Purpose

This study aims to examine the influence of some prominent corporate governance (CG) mechanisms such as board size (BS), board independence (BI), role duality (RD), board’s gender diversity (GD), ownership concentration (OC), audit committee independence (ACI), nomination and remuneration committee (NRC) and risk management committee (RMC) on voluntary disclosure (VD), as well as different types of VD after controlling the effect of some firm-specific factors for Indian firms.

Design/methodology/approach

The study selects market capitalization-based top 100 non-financial and non-utility firms listed on the Bombay Stock Exchange as on 31st March 2014. Data are drawn from the Capitaline Plus database over the period of 2014–2018. Appropriate panel data regression model is applied to examine the influence of CG on VD.

Findings

The study reveals a significant negative influence of BI on VD while GD and RMC exhibit a significant positive influence on the same. The remaining CG mechanisms such as BS, RD, OC, ACI and NRC appear to have no significant influence on VD. Analysis into the relationship between CG mechanisms and different types of VD reveals that BI, in particular, has a strong negative influence on corporate strategic disclosure (CSD) and forward looking disclosure (FWLD) while GD and RMC both exhibit a significant positive influence on CSD, FWLD, CG disclosure and financial and capital market disclosure. Notably, none of the CG mechanisms under consideration influence human and intellectual capital disclosure.

Research limitations/implications

The study considers annual reports as the only medium of making VD and ignores all other sources such as websites and press releases. Besides, it mainly emphasizes on corporate board structure, board committees and OC while other ownership structure-related variables family ownership, managerial ownership are not covered, which can be analysed in future studies.

Practical implications

The study offers some important theoretical, as well as practical connotations for regulators and practitioners operating in India, as well as other emerging economies having similar institutional settings.

Originality/value

The study is the first of its kind in India that examines the influence of various CG mechanisms on different types of VD and thereby contributes novel findings in the context of an emerging economy.

中文翻译：

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公司治理和自愿披露：来自印度的证据

目的

本研究旨在考察一些著名的公司治理 (CG) 机制的影响，例如董事会规模 (BS)、董事会独立性 (BI)、角色二元性 (RD)、董事会性别多元化 (GD)、所有权集中度 (OC)、审计委员会独立性（ACI）、提名和薪酬委员会（NRC）和风险管理委员会（RMC）自愿披露（VD），以及控制印度公司的一些公司特定因素的影响后的不同类型的VD。

设计/方法/方法

该研究选择了截至 2014 年 3 月 31 日在孟买证券交易所上市的基于市值的前 100 家非金融和非公用事业公司。数据来自 2014-2018 年期间的 Capitaline Plus 数据库。应用适当的面板数据回归模型来检查 CG 对 VD 的影响。

发现

该研究揭示了 BI 对 VD 的显着负面影响，而 GD 和 RMC 对 VD 表现出显着的积极影响。其余的 CG 机制，如 BS、RD、OC、ACI 和 NRC，似乎对 VD 没有显着影响。对 CG 机制与不同类型 VD 的关系分析表明，尤其是 BI 对企业战略披露（CSD）和前瞻性披露（FWLD）具有强烈的负向影响，而 GD 和 RMC 对 CSD 均表现出显着的正向影响、FWLD、CG披露以及财务和资本市场披露。值得注意的是，所考虑的 CG 机制都不会影响人力和智力资本的披露。

研究限制/影响

该研究将年度报告视为制作 VD 的唯一媒介，而忽略了所有其他来源，例如网站和新闻稿。此外，本文主要强调公司董事会结构、董事会委员会和OC，而其他与股权结构相关的变量家族所有权、经理所有权则没有涵盖，可以在未来的研究中进行分析。

实际影响

该研究为在印度以及其他具有类似制度设置的新兴经济体开展业务的监管机构和从业人员提供了一些重要的理论和实践内涵。

原创性/价值

该研究是印度同类研究中的第一个，它检查了各种 CG 机制对不同类型 VD 的影响，从而在新兴经济体的背景下提供了新的发现。