ACCOUNTABILITY OF CORPORATE BOARDS IN FINLAND

Aila Virtanen () and Tuomo Takala ()
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Aila Virtanen: University of Jyväskylä, School of Business and Economics, University of Jyväskylä, FINLAND
Tuomo Takala: University of Jyväskylä, School of Business and Economics, University of Jyväskylä,

Management Research and Practice, 2016, vol. 8, issue 1, 5-24

Abstract: This paper focuses on accountability and reporting from a corporate governance (CG) perspective. Drawing on a theoretical framework, empirical analysis was conducted on a dataset collected using a questionnaire implemented with a sample of board members of Finnish listed companies. We had two study questions. 1) To whom are the board members accountable? and 2) What information is required to deliver adequate reporting to meet accountability requirements? The findings show that board members are accountable to shareholders and stakeholders, and their accountability encompasses responsibilities to society and the environment. They see that current financial reporting does not provide sufficient information on ethical, environmental and societal issues. Focusing on board accountability, the study provides empirical evidence to support the concept of accountability and explains the relationship between accountability and reporting in the Finnish context.

Keywords: Corporate Governance; accountability, financial reporting, boards of Finnish listed companies. (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:rom:mrpase:v:8:y:2016:i:1:p:5-24

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