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The Association of Board Independence and Ownership Concentration with Voluntary Disclosure: A Meta-analysis


  • Emma Garcia-Meca
  • Juan Sanchez-Ballesta


In this paper we apply meta-analysis to a sample of 27 empirical studies to clarify the association of board independence and ownership concentration with voluntary disclosure. We examine whether variations in results are attributable to the differences in the corporate governance system, the investor protection rights and the measurement of the governance variables. The findings show that the positive association between board independence and voluntary disclosure only occurs in those countries with high investor protection rights. The findings emphasize the need to consider the legal and institutional setting explicitly when analysing the effect of corporate governance on voluntary disclosure.

Suggested Citation

  • Emma Garcia-Meca & Juan Sanchez-Ballesta, 2010. "The Association of Board Independence and Ownership Concentration with Voluntary Disclosure: A Meta-analysis," European Accounting Review, Taylor & Francis Journals, vol. 19(3), pages 603-627.
  • Handle: RePEc:taf:euract:v:19:y:2010:i:3:p:603-627
    DOI: 10.1080/09638180.2010.496979

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    Cited by:

    1. Alessandra Allini & Rossi Francesca Manes & Riccardo Macchioni, 2014. "Do Corporate Governance Characteristics Affect Non-Financial Risk Disclosure in Government-owned Companies? The Italian Experience," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2014(1), pages 5-31.
    2. Chiraz Ben Ali, 2014. "Corporate Governance, Principal-Principal Agency Conflicts, and Disclosure," Working Papers 2014-125, Department of Research, Ipag Business School.
    3. repec:eee:joacli:v:35:y:2015:i:c:p:1-27 is not listed on IDEAS
    4. repec:eee:accoun:v:52:y:2017:i:4:p:319-337 is not listed on IDEAS
    5. Kelly Anh Vu & Greg Tower & Glennda Scully, 2011. "Corporate communication for Vietnamese listed firms," Asian Review of Accounting, Emerald Group Publishing, vol. 19(2), pages 125-146, July.
    6. Riccardo, Macchioni & Giuseppe, Sannino & Gianluca, Ginesti & Carlo, Drago, 2013. "Firms’ disclosure compliance with IASB’s Management Commentary framework:an empirical investigation," MPRA Paper 59321, University Library of Munich, Germany.
    7. repec:rbs:ijbrss:v:6:y:2017:i:1:p:89-105 is not listed on IDEAS
    8. Michael Seamer, 2014. "Does Effective Corporate Facilitate Continuous Market Disclosure?," Australian Accounting Review, CPA Australia, vol. 24(2), pages 111-126, June.
    9. repec:eee:jocaae:v:13:y:2017:i:2:p:89-107 is not listed on IDEAS
    10. repec:eee:joacli:v:37:y:2016:i:c:p:55-75 is not listed on IDEAS
    11. repec:eee:glofin:v:38:y:2018:i:c:p:45-64 is not listed on IDEAS
    12. Evers, Maria Theresia & Meier, Ina & Nicolay, Katharina, 2017. "The implications of book-tax differences: A meta-analysis," ZEW Discussion Papers 17-003, ZEW - Leibniz Centre for European Economic Research.
    13. Marc de Bourmont, 2012. "La résolution d'un problème de multicolinéarité au sein des études portant sur les déterminants d'une publication volontaire d'informations : proposition d'un algorithme de décision simplifié basé sur," Post-Print hal-00691156, HAL.

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