Determinants of Structure of Corporate Governance Disclosure in Portugal

Vera Cunha, Lúcia Lima Rodrigues


Purpose – This study analyses the determinants of the level of corporate
governance disclosure (CGD) by Portuguese companies listed on
Euronext Lisbon between 2005 and 2011.

Design/methodology/approach – Using content analysis, we
construct a corporate governance index for each firm based on the data
extracted from the firm’s corporate governance and annual reports. An
ordinal logistic regression model is used to examine the relationship
between the level of CGD and its determinants.

Findings – The empirical evidence suggests that foreign investor
ownership, board size, board independence, external audit quality and
degree of internationalization had a significant and positive influence
on the corporate governance disclosure level, whereas ownership
concentration, unitary leadership structure and debt had a significant
and negative influence on corporate governance disclosure. No results
were observed for board of director ownership and manager stock
option compensation variables.

Originality/value – This study extends the previous literature by
examining corporate governance disclosure. Moreover, it extends prior
work by analysing foreign investor ownership, manager stock option
compensation and degree of internationalization as determinants of
information disclosure. Finally, we believe that this study, conducted
over a longer period of time, might give us stronger statistical evidence.


Corporate governance, disclosure index, consolidated annual reports, Portugal.


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