Berglof and Pajste (2005) has examined What do Firms Disclose and Why? Enforcing Corporate Governance and Transparency in Central and Eastern Europe. Specific corporate-governance rules are often controversial, most observers agree on the need to disclose who owns and controls a firm and what governance arrangements are in place. This paper examines such disclosure in a sample of 370 companies listed on stock exchanges in Central and Eastern Europe. The data show widespread non-disclosure of even the most basic elements of corporate-governance arrangements, despite existing regulation. The level of disclosure varies substantially across firms, and there is a strong country effect in what companies disclose. Overall, what is disclosed depends on the legal framework and practice in a given country, but it does not correlate with firms' financial performance. On the other hand, financial performance is strongly related with how easily available the information is to the public. In particular, information is more available in larger firms, firms with lower leverage, higher market-to-book ratios, and more concentrated ownership.

Berglöf, E., & Pajuste, A. (2005). What do firms disclose and why? Enforcing corporate governance and transparency in Central and Eastern Europe. Oxford Review of Economic Policy, 21(2), 178-197.

Millar , Eldomiaty and Choi (2005) has studied Corporate governance and institutional transparency in emerging markets .This paper posits that differences in corporate governance structure partly result from differences in institutional arrangements linked to business systems. We developed a new international triad of business systems: the Anglo-American, the Communitarian and the Emerging system, building on the frameworks of Choi et al. (British Academy of Management (Kynoch Birmingham) 1996, Management International Review 39, 257–279, 1999). A common factor determining the success of a corporate governance structure is the extent to which it is transparent to market forces. Such transparency is more than pure financial transparency; as it can also be based on factors such as governmental, banking and other types of institutional transparency mechanism. There may also be a choice for firms to adopt voluntary corporate disclosure in situations where mandatory disclosure is not established. The Asian financial crisis of 1997–1999 and the more recent corporate governance scandals such as Enron, Andersen and Worldcom in the United States and Ahold and Parmalat in Europe show that corporate governance and business ethics issues exist throughout the world. As an illustration we focus on Asia’s emerging1 markets, as, both in view of the pressure of globalization and taking into account the institutional arrangements peculiar to the emerging business system, these issues are important there. Particularly for those who have to find an accommodation between the corporate governance structures and disclosure standards of the Emerging system and those of the Anglo-American and Communitarian systems.

Millar, C. C., Eldomiaty, T. I., Choi, C. J., & Hilton, B. (2005). Corporate governance and institutional transparency in emerging markets. Journal of Business Ethics, 59(1-2), 163-174.

Bhat, G., Hope, O. K., & Kang, T. (2006). Does corporate governance transparency affect the accuracy of analyst forecasts?. Accounting & Finance,46(5), 715-732.

Bhat , Hope and Kang (2006) has examined Does corporate governancetransparencyaffect

the accuracy of analyst forecasts?. Using country-level proxies for corporategovernance

transparency, this paper investigates how differences in transparency across 21

countries affect the average forecast accuracy of analysts for the country's firms. They

have used these variable in their stuy Corporate transparency,Corporate

governance ,Disclosures and Analyst forecasts.The association between financial

transparency and analyst forecast accuracy has been well documented in previous

published literature; however, the association between governance transparency and

analyst forecast accuracy remains unexplored. Using the two distinct country-level

factors isolated by Bushman   et   al. (2004 ), governance transparency and financial

transparency, we investigate whether corporate governance information impacts on the

accuracy of earnings forecasts over and above financial information. We document that

governance transparency is positively associated with analyst forecast accuracy after

controlling for financial transparency and other variables. Furthermore, our results

suggest that governance-related disclosure plays a bigger role in improving the

information environment when financial disclosures are less transparent. Our empirical

evidence also suggests that the significance of governance transparency on analyst

forecast accuracy is higher when legal enforcement is weak.

Hassan . M , Haat . C, Rashidah and R, Sakthi (2008) "Corporate governance, transparency and performance of Malaysian companies", Managerial Auditing Journal, Vol. 23 Iss: 8, pp.744 - 778

Keywords:

Hassan . M , Haat . C, Rashidah and R, Sakthi (2008) has analysed Corporate

governance, transparency and performance of Malaysian companies.The paper aims to

examine the effect of good corporate governance practices on corporate transparency

and performance of Malaysian listed companies.

The variable used in study were Business performance, Corporate

governance, Malaysia, Shareholder value analysis. Samples were selected using

matched-sampling method and hierarchical regression was employed to test the

relationship between among corporate governance mechanism, transparency and

performance.Corporate governance factors have a strong predicting power on company

performance, mainly due to debt monitoring and foreign ownership. However, there is a

significant negative relation between audit quality and performance. The results find that

performance is not associated with the level of disclosure and timely reporting. The

results indicate that disclosure and timeliness are not significant contributing factors in

the relationship between corporate governance and market performance..The data

covers a one-year period of 2002 only. This paper deals only with “one-way” causality

running from corporate governance mechanisms to performance, even though, there is

evidence of “reverse-way” and “two-way” causality in governance literature.This paper

indicates that internal governance mechanisms are not important determinants to

corporate performance. However, governance in forms of debt monitoring and foreign

ownership have significant influence on corporate performance. Transparency (i.e.

disclosure and timeliness of reporting) is not a significant mediating variable between

corporate governance and performance.Distinct from previous empirical research as the

disclosure level is measured using self-designed corporate governance index. Apart

from a study conducted in an Asian setting of Malaysia, the study also tests

transparency as a mediating variable between corporate governance and performance

Chen , Chung and Liao (2007) have examined Corporate Governance and Equity Liquidity: analysis of S&P transparency and disclosure rankings . This paper sets out to investigate the effects of disclosure, and other corporate governance mechanisms, on equity liquidity, arguing that those companies adopting poor information transparency and disclosure practices will experience serious information asymmetry. They have 6

variables which are Corporate governance ,transparency and disclosure , asymmetric information costs and liquidity. Since poor corporate governance leads to greater information asymmetry, liquidity providers will incur relatively higher adverse information risks and will therefore offer higher information asymmetry components in their effective bid-ask spreads. The Transparency and Disclosure (T&D) rankings of the individual stocks on the S&P 500 index are employed to examine whether firms with greater T&D rankings have lower information asymmetry components and lower stock spreads. Their results reveal that the economic costs of equity liquidity, i.e. the effective spread and the quoted half-spread, are greater for those companies with poor information transparency and disclosure practices.

Chen, W. P., Chung, H., Lee, C., & Liao, W. L. (2007). Corporate Governance and Equity Liquidity: analysis of S&P transparency and disclosure rankings.Corporate Governance: An International Review, 15(4), 644-660.