Research On The Effects Of Board Characteristics On Voluntary Disclosure Of Information

There is no doubt that Information and information disclosure is important in capital market and resource allocation. Investors need to be according to a wide range of related information (such as financial position, operating situation) to make effective investment decision, on the other hand,listed companies want to fight for market and more investors.Thus information disclosure connect both company and outside investors.Information disclosure are made of mandatory disclosure and voluntary disclosure. From the standpoint of investors, both are the main source of decision-making information, complement and extension of each other. Voluntary information disclosure refers to the CSRC not mandate disclosure, listed companies active selective disclosure of information.Which belongs to the mandatory disclosure information?Which belongs to the voluntary disclosure information?How to master the "degree" of two kinds of disclosure forms? Will different board characteristics affect voluntary disclosure?Which specific characteristics affect the content of voluntary disclosure? How? The rest of this article mainly discusses these issues.Based on the real estate industry listed companies as the research object. Choose four main indicators of board of directors as explanatory variables, with the support of relevant theory put forward hypothesis, according to the systematic sampling principle selected normal 50 samples from database, and published annual report data of the 50 companies in 2010, 2011 and 2012, so practical research samples are 150. Come to a conclusion:in addition to the independent directors proportion didn’t pass the test, the rest of the scale of the board of directors of the three variables, chairman and CEO the joining together of two position, director of shareholding proportion are negatively related to the voluntary disclosure of information, through the test of significance.