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| Tekijä: | Sanchez-Ballesta, J.P. García-Meca, E. |
| Otsikko: | Ownership structure, discretionary accruals and the informativeness of earnings |
| Lehti: | Corporate governance
2007 : JUL, VOL. 15:4, p. 677-691 |
| Asiasana: | corporate governance capital markets earnings companies Spain |
| Vapaa asiasana: | ownership structure discretionary accruals |
| Kieli: | eng |
| Tiivistelmä: | Using panel data methodology, this study examines the relationship btw. ownership (henceforth as: o-ship) structure, discretionary accruals (here as: d-accrs.) and the informativeness of earnings (as: i-of-erns.) for a sample of Spanish non-financial companies listed on the Madrid Stock Exchange from 1999 to 2002. There is found a non-linear relationship btw. insider o-ship and d-accrs. and btw. insider o-ship and earnings explanatory power for returns. This supports the hypothesis that insider o-ship contributes both to the i-of-erns. and constraining earnings management etc. However, with insiders owning a large percentage of shares, they get entrenched, and the relation btw. insider o-ship, d-accrs. and earnings informativeness reverses. |
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