Corporate ownership, corporate governance reform and timeliness of earnings : Malaysian evidence
Lim, Mable, How, Janice, & Verhoeven, Peter (2014) Corporate ownership, corporate governance reform and timeliness of earnings : Malaysian evidence. Journal of Contemporary Accounting & Economics, 10(1), pp. 32-45.
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This paper provides the first evidence showing that ownership concentration and the identity of the largest shareholder matter to the timeliness of corporate earnings, measured by a stock price-based timeliness metric and the reporting lag. Using panel data of 1276 Malaysian firms from 1996 to 2009, we find a non-linear relationship between concentrated ownership, measured by the largest shareholding in a firm, and the reporting lag but not the timeliness of price discovery. Although firms with government as the largest shareholder and political connections have a significantly shorter reporting lag, only the former are timelier in price discovery. Firms with family and foreigners as the largest shareholder however are less timely in price discovery. While the reporting lag is shorter in the period after the integration of the Malaysian Code of Corporate Governance (MCCG) into Bursa listing rules, its impact on the timeliness of price discovery is mostly immaterial.
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|Item Type:||Journal Article|
|Keywords:||Timeliness, Price Discovery, Corporate Governance, Ownership|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
|Copyright Owner:||Copyright 2013 Elsevier|
|Copyright Statement:||This is the author’s version of a work that was accepted for publication in Journal of Contemporary Accounting & Economics. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Contemporary Accounting & Economics, [Volume 10, Issue 1, (April 2014)] DOI: 10.1016/j.jcae.2013.11.001|
|Deposited On:||12 Dec 2013 00:32|
|Last Modified:||16 Jul 2015 10:17|
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