Abstract
This study examines the impact of ownership structure on the timeliness of corporate internet reporting (TOCIR) index in the case of non-financial firms listed on the Kuwait Stock Exchange (KSE) by using a sample of 80 firms in 2019 and 4 ownership variables, namely, ownership concentration by large shareholders, ownership concentration by institutions, ownership concentration by the government, and ownership concentration by families (individuals). The results indicate that ownership concentration by large shareholders and ownership concentration by the government affected TOCIR, whereas ownership concentration by institutions and families (individuals) did not. To the best of the authors’ knowledge, this study is the first study that examines the impact of ownership concentration on the timeliness of the corporate internet reporting in Kuwait.
Highlights
The purpose of this study is to examine the impact of ownership structure on the timeliness of corporate internet reporting (TOCIR) in cases of non-financial firms listed on the Kuwait Stock Exchange (KSE)
The study found that debt and firm size positively affect the timeliness of corporate internet reporting, while industry variables produced mixed results
This study examined the impact of ownership structure on the timeliness of corporate internet reporting in 80 non-financial firms listed on the KSE at the end of 2019
Summary
The purpose of this study is to examine the impact of ownership structure on the timeliness of corporate internet reporting (TOCIR) in cases of non-financial firms listed on the Kuwait Stock Exchange (KSE). In a developing country like Kuwait, the ownership is usually concentrated, and large shareholders own the majority of firms’ shares and control the voting rights. Agency theory argues that large shareholders are an important mechanism that may impact the firm’s value and level of disclosure (Jensen & Meckling, 1976). 22) stated that:t “The corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the corporation, including the financial situation, performance, ownership, and governance of the company.” The OECD (2004, p. 22) stated that:t “The corporate governance framework should ensure that timely and accurate disclosure is made on all material matters regarding the corporation, including the financial situation, performance, ownership, and governance of the company.”
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