caa a22 4500 463187687 CHVBK 20180406164858.0 cr unu---uuuuu 170326e20070501xx s 000 0 eng 10.1007/s11156-007-0020-4 doi (NATIONALLICENCE)springer-10.1007/s11156-007-0020-4 Lee Kin-Wai Division of Accounting, Nanyang Business School, Nanyang Technological University, S3-B2A-19 Nanyang Avenue, 639798, Singapore, Singapore aut Corporate voluntary disclosure and the separation of cash flow rights from control rights [Elektronische Daten] [Kin-Wai Lee] We find that corporate voluntary disclosure is negatively associated with the separation of cash flow rights from control rights. This result is consistent with the notion that as the separation of cash flow rights from control rights increases, controlling owners have larger incentives to expropriate the wealth of minority shareholders and low corporate disclosure constitutes a mechanism to facilitate controlling owners in masking their private benefits of control. The negative association between voluntary disclosure and the separation of cash flow rights from control rights is less pronounced for firms with greater external financing needs. This result suggests that for firms with high separation of cash flow rights from control rights, those with greater external financing needs undertake higher firm-level voluntary disclosure to reduce information asymmetry. We also find that the negative association between voluntary disclosure and the separation of cash flow rights from control rights is less pronounced for firms that have a large non-management shareholder. Our result supports the role of large non-management shareholder in mitigating agency problems associated with the separation of ownership and control. Springer Science+Business Media, LLC, 2007 Voluntary disclosures nationallicence Agency costs nationallicence Corporate governance nationallicence Review of Quantitative Finance and Accounting Kluwer Academic Publishers-Plenum Publishers; http://www.springer-ny.com 28/4(2007-05-01), 393-416 0924-865X 28:4<393 2007 28 11156 https://doi.org/10.1007/s11156-007-0020-4 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11156-007-0020-4 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Lee Kin-Wai Division of Accounting, Nanyang Business School, Nanyang Technological University, S3-B2A-19 Nanyang Avenue, 639798, Singapore, Singapore aut NATIONALLICENCE 773 0- Review of Quantitative Finance and Accounting Kluwer Academic Publishers-Plenum Publishers; http://www.springer-ny.com 28/4(2007-05-01), 393-416 0924-865X 28:4<393 2007 28 11156 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer