Corporate Governance Attributes and Level of Disclosure among Listed Companies in Tanzania. Moderating Effect of Ownership Concentration

Mwacha, Michael J (2023) Corporate Governance Attributes and Level of Disclosure among Listed Companies in Tanzania. Moderating Effect of Ownership Concentration. Doctoral thesis, The Open University of Tanzania.

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Abstract

This study examined the effects of corporate governance attributes on the level of corporate disclosure (LCD) for companies listed in Tanzania. Specifically, it determined the level of disclosure among listed companies, it examined the effect of ownership structures on LCD, it examined the effect of board characteristics on LCD and lastly, it examined the moderating effect of ownership concentration on the association between CG attributes and LCD. Agency theory and management hegemony theory were used. Explanatory research design were employed together with a post-positivist philosophy. The sample included 105 firm-year observations from annual reports from 21 listed companies. Ordinary Least Square, Fixed Effects and Generalised Methods of Moments estimators were used. Descriptive statistics, correlation and regression analysis were employed. Findings showed a positive effect of directors, government and foreign ownerships on LCD. Results also showed a positive effect of board size, board independence and directors’ remuneration on LCD. Institutional ownership showed a negative effect. Also, the findings showed a positive moderating effect of ownership concentration on the association between the director, government, and foreign ownerships while there is a negative moderating effect on association between the institutional ownership and LCD. Moreover, OwnConc showed a positive moderating effect on the association between board size, board independence, directors’ remuneration and LCD. It was recommended that policymakers and regulators should ensure there are an optimal number of board members of varied skills. Keywords: Corporate governance, corporate attributes, ownership structures, board characteristics, Ownership concentration, Tanzania.

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