5.5.1 Introduction

The subsequent sections present the results of the empirical research subdivided in the univariate results in 5.5, the bivariate results in section 5.6 and finally the multivariate results in 5.7. The presentation of the results is based upon the hypotheses as formulated in section 5.3. In the univariate analysis (descriptive statistics: a description of the characteristics of the observation results (Van Dalen and De Leede 2002)) the main focus is on the trends and developments in code compliance. Trends in the lay-out of the corporate governance statements are analysed, as well as the developments in the level of compliance, in temporary non-compliance due to implementation issues and trends in the quality and category of the reasons provided for non-compliance. Finally, the top 5 deviations and reasons provided for non-compliance are reviewed. See also chapter 6 for further analyses on necessary improvements and specific recommendations.