Corporate governance, equity structure and food safety information disclosure

CHEN Suyun1,2

(1.School of Economics and Management, Henan Agricultural University)
(2.School of Management, Xiamen University)

【Abstract】Food safety information disclosure has become the hotspot of regulators, practitioners and researchers recently. Based on the data of 137 listed food corporations at the Shenzhen and Shanghai stock exchanges in 2011–2015, this paper examines the effect of corporate governance on food safety information disclosure by taking the food safety disclosure level as measurement index. It finds that the better the corporate governance practices, the higher the level of food safety information disclosure is. The empirical study indicates that the proportion of independent directors, executive shareholding ratio, executive remuneration ratio and ownership concentration have a significant positive effect on food safety information disclosure. Further analysis shows that with different equity structures, corporate governance also has different effects on food safety information disclosure. In state-owned enterprises, the combined title of board chair and general manager has a significant positive effect on food safety information disclosure, but this effect displays in a negative way in non-state-owned holding enterprises. Furthermore, the executive remuneration ratio in state-owned enterprises is found to play a more significant effect on food safety information disclosure than in non-state-owned enterprises, while the executive shareholding ratio in non-state-owned enterprises is found to play a more significant effect on food safety information disclosure than in state-owned enterprises.

【Keywords】 corporate governance; equity structure; food safety; information disclosure;


【Funds】 National Natural Science Foundation of China (71503072) Henan Province Soft Science Research Project (172400410630) Henan Provincial Government Decision-making Research Project (2016B025)

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This Article


CN: 11-1262/F

Vol , No. 03, Pages 86-96

March 2017


Article Outline


  • 1 Introduction
  • 2 Literature review, theoretical analysis and research hypotheses
  • 3 Research design
  • 4 Empirical analysis results
  • 5 Further analysis based on equity structure
  • 6 Research conclusion and policy implications
  • Footnote