This thesis adds to the ongoing accounting and financial literature by investigating the determinants and economic effects of corporate disclosure in a low disclosure environment – the two Chinese stock markets.  It examines two research questions: whether the imposition of exogenously-imported corporate governance legislation and international accounting standards (IAS) lead to a fundamental improvement of corporate disclosure practices; and the estimation risk perspective of whether increased corporate disclosure results in a lower cost of equity capital through reducing the risk premiums on information uncertainty on firm-special characteristics. Results for the first question demonstrate that, while corporate disclosure is increased over time, neither advanced corporate governance mechanisms nor the IAS facilitate material improvement in voluntary disclosure.  Instead, the ownership structure, especially foreign-ownership, seems to play a more essential role in determining companies’ disclosure practices. In regards to the second research question, this thesis shows stock prices of listed Chinese companies are largely informational inefficient, and that, under this circumstance, the level of corporate disclosure is strongly negatively associated with stock return volatilities.  This negative association appears to result from the high-margin decrease in information asymmetry on firm-special characteristics when listed companies increase mandatory disclosure.  This finding therefore provides further country-level evidence in support of the view that the extent of negative association between corporate disclosure and the cost of equity capital is primarily dependent upon the features of stock markets and the disclosure environment in different nations. This thesis concludes with recommendations for the Chinese government and the market regulator, the China Securities Regulation Committee (CSRC), to fundamentally improve current political and legal systems and to effectively enforce the mandatory disclosure legislation.

Thesis (Ph.D.)--Hong Kong University of Science and Technology, 2004. / Includes bibliographical references (leaves 50-52). Also available in electronic version. Access restricted to campus users.

Thesis (Ph.D.)--Emory University, 2007. / Adviser: Grace Pownall. Includes bibliographical references.

This thesis explores causal attribution statements on performance outcomes given in annual reports of UK listed rms. The objectives are three-fold. First, it analyses the nature and extent of attribution statements provided. Second, it explores corporate governance factors and rm-speci c characteristics that are related to the provision of attribution statements. Finally, it investigates the economic consequences of providing attribution statements by examining their association with the rm's cost of equity capital. Using data drawn from a sample of 142 UK rms listed on the London Stock Exchange, content analysis was used to measure the extent of attributions in the annual reports for the year 2006. The results show that the volume of attribution statement provision is generally low and variation across rms is low. Firms also show a strong tendency to explain performance with internal rather than with external reasons. The results from regression analysis show that the volume of attribution statements and the space given to internal and external attribution statements is associated with the proportion of non-executive directors, director share ownership, audit committee size, market value, gearing, pro tability and new share issues. With respect to the relationship between the attribution statements and the cost of capital, the PEG model was employed to estimate the cost of equity capital. The ndings indicate an association between attribution statement provision and the cost of equity capital, but only for rms with low analyst following. For these rms, more extensive performance explanations and more extensive internal explanations are associated with a higher cost of equity capital. However, attribution statements are unrelated to the cost of equity capital for rms with high analyst following. The thesis makes two contributions in the area of attribution determinants. First, it measures attribution provision with a measure that has not been previously applied in the literature to measure attribution statements. Second, it provides evidence on how rm-speci c characteristics and the rm's corporate governance mechanisms in uence the extent and the type of performance explanations provided by rms. The thesis makes four contributions regarding the e ect of attribution statements on the cost of capital. First, it uses a quantitative approach to directly estimate the cost of capital e ects of attribution statements. Second, it provides evidence that the association between attribution statements and the cost of equity capital is in uenced by an interaction between attribution statements and analyst following. Third, the thesis provides the rst evidence of the relationship between attribution statements and the cost of equity capital in a UK setting. Fourth, it provides evidence that the relationship between disclosure and the cost of equity capital is complex and is in uenced by interactions between disclosure and information intermediaries.

Purpose: The purpose of this study is to explain which factors that affects Swedish listed companies choice of placement for the corporate governance report when the regulation gives different options. Methodology: The chosen research philosophy is positive, research strategy is deductive and methodology is quantitative. Theoretical Perspectives: As support for the dependent (placement) and independent factors agency theory, positive accounting theory, accounting choice, legitimacy-, stakeholder-, and institutional theory are used.                  Empirical foundation:The sample consists of 249 companies. The empirical data consists of the companies Annual reports and Corporate Governance reports for financial year 2011 or when split financial year, 2010/2011. Limitations: A limitation of the study is that it is based on observations from only one year why it is not certain that the results should have been the same if a comparison between several years had been done. Conclusions: The factors size and growth explain the placement of the Corporate Governance Report in Swedish listed companies. / Syfte: Syftet med studien är att förklara vilka faktorer som påverkar svenska noterade bolag val av placering av bolagsstyrningsrapporten när lagen ger olika alternativ. Metod: Vald forskningsfilosofi är positivistisk, forskningsstrategin är deduktiv och insamlingsmetoden är kvantitativ. Teoretiskt perspektiv: Som stöd för den beroende (placering) och oberoende faktorerna används agentteorin, Positive Accounting Theory, Accounting choice, legitimitets-, intressent-, och institutionellteori. Empiri: Urvalet består av 249 bolag. Empirin består av bolagens årsredovisningar och bolagsstyrningsrapporter för räkenskapsår 2011 eller vid brutet räkenskapsår 2010/2011. Begränsningar: En begränsning i studien är att den bygger på observationer från ett verksamhetsår varför det inte är säkert att resultatet blivit detsamma om en jämförelse mellan flera verksamhetsår hade gjorts. Slutsats: Faktorerna storlek och tillväxt förklarar placeringen utav bolagsstyrningsrapporten i svenska noterade bolag.  Bidrag: Utrett möjliga faktorer som kan förklara placeringen utav bolagsstyrningsrapporten för svenska noterade bolag.