Corporate ownership, corporate governance reform and timeliness of earnings: Malaysian evidence
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Description
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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ID Code: | 65298 | ||||
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Item Type: | Contribution to Journal (Journal Article) | ||||
Refereed: | Yes | ||||
ORCID iD: |
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Measurements or Duration: | 14 pages | ||||
Keywords: | Corporate Governance, Ownership, Price Discovery, Timeliness | ||||
DOI: | 10.1016/j.jcae.2013.11.001 | ||||
ISSN: | 1815-5669 | ||||
Pure ID: | 32672078 | ||||
Divisions: | Past > QUT Faculties & Divisions > QUT Business School Current > Schools > School of Economics & Finance |
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Copyright Owner: | Consult author(s) regarding copyright matters | ||||
Copyright Statement: | This work is covered by copyright. Unless the document is being made available under a Creative Commons Licence, you must assume that re-use is limited to personal use and that permission from the copyright owner must be obtained for all other uses. If the document is available under a Creative Commons License (or other specified license) then refer to the Licence for details of permitted re-use. It is a condition of access that users recognise and abide by the legal requirements associated with these rights. If you believe that this work infringes copyright please provide details by email to qut.copyright@qut.edu.au | ||||
Deposited On: | 12 Dec 2013 00:32 | ||||
Last Modified: | 24 Jun 2024 15:53 |
Available Versions of this Item
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Corporate ownership, corporate governance reform and timeliness of earnings: Malaysian evidence. (deposited 24 Apr 2014 04:42)
- Corporate ownership, corporate governance reform and timeliness of earnings: Malaysian evidence. (deposited 12 Dec 2013 00:32) [Currently Displayed]
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