Table 1
Definitions of variables
| 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 |
[i] Source: Author's own compilation.
Table 2
Descriptive statistics
| 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 | |
[i] SD, Scope of disclosures; CSB, Number of supervisory board committees; MSB, Number of meetings of the supervisory board; MC, Number of meetings of the audit committee; IMSB, Independent members of the supervisory board; LBS, the largest block of shares; A, Assets.
[ii] Source: Author's own compilation.
Table 3
Correlations between variables (Pearson's coefficient)—companies from the WIG 30 and DAX indexes
| SD | CSB | MSB | MC | IMSB | LBS | A | |
|---|---|---|---|---|---|---|---|
| SD | 1.000 | ||||||
| CSB | .496** | 1.000 | |||||
| MSB | .203 | −.115 | 1.000 | ||||
| MC | −.145 | .135 | .328* | 1.000 | |||
| IMSB | .248 | .399** | −.297* | .031 | 1.000 | ||
| LBS | −.119 | −.509** | .262 | −.023 | −.516** | 1.00 | |
| A | .115 | .362** | −.052 | .340* | .233 | −.319* | 1.000 |
SD, Scope of disclosures; CSB, Number of supervisory board committees; MSB, Meetings of the supervisory board; MC, Number of meetings of the audit committee; IMSB, Independent members of the supervisory board; LBS, the largest block of shares; A, Assets.
Source: Author's own compilation.
Table 4
Regression analysis (Model 1). Dependent variable: Scope of disclosures
| 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** |
Predictors: (Constant); CSB, Number of supervisory board committees; MSB, Number of meetings of the supervisory board; MC, Number of meetings of the audit committee; IMSB, Independent members of the supervisory board; LBS, the largest block of shares; A, Assets.
Source: Author's own compilation.
Table 5
Regression analysis (Model 2 and 3). Dependent variable: Scope of disclosures
| 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* |
Predictors: (Constant); CSB, Number of supervisory board committees; MSB, Number of meetings of the supervisory board; MC, Number of meetings of the audit committee; IMSB, Independent members of the supervisory board; LBS, the largest block of shares; A, Assets.
Source: Author's own compilation.