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Macau Periodical Index (澳門期刊論文索引)
- Author
- Chobpichien, Jakkravudhi; Haron, Hasnah; Ibrahim, Daing Nasir
- Title
- Quality of board of directors, ownership structure and level of voluntary disclosure of listed companies in Thailand
- Journal Name
- Euro Asia Journal of Management
- Pub. Info
- Jun. 2007, Vol.17, No.1, pp. 3-39
- Abstract
- Abstract : The study investigates whether board of directors (BOD) and ownership structure influence the voluntary disclosure index (VDI) of public listed companies in the Stock Exchange of Thailand. The findings suggest that VDI is influenced by the quality of BOD and the ownership structure of the firm. The higher the quality of BOD, the higher is the VDI. This relationship is moderated by the larges shareholder controlling ownership. In addition, this relationship appears to be weaker for companies with a high concentration compared to a low concentration of CEO controlling ownership. Finally, firm characteristics as control variables comprising size of company, auditor type, and earnings return are found to have a significant influence on VDI. Paragraph Headings: 1. Introduction 2. Literature review 2.1. Agency theory, board of directors and coperate disclosures 2.2. Board ownership and monitoring 3. Hypotheses development 3.1. Board of directors' quality and voluntary disclosure 3.1.1. Board's leadership structure 3.1.2. Board's composition 3.1.3. Board of directors' meetings 3.1.4. Board's controlling system and internal audit 3.1.5. Audit committee's (AC's) leadership structure 3.1.6. AC's composition 3.1.7. AC's meetings 3.1.8. AC's knowledge and expertise 3.1.9. Remuneration committee (RC)'s leadership structure 3.1.10. RC's composition 3.2. Board of directors' quality, owenership structure and voluntary disclosure 3.2.1. Managerial ownership 3.2.2. Largest shareholder controlling ownership 3.2.3. Firm characteristics as control variables 4. Research design 4.1. Sample 4.2. Voluntary disclosure checklist 4.3. Categories of voluntary disclosure 4.4. Scoring the voluntary disclosure items and disclosure index 4.5. Quality of board of directors index 4.6. Ownership structure 4.6.1. Largest shareholder controlling ownership 4.6.2. Control variables 4.7. Source of information 4.8. Data analysis 5. Results 5.1. Level of the board of directors quality 5.2. Descriptive statistics 5.3. Correlation matrix 5.4. Goodness of measures 5.5. Hierarchical regression results and discussion 5.5.1. Effects of control variables 5.5.2. Effect of board of directors' quality index (BOQI) 5.5.3. Moderating effects of HCEO, LCON, LCNE, and FCON 6. Discussion 6.1. Level of the quality of the board of directors 6.2. Level of voluntary disclosure 6.3. Board of directors' quality index and voluntary disclosure index 6.4. Moderating effect of high concentration of CEO's ownership (HCEO) 6.5. Moderating effect of largest shareholder controlling ownership (LCON) 6.6. Moderatig effect of LCON who is not an executive director (LCNE) 6.7. Moderating effect of LCON who is a family member (FCON) 6.8. Control variables 7. Conclusions Tables: 1. Measurement of independent variable 2. List of Thai Conglomerates 3. Descriptive statistics of measurement in step of the level of board of directors' quality (N=317) 4. Descriptive statistics of dependent, independent, control, and moderator variables 5. Correlation matrix of the major variables 6. Hierarchical regression results (N=317)