公司治理改革与风险披露质量:来自新兴经济体的证据

IF 3.2 Q1 BUSINESS, FINANCE
Ammar Ali Gull, Ammar Abid, K. Hussainey, Tanveer Ahsan, A. Haque
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引用次数: 10

摘要

目的本文的目的是考察公司治理(以下简称CG)改革对新兴经济体巴基斯坦风险披露质量的影响。作者还调查了CG改革对CG实践与风险披露质量之间关系的影响。设计/方法论/方法作者使用手动内容分析方法对2009-2015年PSX-100指数上列出的非金融公司样本进行分析,以检验CG改革对风险披露质量的影响。作者使用集合的普通最小二乘法和系统GMM估计来检验研究假设。研究发现CG改革对风险披露质量有积极影响。研究结果表明,某些CG实践,如CEO双重性和董事会独立性,与风险披露质量有关。有趣的是,研究结果还强调了CG改革的有效性,表明修订后的准则积极调节了CG实践和风险披露关系。实际意义研究结果对新兴经济体的监管机构具有政策意义,这些机构试图加强CG结构,并引入风险披露法规,以满足利益相关者的信息需求。原创性/价值作者利用新兴经济体(即巴基斯坦)的独特背景,为CG改革对风险披露质量的影响提供了新的经验证据。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Corporate governance reforms and risk disclosure quality: evidence from an emerging economy
PurposeThe purpose of this paper is to examine the impact of corporate governance (hereafter, CG) reforms on the risk disclosure quality in an emerging economy, namely Pakistan. The authors also investigate the impact of CG reforms on the relationship between CG practices and risk disclosure quality.Design/methodology/approachThe authors use a manual content analysis method to a sample of non-financial companies listed on the PSX-100 index for 2009–2015, to examine the impact of CG reforms on risk disclosure quality. The authors use pooled ordinary least squares and the system GMM estimations to test the research hypotheses.FindingsThe authors find that CG reforms have a positive impact on risk disclosure quality. The results indicate that certain CG practices such as CEO duality and board independence are associated with risk disclosure quality. Interestingly, the findings also highlight the effectiveness of CG reforms by showing that the revised code positively moderates the CG practices and risk disclosure relationship.Practical implicationsThe findings of the study have policy implications for regulatory bodies of emerging economies trying to strengthen the CG structures and to introduce risk disclosure regulations to cater the information need of stakeholders.Originality/valueThe authors provide new empirical evidence for the impact of CG reforms on risk disclosure quality using a unique setting of an emerging economy, namely Pakistan.
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来源期刊
CiteScore
5.80
自引率
13.00%
发文量
38
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