عنوان انگلیسی مقاله:

The relationship between equity ownership concentration and earningsquality: evidence from Brazil

ترجمه عنوان مقاله: رابطه بین تمرکز مالکیت سهام و کیفیت سود: شواهد از برزیل

رشته: مالی و حسابداری

سال انتشار: 2016

تعداد صفحات مقاله انگلیسی: 13 صفحه

منبع: الزویر و ساینس دایرکت

نوع فایل: pdf

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چکیده

Abstract The relationship between equity ownership concentration and earningsquality

This study investigates the influence of ownership concentration on earnings quality of Brazilian firms. This topic is relevant considering thesubstantially low number of companies with diffuse ownership structure in Brazil in comparison to US, where most studies about earnings qualityhave been performed. The Brazilian setting permits us to complement Givoly, Hayn, and Katz (2010) analysis between the potential explanationsfor the relation between ownership structure and earnings quality based on both the “demand” and “opportunistic behavior” hypothesis. To examinethis relationship, we employ two measures as proxies of earnings quality: earnings persistence and asymmetric timeliness (conservatism).

Ourresults are consistent with the “demand” hypothesis and indicate that earnings represent a more consistent indicator of future performance whenownership structure becomes more dispersed. Our results contribute to the literature because it suggests that the quality of accounting numbershave to be assessed considering aspects related to ownership concentration (even when analyzing earnings from public firms). It also contributesto the investment community because it shows that earnings forecast accuracy may be influenced by ownership structure.

Keywords: Earnings quality, Persistence, Conservatism, Ownership structure, Brazil

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