Ownership structure and voluntary disclosure quality: empirical evidence from a frontier market
by Dhouha Jradi; Fethi Belhaj; Manel Hadriche
International Journal of Economics and Accounting (IJEA), Vol. 12, No. 1, 2023

Abstract: This study examines the impact of ownership structure on voluntary disclosure quality of non-financial firms listed on the Tunisian stock market. The empirical analysis focused on 411 annual reports of non-financial companies listed on the Tunisian stock market during the 2010-2019 period. The results indicate a significant positive impact of institutional ownership on voluntary disclosure quality. Overall, foreign ownership and managerial ownership are found to have no effect. The empirical results show that institutional ownership has a significant positive impact on voluntary disclosure quality only in the health and technology sectors. Foreign ownership and managerial ownership have no significant effect in all considered sectors. The findings may encourage investors to allocate their funds to firms with a high percentage of institutional ownership. This study extends the existing literature by examining the relationship between ownership structure and voluntary disclosure quality in an emerging context and which has been poorly investigated, especially in the Tunisian context.

Online publication date: Mon, 18-Dec-2023

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