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Evidence From Cross Listed Firms In The Us

790 words - 4 pages

The next factor that is considered to affect the extent of voluntary disclosure is ownership structure. Agency theory supported the fact that concentrated corporate ownership will put more importance in the private benefit control (Shleifer & Vishny, 1997). On the other hand, those benefits will be limited by the agency cost, including reputational, monitoring, and litigation cost, aligned with the disclosure (Coffee, 2002). Therefore, it is hypothesised that there is negative relationship between the level of ownership concentration and voluntary disclosure, especially when the shares of the firm is concentrated on the largest shareholders. In contrast, when the firm is considered as institutional-owned firm, the firm will be more likely to improve the disclosure in order to increase share price and firm’s value; therefore, will attract more institutional investors to purchase the shares. The result in this study shows that these entire hypotheses are confirmed.
These findings are supported by several findings, one of which is stated by Smith (1976) that ownership structure of firms does influence the extent of disclosure in the reports. Moreover, Makhija and Patton’s (2004) findings give more specific support that the firm owned by shareholders who pursue direct benefit, which is the characteristic of concentrated ownership structure, is expected to produce less disclosure. Combined those several findings, while also doing his own research, the writer of article journal titled “The Impact of Firm Ownership Structure on Voluntary Disclosure: Empirical Evidence from Czech Annual Reports,” makes a supported conclusion that the disclosure level will have an inverse relationship with ownership concentration in firms when the external owners hold more control and the preliminary level of those ownerships are high.
In addition to the previous journal, there is also research done in Bahrain regarding the relationship between ownership structure and voluntary disclosure. This study found that firm with high percentage of block holder ownership, in which the ownership is concentrated on a group of shareholders, will less likely to voluntarily make a disclosure compare to firms with low block holder ownership (Juhmani, 2013). This investigation result is also supported by a lot of research done by several people in many different countries, such as Malaysia, Finland, Germany, Kenya, UK, as well as Egypt. Furthermore, the negative relationship of ownership structure and voluntary disclosure is also revealed by Haniffa and Cooke (2002) in different point of view, in which they proved the synergy between ownership...

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