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TL;DR: In this article, the authors investigate the extent to which corporate governance attributes, ownership structure and company characteristics influence the extent of voluntary disclosure in a developing country, namely Kenya, and find that the presence of an audit committee is a significant factor associated with the level of disclosure.
Abstract: There has been considerable research in respect of voluntary disclosure by companies and factors that may explain such disclosure. However, most of the research has been centred in developed countries. This study extends the previous literature by examining voluntary disclosure in a developing country, namely Kenya. Over the last decade, the Kenyan Government has initiated several far-reaching reforms at the Nairobi Stock Exchange (NSE) in order to mobilise domestic savings and attract foreign capital investment. These measures include privatisation of state corporations through the stock exchange and allowing foreign investors to own shares in the listed companies. This study provides a longitudinal examination of voluntary disclosure practices in the annual reports of listed companies in Kenya from 1992 to 2001. The study investigates the extent to which corporate governance attributes, ownership structure and company characteristics influence voluntary disclosure practices.
Our results suggest that the extent of voluntary disclosure is influenced by a firm's corporate governance attributes, ownership structure and company characteristics. The presence of an audit committee is a significant factor associated with the level of voluntary disclosure, and the proportion of non-executive directors on the board is found to be significantly negatively associated with the extent of voluntary disclosure. The study also finds that the levels of institutional and foreign ownership have a significantly positive impact on voluntary disclosure. Large companies and companies with high debt voluntarily disclose more information. In contrast, board leadership structure, liquidity, profitability and type of external audit firm do not have a significant influence on the level of voluntary disclosure by companies in Kenya.
885 citations
TL;DR: In this article, the authors investigated the role of remittances and financial development on economic growth in a panel of 36 countries in Africa over the period 1980-2009 and found that the importance of financial development in boosting economic growth appears weak, at least among the countries under study.
215 citations
TL;DR: In this paper, the adoption of mobile telephony to provide financial services in sub Saharan Africa has become instrumental in integrating the hitherto unbanked segments of the population to the mainstream financial systems.
196 citations
TL;DR: In this paper, the authors empirically examined the differential effects of trade on economic growth and investment based on cross-country data and found that although trade has positively impacted economic growth in developed and developing countries, its effect is insignificant for least developed countries (LDCs), which largely include African countries.
107 citations
TL;DR: In this paper, the authors investigated the role of stock market development on economic growth in Africa and found that countries with stock markets tend to grow faster compared to countries without stock markets.
96 citations
Authors
Showing all 28 results
| Name | H-index | Papers | Citations |
|---|---|---|---|
| Maureen Were | 12 | 28 | 812 |
| Roseline Nyakerario Misati | 12 | 14 | 579 |
| Esman Morekwa Nyamongo | 11 | 12 | 604 |
| Dulacha G. Barako | 8 | 13 | 1435 |
| Anne Kamau | 6 | 8 | 142 |
| Joseph Wambua | 4 | 5 | 123 |
| Moses M. Sichei | 4 | 5 | 110 |
| Lydia Ndirangu | 3 | 4 | 238 |
| Sheila Kaminchia | 2 | 3 | 21 |
| Isaac Mwangi | 2 | 2 | 37 |
| Morekwa Esman Nyamongo | 2 | 2 | 67 |
| Lucas Kamau Njoroge | 2 | 2 | 36 |
| Kethi Ngoka | 2 | 2 | 33 |
| Teresa Maureen Odongo | 1 | 1 | 135 |
| Stephen Mwaura | 1 | 1 | 5 |