Which two of the following five statements are false? Academic studies have supported the notion that greater managerial ownership is associated with fewer value-reducing actions by The Swedish corporate Governance code is legally binding for listed firms in most countries publicly listed companies can choose whether or not they wish to release their financial statements. Regarding board size, researchers have found that smaller boards are associated with greater firm value and performance, since small groups when internal governance systems such as ownership compensation board oversight and activism fall the one managers is by mounting a hostile takeover