Integrated Report Quality: Share Price Informativeness and Proprietary Costs

2021 ◽  
Author(s):  
Mary E. Barth ◽  
Steven F. Cahan ◽  
Lily Chen ◽  
Elmar R. Venter
Keyword(s):  
Share Price ◽  
Price Informativeness ◽  
Proprietary Costs ◽  
Report Quality

scholarly journals The effect of equity ownership structure, financial leverage and proprietary costs on share price anticipation of future earnings: evidence from MENA emerging markets

2013 ◽  
Vol 11 (1) ◽  
pp. 518-533
Author(s):  
Nejia Moumen ◽  
Hakim Ben Othman ◽  
Khaled Hussainey
Keyword(s):  
Emerging Markets ◽  
Ownership Structure ◽  
Middle Eastern ◽  
Share Price ◽  
North African ◽  
Financial Leverage ◽  
Insider Ownership ◽  
Future Earnings ◽  
Proprietary Costs ◽  
Equity Ownership Structure

The paper aims at examining whether the return-future earnings relationship vary with corporate financial leverage, ownership structure and proprietary costs for a sample of 240 firms in the context of Middle Eastern and North African emerging markets. Our results emphasized first a negative association between share price anticipation of future earnings and financial leverage level. We showed also that the return-future earnings relationship is positively related to the level of institutional ownership. Findings revealed in addition and inconsistent with our assumption that insider ownership influences positively the ability of stock return to predict future earnings. Finally, proprietary costs didn’t seem to impact the return future earnings relationship in that only a positive effect on current earnings informativeness was observed.

Share price informativeness and dividend smoothing behavior in GCC markets

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Razaz Felimban ◽  
Sina Badreddine ◽  
Christos Floros
Keyword(s):  
Private Information ◽  
Developed Countries ◽  
Share Price ◽  
Price Informativeness ◽  
Content Type ◽  
Share Prices ◽  
Listed Firms ◽  
Gcc Countries ◽  
Study Results ◽  
Dividend Smoothing

PurposeThis paper examines the dividend smoothing (DS) behaviour in the Gulf Cooperation Council (GCC) countries in emerging markets where the response to news and the economic environment are different from those of developed countries.Design/methodology/approachThe authors examine the effect of share price informativeness on DS in the GCC markets using unbalanced panel data for a sample of 628 GCC-listed firms during 1994–2016. For the regression analysis, the hypotheses are tested using panel regressions and generalised method of moments (GMM) estimation.FindingsFirst, the Lintner model shows that the DS degree in GCC firms is comparable to that of a developed market. Second, and importantly, the results reveal that the DS in GCC firms is sensitive to private information of share prices. Finally, the findings indicate that information asymmetry (IA) and agency-based models affect the tendency to smooth dividends in the GCC markets.Originality/valueThis study is the first study to measure the degree of DS using data for all GCC countries. The authors also identify other determinants of DS behaviour and test the agency and IA explanations for DS in GCC-listed firms. The findings are highly recommended to financial managers and analysts dealing with the GCC markets. This study helps financial analysts to use the share price informativeness as an indicator for the presence of the IA. The study results are beneficial to researchers in understanding the relationship between DS and share price informativeness.

Dividend Taxes, Investor Horizon and Idiosyncratic Volatility

2020 ◽  
Author(s):  
Oliver Zhen Li ◽  
Hang Liu ◽  
Chenkai Ni
Keyword(s):  
Stock Price ◽  
Trading Volume ◽  
Share Price ◽  
Idiosyncratic Volatility ◽  
Individual Investors ◽  
Short Term ◽  
Price Informativeness ◽  
Holding Period ◽  
Lock In ◽  
Dividend Tax

We examine whether dividend tax induced lock-in reduces idiosyncratic volatility. The 2012 Dividend Tax Reform in China tied individual investors' dividend tax to the length of their share holding period, with short-term individual investors entering into higher tax brackets. We find that high dividend firms experience a reduction in idiosyncratic volatility, relative to low dividend firms, after the reform. The effect is more pronounced when high dividend firms have more retail investors and exhibit greater uncertainty. High dividend firms also experience a reduction in stock price crashes. Finally, with reduced trading by individual investors who are likely less informed, earnings announcements of high dividend firms trigger less trading volume during the event window post-reform, but enable more complete price reactions. We conclude that dividend tax induced lock-in, through discouraging short-term individual investors' trading, stabilizes the market and improves share price informativeness.

Change in Sharia Screening Methodology and Share Price Informativeness

2018 ◽  
Author(s):  
Yessy A. Peranginangin ◽  
Sheena Sara Suresh Phillip ◽  
Tee Ming
Keyword(s):  
Share Price ◽  
Price Informativeness

THE INFLUENCE OF EDUCATIONAL LEVEL, WORK EXPERIENCE AND COMPREHENSION OF ACCOUNTING INFORMATION SYSTEM ON FINANCIAL REPORT QUALITY

2018 ◽  
Vol 4 (2) ◽  
pp. 33-42
Author(s):  
Fajar Adiyanto ◽  
Yuli Chomsatu Samrotun ◽  
Anita Wijayanti
Keyword(s):  
Information System ◽  
Data Analysis ◽  
Educational Level ◽  
Work Experience ◽  
Accounting Information ◽  
Primary Data ◽  
Multiple Series ◽  
Accounting Information System ◽  
Financial Report ◽  
Report Quality

This study is conducted to: 1) test and analyze the influence of educational level on financial report quality; 2) test and analyze the influence of work experience on financial report quality; 3) test and analyze the influence of accounting information system on financial report quality. This type of research i.e. research with quantitative data sources in this study is the primary data. Population in this study is all employees employed in district financial department in Surakarta with the sample amounted of 30 employees, where all population was taken as sample. The technique in this study use the question form. The data analysis in a linear regression multiple series program spss for windows version 17.0. From data analysis known that the variabel work experience (H2) and accounting information system comprehension (H3) have influence on financial report quality, and the educational level (H1) variable has no influence on financial report quality, with in the regression coefficient values show that showed a negative value i.e. t count-0.985 and significant value of 0.334

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