Many studies discuss convergence of cross-border governance and governance-related disclosure practices, but provide little empirical evidence to support their arguments and analysis. Our study examines the governance and disclosure practices of the world’s largest transnational firms. Using a unique dataset of 75 large firms in two time periods, 1995 and 2002, we examine both the governance practices, and disclosures regarding those governance practices, across Anglo-Saxon and non-Anglo-Saxon firms. Results indicate that non-Anglo-Saxon firms have developed their governance practices towards promoting an independent mechanism of control, namely a mechanism that is more similar to an Anglo-Saxon governance regime. In regard to governance-related disclosure practices, results indicate that for both Anglo-Saxon and non-Anglo-Saxon groups, disclosure practices have been evolving and converging towards more disclosures regarding governance matters.
The convergence of disclosure and governance practices in the world's largest firms
PARBONETTI, ANTONIO;
2007
Abstract
Many studies discuss convergence of cross-border governance and governance-related disclosure practices, but provide little empirical evidence to support their arguments and analysis. Our study examines the governance and disclosure practices of the world’s largest transnational firms. Using a unique dataset of 75 large firms in two time periods, 1995 and 2002, we examine both the governance practices, and disclosures regarding those governance practices, across Anglo-Saxon and non-Anglo-Saxon firms. Results indicate that non-Anglo-Saxon firms have developed their governance practices towards promoting an independent mechanism of control, namely a mechanism that is more similar to an Anglo-Saxon governance regime. In regard to governance-related disclosure practices, results indicate that for both Anglo-Saxon and non-Anglo-Saxon groups, disclosure practices have been evolving and converging towards more disclosures regarding governance matters.Pubblicazioni consigliate
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