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Can continuous disclosure improve the performance of State-Owned Enterprises?

dc.contributor.authorTalosaga, Talosaga
dc.contributor.authorHeatley, David
dc.contributor.authorHowell, Bronwyn
dc.date.accessioned2015-02-11T21:39:29Z
dc.date.accessioned2022-07-07T02:15:12Z
dc.date.available2015-02-11T21:39:29Z
dc.date.available2022-07-07T02:15:12Z
dc.date.copyright1/05/2011
dc.date.issued2011
dc.description.abstractIn January 2010 the New Zealand Government introduced a continuous disclosure regime for State-Owned Enterprises (SOEs) modelled on the regime applying to publicly-listed companies (PLCs). The government sees continuous disclosure increasing the transparency of SOEs and that this will lead to improved financial performance by SOEs. We analyse the traditional rationales for continuous disclosure in PLCs and find that it is not axiomatic that a continuous disclosure regime designed for PLCs overlaid onto an SOE will offer the same incentives for performance improvement. The differences in owner identity and governance relationships in SOEs and the absence of a market for the trading of shares substantially weaken the performance improvement effect of the disclosure instrument in SOEs. In the absence of share trading it is not clear how a failure to disclose by SOE managers could be detected. Furthermore under the New Zealand arrangements the sanctions for SOE failure to disclose are very weak. This suggests that it is both easier for and more likely that SOE managers will withhold material information relative to their PLC counterparts. The hypothesis appears confirmed by a matched-pair comparison of disclosures by SOEs and private sector firms in the first year of the SOE continuous disclosure regime.en_NZ
dc.formatpdfen_NZ
dc.identifier.urihttps://ir.wgtn.ac.nz/handle/123456789/19189
dc.language.isoen_NZ
dc.publisherTe Herenga Waka—Victoria University of Wellingtonen_NZ
dc.rightsPermission to publish research outputs of the New Zealand Institute for the Study of Competition and Regulation has been granted to the Victoria University of Wellington Library. Refer to the permission letter in record: https://ir.wgtn.ac.nz/handle/123456789/18870en_NZ
dc.titleCan continuous disclosure improve the performance of State-Owned Enterprises?en_NZ
dc.typeTexten_NZ
vuwschema.contributor.unitNew Zealand Institute for the Study of Competition and Regulationen_NZ
vuwschema.contributor.unitVictoria Business School: Orauarikien_NZ
vuwschema.subject.anzsrcfor149999 Economics not elsewhere classifieden_NZ
vuwschema.subject.anzsrcforV2389999 Other economics not elsewhere classifieden_NZ
vuwschema.type.vuwWorking or Occasional Paperen_NZ

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