Perks and the informativeness of stock prices in the Chinese market
Data(s) |
01/12/2011
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Resumo |
While the literature shows that perks can affect firm values positively or negatively, we argue that firms with higher perks are more likely to be associated with a lower quality of financial reporting, which, in turn, can affect the informativeness of stock prices. Based on hand-collected data on perks from Chinese listed firms, we find that firms with lower perks are associated with higher informativeness of stock prices (or lower R-square). Moreover, the positive association between perks and R-square is shown to be weaker for firms with higher financial reporting quality through audit and earnings quality measures. <br /> |
Identificador | |
Idioma(s) |
eng |
Publicador |
Elsevier |
Relação |
http://dro.deakin.edu.au/eserv/DU:30080014/gul-perksandthe-2011.pdf http://www.dx.doi.org/10.1016/j.jcorpfin.2011.07.005 |
Direitos |
2011, Elsevier |
Palavras-Chave | #perks #auditor quality #earnings quality #R-square #Auditor quality #Earnings quality #R-square #CORPORATE GOVERNANCE #OWNERSHIP STRUCTURE #RETURN VARIATION #EQUITY PRICES #AGENCY COSTS #CASH FLOWS #FIRM #BOARD #PERFORMANCE |
Tipo |
Journal Article |