Ownership structure and earnings informativeness: Evidence from Korea

International Journal of Accounting

Volumn 37, Issue 3, 2002, Pages 301-325

  Jung, Kooyul ^a   Kwon, Soo Young ^b  

^a Korea Advanced Institute of Science and Technology (KAIST)   (South Korea)

^b Korea University   (South Korea)

Author keywords

Earnings informativeness; Largest shareholder; Ownership structure; Quality of earnings

Indexed keywords

EID: 0036389456     PISSN: 10944060     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0020-7063(02)00173-5     Document Type: Article

References (30)

1. Admati, A. R., Pfeiderer, P., & Zechner, J. (1994). Large shareholder activism, risk sharing, and financial market equilibrium. Journal of Political Economy, 1097-1130.
2. Bae, K.-H., Kang, J.-K., & Kim, J.-M. (2001). Tunneling or value added? Evidence from mergers by Korean business groups. Journal of Finance (forthcoming).
3. Billings, B. (1999, April). Revisiting the relation between the default risk of debt and the earnings response coefficients. Accounting Review, 509-522.
4. Bushee, B. (1998). Institutional investors, long-term investment, and earnings management. Accounting Review, 305-333.
5. Claessens, S., Djankov, S., Lang, S. L., & Fan, J. (1999). Diversification and efficiency of investment of East Asian corporations. Working paper.
6. Claessens, S., Djankov, S., Lang, S. L., & Fan, J. (2000). On expropriation of minority shareholders: evidence from East Asia. Working paper.
7. Collins, D., & Kothari, S. P. (1989, July). An analysis of intertemporal and cross-sectional determinants of earnings response coefficients. Journal of Accounting and Economics, 139-157.
8. Collins, D., Pincus, M., & Xie, H. (1999, January). Equity valuation and negative earnings: the role of book value of equity. Accounting Review, 29-62.
9. Easton, P. D., & Zmijewski, M. E. (1989, July). Cross-sectional variation in stock market response to accounting earnings announcements. Journal of Accounting and Economics, 117-141.
10. Fan, J., & Wong, T. J. (2000). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Working paper, The Hong Kong University of Science and Technology.
11. Graves, S. B. (1988). Institutional ownership and corporate R&D in the computer industry. Academy of Management Journal, 417-428.
12. Han, B. H. (1998, March). Has the usefulness of accounting earnings information improved in the Korean stock market? Korean Accounting Review, 1-24.
13. Hayn, C. (1995, September). The information content of losses. Journal of Accounting and Economics, 20, 125-153.
14. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 305-360.
15. Johnson, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2000). Tunneling. American Economic Review Papers and Proceedings, 90, 22-27.
16. Kaplan, S. N. (1994). Top executive rewards and firm performance: a comparison of Japan and the US. Journal of Political Economy, 102, 510-546.
17. Kaplan, S. N., & Minton, B. A. (1994). Outside activity in Japanese companies: determinants and managerial implications. Journal of Financial Economics, 36, 225-258.
18. Kim, J. J. (2000). A study of the impact of signs of earnings level and change, and earnings management of earnings response coefficient. Korean Accounting Review, 1-25.
19. Kim, J., Krinsky, I., & Lee, J. (1997). Institutional holdings and trading volume reactions to quarterly earnings announcement. Journal of Accounting, Auditing, and Finance, 1-14.
20. Kormendi, R., & Lipe, R. (1987). Earnings innovation, earnings persistence and stock returns. Journal of Business, 323-346.
21. La Porta, R., de Silanes, F. L., & Shleifer, A. (1999). Corporate governance in the Asian financial crisis. Journal of Finance, 54, 471-518.
22. Morck, R., Nakamura, M., & Shivdasani, A. (2000). Banks, ownership structure, and firm value in Japan. Journal of Business, 73, 539-567.
23. Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: an empirical analysis. Journal of Financial Economics, 293-315.
24. Pound, J. (1988). Proxy contest and the efficiency of shareholder oversight. Journal of Financial Economics, 20, 237-265.
25. Rajgopal, S., Venkatachalam, M., & Jiambalvo, J. (1999). Is institutional ownership associated with earnings management and the extent to which prices reflect future earnings? Working paper. University of Washington and Stanford University.
26. Shleifer, A., & Vishney, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 94, 461-488.
27. Shleifer, A., & Vishney, R. (1997). A survey of corporate governance. Journal of Finance, 52, 737-783.
28. Warfield, T., Wild, J. J., & Wild, K. (1995). Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics, 61-91.
29. Watts, R. L., & Zimmerman, J. L. (1990). Positive accounting theory: a ten year perspective. Accounting Review, 65, 131-156.
30. Zmijewski, M., & Hagerman, R. (1981). An income strategy approach to the positive theory of accounting standards setting/choice. Journal of Accounting and Economics, 3, 129-149.