The purpose of this study is to review the prior empirical studies that investigate the corporate governance (CG) determinants and provide a synopsis, and explore the main factors that drive the level of CG disclosure in the Greek context.
The authors perform an extensive review of the relevant literature and identify 24 papers that use various potential factors. Afterwards, the authors construct two different GC indices to investigate these potentials, and the authors conduct multiple regression analysis to identify and explain these determinants.
The empirical analysis shows that large Greek listed firms are more likely to disclose more CG information in the CG statement. In addition, the analysis shows statistically significant association with performance-related variables (such as Tobin’s Q and liquidity) and CG-related variables (such as independent members, board meetings and women on board).
The results of the study support theoretical arguments that Greek listed firms disclose CG information not only to fulfill task-related requirements but also to be perceived as social and legitimate.
To the best of the authors’ knowledge, this is the first study that provides a synopsis of the prior literature in CG determinants, while it goes one step further by using the majority of the potential factors that have been used so far. Moreover, this study uses a multi-theoretical framework to address theoretical development, an approach that generates an outline of fruitful directions for future research.
Nerantzidis, M. and Tsamis, A. (2017), "Going back to go forward: on studying the determinants of corporate governance disclosure", Corporate Governance, Vol. 17 No. 3, pp. 365-402. https://doi.org/10.1108/CG-07-2016-0145Download as .RIS
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