Ownership structure, discretionary accruals and the informativeness of earnings

Corporate Governance: An International Review

Volumn 15, Issue 4, 2007, Pages 677-691

  Sánchez Ballesta, Juan Pedro ^a   García Meca, Emma ^a  

^a UNIVERSITY OF MURCIA   (Spain)

Author keywords

Capital markets; Corporate governance; Discretionary accruals; Ownership structure

Indexed keywords

EID: 34547249380     PISSN: 09648410     EISSN: 14678683     Source Type: Journal    
DOI: 10.1111/j.1467-8683.2007.00596.x     Document Type: Article

References (45)

1. Agrawal, A. Knoeber, C. (1996) Firm Performance and Mechanism to Control Agency Problems Between Managers and Shareholders, Journal of Financial and Quantitative Analysis, 31, 377 399.
2. Alcarria, J. Gill de Albornoz, B. (2004) Specification and Power of Cross-sectional Abnormal Working Capital Accruals Models in the Spanish Context, European Accounting Review, 13, 73 104.
3. Aldama Report (2002) Informe de la Comisión Especial para el fomento de la transparencia y seguridad en los mercados de las sociedades cotizadas, Madrid.
4. Baltagi, B. H. Chang, Y. J. C. (1994) Incomplete Panels: A Comparative Study of Alternative Estimators for the Unbalanced One-Way Error Component Regression Model, Journal of Econometrics, 62, 67 89.
5. Boubraki, N., Cosset, J. C. Guedhami, O. (2005) Postprivatization Corporate Governance: The Role of Ownership Structure and Investor Protection, Journal of Financial Economics, 76, 369 399.
6. Brick, I. E., Palia, D. Wang, C. J. (2005) Simultaneous Estimation of CEO Compensation, Leverage, and Board Characteristics on Firm Value. Working Paper, SSRN.com.
7. Cho, M. (1998) Ownership Structure, Investment, and the Corporate Value: An Empirical Analysis, Journal of Financial Economics, 47, 103 121.
8. Chung, R., Ho, S. Kim, J. B. (2004) Ownership Structure and the Pricing of Discretionary Accruals in Japan, Journal of International Accounting, Auditing and Taxation, 13, 1 20.
9. Cloyd, C. B., Pratt, J. Stock, T. (1996) The Use of Financial Accounting Choice to Support Aggressive Tax Positions: Public and Private Firms, Journal of Accounting Research, 34, 23 43.
10. Collins, D. Kothari, S. P. (1989) An Analysis of Intertemporal and Cross Sectional Determinants of Earnings Response Coefficients, Journal of Accounting and Economics, 11, 143 181.
11. De Bos, A. Donker, H. (2004) Monitoring Accounting Changes: Empirical Evidence from the Netherlands, Corporate Governance: An International Review, 12, 60 73.
12. De Miguel, A., Pindado, J. and De la Torre, C. (2004) Ownership Structure and Firm Value: New Evidence from Spain, Strategic Management Journal, 25, 1199 1207.
13. Dechow, P. M., Sloan, R. G. Sweeney, A. P. (1995) Detecting Earnings Management, Accounting Review, 70, 193 225.
14. DeFond, M. L. Jiambalvo, J. (1994) Debt Covenant Violation and the Manipulation of Accruals, Journal of Accounting and Economics, 17, 145 176.
15. Demsetz, H. (1983) The Structure of Ownership and the Theory of the Firm, Journal of Law and Economics, 11, 143 181.
16. Demsetz, H. Villalonga, B. (2001) Ownership Structure and Corporate Performance, Journal of Corporate Finance, 7, 209 233.
17. Fan, J. Wong, T. (2002) Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia, Journal of Accounting and Economics, 33, 401 425.
18. Gabrielsen, G., Gramlich, J. Plenborg, T. (2002) Managerial Ownership, Information Content of Earnings, and Discretionary Accruals in a Non-US Setting, Journal of Business, Finance and Accounting, 29, 967 988.
19. Gul, F. A., Lynn, S. J. Tsui, J. S. L. (2002) Audit Quality, Management Ownership, and the Informativeness of Accounting Earnings, Journal of Accounting, Auditing and Finance, 17, 25 49.
20. Gul, F. A., Chen, C. J. P. Tsui, J. S. L. (2003) Discretionary Accounting Accruals, Managers' Incentives, and Audit Fees, Contemporary Accounting Research, 20, 441 464.
