Anti-corruption disclosure: evidence from the natural experiment of the Non-Financial Reporting Directive

IF 1.5 Q3 MANAGEMENT
Maria Aluchna, Bogumił Kamiński, Małgorzata Wrzosek
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引用次数: 0

Abstract

Drawing upon institutional theory, we investigate how companies react to coercive pressures which impose anti-corruption disclosure practices. We adopt the concept of change in the institutionalized field and investigate the impact of the natural experiment of the Non-Financial Reporting Directive (NFRD) implementation on a company’s choice for disclosing its anti-corruption policy. We examine the relationship between firm linkages with the external environment, proxied by board independence and ownership dispersion, and anti-corruption disclosure. We use a sample of 72 companies listed on the Warsaw Stock Exchange over the period of 2015–2019 that were subject to the NFRD legislation. The evidence from the Tobit model shows that the linkages with the external environment differentiate company reactions to the implementation of the mandatory reporting legislation. In particular, greater company linkages via interdependent directors and ownership dispersion increase the scope of the anti-corruption disclosure in the post-NFRD period. Our study offers policy implications suggesting that corporate scrutiny and exposure to external constituencies may improve implementation of legislation into company practice and enhance anti-corruption disclosure.

反腐败信息披露:来自《非财务报告指令》自然实验的证据
借鉴制度理论,我们研究了企业如何应对强制披露反腐败信息的压力。我们采用制度化领域变革的概念,研究《非财务报告指令》(NFRD)实施的自然实验对公司选择披露其反腐败政策的影响。我们研究了公司与外部环境的联系(以董事会独立性和所有权分散性为代表)与反腐败信息披露之间的关系。我们以 2015-2019 年期间在华沙证券交易所上市的 72 家公司为样本,这些公司均受 NFRD 法规约束。托比特模型的证据表明,与外部环境的联系会使公司对强制报告立法的实施做出不同的反应。特别是,通过相互依赖的董事和所有权分散而产生的更大的公司联系会增加后《国家反腐法》时期的反腐信息披露范围。我们的研究提供了政策启示,即公司监督和接触外部支持者可以改善立法在公司实践中的执行情况,并加强反腐败信息披露。
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来源期刊
Decision
Decision MANAGEMENT-
CiteScore
2.30
自引率
0.00%
发文量
27
期刊介绍: The aim of the Journal, Decision, is to publish qualitative, quantitative, survey-based, simulation-based research articles at the national and sub-national levels. While there is no stated regional focus of the journal, we are more interested in examining if and how individuals, firms and governments in emerging economies may make decisions differently. Published for the management scholars, business executives and managers, the Journal aims to advance the management research by publishing empirically and theoretically grounded articles in management decision making process. The Editors aim to provide an efficient and high-quality review process to the authors. The Journal accepts submissions in several formats such as original research papers, case studies, review articles and book reviews (book reviews are only by invitation). The Journal welcomes research-based, original and insightful articles on organizational, individual, socio-economic-political, environmental decision making with relevance to theory and practice of business. It also focusses on the managerial decision-making challenges in private, public, private-public partnership and non-profit organizations. The Journal also encourages case studies that provide a rich description of the business or societal contexts in managerial decision-making process including areas – but not limited to – conflict over natural resources, product innovation and copyright laws, legislative or policy change, socio-technical embedding of financial markets, particularly in developing economy, an ethnographic understanding of relations at a workplace, or social network in marketing management, etc. Research topics covered in the Journal include (but not limited to): Finance and Accounting Organizational Theory and Behavior Decision Science Public Policy-Economic Insights Operation Management Innovation and Entrepreneurship Information Technology and Systems Management Optimization and Modelling Supply Chain Management Data Analytics Marketing Management Human Resource Management
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