VOLUNTARY CORPORATE GOVERNANCE DISCLOSURES: EVIDENCE FROM A DEVELOPING COUNTRY

Dr. Madan Lal Bhasin ()
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Dr. Madan Lal Bhasin: Department of Accounting & Finance, Bang College of Business, KIMEP University,Almaty, Republic of Kazakhstan

Far East Journal of Psychology and Business, 2012, vol. 9 No 2 Paper 2 November, issue 2, 10-31

Abstract: Corporate governance (CG) disclosure is a fundamental theme of the corporate regulatory system, which encompasses providing governance information to the public in a variety of ways. This study explores the voluntary CG practices of 50 corporations, over and above the mandatory requirements of Clause 49 of the Listing Agreement. In order to study the voluntary CG disclosure practices, a content analysis was done, and finally, a CG Disclosure Index was prepared. We have primarily used secondary sources of information, both from the Report on CG and the Annual Reports for the financial year 2003-04 and 2004-05. As a part of VCGD, a total of 40 items have been selected from the CG section of the annual reports. In order to provide a comparison across industries, corporations have been selected from four industries, viz., software, textiles, sugar and paper. Appropriate statistical tools and techniques have been applied for the analysis. It has been observed that corporations are following less than 50 percent of the items of CG Disclosure Index. Moreover, there is no significant difference among the disclosure scores across the four industries.

Keywords: Voluntary Corporate Governance Disclosure; Developing Country; Clause 49; Listing Agreement; Disclosure Index (search for similar items in EconPapers)
JEL-codes: M1 (search for similar items in EconPapers)
Date: 2012
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