Bookcover of Pyramid Ownership Structure & Value Relevance of Earnings Information
Booktitle:

Pyramid Ownership Structure & Value Relevance of Earnings Information

LAP LAMBERT Academic Publishing (2016-05-04 )

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ISBN-13:

978-3-659-86756-9

ISBN-10:
365986756X
EAN:
9783659867569
Book language:
English
Blurb/Shorttext:
Although the value-relevance of earnings information has been widely explored, the study in this area however has focused on the context of value relevance with a dispersed ownership structure, and has overlooked the distinct context of value relevance of concentrated ownership structure especially in Malaysian context. To address this significant gap in the prior research, this study attempts to ascertain whether higher level of cash flow rights in the hand of ultimate controlling owner enhance the value relevance of earnings information in pyramid structure particularly for Malaysian public listed firms. Panel Generalized Least Square (GLS) estimation is used for 136 firms listed in the Main Market of Bursa Malaysia Berhad (BMB) by employing earnings-return model. The findings are quite notable as they do confirm the proposed hypotheses, through a series of statistically significant results. The effectiveness of the governing mechanisms such as higher level of cash flow rights provides avenue to curb expropriation activity as well as opportunistic earnings management. Such an approach will increase the usefulness of this study from a standard setting perspective.
Publishing house:
LAP LAMBERT Academic Publishing
Website:
https://www.lap-publishing.com/
By (author) :
Irfah Najihah Basir Malan, Norhana Salamudin, Noryati Ahmad
Number of pages:
72
Published on:
2016-05-04
Stock:
Available
Category:
Business management
Price:
39.90 €
Keywords:
corporate finance, Malaysia, corporate governance, value relevance, Ultimate Controlling Owner, Level of Cash Flow Rights, Earnings Information, Pyramid Ownership Structure, Panel Generalised Least Square (GLS)

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