所有权结构对关联方交易与收益质量之间关系的调节作用:来自沙特阿拉伯的证据

IF 2.1 Q2 BUSINESS, FINANCE International Journal of Financial Studies Pub Date : 2024-06-26 DOI:10.3390/ijfs12030058
Abdulaziz Alsultan, Khaled Hussainey
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引用次数: 0

摘要

本文旨在研究收益质量如何受到关联方交易(RPTs)的影响。研究还探讨了所有权结构作为调节变量对这种关系的影响。本文采用了公司固定效应模型的面板数据。本文纳入了 2018 年至 2022 年期间在沙特证券交易所上市的 91 家非金融公司作为样本,从而得到了该时间段内公司业绩的 429 个观测值。本文发现,RPT 与盈利质量之间存在负相关关系。此外,研究还发现,当有管理者所有权和机构所有权作为调节变量时,RPT 对盈利质量的不利影响会加剧。研究结论稳健可靠,因为敏感性分析结果加强了基本分析结果。据作者所知,关于 RPTs 及其与收益质量的相关性,尤其是在所有权结构作为调节变量的情况下,现有的证据相对较少。此外,研究结果对提高发展中经济体的盈利质量具有重要意义。据作者所知,迄今为止,在沙特阿拉伯还没有研究调查所有权集中度、机构所有权、管理所有权、外资所有权和国有所有权对 RPT 与收益质量之间关联的影响。因此,本文通过模拟所有权结构与关联方交易之间的相互作用如何影响收益质量,对相关文献进行了扩展。通过这种方式,作者揭示了一种更稳健的控制机制,尤其是在公司控制市场不健全的发展中经济体,从而为相关知识体系做出了贡献。
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The Moderating Effect of Ownership Structure on the Relationship between Related Party Transactions and Earnings Quality: Evidence from Saudi Arabia
This paper seeks to investigate how earnings quality is affected by related party transactions (RPTs). The research also examines the impact of ownership structure as a moderating variable on this relationship. Panel data with the firm fixed effects model are utilized in the paper. A sample of 91 non-financial companies listed on the Saudi Stock Exchange between 2018 and 2022 were included, resulting in 429 observations of company performance over that time period. This paper finds that there is a negative association between RPTs and earnings quality. Furthermore, the study found that the adverse effect of RPTs on earnings quality is intensified when there is managerial ownership and institutional ownership as moderating variables. The study’s conclusions are robust and reliable, as the sensitivity analysis results reinforce those of the basic analysis. To the authors’ knowledge, there is relatively little available evidence on the connection between RPTs and their correlation with earnings quality, particularly in the context of ownership structure acting as a moderating variable. Moreover, the study’s findings hold important implications for enhancing earnings quality in developing economies. To the authors’ knowledge, no studies have been conducted in Saudi Arabia thus far to investigate the impact of ownership concentration, institutional ownership, managerial ownership, foreign ownership, and state ownership on the association between RPTs and earnings quality. Therefore, this paper expands the literature by modeling how the interaction between ownership structure and related party transactions may influence earnings quality. In this way, the authors contribute to the body of knowledge by unveiling a more robust control mechanism, particularly in developing economies with ineffective markets for corporate control.
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来源期刊
CiteScore
3.70
自引率
8.70%
发文量
100
审稿时长
11 weeks
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