Based on the recent SEC-mandated disclosures of CEO-worker pay ratios, we find that firms significantly decrease (increase) their CEO-worker pay ratios when their prior pay ratios are high (low) relative to peers. More importantly, the decrease in pay ratio among high pay ratio firms is...

Executive remuneration is once again a hot topic. The ebb and wake of the popularity of the issue is again evident with the enactment of the Directors’ Remuneration Report Regulations 2002. Welcome though they are, in several important respects, the Regulations still do not go far enough and...

Voluntary disclosure in narrative format is generally seen as an important governance mechanism through which an organisation communicates with its stakeholders to provide information, gain legitimacy and demonstrate accountability. This paper investigates the relationship between the existence...