关联交易与盈余质量:女性董事的调节作用

Carolina Bona Sánchez, Marina Elistratova, Jerónimo Pérez Alemán
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引用次数: 0

摘要

本研究旨在分析关联交易(RPTs)对西班牙上市公司盈余质量的影响,以及女性董事在关联交易与盈余质量的关系中所起的调节作用。样本包括2005年至2019年的西班牙非金融类上市公司。本文采用基于企业固定效应估计量的面板数据分析方法。此外,作者还使用两步系统广义矩估计方法来检验结果的鲁棒性。结果表明,RPTs对盈余质量具有负向影响。进一步分析表明,负面影响主要由公司及其董事和大股东之间的交易驱动,以及更可能反映内部人自身利益的rpt。此外,作者还表明,女性董事的存在降低了rpt对盈余质量的负面影响。该研究为投资者、审计师和政策制定者提供了实际意义,他们应该意识到rpt可能会损害盈余质量,并对金融资本流向有前景的投资机会产生不利影响。此外,研究还证明,随着rpt的增加,女性董事在财务报告政策方面发挥的关键治理作用。由于作者揭示了随着rpt的增加,女性董事在财务报告政策方面发挥的关键治理作用,因此研究结果促进了女性在领导职位上的更高代表性的必要性。原创性/价值该研究的结果补充了一个欧洲大陆国家关于rpt对盈余质量影响的现有证据。作者还为-à-vis女性董事在RPTs与盈余质量关系中的作用提供了新的证据。
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Related party transactions and earnings quality: the moderating role of female directors
Purpose This study aims to analyse the effect of related party transactions (RPTs) on earnings quality in a sample of Spanish listed firms, as well as the moderating role played by female directors in the relationship between RPTs and earnings quality. Design/methodology/approach The sample includes non-financial Spanish listed firms from 2005 to 2019. The authors use panel data analysis based on the firm fixed-effect estimator. Additionally, the authors use the two-step system generalized method of moments estimator to test the robustness of the results. Findings The results show a negative effect of RPTs on earnings quality. Further analysis reveals that the negative effect is mainly driven by transactions between the firm and its directors and major shareholders, as well as by RPTs that are more likely to reflect insiders’ self-interest. Moreover, the authors show that the presence of female directors reduces the negative impact of RPTs on earnings quality. Practical implications The study provides practical implications for investors, auditors and policymakers, who should be aware that RPTs might harm earnings quality and adversely affect the flow of financial capital to promising investment opportunities. Additionally, the study evidences the key governance role played by female directors regarding financial reporting policies as RPTs increase. Social implications The findings promote the need for a higher representation of women in leadership positions since the authors reveal the key governance role played by female directors regarding financial reporting policies as RPTs increase. Originality/value The results to emerge from the study complement available evidence concerning the effect of RPTs on earnings quality in a continental European country. The authors also provide novel evidence vis-à-vis the role of female directors in the relationship between RPTs and earnings quality.
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来源期刊
CiteScore
7.90
自引率
3.00%
发文量
28
期刊介绍: The International Journal of Accounting & Information Management focuses on publishing research in accounting, finance, and information management. It specifically emphasizes the interaction between these research areas on an international scale and within both the private and public sectors. The aim of the journal is to bridge the knowledge gap between researchers and practitioners by covering various issues that arise in the field. These include information systems, accounting information management, innovation and technology in accounting, accounting standards and reporting, and capital market efficiency.
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