What determines the informativeness of firms' explanations for deviations from the Dutch corporate governance code?

References

• Adams , R. B. , Hermalin , B. E. and Weisbach , M. S. 2010 . The role of boards of directors in corporate governance: a conceptual framework and survey . Journal of economic literature , 48 ( 1 ) : 58 – 107 .
   Web of Science ®Google Scholar
• Aerts , W. and Tarca , A. 2010 . Financial performance explanations and institutional setting . Accounting and business research , 40 ( 5 ) : 421 – 450 .
   Web of Science ®Google Scholar
• Aguilera , R. and Cuervo-Cazurra , A. 2009 . Codes of good governance . Corporate governance: an international review , 17 ( 3 ) : 376 – 387 .
   Web of Science ®Google Scholar
• Ahmed , K. and Courtis , J. K. 1999 . Associations between corporate characteristics and disclosure levels in annual reports: a meta-analysis . British accounting review , 31 ( 1 ) : 35 – 61 .
   Google Scholar
• Ajinkya , B. , Bhojraj , S. and Sengupta , P. 2005 . The association between outside directors, institutional investors and the properties of management earnings forecasts . Journal of accounting research , 43 ( 3 ) : 343 – 376 .
   Web of Science ®Google Scholar
• Akkermans , D. 2007 . Corporate governance in the Netherlands: an overview of the application of the Dutch corporate governance code in 2004 . Corporate governance: an international review , 15 ( 6 ) : 1106 – 1118 .
   Web of Science ®Google Scholar
• Arcot , S. R. and Bruno , V. G. 2006 . In letter but not in spirit: an analysis of corporate governance in the UK , Available at SSRN: http://ssrn.com/abstract=819784
   Google Scholar
• Arcot , S. R. and Bruno , V. G. 2009 . Silence is not golden: corporate governance standards, transparency, and performance , Available at SSRN: http://ssrn.com/abstract=1412889
   Google Scholar
• Ashbaugh-Skaife , H. , Collins , D. and LaFond , R. 2006 . The effects of corporate governance on firms' credit ratings . Journal of accounting and economics , 42 ( 1–2 ) : 203 – 243 .
   Web of Science ®Google Scholar
• Baltagi , B. H. 2005 . Econometric analysis of panel data , Chichester : John Wiley .
   Google Scholar
• Beyer , A. 2010 . The financial reporting environment: review of the recent literature . Journal of accounting and economics , 50 ( 2–3 ) : 296 – 343 .
   Web of Science ®Google Scholar
• Bezemer , P. J. 2007 . Investigating the development of the internal and external service tasks of non-executive directors: the case of the Netherlands, 1997–2005 . Corporate governance: an international review , 15 ( 6 ) : 1119 – 1129 .
   Web of Science ®Google Scholar
• Botosan , C. A. 1997 . Disclosure level and the cost of capital . Accounting review , 72 ( 3 ) : 323 – 349 .
   Web of Science ®Google Scholar
• Bronson , S. N. , Carcello , J. V. and Raghunandan , K. 2006 . Firm characteristics and voluntary management reports on internal control . Auditing: a journal of theory and practice , 25 ( 2 ) : 25 – 39 .
   Web of Science ®Google Scholar
• Bushman , R. M. , Piotroski , J. D. and Smith , A. J. 2004 . What determines corporate transparency? . Journal of accounting research , 42 ( 2 ) : 207 – 252 .
   Web of Science ®Google Scholar
• Cernat , L. 2004 . The emerging European corporate governance model: Anglo-Saxon, Continental, or still the century of diversity? . Journal of European public policy , 11 ( 1 ) : 147 – 166 .
   Web of Science ®Google Scholar
• Charitou , A. , Lambertides , N. and Trigeorgis , L. 2007 . Earnings behaviour of financially distressed firms: the role of institutional ownership . Abacus , 43 ( 3 ) : 271 – 296 .
   Web of Science ®Google Scholar
• Chtourou , S. , Bédard , J. and Courteau , C. 2004 . The effect of audit committee expertise, independence and activity on aggressive earnings management . Auditing: a journal of theory and practice , 23 ( 2 ) : 13 – 35 .
