Corporate governance and voluntary disclosures in annual reports: a post-International Financial Reporting Standard adoption evidence from an emerging capital market

Richard Nana Boateng, Vincent Tawiah and George Tackie

International Journal of Accounting & Information Management, 2022, vol. 30, issue 2, 252-276

Abstract: Purpose - The purpose of this paper is to provide an empirical evidence concerning the influence of Corporate governance and voluntary disclosures in annual reports: a post-International Financial Reporting Standards adoption evidence from an emerging capital market. Design/methodology/approach - Data were collected from the annual reports of all 22 listed non-financial firms over a five-year period. Using content analysis, the audited annual reports of the firms were scored on the extent of overall and four specific types of voluntary disclosures made. The panel data obtained were analyzed using a generalized ordinary least squares regression model. Findings - The findings of the study show that voluntary disclosures among the firms are low even after the adoption of IFRS. Corporate governance attributes of board size and board leadership structure are significant determinants of the extent of voluntary disclosures made by the firms. However, board independence and auditor type exhibit only a significant positive effect on voluntary financial and forward-looking information disclosures. Research limitations/implications - Firms’ voluntary information disclosure and governance variables were restricted to those in annual reports, which may partially reflect the reality of firms’ disclosure and governance practices. Practical implications - The present study offers useful insights to regulators of the capital market to strengthen monitoring of firms to ensure strict adherence to corporate governance best practice guidelines as a means of improving information environment. Originality/value - This study is one of the very few ones in Africa, especially in the context of Ghana Stock Exchange, to use post-IFRS data and examine a disaggregated voluntary disclosure by firms.

Keywords: Corporate governance; IFRS; Annual reports; Ghana Stock Exchange; Voluntary disclosures (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijaimp:ijaim-10-2021-0220

DOI: 10.1108/IJAIM-10-2021-0220

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