Ponencia
Estructura de propiedad y capacidad informativa de los resultados contables en España
Autor/es | Bona Sánchez, Carolina
Pérez Alemán, Jerónimo Santana Martín, Domingo Javier |
Coordinador/Director | Díez de Castro, Enrique Carlos
Brândao, Elísio |
Fecha de publicación | 2005 |
Fecha de depósito | 2018-11-09 |
Publicado en |
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ISBN/ISSN | 84-96378-10-1 |
Resumen | This paper examines the relationship between the ownership structure of listed non-financial Spanish
companies and the informativeness of their accounting earnings between 1996 and 2002. The
contractual relationships of ... This paper examines the relationship between the ownership structure of listed non-financial Spanish companies and the informativeness of their accounting earnings between 1996 and 2002. The contractual relationships of Spanish companies are set within a governance framework typical of a civil law country. Therefore, they fall under a legal system which, unlike that of Anglo-Saxon countries, provides less protection to outside investors. So, the governance structure is characterized by high concentration of voting rights in the hands of the controlling shareholders, the use of ownership structures that permit the separation of voting rights and cash flow rights, and a notable presence of families in the control of the decision making process. We document a negative relationship between the level of voting rights of the controlling shareholder and the credibility of accounting information. We also find that separation of voting from cash rights does not affect earnings informativeness in Spain. |
Cita | Bona Sánchez, C., Pérez Alemán, J. y Santana Martín, D.J. (2005). Estructura de propiedad y capacidad informativa de los resultados contables en España. En Cities in competition. XV Spanish-Portuguese Meeting of Scientific Management (281-293), Sevilla: Universidad de Sevilla. |
Ficheros | Tamaño | Formato | Ver | Descripción |
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Estructura_de_propiedad.pdf | 219.6Kb | [PDF] | Ver/ | |