Investor protection under unregulated financial reporting

Barton, Jan; Waymire, Gregory B.

doi:10.1016/j.jacceco.2004.06.001

Cited by 172 publications

(63 citation statements)

References 114 publications

(184 reference statements)

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“…Motivated by Hossain et al (2005) and Barton and Waymire (2004), our approach to deal with endogeneity is to resort to econometrics by using an instrumental variables estimator such as two-stage least squares (2SLS). Our selection of instrumental variables is guided by Larcker and Rusticus (2010) and thus we include firms' Age (log) (calculated by the year founded less the current year).…”

Section: Sample Partition Into Sub-samplesmentioning

confidence: 99%

“…Our selection of instrumental variables is guided by Larcker and Rusticus (2010) and thus we include firms' Age (log) (calculated by the year founded less the current year). We are also motivated by Leuz and Verrecchia (2000) and Barton and Waymire (2004) to include Tang (PPE scaled by total assets) as an instrumental variable for disclosure. In addition, Terjesen et al (2009) and Adams and Ferreira (2009) suggest that having a female director improves firms' governance level and also the allocation of more monitoring efforts as harder questions are asked within the board to improve firms' value; therefore, we include female director (FemaleMem) as an instrument that correlates to disaggregation disclosures.…”

Section: Sample Partition Into Sub-samplesmentioning

confidence: 99%

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Disaggregation, auditor conservatism and implied cost of equity capital: An international evidence from the GCC

Al‐Hadi

Taylor

Hossain

2015

Journal of Multinational Financial Management

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Section: Sample Partition Into Sub-samplesmentioning

confidence: 99%

Section: Sample Partition Into Sub-samplesmentioning

confidence: 99%

Disaggregation, auditor conservatism and implied cost of equity capital: An international evidence from the GCC

Al‐Hadi

Taylor

Hossain

2015

Journal of Multinational Financial Management

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“…Empirical evidence regarding market perceptions of corporate governance legislations is mixed. Barton and Waymire (2004) examine the extent to which managers, without a regulatory mandate, supply higher quality financial reporting to mitigate investor losses during a financial crisis. Using data from the 1929 USA stock market, they find that contracting and control conflicts induce managers to provide high-quality information even in the absence of regulation and that firms with high-quality information suffered less during the stock market crash.…”

Section: Variables Coefficients T-statistics Coefficients T-statisticmentioning

confidence: 99%

Corporate governance and the value‐relevance of accounting information

Habib

Azim²

2008

Accounting Research Journal

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If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -This paper seeks to examine the relationship between corporate governance and the value-relevance of accounting information in Australia. Design/methodology/approach -This paper uses board, audit committee and external audit related variables to proxy for corporate governance. Value-relevance is measured by the adjusted R 2 derived from a regression of stock price on earnings and equity book values following Ohlosn's accounting-based valuation framework. Findings -Regression results show that firms with strong governance structure exhibit higher value-relevance of accounting information. Results further show that firm-specific economic variables are important determinants of the value-relevance of accounting information.Research limitations/implications -Significant regulatory reforms regarding corporate governance around the world give an impression that regulators believe that governance plays a key role in ensuring, among others, credible financial reporting. This paper provides support for such a view in Australian context. Originality/value -This paper uses the relationship between accounting numbers and share price as the measure of accounting information quality and also considers the impact of ASX Corporate Governance Best Practice Code on the changes in the value-relevance of accounting information.

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“…Zeff (1972) finds that poor accounting and reporting practices were a primary cause of the October 1929 U.S. stock market collapse. Barton and Waymire (2004) show that U.S. companies adopting full disclosure prior to October 1929 experienced less severe declines in stock prices during the 1929 market collapse. Caprio (1998) examines the link between financial information disclosure and financial crisis in twelve countries in East Asia and Latin America and finds that the countries most affected by the 1997 Asian crisis have below-average financial transparency scores.…”

Section: Introductionmentioning

confidence: 99%