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Earnings persistence, institutional investors monitoring and types of political connections
Asian Review of Accounting Pub Date : 2020-04-10 , DOI: 10.1108/ara-05-2019-0112
Chwee Ming Tee , Puspavathy Rasiah

The purpose of this study is to examine whether institutional investors monitoring attenuate (exacerbate) weaker earnings persistence in politically connected firms (PCFs). In addition, it investigates whether earnings persistence do vary according to different types of political connections.,This study employs earnings persistence as measure of earnings quality and ordinary least squares (OLS) model to examine: (1) the moderating effect of institutional investors’ ownership on the association between earnings persistence and PCFs and (2) the association between different types of political connections and earnings persistence.,This study finds that institutional investors' ownership attenuates weaker earnings quality in PCFs, indicating effective monitoring. However, stronger earnings persistence is associated with PCFs with longer political ties, audited by big four audit firm and with higher CEO power.,This study reveals the lower earnings persistence in PCFs can be attenuated by institutional investors monitoring. However, findings also suggest that earnings persistence in PCFs is affected by duration of political ties, big four audit firm and CEO power. This suggests that PCFs should not be viewed as a homogeneous group of firms.

中文翻译:

收益持续性,机构投资者监控以及政治联系类型

这项研究的目的是检验机构投资者的监督是否减弱(加剧)了政治关联公司(PCF)中较弱的收入持续性。此外,本文还研究了收益持久性是否会因不同类型的政治联系而有所不同。本研究采用收益持久性作为衡量收益质量的指标,并采用普通最小二乘模型(OLS)检验:(1)机构投资者的调节作用(2)不同类型的政治联系与收益持久性之间的关联。本研究发现,机构投资者的所有权减弱了PCFs较弱的收益质量,表明进行了有效监控。然而,收益持久性越强,与政治联系更长,受四大审计公司审计,CEO权力越高的PCF相关。该研究表明,通过机构投资者监控,PCFs较低的收益持久性会减弱。但是,研究结果还表明,PCF的收入持久性受到政治关系持续时间,四大审计公司和首席执行官权力的影响。这表明PCF不应被视为同类公司。
更新日期:2020-04-10
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