Dissertation/Thesis Abstract

Large shareholder heterogeneity: The effect on firms' accounting quality and information asymmetry
by Trainor, Joseph E., Ph.D., Florida Atlantic University, 2011, 129; 3480604
Abstract (Summary)

I investigate the association between large shareholder heterogeneity and firms’ accounting quality and information asymmetry. Specifically, I construct three measures of ownership heterogeneity based on the type, size, and monitoring aggressiveness of large shareholders present in a firm. Applying these three measures of heterogeneity, I examine whether large shareholder heterogeneity is associated with the variation in firms’ accounting quality and information asymmetry. I also examine new block formations to provide evidence on the consequences of large shareholder investment on firms' accounting quality and information asymmetry. I find that the monitoring aggressiveness of large shareholders is positively associated with firms' accounting quality and information asymmetry. These findings suggest that large aggressive shareholders constrain earnings management, but contribute to firms' overall information asymmetry. Further, using new blockholder data, I find that investments by large aggressive shareholders are positively associated with firms' accounting quality and firms' information asymmetry in the post investment period. This finding provides additional support to my hypotheses that large shareholders play an important role in firms' accounting quality and information asymmetry.

Indexing (document details)
Advisor: Kohlbeck, Mark
Commitee:
School: Florida Atlantic University
School Location: United States -- Florida
Source: DAI-A 73/01, Dissertation Abstracts International
Source Type: DISSERTATION
Subjects: Accounting, Management, Finance
Keywords: Accounting quality, Information asymmetry, Shareholder heterogeneity
Publication Number: 3480604
ISBN: 978-1-124-95266-6
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