Testing the Requirements Availability for Disclosure and Transparency in Financial Reporting for Corporate Governance in Emerging Market Economies: The Case of Iraqi Listed Firms

Majeed Abdulhussein H. Al-Maryani

Abstract


This study aimed to test the disclosure and transparency within the international principles of corporate governance and its accounting reflections in the financial reporting of firms in an emerging market economy. We have tried to test this topic in the environment of Iraqi firms through the study and analysis of published financial reports and the availability of material information to the principle of disclosure and transparency, in addition to indicate the effect of firms type of activities and size on the availability of this information.
By using financial reports for 34 listed firms for the periods from 2008 - 2011, and have constructed an index consisting of 20 components to measure the level of disclosure and transparency in financial reports for these firms. These components are distributed on 3 main parts, which are: information about the firm, information about board of directors and executives, financial and accounting information. The results reveal that the availability of material requirements of disclosure and transparency in financial reporting of Iraqi listed firms is low, and also there was a significant impact of the firm’s types of activities on the availability of material requirements of disclosure and transparency.

Keywords


Corporate Governance, Disclosure and Transparency Index, Firms’ Information, Board of Director’s Information, Financial and Accounting Information.

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