Title: Corporate governance and disclosure of financial information: a case of listed firms in Sub-Saharan Africa

Authors: Godfrey Akileng; Diana Ssekiboobo; Joseph Ben Omonuk; Eric Nzibonera; Kasimu Sendawula

Addresses: College of Business and Management Sciences, Makerere University, Pool Road, Kampala, Uganda ' College of Business and Management Sciences, Makerere University, Pool Road, Kampala, Uganda ' College of Business, Southern University, Baton Rouge, Louisiana, USA ' College of Business and Management Sciences, Makerere University, Pool Road, Kampala, Uganda ' College of Business and Management Sciences, Makerere University, Pool Road, Kampala, Uganda

Abstract: The purpose of this study is to examine the relationship between corporate governance mechanism and disclosure of financial information using evidence from listed companies in Sub-Saharan Africa. We used panel data for a comparative test analysis. We gathered data from annual reports of the listed companies for a period of four years and analysed to obtain random-effects multiple regression models. Our results indicate that firms with; non-dual chief executive officer (CEO) position, large boards and more non-executive directors on board of directors have a high appetite for greater corporate disclosure of financial information. However, firms with large block and high director share ownership have a reverse effect on disclosure of financial information. This study therefore offers initial evidence on the association between corporate governance mechanism and disclosure of financial information by comparing listed firms on the financial markets in developing economies.

Keywords: corporate governance; financial disclosure; listed firms; securities market; Sub-Saharan Africa.

DOI: 10.1504/IJGFI.2022.123910

International Journal of Governance and Financial Intermediation, 2022 Vol.1 No.3, pp.236 - 268

Received: 23 Sep 2021
Accepted: 06 Mar 2022
Published online: 04 Jul 2022 *

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