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Financial Determinants of Corporate Governance Disclosure: Portuguese Evidence

Journal: Athens Journal of Business & Economics (Vol.3, No. 1)

Publication Date:

Authors : ; ;

Page : 21-36

Keywords : Financial Determinants; Disclosure index; consolidated annual reports; Portugal;

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The present study analyses the financial determinants of the level of corporate governance disclosure (CGD) across a large sample of Portuguese firms, listed in the Euronext Lisbon index, in the period between 2005 and 2011. An index, using data drawn from firms' annual reports regarding corporate governance, was constructed based on content analysis to measure CGD levels. An ordinal logistic model was formulated to explore the financial determinants of information disclosure. The present study's main findings suggest that firm size and growth opportunities had a significant and positive influence on CGD while financial leverage negatively affected the latter. Finally, no relationship was observed between CGD and financial performance.

Last modified: 2017-01-02 21:59:43