In this paper, I investigate the role of long-term institutional investors in firms’ accounting conservatism. Using exogenous shocks to the attention of long-term institutional investors, I find significantly less timely loss recognition at the time of long-term institutional investors’ distraction. The decrease in loss recognition timeliness is more pronounced among firms with lower information asymmetry ex-ante, firms lacking other governance mechanisms that can effectively monitor managers and firms operating in non-competitive industries, where lack of competitive pressure weakens the strategic considerations of timely loss recognition. Further analysis identifies the reporting of special items as a potential mechanism through which firms adjust the timeliness of loss recognition in response to changes in long-term institutional investors’ attention.

中文翻译：

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长期机构投资者的关注和及时的损失确认

在本文中，我研究了长期机构投资者在公司会计保守主义中的作用。使用外生冲击来引起长期机构投资者的注意，我发现在长期机构投资者分心时，损失识别的及时性明显降低。在事前信息不对称程度较低的公司中，损失确认及时性的下降更为明显, 公司缺乏其他治理机制来有效监控在非竞争行业中运营的经理和公司，缺乏竞争压力会削弱及时确认损失的战略考虑。进一步的分析认为，特殊项目的报告是一种潜在的机制，公司可以通过这种机制调整损失确认的及时性，以应对长期机构投资者注意力的变化。