The study investigates and compares the determinants of disclosure quality of one-tier and two-tier board structures in selected ASEAN countries. We measure the significance of different corporate governance mechanism of top 50 companies from Malaysia, Indonesia, Thailand, and Singapore from 2011 to 2015. The results of independent sample t test prove that the variances of the disclosure quality scores of one-tier and two-tier board structures are different. In order to avoid problems of omitted variable bias, unobserved heterogeneity and endogeneity, we use the Tobit regression model with random effects. The results confirm that the disclosure quality has a dependence on board size, board expertise, board meetings, board diversity, the timeline for both one-tier and two-tier board structures. The female board members and free cash flows have sole dependence on the one-tier board, whereas board power and block holders have sole dependence on two-tier boards. The study also establishes the relationship between board independence with disclosure quality of board structures.

中文翻译：

---

公司治理机制和一二级董事会结构的比较分析：来自东盟国家的证据

该研究调查并比较了某些东盟国家一，二级董事会结构的披露质量的决定因素。我们测量了2011年至2015年马来西亚，印度尼西亚，泰国和新加坡排名前50位公司的不同公司治理机制的重要性。独立样本t检验的结果证明，一级和二级披露质量得分的方差层板结构不同。为了避免遗漏变量偏差，未观察到的异质性和内生性的问题，我们使用具有随机效应的Tobit回归模型。结果证实，披露质量取决于董事会规模，董事会专业知识，董事会会议，董事会多元化，一层和两层董事会结构的时间表。女性董事会成员和自由现金流仅依赖于一层董事会，而董事会权力和大股东则仅依赖于两层董事会。该研究还建立了董事会独立性与董事会结构披露质量之间的关系。