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Analyzing Earnings Management For Cross-Listed Firms And Interaction Between Two Futures Exchanges, Chia-Sheng Chen
Analyzing Earnings Management For Cross-Listed Firms And Interaction Between Two Futures Exchanges, Chia-Sheng Chen
University of New Orleans Theses and Dissertations
The first essay examines the impact of investor protection, market monitoring, and liquidity on the firm-level and country-level earnings management using a sample of 432 firms from 34 countries cross-listed in the U.S. The major findings are as follows: First, cross-listed firms from countries with strong legal system, strong outside investor rights, more institutional investors, and higher financial transparency are less likely to engage in earnings management. In addition, in countries with strong investor protection or market monitoring, the level of earnings management is more pronounced for illiquid firms as compared to liquid firms. Second, cross-listed firms following IFRS have …
Institutional Investors And Corporate Financial Policies, Ricky William Scott
Institutional Investors And Corporate Financial Policies, Ricky William Scott
USF Tampa Graduate Theses and Dissertations
Institutional investors influence corporate payout and research and development (R&D) investment policies. Higher payouts are encouraged by institutional investors, especially in firms with high free cash flow and poor investment opportunities. They also positively influence stock repurchases, particularly in firms with high information asymmetry. The substitution of stock repurchases for dividends as a percentage of total payout is encouraged by institutional investors. Institutional owners persuade firm management to increase research and development (R&D) investment overall and specifically in firms with higher stock liquidity, higher information asymmetry, lower free cash flow, and better investment opportunities. Institutional investors decrease agency costs in …