Earnings and dividend informativeness when cash flow rights are separated from voting rights

• 成果类型: Article
• 署名作者: Francis, J; Schipper, K; Vincent, L
• 署名单位: Duke University; Northwestern University
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2005.01.001
• 发表日期: 2005
• 关键词: dual-class recapitalizations; MANAGERIAL OWNERSHIP; ACCOUNTING EARNINGS; VALUE RELEVANCE; STOCK; MARKET

摘要

We contrast the informativeness of earnings and dividends for firms with dual class and single class ownership structures. Results of both across-sample tests (which explicitly control for factors influencing ownership structure and informativeness) and within-sample tests (which implicitly control for factors associated with ownership structure) show that earnings are generally less informative, and dividends are at least as (if not more) informative, for dual class firms. We interpret these results as suggesting that the net effect of dual class structures is to reduce the credibility of earnings and to enhance the salience of dividends as measures of performance. (c) 2005 Elsevier B.V. All rights reserved.