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Title: Ownership structure and informativeness of the accounting earnings
Other Titles: Estructura de propiedad y capacidad informativa de los resultados contables
Authors: Santana Martín, Domingo Javier 
Bona Sánchez, Carolina 
Alemán, Jerónimo Pérez 
UNESCO Clasification: 530301 Contabilidad financiera
Keywords: Contabilidad empresarial
Issue Date: 2007
Publisher: 0210-2412
Journal: Revista Española de Financiación y Contabilidad 
Abstract: The present work analyzes the relationship between the ownership structure of listed nonfinancial Spanish companies and the informativeness of their accounting earnings, measured by the earnings-return relationship. We document that the informativeness of earnings decreases with the level of an ultimate owner's voting control. Nevertheless, we did not find statistically significant results concerning the relationship between the informativeness of accounting earnings and the extent to which the owner's voting rights exceed his cash flow rights. Our results are generally robust to controls for firm size, growth opportunities, leverage, and to the inclusion of only those companies with an ultimate owner. Copyright © 2001 asociación española de contabilidad y administración de empresas.
ISSN: 0210-2412
Source: Revista Espanola de Financiacion y Contabilidad[ISSN 0210-2412],v. 36, p. 55-72
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