메뉴 건너뛰기




Volumn 95, Issue 3, 2010, Pages 425-442

Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China

Author keywords

Audit quality; China; Foreign ownership; Ownership concentration; State ownership; Stock price synchronicity

Indexed keywords


EID: 75149138656     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2009.11.005     Document Type: Article
Times cited : (808)

References (62)
  • 2
    • 84919621911 scopus 로고    scopus 로고
    • Does stock price synchronicity represent firm-specific information? The international evidence
    • Unpublished working paper
    • Ashbaugh-Skaife, H., Gassen, J., LaFond, R., 2005. Does stock price synchronicity represent firm-specific information? The international evidence. MIT Sloan, Unpublished working paper.
    • (2005) MIT Sloan
    • Ashbaugh-Skaife, H.1    Gassen, J.2    LaFond, R.3
  • 3
    • 0005738267 scopus 로고    scopus 로고
    • Infrastructure requirements for an economically efficient system of public financial reporting and disclosure
    • Ball R. Infrastructure requirements for an economically efficient system of public financial reporting and disclosure. Brookings Papers on Financial Services 2001 (2001) 127-182
    • (2001) Brookings Papers on Financial Services , vol.2001 , pp. 127-182
    • Ball, R.1
  • 5
  • 6
    • 0142219270 scopus 로고    scopus 로고
    • Investor protection and firm liquidity
    • Brockman P., and Chung D. Investor protection and firm liquidity. Journal of Finance 58 (2003) 921-937
    • (2003) Journal of Finance , vol.58 , pp. 921-937
    • Brockman, P.1    Chung, D.2
  • 8
    • 33644977645 scopus 로고    scopus 로고
    • Stock price synchronicity and analyst coverage in emerging markets
    • Chan K., and Hameed A. Stock price synchronicity and analyst coverage in emerging markets. Journal of Financial Economics 80 (2006) 115-147
    • (2006) Journal of Financial Economics , vol.80 , pp. 115-147
    • Chan, K.1    Hameed, A.2
  • 9
    • 33645580279 scopus 로고    scopus 로고
    • A political economic analysis of auditor reporting and auditor switches
    • Chan K.H., Lin K.Z., and Mo P.L. A political economic analysis of auditor reporting and auditor switches. Review of Accounting Studies 11 (2006) 21-48
    • (2006) Review of Accounting Studies , vol.11 , pp. 21-48
    • Chan, K.H.1    Lin, K.Z.2    Mo, P.L.3
  • 10
    • 2642585060 scopus 로고    scopus 로고
    • The use of accounting information for the valuation of dual-class shares listed on China's capital markets
    • Chen G.M., Firth M., and Kim J.B. The use of accounting information for the valuation of dual-class shares listed on China's capital markets. Accounting and Business Research 32 (2002) 123-131
    • (2002) Accounting and Business Research , vol.32 , pp. 123-131
    • Chen, G.M.1    Firth, M.2    Kim, J.B.3
  • 11
    • 33947692709 scopus 로고    scopus 로고
    • Auditors' governance functions and legal environments: an international approach
    • Choi J.H., and Wong T.J. Auditors' governance functions and legal environments: an international approach. Contemporary Accounting Research 24 (2007) 13-46
    • (2007) Contemporary Accounting Research , vol.24 , pp. 13-46
    • Choi, J.H.1    Wong, T.J.2
  • 12
    • 41449103418 scopus 로고    scopus 로고
    • Audit pricing, legal liability regimes, and Big 4 premiums: theory and cross-country evidence
    • Choi J.H., Kim J.B., Liu X., and Simunic D. Audit pricing, legal liability regimes, and Big 4 premiums: theory and cross-country evidence. Contemporary Accounting Research 25 (2008) 55-99
    • (2008) Contemporary Accounting Research , vol.25 , pp. 55-99
    • Choi, J.H.1    Kim, J.B.2    Liu, X.3    Simunic, D.4
  • 13
    • 0000169508 scopus 로고    scopus 로고
    • Cross-autocorrelation between A-shares and B-shares in the Chinese stock market
    • Chui A.C.W., and Kwok C.Y. Cross-autocorrelation between A-shares and B-shares in the Chinese stock market. Journal of Financial Research 21 (1998) 333-353
    • (1998) Journal of Financial Research , vol.21 , pp. 333-353
    • Chui, A.C.W.1    Kwok, C.Y.2
  • 14
    • 0000200532 scopus 로고    scopus 로고
