The governance impact of a changing investor landscape

• 成果类型: Article
• 署名作者: Aguilera, Ruth V.; Desender, Kurt A.; Lopez-Puertas Lamy, Monica; Lee, Jun Ho
• 署名单位: Northeastern University; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); Universidad Carlos III de Madrid; Texas Christian University
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-016-0043-y
• 发表日期: 2017
• 页码: 195-221
• 关键词: comparative corporate governance; foreign ownership; management reporting; comparative accounting systems and practices; INSTITUTIONALISM

摘要

Within the backdrop of comparative corporate governance research, we draw on the managerial reporting and impression management literatures to examine how the type, level, and nature of foreign shareholders, infused with their own governance logic, influence initial managerial earnings optimism and how foreign ownership shapes earnings guidance in a stakeholder-oriented setting. Drawing on Japanese data, and addressing endogeneity concerns, our results show that under the presence of foreign owners, managers are more optimistic in their initial earnings forecasts, but that in subsequent revisions they are more likely to provide timely adjustments of their earnings forecast and avoid making last-minute adjustments. This research illustrates how foreign practices travel across borders and contributes to understanding triggers to governance and strategic changes.