would be appropriate. We include the 2SLS results in order to be able to compare the results against previous findings. Our key findings are that there is no association between board composition and different types of continuous disclosure. Our results are robust with respect to alternative variable definitions.
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