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The impact of boardroom internationalisation on online disclosures of S&P 500
Journal of Financial Reporting and Accounting Pub Date : 2021-02-01 , DOI: 10.1108/jfra-07-2020-0186
Esam Shehadeh , Doaa Aly , Ibrahim Yousef

Purpose

The purpose of this study is to analyse the level of online disclosure of firms in the USA and to evaluate the impact of diversity in terms of director nationality (boardroom internationalisation) on online disclosure.

Design/methodology/approach

The authors apply, for the first time, a new modified scoring system to measure online disclosure levels by securing more detailed information on each of the items in the voluntary disclosure index. Regarding the percentage of foreign board members, unlike in previous research, the authors calculate two additional proxies to more accurately specify the level of international diversity on the board: the Blau Index and the Shannon Index. Moreover, the authors use a cross-sectional model for the sampled non-financial S&P500 firms using both ordinary least squares (OLS) and heteroskedasticity-corrected estimates to analyse the impact of boardroom internationalisation on the level of online disclosure.

Findings

The findings reveal that the average online disclosure level for the sample in question is 64% for the 0–1 index and 57% for the 0–4 index. In addition, the results of the regression analysis confirm the study’s proposed hypothesis, which is that the presence of international board members correlates with an improvement in the level of online disclosure. This can be attributed to the fact that foreign directors bring unique skills and knowledge from their home countries and thus, increase board discussion, creativity and innovation, which has a positive impact on the level of online disclosure.

Research limitations/implications

Financial firms are subject to capital requirement regulations; consequently, disclosure practices can be influenced. Therefore, these firms were excluded from the sample of the study.

Originality/value

This research contributes to the body of literature on nationality diversity of firm boards and corporate online disclosure in several respects. Firstly, the study adds an international dimension to the existing literature. Secondly, this study provides new evidence that foreign diversity on the board can improve firm value, insofar as the corresponding enhancement of online disclosure leading to positive capital market implications. Thirdly, the authors use, for the first time, a new scoring system approach to measure the level of online disclosure. Finally, it contributes to the corporate governance literature by basing its analysis on a multi-theoretical approach.



中文翻译:

董事会国际化对标普 500 在线披露的影响

目的

本研究的目的是分析美国公司的在线披露水平,并评估董事国籍(董事会国际化)多元化对在线披露的影响。

设计/方法/方法

作者首次应用了一种新的修改后的评分系统,通过保护自愿披露指数中每个项目的更详细信息来衡量在线披露水平。关于外国董事会成员的百分比,与之前的研究不同,作者计算了两个额外的代理,以更准确地指定董事会的国际多元化水平:Blau 指数和香农指数。此外,作者使用普通最小二乘法 (OLS) 和异方差校正估计的样本非金融标准普尔 500 公司的横截面模型来分析董事会国际化对在线披露水平的影响。

发现

调查结果显示,所讨论样本的平均在线披露水平为 0-1 指数的 64% 和 0-4 指数的 57%。此外,回归分析的结果证实了研究提出的假设,即国际董事会成员的存在与在线披露水平的提高相关。这可以归因于外国董事从本国带来了独特的技能和知识,从而增加了董事会的讨论、创造力和创新,这对在线披露水平产生了积极影响。

研究限制/影响

金融公司须遵守资本要求;因此,披露做法会受到影响。因此,这些公司被排除在研究样本之外。

原创性/价值

本研究在多个方面为有关公司董事会国籍多样性和公司在线披露的文献体系做出了贡献。首先,该研究为现有文献增加了国际维度。其次,这项研究提供了新的证据,表明董事会的外国多元化可以提高公司价值,因为在线披露的相应增强导致积极的资本市场影响。第三,作者首次使用一种新的评分系统方法来衡量在线披露的水平。最后,它通过基于多理论方法的分析为公司治理文献做出贡献。

更新日期:2021-02-01
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