*2.3. Past Studies Relating to Factors Affecting the Extent of Corporate Governance Disclosure*

Joseph et al. [39] examined the level of integrity framework information disclosed on the websites of 51 Malaysian and 34 Indonesian local governments. The findings suggested that the disclosures of the 34 Indonesian local governments were superior to those of Malaysia's 51 city and municipal councils. On average, Indonesia published 29 out of 47 studied items on their websites, while Malaysia disclosed only four items. Another study using the sample of government websites conducted by Stewart et al. [38] examined corporate governance disclosures on the websites of 36 state government departments in Australia. It was revealed from the study that both the level of disclosure and the accessibility of the information disclosed vary considerably. In addition, the study identified a lack of agreement over the definition of governance and what it entailed, as well as the requirement for an extra organized way to share governance info with stakeholders. Gandía [37] investigated the corporate governance information provided online by 92 non-financial firms listed on the Spanish capital market. It was revealed that the level of disclosure depends on the extent to which businesses are observed by analysts, their age of listing, their media presence, and their involvement in the communications and information services industry. Mulyadi [40] studied the corporate governance disclosure practices of the 50 top-listed family-owned enterprises in Indonesia and the extent to which company websites supplement or replace annual reports that include corporate governance disclosures. The study found that Indonesia's disclosure policies were still inadequate, particularly those of family-owned businesses. Using 21 disclosure items from the United Nations Conference on Trade and Development's corporate governance disclosure benchmark that are required in Indonesia, the study discovered that only three firms publish corporate governance information in their annual reports and none on their websites. Using the sample of banks, Feldioreanu and Seria [27] studied the influence of culture, company size, and profitability on corporate governance disclosure practices using 34 banks in Romania and Malaysia. The study found that Romanian banks disclose less information regarding corporate governance than Malaysian banks. However, the quality of websites

for Romanian banks is higher. This study illustrates the likelihood of better-performing banks releasing more corporate governance information than fewer profitable financial institutions. Last but not least, Herrador-Alcaide and Hernández-Solís [23] carried out an investigation based on the analysis of information disclosed by firms on two FinTech top lists. Using data from 91 FinTech companies across Europe, Asia, and North America, the study concluded that neither the type of services nor the geographic location had any effect on the disclosure of FinTech companies.
