Explanation of Relationship between Corporate Governance and Information Disclosure of Quoted Companies in Tehran Stock Exchange

Zeinab Barani (), Mansoor Garkaz () and Alireza Pakzad ()
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Zeinab Barani: Islamic Azad university of Najaf Abad
Mansoor Garkaz: Islamic Azad University of Ali Abad Katool
Alireza Pakzad: Islamic Azad University of Ali Abad Katool

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2013, vol. 3, issue 4, 33-45

Abstract: The purpose of this research is to review the effect of corporate governance on voluntary and mandatory information disclosure of quoted companies in Tehran stock exchange. The time period of this research is 2007-2011, and it is done on a sample of 194 companies. To analyze research data in pooled/panel mode, we used regression multivariate models with fixed and random effects in Eviews 6 program. In this research, we used corporate governance mechanisms such as auditors, percentage of independent board, ownership centralization, institutional ownership, and free float stocks as independent variables. Dependent variable which is used in this research is information disclosure, which is divided into two categories: mandatory and voluntary. Control variable of this research is company size and financial leverage. Results indicate that among corporate governance mechanisms, percentage of independent board has a positive and significant effect on mandatory and voluntary disclosure of information. Moreover, institutional ownership has a positive and significant effect on mandatory disclosure of information and ownership centralization.

Keywords: Corporate governance mechanisms; voluntary disclosure; mandatory disclosure; pooled/panel regression; quoted companies in stock exchange (search for similar items in EconPapers)
Date: 2013
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