Do Better‐Governed Australian Firms Make More Informative Disclosures?
研究公司治理质量与信息披露信息含量之间的关系，使用六项指标（包括文件数量、分析师预测属性和股价发现速度）发现治理更好的公司确实做出更具信息含量的披露。
Abstract: We investigate whether and if so, how, corporate governance ‘quality’ 1 is related to the information flows from a company and how the share market and its agents respond. Specifically, we study links between the ‘quality’ of a firm's corporate governance (CGQ) and the informativeness of its disclosures. We employ six indicators of informativeness. They include document counts, properties of analysts’ forecasts and a ‘timeliness’ metric, in the spirit of Ball and Brown (1968) , that reflects the average speed of price discovery throughout the year. Our results suggest the answer to our question is ‘Yes’: better‐governed firms do make more informative disclosures.