Institutional investors’ horizons and bank transparency

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE Journal of Business Finance & Accounting Pub Date : 2023-09-24 DOI:10.1111/jbfa.12749

Mamiza Haq, Shams Pathan, Carlos Fernandez Mendez, Gerald J. Lobo

引用次数: 0

Abstract

We examine the relation between institutional investors’ horizons and bank transparency. The novelty of this research is to consider three important aspects of transparency: disclosure quality, private information gathering and auditor fees. We find strong evidence indicating that banks dominated by long-term (short-term [ST]) institutional shareholders exhibit higher (lower) levels of disclosure quality. However, there is no evidence that investor horizon has a differential effect on private information gathering and audit pricing. The study employs alternative proxies and estimations such as two-stage least squares and propensity score matching to address endogeneity. We also document that banks with higher ST institutional shareholding are associated with lower crash risk. These findings are particularly significant because poor bank transparency has been identified as a contributing factor to the 2007–2009 financial crisis.

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机构投资者的视野与银行透明度

我们研究了机构投资者的视野与银行透明度之间的关系。这项研究的新颖之处在于考虑了透明度的三个重要方面：信息披露质量、私人信息收集和审计师费用。我们发现，有强有力的证据表明，由长期（短期 [ST] ）机构股东主导的银行表现出更高水平（更低水平）的信息披露质量。然而，没有证据表明投资者范围对私人信息收集和审计定价有不同影响。本研究采用了两阶段最小二乘法和倾向得分匹配法等替代代用指标和估计方法来解决内生性问题。我们还发现，ST 机构持股比例越高的银行，崩盘风险越低。这些发现尤为重要，因为银行透明度低被认为是导致 2007-2009 年金融危机的一个因素。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

期刊介绍： Journal of Business Finance and Accounting exists to publish high quality research papers in accounting, corporate finance, corporate governance and their interfaces. The interfaces are relevant in many areas such as financial reporting and communication, valuation, financial performance measurement and managerial reward and control structures. A feature of JBFA is that it recognises that informational problems are pervasive in financial markets and business organisations, and that accounting plays an important role in resolving such problems. JBFA welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view accounting and finance as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics. JBFA, however, also seeks papers that complement economics-based theorising with theoretical developments originating in other social science disciplines or traditions. While many papers in JBFA use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of JBFA is broad, it is not a suitable outlet for highly abstract mathematical papers, or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision makers, or at least should have implications for the development of future research relevant to such users.

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