The relationship between corporate governance and voluntary disclosure on key financial performance indicators: An empirical analysis on Italian listed companies

Abstract

The aim of the paper is to empirically analyse how different corporate governance mechanisms impact on the level of voluntary disclosure on key financial performance indicators (KFPIs) released by firms. We investigate ownership concentration, board independence, role duality, board meetings and board size, and we hypothesize a relation with voluntary disclosure on KFPIs for each variable analysed. Using an OLS regression model, our results show that there is both a negative relationship between ownership concentration and KFPIs disclosure, and a positive association between board independence and role duality and the level of voluntary financial disclosure