    • Disentangling the incentive and entrenchment effects of large shareholdings
    • Claessens S., Djankov S., Fan J., and Lang L. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57 (2002) 2741-2771
    • (2002) Journal of Finance , vol.57 , pp. 2741-2771
    • Claessens, S.1    Djankov, S.2    Fan, J.3    Lang, L.4
  • 15
    • 28244478077 scopus 로고    scopus 로고
    • Governance mechanisms and equity prices
    • Cremers K.J.M., and Nair V. Governance mechanisms and equity prices. Journal of Finance 25 (2005) 2859-2894
    • (2005) Journal of Finance , vol.25 , pp. 2859-2894
    • Cremers, K.J.M.1    Nair, V.2
  • 17
    • 0033473614 scopus 로고    scopus 로고
    • The impact of improved auditor independence on audit market concentration in China
    • DeFond M., Wong T.J., and Li S. The impact of improved auditor independence on audit market concentration in China. Journal of Accounting and Economics 28 (2000) 269-305
    • (2000) Journal of Accounting and Economics , vol.28 , pp. 269-305
    • DeFond, M.1    Wong, T.J.2    Li, S.3
  • 18
    • 0002522505 scopus 로고
    • The association between changes in client firm agency costs and auditor switching
    • DeFond M. The association between changes in client firm agency costs and auditor switching. Auditing: A Journal of Practice and Theory 11 (1992) 16-31
    • (1992) Auditing: A Journal of Practice and Theory , vol.11 , pp. 16-31
    • DeFond, M.1
  • 19
    • 0010127968 scopus 로고
    • The competition in auditing an assessment
    • Urbana University of Illinois, pp
    • Dopuch, N., Simunic, D., 1982. The competition in auditing an assessment. In: Fourth Symposium on Auditing Research, Urbana University of Illinois, pp. 401-450.
    • (1982) Fourth Symposium on Auditing Research , pp. 401-450
    • Dopuch, N.1    Simunic, D.2
  • 20
    • 0036331681 scopus 로고    scopus 로고
    • Corporate ownership structure and the informativeness of accounting earnings in East Asia
    • Fan J., and Wong T.J. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33 (2002) 401-425
    • (2002) Journal of Accounting and Economics , vol.33 , pp. 401-425
    • Fan, J.1    Wong, T.J.2
  • 21
    • 14844301720 scopus 로고    scopus 로고
    • Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia
    • Fan J., and Wong T.J. Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia. Journal of Accounting Research 43 (2005) 35-72
    • (2005) Journal of Accounting Research , vol.43 , pp. 35-72
    • Fan, J.1    Wong, T.J.2
  • 22
    • 43849110787 scopus 로고    scopus 로고
    • Does international cross-listing improve the information environment?
    • Fernandes N., and Ferreira M.A. Does international cross-listing improve the information environment?. Journal of Financial Economics 88 (2008) 216-244
    • (2008) Journal of Financial Economics , vol.88 , pp. 216-244
    • Fernandes, N.1    Ferreira, M.A.2
  • 23
    • 67849099181 scopus 로고    scopus 로고
    • Insider trading laws and stock price informativeness
    • Fernandes N., and Ferreira M.A. Insider trading laws and stock price informativeness. Review of Financial Studies 22 (2009) 1845-1887
    • (2009) Review of Financial Studies , vol.22 , pp. 1845-1887
    • Fernandes, N.1    Ferreira, M.A.2
  • 24
    • 33947212344 scopus 로고    scopus 로고
    • Corporate governance, idiosyncratic risk, and information flow
    • Ferreira M.A., and Laux P.A. Corporate governance, idiosyncratic risk, and information flow. Journal of Finance 62 (2007) 951-989
    • (2007) Journal of Finance , vol.62 , pp. 951-989
    • Ferreira, M.A.1    Laux, P.A.2
  • 27
    • 0040790529 scopus 로고    scopus 로고
    • Going public without governance: managerial reputation effects
    • Gomes A. Going public without governance: managerial reputation effects. Journal of Finance 55 (2000) 615-646
    • (2000) Journal of Finance , vol.55 , pp. 615-646
    • Gomes, A.1
  • 29
    • 0001188867 scopus 로고
    • On the impossibility of informationally efficient markets
    • Grossman S.J., and Stiglitz J.E. On the impossibility of informationally efficient markets. The American Economic Review 70 (1980) 393-408
    • (1980) The American Economic Review , vol.70 , pp. 393-408