   Web of Science ®Google Scholar
• Clatworthy , M. A. and Jones , M. J. 2003 . Financial reporting of good news and bad news: evidence from accounting narratives . Accounting and business research , 33 ( 3 ) : 171 – 185 .
   Google Scholar
• Committee on Corporate Governance . 1997 . Corporate governance in the Netherlands , Amsterdam : Secretariat Committee on Corporate Governance .
   Google Scholar
• Cools , K. and Van Praag , C. M. 2007 . The value relevance of top executive departures: evidence from the Netherlands . Journal of corporate finance , 13 ( 5 ) : 721 – 742 .
   Web of Science ®Google Scholar
• Coombes , P. and Wong , S. C. 2004 . Why codes of governance work . The McKinsey quarterly , 40 ( 2 ) : 48 – 53 .
   Google Scholar
• Cormier , D. 2010 . Web-based disclosure about value creation processes: a monitoring perspective . Abacus , 46 ( 3 ) : 320 – 347 .
   Web of Science ®Google Scholar
• Cormier , D. , Magnan , M. and Van Velthoven , B. 2005 . Environmental disclosure quality in large German companies: economic incentives, public pressure or institutional conditions? . European accounting review , 14 ( 1 ) : 3 – 39 .
   Google Scholar
• Dayha , J. , McConnell , J. J. and Travlos , N. G. 2002 . The Cadbury Committee, corporate performance, and top management turnover . Journal of finance , 57 ( 1 ) : 461 – 483 .
   Web of Science ®Google Scholar
• Dechow , P. , Ge , W. and Schrand , C. 2010 . Understanding earnings quality: a review of the proxies, their determinants and their consequences . Journal of accounting and economics , 50 ( 2–3 ) : 344 – 401 .
   Web of Science ®Google Scholar
• Dedman , E. 2003 . Executive turnover in UK firms: the impact of Cadbury . Accounting and business research , 33 ( 1 ) : 33 – 50 .
   Google Scholar
• Deegan , C. , Rankin , M. and Tobin , J. 2002 . An examination of the corporate social and environmental disclosures of BHP from 1983–1997 . Accounting, auditing and accountability journal , 15 ( 3 ) : 312 – 343 .
   Google Scholar
• De Jong , A. 2005 . The role of self-regulation in corporate governance: evidence and implications from The Netherlands . Journal of corporate finance , 11 ( 3 ) : 473 – 503 .
   Web of Science ®Google Scholar
• De Jong , A. and Roosenboom , P. 2002 . “ De praktijk sinds 1997 ” . In In: Corporate governance in Nederland 2002: de stand van zaken , 11 – 17 . Den Haag : Nederlandse Corporate Governance Stichting .
   Google Scholar
• Denis , D. K. 2001 . Twenty-five years of corporate governance research … and counting . Review of financial economics , 10 ( 3 ) : 191 – 212 .
   Google Scholar
• Deumes , R. and Knechel , W. R. 2008 . Economic incentives for voluntary reporting on internal risk management and control systems . Auditing: a journal of theory and practice , 27 ( 1 ) : 35 – 66 .
   Web of Science ®Google Scholar
• Dey , A. 2008 . Corporate governance and agency conflicts . Journal of accounting research , 46 ( 5 ) : 1143 – 1181 .
   Web of Science ®Google Scholar
• Dhaliwal , D. S. , Naiker , V. and Navissi , F. 2006 . Audit committee financial expertise, corporate governance, and accruals quality: an empirical analysis , Available at SSRN: http://ssrn.com/abstract=906690
   Google Scholar
• Diamond , D. W. and Verrecchia , R. E. 1991 . Disclosure, liquidity, and the cost of capital . Journal of finance , 46 ( 4 ) : 1325 – 1359 .
   Web of Science ®Google Scholar
• Donnelly , R. and Mulcahy , M. 2008 . Board structure, ownership, and voluntary disclosure in Ireland . Corporate governance: an international review , 16 ( 5 ) : 416 – 429 .
