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The relationship between disclosure, information timeliness and corporate governance:a cross country study

Beekes, Wendy and Brown, Philip and Zhan, Wenwen and Zhang, Qiyu (2012) The relationship between disclosure, information timeliness and corporate governance:a cross country study. Working Paper. Lancaster University, Lancaster.

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    Abstract

    We examine the link between corporate governance, and the level of firms’ disclosures and timeliness of price discovery in a cross-country study of the period 2003 to 2008. Our results confirm better-governed firms make more announcements to the market. We also find different levels of disclosure between common and civil law countries, with firms with better governance in common law countries being associated with greater disclosure. Our timeliness of prices results suggest better governance is associated with less timely reflection of a firm’s performance information in share prices. This would suggest corporate governance is a substitute rather than a complement with respect to corporate transparency. These results lead us to the conclusion that even if more information is disclosed by better-governed firms, it is not necessarily the case that it will be reflected in share prices in a more timely fashion.

    Item Type: Monograph (Working Paper)
    Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
    Departments: Lancaster University Management School > Accounting & Finance
    ID Code: 58170
    Deposited By: ep_importer_pure
    Deposited On: 03 Sep 2012 13:48
    Refereed?: No
    Published?: Published
    Last Modified: 01 Oct 2014 00:06
    Identification Number:
    URI: http://eprints.lancs.ac.uk/id/eprint/58170

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