    • Grossman, S.J.1    Stiglitz, J.E.2
  • 30
    • 0002886905 scopus 로고
    • Takeover bids, the free-rider problems and the theory of the corporation
    • Grossman S.J., and Hart O.D. Takeover bids, the free-rider problems and the theory of the corporation. The Bell Journal of Economics 11 (1980) 42-64
    • (1980) The Bell Journal of Economics , vol.11 , pp. 42-64
    • Grossman, S.J.1    Hart, O.D.2
  • 31
    • 75149177278 scopus 로고    scopus 로고
    • Political economy, client economic importance, and auditor independence: Some evidence from Chinese non-Big 4 auditors
    • Beijing, China, Unpublished working paper
    • Gul, F.A., Kim, J.B., Qiu, A., 2007. Political economy, client economic importance, and auditor independence: some evidence from Chinese non-Big 4 auditors. Hong Kong Polytechnic University, City University of Hong Kong and Citic Security, Beijing, China, Unpublished working paper.
    • (2007) Hong Kong Polytechnic University, City University of Hong Kong and Citic Security
    • Gul, F.A.1    Kim, J.B.2    Qiu, A.3
  • 32
    • 0000125534 scopus 로고
    • Sample selection bias as a specification error
    • Heckman J.J. Sample selection bias as a specification error. Econometrica 47 (1979) 153-162
    • (1979) Econometrica , vol.47 , pp. 153-162
    • Heckman, J.J.1
  • 33
    • 0000712212 scopus 로고    scopus 로고
    • Understanding the determinants of managerial ownership and the link between ownership and performance
    • Himmelberg C., Hubbard R.G., and Palia D. Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics 53 (1999) 353-384
    • (1999) Journal of Financial Economics , vol.53 , pp. 353-384
    • Himmelberg, C.1    Hubbard, R.G.2    Palia, D.3
  • 35
    • 30744457624 scopus 로고    scopus 로고
    • 2 around the world: new theory and new tests
    • 2 around the world: new theory and new tests. Journal of Finance 79 (2006) 257-292
    • (2006) Journal of Finance , vol.79 , pp. 257-292
    • Jin, L.1    Myers, S.2
  • 37
    • 0031256734 scopus 로고    scopus 로고
    • Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan
    • Kang J.K., and Stulz R. Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. Journal of Financial Economics 46 (1997) 3-28
    • (1997) Journal of Financial Economics , vol.46 , pp. 3-28
    • Kang, J.K.1    Stulz, R.2
  • 38
    • 1542713725 scopus 로고    scopus 로고
    • Auditor conservatism, asymmetric monitoring and earnings management
    • Kim J.B., Chung R., and Firth M. Auditor conservatism, asymmetric monitoring and earnings management. Contemporary Accounting Research 20 (2003) 325-359
    • (2003) Contemporary Accounting Research , vol.20 , pp. 325-359
    • Kim, J.B.1    Chung, R.2    Firth, M.3
  • 39
    • 75149174826 scopus 로고    scopus 로고
    • International financial reporting standards, analyst following, institutional infrastructure, and stock price synchronicity
    • Unpublished working paper
    • Kim, J.B., Shi, H., 2009. International financial reporting standards, analyst following, institutional infrastructure, and stock price synchronicity. City University of Hong Kong and Fudan University, Unpublished working paper.
    • (2009) City University of Hong Kong and Fudan University
    • Kim, J.B.1    Shi, H.2
  • 40
    • 33745619522 scopus 로고    scopus 로고
    • Ownership structure, business group affiliation, listing status, and earnings management: evidence from Korea
    • Kim J.B., and Yi C.H. Ownership structure, business group affiliation, listing status, and earnings management: evidence from Korea. Contemporary Accounting Research 23 (2006) 427-464
    • (2006) Contemporary Accounting Research , vol.23 , pp. 427-464
    • Kim, J.B.1    Yi, C.H.2
  • 41
    • 75149198774 scopus 로고    scopus 로고
    • Foreign versus domestic institutional investors: Who contribute more to stock price informativeness? Korean evidence
    • Polytechnic University, Unpublished working paper
    • Kim, J.B., Yi, C.H., 2009. Foreign versus domestic institutional investors: who contribute more to stock price informativeness? Korean evidence. City University of Hong Kong and The Hong Kong Polytechnic University, Unpublished working paper.
