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Article: The effect of voluntary disclosure, ownership structure and proprietary cost on the return-future earnings relation

TitleThe effect of voluntary disclosure, ownership structure and proprietary cost on the return-future earnings relation
Authors
KeywordsReturn-future earnings relation
Ownership structure
Government-linked company
Voluntary disclosure
Proprietary costs
Issue Date2006
Citation
Pacific Basin Finance Journal, 2006, v. 14, n. 5, p. 501-521 How to Cite?
AbstractThis study examines the effect of voluntary disclosure on the relation between current annual return, contemporaneous annual earnings and future earnings, and the influence of both ownership structure and proprietary cost on this relation. Regression analyses reveal that firms with higher voluntary disclosure levels contain more information about future performance in their current stock return. This positive association is weaker if (1) management holds a higher proportion of share ownership in the company, (2) proprietary cost is present and (3) government ownership exists. However, the existence of outside block ownership significantly decreases managers' ability to limit voluntary disclosure. Our findings remain significant after controlling for the usual factors (size, growth, etc.) in the return-earnings regression, and a series of sensitivity and robustness checks. © 2006 Elsevier B.V. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/256924
ISSN
2015 Impact Factor: 0.938
2015 SCImago Journal Rankings: 0.541

 

DC FieldValueLanguage
dc.contributor.authorLuo, Shuqing-
dc.contributor.authorCourtenay, Stephen M.-
dc.contributor.authorHossain, Mahmud-
dc.date.accessioned2018-07-24T08:58:21Z-
dc.date.available2018-07-24T08:58:21Z-
dc.date.issued2006-
dc.identifier.citationPacific Basin Finance Journal, 2006, v. 14, n. 5, p. 501-521-
dc.identifier.issn0927-538X-
dc.identifier.urihttp://hdl.handle.net/10722/256924-
dc.description.abstractThis study examines the effect of voluntary disclosure on the relation between current annual return, contemporaneous annual earnings and future earnings, and the influence of both ownership structure and proprietary cost on this relation. Regression analyses reveal that firms with higher voluntary disclosure levels contain more information about future performance in their current stock return. This positive association is weaker if (1) management holds a higher proportion of share ownership in the company, (2) proprietary cost is present and (3) government ownership exists. However, the existence of outside block ownership significantly decreases managers' ability to limit voluntary disclosure. Our findings remain significant after controlling for the usual factors (size, growth, etc.) in the return-earnings regression, and a series of sensitivity and robustness checks. © 2006 Elsevier B.V. All rights reserved.-
dc.languageeng-
dc.relation.ispartofPacific Basin Finance Journal-
dc.subjectReturn-future earnings relation-
dc.subjectOwnership structure-
dc.subjectGovernment-linked company-
dc.subjectVoluntary disclosure-
dc.subjectProprietary costs-
dc.titleThe effect of voluntary disclosure, ownership structure and proprietary cost on the return-future earnings relation-
dc.typeArticle-
dc.description.natureLink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.pacfin.2006.02.002-
dc.identifier.scopuseid_2-s2.0-33749833446-
dc.identifier.volume14-
dc.identifier.issue5-
dc.identifier.spage501-
dc.identifier.epage521-

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