Empirical Study on Corporate Governance and Voluntary Disclosure in China
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Abstract:
This paper examines the impact of ownership structure and board composition on voluntary disclosure. Ownership structure is characterized by first ownership, and board composition is proxied by the percentage of independent directors. Voluntary disclosure is measured by an aggregated disclosure score of non-financial and financial information. Our results show that both lower and higher first ownership are associated with increased disclosure. The number,not percentage,of independent directors improve corporate disclosure. We also find that larger firms had greater disclosure.
