Please use this identifier to cite or link to this item: http://hdl.handle.net/10553/44208
Title: Dominant institutional control and earnings informativeness
Other Titles: Control institucional dominante y capacidad informativa de los resultados contables
Authors: Bona Sánchez, Carolina 
Pérez Alemán, Jerónimo 
Santana Martín, Domingo J. 
UNESCO Clasification: 5303 Contabilidad económica
Keywords: Financiación de empresas
Información
Issue Date: 2013
Publisher: 0210-2412
Journal: Revista Española de Financiación y Contabilidad 
Abstract: In this paper we analyze the relation between dominant institutional control and earnings informativeness in a sample of non-financial Spanish firms listed on the electronic market over the 1996 to 2009 period. Our results suggest that, when a bank is the firm's dominant owner, increasing his ownership stake beyond the minimum level needed for effective control provides an alignment of interest between the bank and the minority shareholders, what positively affects earnings informativeness. Nevertheless, when the dominant owner is an investment fund, increasing his ownership stake beyond the minimum level needed for effective control reveals the investment fund's desire to obtain greater control premiums when he leaves the firm, what negatively affects earnings informativeness. Our results are consistent with differences in objectives, stability, scrutiny and visibility of both banks and investment funds when they own the effective control of the firm.
URI: http://hdl.handle.net/10553/44208
ISSN: 0210-2412
Source: Revista Espanola de Financiacion y Contabilidad[ISSN 0210-2412],v. 42, p. 371-394
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