The association between disclosures on control system over financial reporting and mechanisms of corporate governance: Empirical evidence from Germany and Poland

Type of model	Expected direction	Model 2. Companies from the WIG 30 index	Model 3. Companies from the DAX index
1	2	3	4
N		29	30
		Beta coefficients	Beta coefficients
CSB	+	.384^*	.530^**
MSB	+	.363^*
MC	−		−.515^*
IMBS	+		.381^*
LBS	+	.310^†
A	+	−.137	.144
Models		Values	Values
Adj. R²		0.271	0.253
F		3.328^*	3.460^*

Type of model	Expected direction	Model 1. Companies from the WIG 30 and DAX index
1	2	3
N		59
		Beta coefficients
CSB	+	.457^**
MSB	+	.452^**
MC	−	−.371^*
IMBS	+	.218
LBS	+	.147
A	+	.037
Models		Values
Adj. R²		0.230
F		3.440^**

Variable	Meaning	Measure
Dependent variable

SD	Scope of disclosures	Number of detailed disclosures regarding the system of control over financial reporting presented in the annual report

Independent variables

CSB	Supervisory board committees	Number of supervisory board committees
MSB	Meetings of the supervisory board	Number of meetings of the supervisory board in a year
MC	Meetings of the audit committee	Number of meetings of the audit committee in a year
IMSB	Independent members of the supervisory board	In the case of companies listed in Poland, this variable was measured by the share of independent members of the supervisory board in the total of all members. In the case of companies listed in Germany, this variable was measured by the share of independent members of the supervisory board in the total number of supervisory board members who are shareholders’ representatives. When measuring the variable, employees’ representatives on the supervisory board were not taken into account. In most companies they make up half of the board's composition, and the surveyed companies indicated that these members always have the status of independent members.
LBS	The largest block of shares	The size of the largest block of shares

Control variables

A	Assets	Value of the total assets in thousand euro

	Statistics

		SD	CSB	MSB	MC	IMSB	LBS	A
Companies from the WIG 30 and DAX index	N	59	59	56	50	59	59	59

	Mean	14.05	3.49	7.41	5.62	.51	.31	87,213,243.39
	Median	14.00	3.00	6.00	5.00	.50	.29	16,778,500.00
	Standard deviation	5.68	1.78	3.60	2.28	.28	.21	238,287,779.20
	Minimum	3	0	4	0	.00	.00	269,996.00
	Maximum	25	8	22	11	1.00	.75	1,611,400,000.00

Companies from the WIG 30 index	N	29	29	26	20	29	29	29

	Mean	12.21	2.31	9.15	6.35	.36	.44	9,560,322.77
	Median	12.00	3.00	8.00	6.00	.36	.44	4,894,776.00
	Standard deviation	6.07	1.20	4.50	2.323	.21	.18	12,093,603.20
	Minimum	3	0	4	2	.00	.13	269,996.00
	Maximum	25	4	22	11	1.00	.75	48,039,909.00

Companies from the DAX index	N	30	30	30	30	30	30	30

	Mean	15.83	4.63	5.90	5.13	.65	.18	162,277,733.30
	Median	14.00	4.00	5.00	5.00	.61	.10	35,391,000.00
	Standard deviation	4.71	1.50	1.56	2.14	.28	.16	318,687,882.50
	Minimum	8	2	4	0	.00	.00	5,798,000.00
	Maximum	25	8	10	11	1.00	.59	1,611,400,000.00

Calendario de la edición:: 4 veces al año
Temas de la revista:: Business and Economics, Political Economics, Economic Theory, Systems and Structures, Business Management, Management Accounting, Financial Controlling, Cost Calculation, Investment