   Web of Science ®Google Scholar
• Dutch Corporate Governance Committee . 2003 . The Dutch corporate governance code. Principles of good corporate governance and best practice provisions The Hague. Available from: www.ecgi.org
   Google Scholar
• Dyck , A. and Zingales , L. 2004 . Private benefits of control: an international comparison . Journal of finance , 59 ( 2 ) : 537 – 600 .
   Web of Science ®Google Scholar
• Efendi , J. , Srivastava , A. and Swanson , E. 2007 . Why do corporate managers misstate financial statements? . Journal of financial economics , 85 ( 3 ) : 667 – 708 .
   Web of Science ®Google Scholar
• Eisenhardt , K. M. 1989 . Agency theory: an assessment and review . Academy of management review , 14 ( 1 ) : 57 – 74 .
   Web of Science ®Google Scholar
• Eng , L. L. and Mak , Y. T. 2003 . Corporate governance and voluntary disclosure . Journal of accounting and public policy , 22 ( 4 ) : 325 – 345 .
   Google Scholar
• Field , A. 2009 . Discovering statistics using SPSS , 3 , London : Sage .
   Google Scholar
• Francis , J. R. , Khurana , I. K. and Pereira , R. 2003 . The role of accounting and auditing in corporate governance and the development of financial markets around the world . Asia-Pacific journal of accounting and economics , 10 ( 1 ) : 1 – 30 .
   Google Scholar
• Francis , J. R. , Khurana , I. K. and Pereira , R. 2005 . Disclosure incentives and effects on cost of capital around the world . Accounting review , 80 ( 4 ) : 1125 – 1162 .
   Web of Science ®Google Scholar
• Gaeremynck , A. , Van Der Meulen , S. and Willekens , M. 2008 . Audit-firm portfolio characteristics and client financial reporting quality . European accounting review , 17 ( 2 ) : 243 – 270 .
   Web of Science ®Google Scholar
• García-Meca , E. 2005 . The explanatory factors of intellectual capital disclosure to financial analysts . European accounting review , 14 ( 1 ) : 63 – 94 .
   Google Scholar
• García-Meca , E. and Sánchez-Ballesta , J. P. 2009 . Corporate governance and earnings management: a meta-analysis . Corporate governance: an international review , 17 ( 5 ) : 594 – 610 .
   Web of Science ®Google Scholar
• Gibbins , M. , Richardson , A. and Waterhouse , J. 1990 . The management of corporate financial disclosure: opportunism, ritualism, policies, and processes . Journal of accounting research , 28 ( 1 ) : 121 – 143 .
   Web of Science ®Google Scholar
• Gillan , S. L. and Starks , L. T. 2003 . Corporate governance, corporate ownership, and the role of institutional investors: a global perspective . Journal of applied finance , 13 ( 2 ) : 4 – 22 .
   Google Scholar
• Goncharov , I. , Werner , J. R. and Zimmermann , J. 2006 . Does compliance with the German Corporate Governance Code have an impact on stock valuation? An empirical analysis . Corporate governance: an international review , 14 ( 5 ) : 432 – 445 .
   Web of Science ®Google Scholar
• Graham , J. R. , Harvey , C. R. and Rajgopal , S. 2005 . The economic implications of corporate financial reporting . Journal of accounting and economics , 40 ( 1 ) : 3 – 73 .
   Web of Science ®Google Scholar
• Groenewald , E. 2005 . Corporate governance in the Netherlands: from the Verdam Report of 1964 to the Tabaksblat Code of 2003 . European business organization law review , 6 ( 2 ) : 291 – 311 .
   Google Scholar
• Haniffa , R. M. and Cooke , T. E. 2002 . Culture, corporate governance and disclosure in Malaysian corporations . Abacus , 38 ( 3 ) : 317 – 349 .
   Google Scholar
• Hausman , J. A. 1978 . Specification tests in econometrics . Econometrica , 46 ( 6 ) : 1251 – 1271 .
