An analysis of the corporate governance practices of smaller listed Australian companies
Plastow, Kevin P., Gallery, Gerry T., & Gallery, Natalie (2012) An analysis of the corporate governance practices of smaller listed Australian companies. Corporate Ownership and Control, 10(1), pp. 240-260.
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We examine the corporate governance environment of smaller listed Australian firms to investigate the factors that determine how firms respond to recommendations contained in corporate governance codes. We group corporate governance recommendations into three distinct categories and argue that differences in adoption costs between categories, together with firm specific factors, determine a firm’s decision to conform with the recommendation or to explain the reasons for non-conformance. Analysis of the conformance by smaller firms with governance recommendations highlights substantial differences in adoption rates between categories of recommendations. Our results also reveal that the cost of adopting specific recommendations, together with profitability, external audit quality, and ownership dispersion, jointly explain a firm’s decision to ‘comply or explain’. This study provides insights for policy makers and regulators regarding the appropriateness of corporate governance recommendations for smaller firms
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|Item Type:||Journal Article|
|Keywords:||Corporate Governance, Corporate Governance Index, Corporate Governance Codes, Agency Theory|
|Subjects:||Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000)|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
|Copyright Owner:||Copyright 2012 Virtus InterPress|
|Deposited On:||11 Dec 2012 21:56|
|Last Modified:||12 May 2013 13:21|
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