财务报告质量与投资效率:战略联盟的作用

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE Journal of Contemporary Accounting & Economics Pub Date : 2023-09-07 DOI:10.1016/j.jcae.2023.100377
Huichi Huang , David Weinbaum , Nir Yehuda
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引用次数: 0

摘要

我们研究了参与战略联盟的公司,并调查了公司投资与其合作伙伴的会计质量之间的联系。鉴于公司是契约关系的纽带,我们期望联盟伙伴的信息将有助于投资者监督公司。与这一预期一致,我们表明合作伙伴公司的会计质量减少了对焦点公司的过度投资和投资不足。在代理冲突更为严重的多分部公司中,我们还检验了合伙人事务所会计质量的作用。我们发现合伙人事务所的会计质量降低了合伙人事务所的多元化贴现。
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Financial reporting quality and investment efficiency: The role of strategic alliances

We study firms that engage in strategic alliances and investigate the link between a firm’s investment and the accounting quality of its partners. Given the view of the firm as a nexus of contractual relationships, we expect that alliance partner information will help investors monitor the firm. In line with this expectation, we show that partner firms’ accounting quality reduces both over- and underinvestment in the focal firm. We also test the role of partner firms’ accounting quality in multisegment firms, in which agency conflicts are more acute. We find that the accounting quality of partner firms reduces the diversification discount in these firms.

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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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