TY - JOUR
T1 - Determinants of transparency for singaporean listed companies
AU - Au, Alan
AU - Thompson, Paul
AU - Yeung, Matthew C.H.
PY - 2006/1/1
Y1 - 2006/1/1
N2 - The extent to which companies disclose information about their activities, corporate transparency, is universally regarded as a vital prerequisite for the efficient functioning, vibrancy, and fairness of stock markets. If companies are completely open and frank, so the accepted wisdom goes, then investors stand to be able to make well informed investment decisions. Countries around the world rely upon a mixture of securities regulation and market driven measures to achieve the desired level of transparency. Many countries use awards schemes to promote high standards of disclosure. Recently, Singapore witnessed the introduction of an index to help boost what many feel to be low levels of transparency amongst local listed companies. The Corporate Transparency Index (CTI) was introduced by Singapore financial daily, The Business Times. The CTI measures a company's degree of openness by focusing on the release of the interim results of listed companies. Unlike other measures of transparency it looks not only at the content of the results release but also how that content is communicated to the markets. This paper seeks to identify the key determinants of a company's transparency score. The provisional findings suggest company size and profitability correlate positively with corporate transparency.
AB - The extent to which companies disclose information about their activities, corporate transparency, is universally regarded as a vital prerequisite for the efficient functioning, vibrancy, and fairness of stock markets. If companies are completely open and frank, so the accepted wisdom goes, then investors stand to be able to make well informed investment decisions. Countries around the world rely upon a mixture of securities regulation and market driven measures to achieve the desired level of transparency. Many countries use awards schemes to promote high standards of disclosure. Recently, Singapore witnessed the introduction of an index to help boost what many feel to be low levels of transparency amongst local listed companies. The Corporate Transparency Index (CTI) was introduced by Singapore financial daily, The Business Times. The CTI measures a company's degree of openness by focusing on the release of the interim results of listed companies. Unlike other measures of transparency it looks not only at the content of the results release but also how that content is communicated to the markets. This paper seeks to identify the key determinants of a company's transparency score. The provisional findings suggest company size and profitability correlate positively with corporate transparency.
KW - Accounting Disclosure
KW - Financial Reporting
KW - Transparency
UR - http://www.scopus.com/inward/record.url?scp=85007873352&partnerID=8YFLogxK
U2 - 10.1080/14766080609518635
DO - 10.1080/14766080609518635
M3 - Article
AN - SCOPUS:85007873352
SN - 1476-6086
VL - 3
SP - 282
EP - 304
JO - Journal of Management, Spirituality and Religion
JF - Journal of Management, Spirituality and Religion
IS - 4
ER -