Interdependencies between Corporate Social Disclosure and Corporate GovernanceaEvidence from Tunisian Companies
The most important objective of this study is to analysis a theoretical framework concerning five main corporate governance characteristic with the extent of voluntary environment disclosure provided by listed firms in Tunisia. These corporate governance quality are the percentage of independent directors to total number of directors on the board, the existence of a institutional ownership, the existence of dominant personalities (CEO / Chairman duality), and the percentage of ownership concentration. By means of a weighted qualified environment disclosure guide for measuring voluntary disclosure, the results designate that the existence of independent directors is significantly and positively related to the extent of voluntary environment disclosure, while the percentage Ownership concentration on the board is negatively related to the extent of voluntary disclosure. The study affords empirical indication to strategy makers and manager in Tunisia for implementing the three new board governance requirements on independence directors, institutional ownership and CEO/Chairman duality.
