This paper investigates stock analysts’ earnings forecasts under complex corporate ownership in China. Based on a sample of 1298 firms for years 2004–2011, our evidence suggests that state shareholding is negatively related to the quality of consensus analysts’ earnings forecasts. In...

This article reviews family firm studies in the finance and accounting literature, primarily those conducted using data from the United States and China. Family owners have unique features such as concentrated ownership, long investment horizon, and reputation concerns. Given the distinguishing...

This study provides evidence that Belgian firms affiliated to a business group (holding) manage their earnings more than stand-alone firms. Earnings management is especially more prevalent in fully owned group firms compared to group firms with minority shareholders. This evidence is consistent...

We study the effect of institutional ownership on firm coverage by equity analysts. To account for the endogeneity of institutional ownership we employ instrumental variable approach. Acquisition for cash of a company from an institutional investor's portfolio serves as an exogenous shock to the...

Objective - This research analyzes the effect of state ownership, family ownership, and the effectiveness of the board's moderating role on sustainability report quality of Indonesian companies.Methodology/Technique - Sustainability report quality is a factor analysis of percentage of disclosure...

We study the effect of institutional ownership on firm coverage by equity analysts. To account for the endogeneity of institutional ownership we employ instrumental variable approach. Acquisition for cash of a company from an institutional investor's portfolio serves as an exogenous shock to the...

Using an experiment to rule out reverse causality, we examine whether a small investment in a company's stock leads investors to purchase more of the company's products and adopt other views and preferences that benefit the company. We preregister our research methods, hypotheses, and...

I find common institutional ownership in a customer and its supplier increases the duration of their supply chain relationship, particularly when the common ownership is long-term and vertical frictions are greater. Using an instrument constructed around a shock to common ownership following a...

This paper examines the effect of family ownership on firm voluntary disclosure and the associated capital market consequences. I use a randomly assigned family trait, the gender of the firstborn child of the firm's family owner, as an instrumental variable and find that family ownership of a...

Using global cross-firm ownership data, we find that both stock returns and cash-flow news of ownership-linked firms predict focal firm’s returns for all four types of ownership structures: subsidiary−parent, parent−subsidiary, subsidiary−subsidiary, and parent−parent. These results...