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Corporate Governance
©Blackwell Publishing Ltd 2005. 9600 Garsington Road, Oxford,
OX4 2DQ, UK and 350 Main Street, Malden, MA 02148, USA.
Volume 13 Number 2 March 2005
Blackwell Publishing Ltd.Oxford, UK
CORGCorporate Governance: An International Review0964-8410Blackwell Publishing Ltd. 2005
March 2005132
VOLUNTARY DISCLOSURE OFCORPORATE GOVERNANCE PRACTICES BY LISTED
AUSTRALIAN COMPANIESCORPORATE GOVERNANCE
Address for correspondence:
School of Accounting and
Finance, University of Tasmania,
Private Bag 86, GPO
Hobart, Tasmania 7001,
Australia. Tel: 61 3 62267804:
Fax: 61 3 62267845; E-mail:
peter.collett@utas.edu.au
Voluntary Disclosure of Corporate
Governance Practices by Listed
Australian Companies
Peter Collett* and Sue Hrasky
This study examines the relationship between the voluntary disclosure of information about
corporate governance practices and the intention to raise external finance. This relationship is
代写留学生英文论文https://www.51lunwen.org/business/examined by using corporate governance disclosures in the annual reports of Australiancompanies in 1994. Data from this year are used because in subsequent years Australian StockExchange regulations influenced listed companies to make disclosures about their corporategovernance practices. Regression analysis indicates that the voluntary disclosure of corporate
governance information is positively associated with the intention to raise equity capital, butnot with the intention to raise debt capital.
Keywords: Corporate governance, voluntary disclosure, cost of capital
Introduction ecent international interest in corporate governance issues has been welldocumented.
Norburn et al.
(2000) identify 12
significant corporate governance reform initiatives
across seven nations since the Treadway
Commission report was published in 1987.
Such initiatives are likely to be, in part, a esponse to corporate raids and failures, to theglobalisation of capital markets, and to arelated perceived need to restore or strengtheninvestor confidence (Cadbury, 1997; Norburnet al., 2000; Labelle, 2002). Most reform initiatives
focus on developing codes of conduct orbest practice guidelines for corporate governance,and their status tends to be voluntary,with varying incentives or requirements fororganisations to publicly disclose details oftheir corporate governance practices.
The purpose of this research is to examinethe corporate governance disclosure practicesof listed Australian companies at a time prior
to when mandatory requirements for disclo-Rsure were introduced. We examine possiblemotivations for the voluntary disclosure ofgovernance information, and propose andestimate a model that links disclosures about
governance to future financing intentions. It isuseful for regulators and others interested incorporate governance to understand the propensity
of companies to disclose informationabout corporate governance practices in theabsence of institutional requirements to do so.
The paper is structured as follows. In thenext section we review evidence supportingthe existence of diversity in corporate governance
disclosure practices, and we reviewthe development of governance disclosurerequirements in Australia. We then reviewresearch into voluntary disclosure in order toform expectations about the incentives forfirms to voluntarily disclose corporate governanceinformation. The research method isoutlined, followed by the presentation of o本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。