Abstract
The purpose of this paper is to determine which factors are most important in voluntary corporate disclosure at firm level in emerging markets. The study characteristics that cause differences in results in the original empirical studies are also examined. This study applies a meta- regression technique developed by Stanley and Jarrell (1989) to a sample of 32 empirical studies published between 2011 and 2020. The study findings reveal that the financial crisis variable, region of the study variable, and weighting of the dependent variable significantly affect study results of the original empirical researches. Moreover, the most important and robust determinants of corporate disclosure in emerging markets are board independence and foreign listing status. Study findings also indicate that firm size, which is identified by most empirical studies to be a significant and most robust determinant of corporate disclosure, to be insignificant in this meta-regression study. This study will help to resolve the ambiguity that has existed over the past decade in literature as to which factors are really important in voluntary corporate disclosure practices in emerging countries. Secondly, this study extends the literature relating to corporate disclosure practice in emerging countries.
Highlights
Introduction and MotivationEmerging markets contribute to 2/3 of the annual World’s GDP and are major drivers of global growth (Elkhishin & Mohieldin, 2020)
The remainder of this paper is organized as follows: section 2 presents review of literature which includes the institutional framework for corporate disclosure in emerging markets, a theoretical framework and empirical evidence relating to determinants of firm-level voluntary corporate disclosure in emerging countries
The results show that board independence, foreign listings, ownership concentration, board size, audit committee, CEO duality, and audit quality are significant determinants of voluntary corporate disclosure in emerging countries
Summary
Introduction and MotivationEmerging markets contribute to 2/3 of the annual World’s GDP and are major drivers of global growth (Elkhishin & Mohieldin, 2020). The reported estimates of these determinants differ greatly in terms of both the statistical significance of the effect and their magnitude It is definitely challenging formulating corporate disclosure policies by firms operating in emerging countries based on 120 factors identified by these empirical findings. It is time to reflect on the real determinants of voluntary corporate disclosure so far identified by scholars rather than adding to the existing 100 studies with mixed results This analysis seeks to provide a comprehensive assessment of the empirical evidence accumulated over the past decade on the determinants of voluntary corporate disclosures at firm level in emerging markets.
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