Analysis of the CG disclosures general overview

Of the 53 disclosures included in the ISAR benchmark, the total scores of first tier-listed
companies vary between 8 and 34 items

We used Cochrans Q Test (test assumes that there are k > 2 experimental treatments and
that the observations are arranged in b blocks ) in order to test if the 53 items on the ISAR
check-list are identically disclosed by companies. The results follow :

The statistics above lead us to reasonably conclude that there are variations between
Romanian entities in terms of CG disclosures.
In order to compare the average index for voluntary and compulsory information we
applied the T- test ( It can be used to determine if two sets of data are significantly different
from each other, and is most commonly applied when the test statistic would follow a normal
distribution if the value of a scaling term in the test statistic were known. When the scaling
term is unknown and is replaced by an estimate based on the data the test statistic (under certain
conditions) follows a distribution ) for independent samples. The results obtained are presented
below :

According to these results, we can reasonably conclude that Romanian managers are less
inclined to disclose voluntary rather than mandatory information.
We applied the T-test for independent samples. The indexes determined for audit and
CSR ( Corporate Social Responsibility) were compared with those determined for other
categories.

Consequently, it seems that Romanian managers are indeed inclined to disclose less
information on auditing and CSR than for other CG items.