Institutional ownership composition and accounting conservatism

被引：26

作者：

Lin L. ^{[1
]}

机构：

[1] Department of Accounting and Finance, University of Massachusetts Dartmouth, 285 Old Westport Road, North Dartmouth, 02747, MA

来源：

Review of Quantitative Finance and Accounting | 2016年 / 46卷 / 2期

关键词：

Accounting conservatism; Corporate governance; Institutional investors;

D O I：

10.1007/s11156-014-0472-2

中图分类号：

学科分类号：

摘要：

This study empirically investigates the association between institutional ownership composition and accounting conservatism. Transient (dedicated) institutional investors, holding diversified (concentrated) portfolios with high (low) portfolio turnover, focus on portfolio firms’ short-term (long-term) perspectives and trade heavily (generally do not trade) on current earnings news. Thus, I predict that as transient (dedicated) institutional ownership increases, firms will exhibit a lower (higher) degree of accounting conservatism. Consistent with my predictions, in the context of asymmetric timeliness of earnings, I document that as the level of transient (dedicated) institutional ownership increases, earnings become less (more) asymmetrically timely in recognizing bad news. © 2014, Springer Science+Business Media New York.

引用

页码：359 / 385

页数：26

共 43 条

[1]

Ahmed A.S., Duellman S., Accounting conservatism and board of director characteristics: an empirical analysis, J Account Econ, 43, 2-3, pp. 411-437, (2007)

[2]

Ali A., Klasa S., Li O.Z., Institutional stakeholdings and better-informed traders at earnings announcements, J Account Econ, 46, 1, pp. 47-61, (2008)

[3]

Ball R., Shivakumar L., Earnings quality in U.K. private firms: comparative loss recognition timeliness, J Account Econ, 39, 1, pp. 83-128, (2005)

[4]

Bartov E., Lindahl F.W., Ricks W.E., Stock price behavior around announcements of write-offs, Rev Account Stud, 3, 4, pp. 327-346, (1998)

[5]

Basu S., The conservatism principle and the asymmetric timeliness of earnings, J Account Econ, 24, 1, pp. 3-37, (1997)

[6]

Beaver W.H., Ryan S.G., Conditional and unconditional conservatism: concepts and modeling, Rev Account Stud, 10, 2-3, pp. 269-309, (2005)

[7]

Beekes W., Pope P., Young S., The link between earnings timeliness, earnings conservatism and board composition: evidence from the UK, Corp Gov Int Rev, 12, 1, pp. 47-59, (2004)

[8]

Brown K., Brooke B., Institutional demand and security price pressure: the case of corporate spin-offs, Financ Anal J, 49, 5, pp. 53-62, (1993)

[9]

Bunsis H., A description and market analysis of write-off announcements, J Bus Financ Account, 24, 9-10, pp. 1385-1400, (1997)

[10]

Bushee B.J., The influence of institutional investors on myopic R&D investment behavior, Account Rev, 73, 3, pp. 305-333, (1998)

← 1 2 3 4 5 →