A study on corporate governance characteristics of companies who have a high level of voluntary disclosure

摘要

This paper is to find what characteristics the listed companies of manufacture with the high-level voluntary disclosure have. By taking 396 listed companies in the year 2011 as sample and implementing descriptive statistics and paired sample T-test method, we document that: (1) they are the companies of large size with separate directors and CEOs and relatively high financial leverage, proportion of concentrated equity, and salaries for the directors; the actual controllers of most companies are state controlled; although the structure of the board secretary is reasonable, they do not have necessary time for meetings; (2) compared with those of lower level of voluntary disclosure, it reflects different characteristics of governance mainly including the financial leverage, the actual controllers, the total shares of the first five shareholders, and the amount of the three highest executives' compensation. By forcing on this certain group of companies, this paper provides a new perspective for future studies of voluntary disclosure.