Large shareholders, bank ownership and informativeness of earnings
AbstractThis paper analyses the influence of large shareholders and bank ownership on earnings informativeness, measured by the earnings-return relation, in Spain. The results suggest that the expropriation effect is dominant at any level of ownership concentration. Furthermore, bank ownership is positively associated with the explanatory power of earnings for returns, being consistent with the role of banks as shareholders that actively monitor the firm’s business performance. This effect is similar regardless of whether the bank is the major shareholder of the firm or not.
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Bibliographic InfoArticle provided by Universidad de Zaragoza, Departamento de Estructura Economica y Economia Publica in its journal Revista de Economía Aplicada.
Volume (Year): 17 (2009)
Issue (Month): 3 (Winter)
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Postal: Revista de Economía Aplicada Departamento de Estructura Económica y Economía Pública Facultad de Ciencias Económicas Gran Vía, 2 50005 Zaragoza Spain
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Web page: http://www.revecap.com/revista/default.html
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Find related papers by JEL classification:
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- M40 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - General
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