   Web of Science ®Google Scholar
• Haxhi , I. and Van Ees , H. 2010 . Explaining diversity in the worldwide diffusion of codes of good governance . Journal of international business studies , 41 ( 4 ) : 710 – 726 .
   Web of Science ®Google Scholar
• Healy , P. M. , Hutton , A. and Palepu , K. G. 1999 . Stock performance and intermediation changes surrounding sustained increases in disclosure . Contemporary accounting research , 16 ( 3 ) : 485 – 520 .
   Google Scholar
• Healy , P. M. and Palepu , K. G. 2001 . Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature . Journal of accounting and economics , 31 ( 1–3 ) : 405 – 440 .
   Web of Science ®Google Scholar
• Henderson , B. C. and Kaplan , S. E. 2000 . An examination of audit report lag for banks: a panel data approach . Auditing: a journal of theory and practice , 19 ( 2 ) : 159 – 174 .
   Web of Science ®Google Scholar
• Hoitash , U. , Hoitash , R. and Bedard , J. C. 2009 . Corporate governance and internal control over financial reporting: a comparison of regulatory regimes . Accounting review , 84 ( 3 ) : 839 – 867 .
   Web of Science ®Google Scholar
• Holland , J. 2005 . A grounded theory of corporate disclosure . Accounting and business research , 35 ( 3 ) : 249 – 267 .
   Google Scholar
• Hooghiemstra , R. and Van Manen , J. 2004 . Non-executive directors in the Netherlands: another expectations gap? . Accounting and business research , 34 ( 1 ) : 25 – 41 .
   Google Scholar
• Hope , O. K. 2003 . Firm-level disclosure and the relative roles of culture and legal origin . Journal of international financial management and accounting , 14 ( 3 ) : 218 – 248 .
   Google Scholar
• Jensen , M. C. and Meckling , W. H. 1976 . Theory of the firm: managerial behavior, agency costs and ownership structure . Journal of financial economics , 3 ( 4 ) : 305 – 360 .
   Web of Science ®Google Scholar
• Karamanou , I. and Vafeas , N. 2005 . The associations between corporate boards, audit committees, and management earnings forecasts: an empirical examination . Journal of accounting research , 43 ( 3 ) : 453 – 486 .
   Web of Science ®Google Scholar
• Koning , M. , Mertens , G. and Roosenboom , P. 2010 . The impact of media attention on the use of alternative earnings measures . Abacus , 46 ( 3 ) : 258 – 288 .
   Web of Science ®Google Scholar
• Lang , M. H. and Lundholm , R. J. 1996 . Corporate disclosure policy and analyst behavior . Journal of accounting research , 71 ( 4 ) : 467 – 492 .
   Google Scholar
• Lang , M. H. and Lundholm , R. J. 2000 . Voluntary disclosure and equity offerings: reducing information asymmetry or hyping the stock? . Contemporary accounting research , 17 ( 4 ) : 623 – 663 .
   Google Scholar
• Leftwich , R. W. , Watts , R. L. and Zimmerman , J. L. 1981 . Voluntary corporate disclosure: the case of interim reporting . Journal of accounting research , 19 ( Suppl ) : 50 – 77 .
   Web of Science ®Google Scholar
• Leuz , C. and Wysocki , P. D. 2008 . Economic consequences of financial reporting and disclosure regulation: a review and suggestion for future research , Available from: https://ssrn.com/abstract=1105398
   Google Scholar
• Li , J. , Pike , R. and Haniffa , R. 2008 . Intellectual capital disclosure and corporate governance structure in UK firms . Accounting and business research , 38 ( 2 ) : 137 – 159 .
   Web of Science ®Google Scholar
• Lim , S. , Matolcsy , Z. and Chow , D. 2007 . The association between board composition and different types of voluntary disclosure . European accounting review , 16 ( 3 ) : 555 – 583 .
   Web of Science ®Google Scholar
• MacNeil , I. and Li , X. 2006 . Comply or explain: market discipline and non-compliance with the Combined Code . Corporate governance: an international review , 14 ( 5 ) : 486 – 496 .
