Valuation of firms that disclose related party transactions

被引：123
作者：
Kohlbeck, Mark [1 ]
Mayhew, Brian W. [2 ]
机构：
[1] Florida Atlantic Univ, Boca Raton, FL 33431 USA
[2] Univ Wisconsin, Madison, WI 53706 USA
来源：
JOURNAL OF ACCOUNTING AND PUBLIC POLICY | 2010年 / 29卷 / 02期
关键词：
Related party transactions; Agency theory; Contracting theory; Valuation; Sarbanes-Oxley; VALUE-RELEVANCE LITERATURE; AUDIT COMMITTEE; STOCK; BOARD;
D O I：
10.1016/j.jaccpubpol.2009.10.006
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the stock market's valuation of firms that disclose related party (RP) transactions compared to those that do not We examine market values just prior to the Sarbanes-Oxley Act (SOX) ban on RP loans to evaluate the market's perception of firms with RP transactions prior to regulatory intervention We also evaluate subsequent returns to assess the RP firms' overall risk return profile We use the 2001 S&P 1500 to provide a large yet manageable hand-collected sample that predates SOX Our market analysis Suggests that RP firms have significantly lower valuations and marginally lower subsequent returns than non-RP firms Market perceptions differ based oil partitioning firms by RP transaction type and parties. The results are consistent with the market discounting firms that engage in simple RP transactions. (C) 2009 Elsevier Inc All rights reserved
引用
收藏
页码：115 / 137
页数：23
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