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Foreign ownership and financial reporting quality in private subsidiaries

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  • Belén Gill de Albornoz Noguer

    (Universitat Jaume I)

  • Simona Rusanescu

    (Dpto. Finances i Comptabilitat)

Abstract

In a sample of large private Spanish subsidiaries, we find that the magnitude ofdiscretionary accruals is significantly higher when the parent company is foreign thanwhen it is local. Our tests support the thesis of recent research on earnings management strategies within multinational corporations (MNCs), suggesting that the parent company’s incentives underlie the observed negative relation between foreignownership and financial reporting quality at the subsidiary level. In particular, weobserve that: (1) the tenure of the controlling shareholder has a negative incrementaleffect on financial reporting quality in firms under foreign control, but not insubsidiaries of local groups; and (2) the negative association between foreign ownershipand financial reporting quality is mainly driven by the subsample of subsidiaries withparent companies located in countries with higher institutional quality than Spain.

Suggested Citation

  • Belén Gill de Albornoz Noguer & Simona Rusanescu, 2017. "Foreign ownership and financial reporting quality in private subsidiaries," Working Papers. Serie EC 2017-02, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    • Handle: RePEc:ivi:wpasec:2017-02
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    Keywords

    foreign ownership; private firms; subsidiaries; earnings management;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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