   Web of Science ®Google Scholar
• Mangena , M. and Pike , R. 2005 . The effect of audit committee shareholding, financial expertise and size on interim financial disclosures . Accounting and business research , 35 ( 4 ) : 327 – 349 .
   Google Scholar
• Marston , C. L. and Shrives , P. J. 1991 . The use of disclosure indices in accounting research: a review article . British accounting review , 23 ( 2 ) : 195 – 210 .
   Google Scholar
• Neuendorf , K. A. 2002 . The content analysis guidebook , Thousand Oaks , CA : Sage .
   Google Scholar
• OECD . 2004 . OECD principles of corporate governance Paris Available from: www.ecgi.org
   Google Scholar
• Parker , L. D. 2007 . Financial and external reporting research: the broadening corporate governance challenge . Accounting and business research , 37 ( 1 ) : 39 – 54 .
   Web of Science ®Google Scholar
• Pomeroy , B. and Thornton , D. B. 2008 . Meta-analysis and the accounting literature: the case of audit committee independence and financial reporting quality . European accounting review , 17 ( 2 ) : 305 – 330 .
   Web of Science ®Google Scholar
• RiskMetrics . 2009 . Study on monitoring and enforcement practices in corporate governance in the member states , Brussels : RiskMetrics Group .
   Google Scholar
• Seidl , D. 2007 . Standard setting and following in corporate governance: an observational–theoretical study of the effectiveness of governance codes . Organization , 14 ( 5 ) : 705 – 727 .
   Web of Science ®Google Scholar
• Sengupta , P. 1998 . Corporate disclosure quality and the cost of debt . Accounting review , 73 ( 4 ) : 459 – 474 .
   Web of Science ®Google Scholar
• Shleifer , A. and Vishny , R. W. 1997 . A survey of corporate governance . Journal of finance , 52 ( 2 ) : 737 – 783 .
   Web of Science ®Google Scholar
• Talaulicar , T. and von Werder , A. 2008 . Patterns of compliance with the German corporate governance code . Corporate governance: an international review , 16 ( 4 ) : 255 – 273 .
   Web of Science ®Google Scholar
• Vafeas , N. 2005 . Audit committees, boards, and the quality of reported earnings . Contemporary accounting research , 22 ( 4 ) : 1093 – 1122 .
   Web of Science ®Google Scholar
• Vander Bauwhede , H. 2009 . On the relation between corporate governance compliance and operating performance . Accounting and business research , 39 ( 5 ) : 497 – 513 .
   Web of Science ®Google Scholar
• Vander Bauwhede , H. and Willekens , M. 2008 . Disclosure on corporate governance in the European Union . Corporate governance: an international review , 16 ( 2 ) : 101 – 115 .
   Web of Science ®Google Scholar
• von Werder , A. , Talaulicar , T. and Kolat , G. L. 2005 . Compliance with the German Corporate Governance Code: an empirical analysis of the compliance statements by German listed companies . Corporate governance: an international review , 13 ( 2 ) : 178 – 187 .
   Web of Science ®Google Scholar
• Voogsgeerd , H. H. 2006 . Corporate governance codes. Markt- of rechtsarrangement? , Deventer : Kluwer .
   Google Scholar
• Weber , R. P. 1988 . Basic content analysis , Newbury Park , CA : Sage .
   Google Scholar
• Wymeersch , E. 2005 . “ Implementation of corporate governance codes ” . In Corporate governance in context: corporations, states and markets in Europe, Japan, and the US , Edited by: Hopt , K. J. 403 – 419 . Oxford : Oxford University Press .
   Google Scholar
• Yeo , G. H.H. 2002 . Corporate ownership structure and the informativeness of earnings . Journal of business finance and accounting , 29 ( 7 ) : 1023 – 1046 .
   Google Scholar
• Zattoni , A. and Cuomo , F. 2008 . Why adopt codes of good governance? A comparison of institutional and efficiency perspectives . Corporate governance: an international review , 16 ( 1 ) : 1 – 15 .
   Web of Science ®Google Scholar