21. Hausman, J. A. (1978) Specification Tests in Econometrics, Econometrica, 46, 1251 1271.
22. Healy, P. M. (1985) The Impact of Bonus Schemes on the Selection of Accounting Principles, Journal of Accounting and Economics, 7, 85 107.
23. Healy, P. M. Wahlen, J. M. (1999) A Review of the Earnings Management Literature and its Implication for Standard Setting, Accounting Horizons, 13, 365 383.
24. Himmelberg, C., Hubbard, G. Palia, D. (1999) Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance, Journal of Financial Economics, 53, 353 384.
25. Holthausen, R. W., Larcker, D. Sloan, R. (1995) Annual Bonus Schemes and the Manipulation of Earnings, Journal of Accounting and Economics, 19, 29 74.
26. Jensen, M. (1986) The Takeover Controversy: Analysis and Evidence, Midland Corporate Finance Journal, 4, 6 32.
27. Jensen, M. Meckling, W. (1976) Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure, Journal of Financial Economics, 3, 305 360.
28. Jeter, D. C. Shivakumar, L. (1999) Cross-sectional Estimation of Abnormal Accruals using Quarterly and Annual Data: Effectiveness in Detecting Event-specific Earnings Management, Accounting and Business Research, 29, 299 319.
29. Jones, J. J. (1991) Earnings Management during Import Relief Investigations, Journal of Accounting Research, 29, 193 228.
30. Klassen, K. J. (1997) The Impact of Inside Ownership Concentration on the Trade-off between Financial and Tax Reporting, The Accounting Review, 72, 455 474.
31. Klein, A. (2002) Audit Committee, Board of Director Characteristics, and Earnings Management, Journal of Accounting and Economics, 33, 375 400.
32. La Porta, R., Lopez de Silanes, F. Shleifer, A. (1999) Corporate Ownership Around the World, Journal of Finance, 54, 471 517.
33. La Porta, R., Lopez de Silanes, F., Shleifer, A. Vishny, R. (1997) Law and Finance, Journal of Finance, 52, 1131 1150.
34. Larcker, D. F. Richardson, S. A. (2004) Fees Paid to Audit Firms, Accrual Choices, and Corporate Governance, Journal of Accounting Research, 42, 625 658.
35. Leuz, C., Nanda, D. Wysocki, P. D. (2003) Earnings Management and Investor Protection: An International Comparison, Journal of Financial Economics, 69, 505 527.
36. McConnell, J. J. Servaes, H. (1990) Additional Evidence on Equity Ownership and Corporate Value, Journal of Financial Economics, 27, 595 612.
37. Morck, R., Shleifer, A. Vishny, R. (1988) Management Ownership and Market Valuation: An Empirical Analysis, Journal of Financial Economics, 20, 293 315.
38. Olivencia Commission Report (1998) Informe del comité de Olivencia sobre el Gobierno de Sociedades. Madrid.
39. Palia, D. (2001) The Endogeneity of Managerial Compensation in Firm Valuation: A Solution, The Review of Financial Studies, 14, 735 764.
40. Park, Y. W. Shin, H. H. (2004) Board Composition and Earnings Management in Canada, Journal of Corporate Finance, 10, 431 457.
41. Peasnell, K. V., Pope, P. F. Young, S. (2000) Detecting Earnings Management Using Cross-sectional Abnormal Accruals Models, Accounting and Business Research, 30, 313 326.
42. Short, H. Keasey, K. (1999) Managerial Ownership and the Performance of Firms: Evidence from the UK, Journal of Corporate Finance: Contracting, Governance and Organization, 5, 79 101.
43. Skinner, D. Sloan, R. (1999) Earnings Surprises, Growth Expectations, and Stock Returns or Don't Let an Earnings Torpedo Sink your Portfolio, Review of Accounting Studies, 7, 287 312.
44. Warfield, T., Wild, J. Wild, K. (1995) Managerial Ownership, Accounting Choices and Informativeness of Earnings, Journal of Accounting and Economics, 20, 61 91.
45. Yeo, G. H. H., Tan, P., Ho, K. W. Chen, S. S. (2002) Corporate Ownership Structure and the Informativeness of Earnings, Journal of Business, Finance and Accounting, 29, 1023 1046.