' boards, Ownership structure and audit quality) and financial communication transparency. For this purpose, a model is used … governance mechanisms are positively related to a higher transparency level noticeable in financial communication (voluntary … disclosure and quality information). In addition, empirical tests indicate that financial communication transparency is highly …

such communication is that it takes on one of two alternative forms when quality is exogenous: 1) disclosure of quality … a coin and that firms should be viewed as choosing which means of communication they will employ. Moreover, we show that … type, and the social efficiency of the channel of communication employed …

We develop a comprehensive measure of the quality of corporate financial communication. Net bad flows (NBF) captures …