Investor confidence in financial markets depends in large part on the existence of an accurate disclosure and reporting regime that provides transparency in the beneficial ownership and control structures of publicly listed companies. Today, a common post-financial crisis regulatory reform theme...

Combining databases with unique strengths I show that stray firms, i.e. those lacking a controlling owner, have lower disclosure in financial reports. This finding illustrates managers' preference to withhold information (“the fundamental agency problem”). I contribute to the literature by...

Theories of delegated monitoring predict that when public disclosure is costly, monitoring by a large investor leads management to supply more private information to that investor, and less public disclosure to other similarly aligned investors who free-ride off the monitor. We test this...

The Securities and Exchange Commission is currently considering a rulemaking petition that advocates tightening the rules under the Williams Act, which regulates the disclosure of large blocks of stock in public companies. In this Article, we explain why the Commission should not view the...

Family control is a common phenomenon among listed corporations in the Indonesian capital market. In family-controlled firms, the so-called “Agency Problem II” may arise due to differences of interests between the controlling shareholder and minority shareholders. Firms may choose certain...

IAS-24 of the International Financial Reporting Standards focuses on the concept and disclosures of related party transactions (RPTs) for a reporting entity. This study examines the interrelationship between RPTs (as disclosed under IAS-24), agency theory, ownership structures and firm...

Companies worldwide increasingly engaged in corporate social responsibility disclosure, particularly corporate environmental disclosure (CED) has gained increasing importance since the 1980s. Reporting environmental performance has become a fundamental corporate governance mechanism to improve...

This paper examines the effect of family ownership on firm voluntary disclosure and the associated capital market consequences. I use a randomly assigned family trait, the gender of the firstborn child of the firm's family owner, as an instrumental variable and find that family ownership of a...

This paper investigates empirically the effect of ownership concentration on corporate disclosure choice in Bangladesh. In an environment of weak enforceability of laws, corporate culture in Bangladesh is characterized by family control and concentrated ownership. Controlling shareholders...

Objective - A study by Ernst and Young (2010) found that 84% of public companies believed that Corporate Social Responsibility (CSR) was an activity that had a positive impact on companies. However, only 11% of those companies disclosed their CSR in their annual reports. This article presents...