    • (2009) City University of Hong Kong and The Hong Kong
    • Kim, J.B.1    Yi, C.H.2
  • 42
    • 8844252399 scopus 로고    scopus 로고
    • Corporate governance, investor protection and performance in emerging markets
    • Klapper L.F., and Love I. Corporate governance, investor protection and performance in emerging markets. Journal of Corporate Finance 10 (2004) 703-728
    • (2004) Journal of Corporate Finance , vol.10 , pp. 703-728
    • Klapper, L.F.1    Love, I.2
  • 47
  • 48
    • 0036094466 scopus 로고    scopus 로고
    • A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis
    • Mitton T. A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis. Journal of Financial Economics 64 (2002) 215-241
    • (2002) Journal of Financial Economics , vol.64 , pp. 215-241
    • Mitton, T.1
  • 49
    • 0009916184 scopus 로고    scopus 로고
    • On the economics of concentrated ownership
    • Morck R. On the economics of concentrated ownership. Canadian Business Law Journal 26 (1996) 63-75
    • (1996) Canadian Business Law Journal , vol.26 , pp. 63-75
    • Morck, R.1
  • 50
    • 0001373089 scopus 로고    scopus 로고
    • The information content of stock markets: why do emerging markets have synchronous stock price movements?
    • Morck R., Yeung B., and Yu W. The information content of stock markets: why do emerging markets have synchronous stock price movements?. Journal of Financial Economics 58 (2000) 215-260
    • (2000) Journal of Financial Economics , vol.58 , pp. 215-260
    • Morck, R.1    Yeung, B.2    Yu, W.3
  • 51
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: comparing approaches
    • Petersen M. Estimating standard errors in finance panel data sets: comparing approaches. Review of Financial Studies 22 (2009) 435-480
    • (2009) Review of Financial Studies , vol.22 , pp. 435-480
    • Petersen, M.1
  • 52
    • 8744259825 scopus 로고    scopus 로고
    • The influence of analysts, institutional investors, and insiders on the incorporation of market, industry and firm-specific information into share prices
    • Piotroski J.D., and Roulstone D.T. The influence of analysts, institutional investors, and insiders on the incorporation of market, industry and firm-specific information into share prices. The Accounting Review 79 (2004) 1119-1151
    • (2004) The Accounting Review , vol.79 , pp. 1119-1151
    • Piotroski, J.D.1    Roulstone, D.T.2
  • 54
    • 0141866991 scopus 로고
    • Estimating betas from nonsynchronous data
    • Scholes M., and Williams J. Estimating betas from nonsynchronous data. Journal of Finance 5 (1977) 309-328
    • (1977) Journal of Finance , vol.5 , pp. 309-328
    • Scholes, M.1    Williams, J.2
  • 56
    • 45349109969 scopus 로고
    • Management entrenchment: the case of manager-specific investments
    • Shleifer A., and Vishny R. Management entrenchment: the case of manager-specific investments. Journal of Financial Economics 25 (1989) 123-139
    • (1989) Journal of Financial Economics , vol.25 , pp. 123-139
    • Shleifer, A.1    Vishny, R.2
  • 58
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer A., and Vishny R.W. A survey of corporate governance. Journal of Finance 52 (1997) 737-783
    • (1997) Journal of Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.W.2
  • 60
    • 56349084078 scopus 로고    scopus 로고
    • State ownership, institutional environment and auditor choice: evidence from China
    • Wang Q., Wong T.J., and Xia L. State ownership, institutional environment and auditor choice: evidence from China. Journal of Accounting and Economics 46 (2008) 112-134
    • (2008) Journal of Accounting and Economics , vol.46 , pp. 112-134
    • Wang, Q.1    Wong, T.J.2    Xia, L.3
  • 62
    • 0347746417 scopus 로고    scopus 로고
    • Auditor-government associations and auditor independence in China
    • Yang L., Tang Q., Kiligore A., and Hong Y. Auditor-government associations and auditor independence in China. British Accounting Review 33 (2001) 175-189
    • (2001) British Accounting Review , vol.33 , pp. 175-189
    • Yang, L.1    Tang, Q.2    Kiligore, A.3    Hong, Y.4


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.