Multiple Large Shareholders and Financial Reporting Quality: Evidence from China

被引：4

作者：

Yuan, Rongli ^{[1
]}

Han, Yadong ^{[2
]}

Chen, Zhanliao ^{[3
]}

机构：

[1] Renmin Univ China, Renmin Business Sch, Beijing, Peoples R China

[2] Zhejiang Gongshang Univ, Sch Accounting, Hangzhou, Zhejiang, Peoples R China

[3] Fujian Investment & Dev Grp, Fund Management Dept, Fuzhou, Fujian, Peoples R China

来源：

ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES | 2023年 / 59卷 / 01期

基金：

中国国家自然科学基金;

关键词：

Multiple large shareholders; Financial reporting quality; Ownership structure; P-A problems; P-P problems; MANAGEMENT TEAM CHARACTERISTICS; EARNINGS MANAGEMENT; ANALYST COVERAGE; CORPORATE GOVERNANCE; INVESTOR PROTECTION; OWNERSHIP STRUCTURE; AUDIT QUALITY; AGENCY COSTS; REAL; ACCRUALS;

D O I：

10.1111/abac.12277

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper, we examine the effect of multiple large shareholders (MLS) on financial reporting quality. Using a sample of Chinese listed firms over the period 2007-2018, we find that firms with MLS tend to have lower financial reporting quality. Our findings are robust to an array of robustness tests, including controlling for possible omitted variables, a Heckman two-step sample selection model, and a difference-in-differences analysis based on a propensity score matched sample. We further show that the effect of MLS on financial reporting quality is attenuated for firms followed by more analysts, cross-listed on the Hong Kong Stock Exchange, and held by institutional blockholders. Finally, we find that agency problems appear to be the possible underlying mechanisms through which MLS lower financial reporting quality.

引用

页码：197 / 229

页数：33

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