Do better-governed Australian firms make more informative disclosures?

被引：161

作者：

Beekes, Wendy ^{[1
]}

Brown, Philip

机构：

[1] Univ Lancaster, Dept Accounting & Finance, Sch Management, Lancaster LA1 4YX, England

[2] Univ New S Wales, Kensington, NSW 2033, Australia

来源：

JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2006年 / 33卷 / 3-4期

关键词：

corporate governance quality; disclosure frequency; analysts' forecasts; price discovery; timeliness;

D O I：

10.1111/j.1468-5957.2006.00614.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate whether and if so, how, corporate governance 'quality'(1) is related to the information flows from a company and how the share market and its agents respond. Specifically, we study links between the 'quality' of a firm's corporate governance (CGQ) and the informativeness of its disclosures. We employ six indicators of informativeness. They include document counts, properties of analysts' forecasts and a 'timeliness' metric, in the spirit of Ball and Brown (1968), that reflects the average speed of price discovery throughout the year. Our results suggest the answer to our question is 'Yes': better-governed firms do make more informative disclosures.

引用

页码：422 / 450

页数：29

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